IQ 1Q24 Results: Driving Efficiency Remains a Key Focus in FY24
What’s new: iQIYI's reported 1Q24 margins that were above consensus and our expectations. High quality growth remains a key focus where profitability could continue to outgrow revenues as content pipeline remains sufficient in 2024. We lower our PT from USD 10 to USD 8 due to lowered FY24 outlook. Our revised PT of USD 8 implies 2.0x FY24E EV/Revs. We maintain our BUY rating.Analysts:
Jin Yoon
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New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
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We provide debt research on:
- Pan European Telecom Services and Cable
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