BIDU: Expect No Surprises in 1Q17 As Parts of Business Are Not Out of the Woods Yet; Maintain Hold
BIDU will report 1Q17 results on Thursday, April 27th after the market closes followed by an 8pm EST conference call. Based on our data, we believe the company is not totally out of the woods yet, as its PC search and mobile downloads declined meaningfully, while the video and takeout businesses performed well. We believe BIDU’s revenue in 1Q17 is likely to be in line with consensus at RMB18,848.1M (6.5% Y/Y). Fundamental-wise, BIDU needs to renew its strategy to reestablish its leadership in IT innovations. As such, we maintain our Hold rating.
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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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