New Street Research - Baidu Inc Sponsored ADR Class A (K3SD) BIDU 4Q23 Results: Visibility Remains Limited

Report

New Street Research

Jin Yoon

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

29/02/2024 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.

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
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Global healthcare thematic research

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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

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

Wolfspeed: who could buy? At what price?

JANA Partners recently urged Wolfspeed management to consider a sale or explore other strategic alternatives. Execution delays at Mohawk Valley and Siler City over the years, combined with a slowdown in end-demand make the question legitimate. We review the situation, including potential acquirers and acquisition price.

39m 39m 1 EN

Jonathan Chaplin

Jonathan Chaplin

Charter Model Update

This note focuses mostly on model changes. Please see separate notes reviewing results and on thoughts following the earnings call. We lowered broadband adds, revenue and EBITDA. We also expect leverage to approach 4.25x by the end of the year. This likely rules out further repurchases this year, unless EBITDA is stronger than we expect. No change to thesis, though we expect Broadband stocks to be challenged for at least next few quarters. Price target is $431 (+69%).

EUR 9344.00

17h / 9m 17h / 9m 1 EN

Jonathan Chaplin

Jonathan Chaplin

CHTR: quick thoughts following the call

What's new: in this note we cover the change to leverage and what it means for management’s confidence in the business, our evolving thoughts on broadband market growth, our outlook for 2Q24 for broadband adds, ARPU, and EBITDA, and thoughts on long-term pricing strategy.

EUR 9344.00

22h / 55m 22h / 55m 1 EN

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BIDU 4Q23 Results: Visibility Remains Limited

BIDU 1Q24 Preview: Ad Recovery Could Take Time

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

Wolfspeed: who could buy? At what price?

Charter Model Update

CHTR: quick thoughts following the call

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