IQ 3Q24 Results: Near Term Outlook Remains Challenging
What’s new: iQIYI's reported 3Q24 revs that were largely in-line with consensus and our expectations. Near-term outlook could remain challenging as membership revs could sequentially decline in 4Q partly due to weaker content pipeline in the 1H of the quarter. We lower our PT from US$8 to US$3.50 amid lowered outlook. Our updated PT of US$3.50 implies 14.0x FY25E P/E. 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
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