New Street Research - Baidu Inc Sponsored ADR Class A (K3SD) New Street: BIDU 1Q22 Preview - Maintaining 1Q Estimates; Outlook Remains Uncertain Due to Covid

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New Street Research

Jin Yoon

New Street: BIDU 1Q22 Preview - Maintaining 1Q Estimates; Outlook Remains Uncertain Due to Covid

What’s New: We maintain our 1Q22 Baidu Core estimates as business overall largely looks to be in-line with prior expectations as covid concerns did not occur until early March. However, visibility into 2Q remains limited amid rolling lockdowns across the country.

Analysts:
Jin Yoon

18/04/2022 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
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We provide debt research on:

Pan European Telecom Services and Cable

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Analysts

Jin Yoon

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BIDU 1Q25 Results: Restructuring of AI Search to Put Pressure on Ad Revs in the Next Few Quarters

What’s new: Baidu’s reported 1Q25 results that were above consensus and our expectations driven by AI Cloud. Baidu Core ad rev growth could be impacted by the continued restructuring of AI search. AI Cloud growth could remain resilient in 2Q. We maintain our PT at USD110. Analysts: Jin Yoon

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UOB

Baidu Inc (9888 HK): 1Q25: Solid earnings beat; fuelled by AI cloud growth and monetisation visibility.

Baidu’s 1Q25 earnings beat expectations. Revenue grew 3% yoy to Rmb32.5b, 5% better than consensus estimate. Gross margin dropped 5ppt yoy to 46.1%, below consensus expectation. Non-GAAP operating profit was Rmb5.3b, down 20% yoy, while non-GAAP operating profit margin came in at 16%. Non-GAAP net profit declined 8% yoy to Rmb6.5b, better than consensus estimate. Maintain HOLD with a slightly higher target price of HK$91.00 (US$101.00).

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SATS, Carr, and the Art of the No Deal…Yet

SATS just filed a new 8-K saying it will make the interest payments on Monday, avoiding a Chapter 11 filing. Our New Street colleagues have published a note today with their perspective. In this note we describe the filing and its implications.

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Blair Levin

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Supreme Court Upholds USF Framework but Reform Still Ahead

Today, the Supreme Court issued its opinion in the case challenging the legality of Universal Service Fund (USF) framework. As we had predicted, the Court upheld the current framework. In this note we analyze the implications of the decision for the USF reform efforts ahead in the Congress and FCC.

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Jonathan Chaplin

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CMCSA quick hit: Comcast continues to make the right pricing moves

After launching 5-year price guarantee plans in April, Comcast has now announced some tweaks to plans that are discounted for one year, and to rack rates. These announcements are less meaningful than the 5-year plans, though they continue to inch gradually in the right direction. Our quick thoughts in this brief note.

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New Street: BIDU 1Q22 Preview - Maintaining 1Q Estimates; Outlook Remains Uncertain Due to Covid

Ride-sharing & Delivery: Lower prices fuel accelerating volumes

BIDU 1Q25 Results: Restructuring of AI Search to Put Pressure on Ad Revs in the Next Few Quarters

Baidu Inc (9888 HK): 1Q25: Solid earnings beat; fuelled by AI cloud growth and monetisation visibility.

SATS, Carr, and the Art of the No Deal…Yet

Supreme Court Upholds USF Framework but Reform Still Ahead

CMCSA quick hit: Comcast continues to make the right pricing moves

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