T. H. Data Flash – iQIYI Inc. (IQ) –November & 4Q18: Higher Costs And Lower Growth In Ad Are Likely To Put Pressure on Both Topline Growth and Margin; Cautious Outlook on 2019
We are cautious on IQ into 4Q18. While we expect the company’s revenue in 4Q18 to be slightly better or in line with consensus at RMB6,675.4M, the cost is likely to be high at about RMB7,825M, indicating another quarter with widening negative gross margin. Due to less newly added number of licensed content, the advertising revenue is likely to show weaker growth.
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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