New Street Research - Baidu Inc Sponsored ADR Class A (K3SD) BIDU 1Q24 Preview: Ad Recovery Could Take Time

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New Street Research

Jin Yoon

BIDU 1Q24 Preview: Ad Recovery Could Take Time

What’s New: We nudge down our 1Q24 Baidu Core top-line estimates as ad recovery could be slower than anticipated. Margins could remain stable as Baidu could continue to be prudent in its overall investments.

Analysts:
Jin Yoon

09/04/2024 1 EN

Underlying

Baidu Inc Sponsored ADR Class A

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US0567521085 Singapore Exchange Cayman Islands

Provider

New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

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
Japan Telecoms
Asian Internet
Pan European Healthcare
Global healthcare thematic research

We provide debt research on:

Pan European Telecom Services and Cable

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Analysts

Jin Yoon

Other Reports on these Companies

UOB

China Internet: Rewarding shareholders in 2023; emerging strategic growth prospects in 2024.

Given the stabilising revenue growth and abundant cash on hand, mega-cap internet companies have been focusing on offering generous shareholder returns. For 2024, we expect consumption behaviour to switch to service and experience, which will continue to benefit OTA players. We believe other China internet names will outperform with overseas expansion and SFV players will continue to gain market shares with potential for take rate increases. Maintain MARKET WEIGHT.

April 8, 2024 April 8, 2024 1 EN

New Street Research

BIDU 4Q23 Results: Visibility Remains Limited

What’s new: Baidu’s reported 4Q23 top-line results were largely in-line with consensus and our expectations. Near-term visibility remains limited amid uncertainties in macro. Margins could remain stable as investments in AI-related initiatives could be offset by continued business optimization. We maintain our PT at USD200. Analysts: Jin Yoon

February 29, 2024 February 29, 2024 1 EN

Altice Model Update

This note focuses mostly on model changes. Please see separate notes reviewing results and on thoughts following the earnings call. The Company needs to stabilize EBITDA and reduce debt to reclaim equity value. They are making (slow) progress on the first. The second is possible via discounted exchanges, but it won’t be easy. We remain on the sidelines.

EUR 9330.00

1h / 26m 1h / 26m 1 EN

Soomit Datta

Soomit Datta

MELI US (Buy, TP: $1,800, +25%) Q1 24 - Argentina really is in the price now, Brazil and Mexico profitability well ahead

Adjusting for an accounting change group revenue was 5% ahead, whilst EBIT beat by 11%. The revenue beat came from Fintech, and in turn from Acquiring (on-line called out) rather than Credit.

EUR 9330.00

1h / 59m 1h / 59m 1 EN

Jonathan Chaplin

Jonathan Chaplin

ATUS: quick thoughts following the call

In this brief note we cover 1) the prospect for discounted debt exchanges; 2) our evolving thoughts on ABS; 3) the path to ARPU and EBITDA stability; 4) Altice’s decision to overbuild Comcast in NJ; and 5) the normal stuff on broadband market growth, ACP, Altice’s adds, and the investment case.

EUR 9330.00

9h / 3m 9h / 3m 1 EN

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BIDU 1Q24 Preview: Ad Recovery Could Take Time

China Internet: Rewarding shareholders in 2023; emerging strategic growth prospects in 2024.

BIDU 4Q23 Results: Visibility Remains Limited

Altice Model Update

MELI US (Buy, TP: $1,800, +25%) Q1 24 - Argentina really is in the price now, Brazil and Mexico profitability well ahead

ATUS: quick thoughts following the call

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