New Street Research - Baidu Inc Sponsored ADR Class A (K3SD) BIDU 4Q24 Preview: Lowering BIDU Core Margin Estimates

Report

New Street Research

Jin Yoon

BIDU 4Q24 Preview: Lowering BIDU Core Margin Estimates

What’s New: We nudge down our 4Q24 and 1Q25 Baidu Core non-GAAP OPM estimates partly to reflect the impairment losses related to JIDU in 4Q and potential investments in user acquisitions related to search and other consumer-facing related products in 1Q.

Analysts:
Jin Yoon

14/01/2025 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

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Pan European Telecom Services and Cable

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Analysts

Jin Yoon

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UOB

Baidu Inc (9888 HK): 4Q24: Solid earnings beat and strong AI cloud revenue growth outlook in 2025.

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NAB Preview: Policy to Drive Media Reshuffle

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Charter Pre-1Q25 Model Update

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4Q24 Wireless Trends: Expectations for net adds are too high

This report focuses on drivers of subscriber growth in 2025. Expectations for net adds are too high, though expectations for service revenue and EBTDA look fine. We also reprised our work on comparative NPS, provide a comprehensive review of 4Q24 trends, and update our long-term forecast

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BIDU 4Q24 Preview: Lowering BIDU Core Margin Estimates

Bible 4Q24 – Mobility & Delivery: Healthy underlying growth

BIDU 4Q24 Results: AI Cloud Remains Resilient

Baidu Inc (9888 HK): 4Q24: Solid earnings beat and strong AI cloud revenue growth outlook in 2025.

NAB Preview: Policy to Drive Media Reshuffle

Charter Pre-1Q25 Model Update

4Q24 Wireless Trends: Expectations for net adds are too high

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