BIDU: Expect Near Term Pressure On Core Business Due To COVID Lockdown in 1H22; Positive On 2H22 Economic Recovery
BIDU will report 1Q22 results on May 26th before markets open with an 8am ET conference call. We are neutral on BIDU’s 1Q22 earnings and 2Q22 outlook as the weakness in China’s economy further weakened due to regional lockdowns, especially in Shanghai, which is negative to the company’s short-term growth outlook. However, looking in 2H2022, we believe BIDU is likely to benefit from government’s significant economic stimulus, which is being put in place to rejuvenate China’s economy. We are positive on BIDU’s long-term outlook, as the company continues to invest heavily in autonomous driving and AI, which we believe are new growth engines for BIDU.
T.H. Capital is an independent research and investment advisory firm specializing in China. We offers real-time, on-the-ground, bottom-up research across a wide spectrum from macro and industry analysis to company specific projects; from China ADRs to international names that have meaningful exposure to China market. We deliver relevant, comprehensive and data driven research adding immense value to clients.
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