New Street Research - Baidu Inc Sponsored ADR Class A (K3SD) BIDU 4Q23 Preview: Nudging Down Estimates

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New Street Research

Jin Yoon

BIDU 4Q23 Preview: Nudging Down Estimates

What’s New: We nudge down our 4Q23 Baidu Core top-line estimates as ads could sequentially decline partly due to seasonality. Margins could remain flat YoY despite rollout of generative-AI initiatives amid continued cost controls.

Analysts:
Jin Yoon

23/01/2024 1 EN

Underlying

Baidu Inc Sponsored ADR Class A

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US0567521085 Singapore Exchange Cayman Islands

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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.

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Pan European Telecom Services and Cable

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Analysts

Jin Yoon

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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

April 9, 2024 April 9, 2024 1 EN

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April 8, 2024 April 8, 2024 1 EN

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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

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Jonathan Chaplin

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BIDU 4Q23 Preview: Nudging Down Estimates

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

Match Group (MTCH, Buy, $55 target) 1Q24 Model Update: Lower revenues offset by higher buybacks

T-Mobile and Verizon in talks to buy USM

Telefonica (Buy, €4.50, +7%) Q1 24: Digi and downsizing drives potential upside

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