reports
- Jin Yoon
BIDU 1Q24 Results: Baidu Core Ads Could Remain Challenging in the Near...
What’s new: Baidu’s reported 1Q24 top-line results that were largely in-line with consensus and our expectations. Baidu Core ads could remain challenging in the near-term, while AI Cloud rev growth could accelerate in 2Q and 3Q partly driven by generative-AI related revs. We lower our PT from USD200 to USD170 (16.0x FY24E P/E) partly due to limited visibility in ad recovery. We maintain our BUY rating. Analysts: Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
Baidu Inc (9888 HK): 1Q24: Earnings beat; subdued ad revenue growth st...
Baidu’s 1Q24 results were within expectations. Revenue grew 1% yoy to Rmb31.5b, in line with consensus estimates. Gross margin remained flattish yoy at 51.5%, within consensus expectations. Non-GAAP operating profit was Rmb6.7b, up 4% yoy, while non-GAAP operating profit margin came in at 21%. Non-GAAP net profit improved by 22% yoy to Rmb7b on one-off gains, exceeding consensus estimates by 26%. Maintain BUY with a lower target price of HK$126.00 (US$140.00).
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Greater China Research Team
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Sunny Chen
Greater China Daily: Friday, May 17, 2024
KEY HIGHLIGHTS Sector Automobile China’s PV retail sales volume grew 5% yoy and 18% wow in the week ending 12 May 24 on delayed booking of sales registered during the Labour Day holiday. PEVs’ market share rebounded to 45% during the week, due to government subsidies and price cuts. The US raised tariffs on Chinese EVs and lithium-ion EV batteries, but we see limited impact. Maintain MARKET WEIGHT. Top BUYs: Geely, CATL, Tuopu and Yadea. Top SELLs: Li Auto and XPeng. Downgrade GWM from BUY t...
- Tian Hou
BIDU: Positive On Long-Term Outlook; Monetization In AI To Drive Futur...
BIDU will report 1Q24 results on May 16th before the markets open with an 8am ET conference call. We are neutral on BIDU’s performance in 1Q24, and its advertising business is in line with China's economy. We believe China’s economy has reached a bottom and should begin its slow recovery soon. While advertising may not see meaningful improvements right away, we do expect gradual improvement as the year progresses. We are positive about BIDU’s long-term outlook, as the company continues to invest...
- Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
China Internet: Rewarding shareholders in 2023; emerging strategic gro...
Given the stabilising revenue growth and abundant cash on hand, mega-cap internet companies have been focusing on offering generous shareholder returns. For 2024, we expect consumption behaviour to switch to service and experience, which will continue to benefit OTA players. We believe other China internet names will outperform with overseas expansion and SFV players will continue to gain market shares with potential for take rate increases. Maintain MARKET WEIGHT.
JD JD.COM INC. SPONSORED ADR CLASS A
K3SD BAIDU INC SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
3K1 KINGSOFT CORP. LTD.
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
00780 TONGCHENG-ELONG HOLDINGS LIMITED
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
BEKE KE HOLDINGS INC. SPONSORED ADR CLASS A
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 PINDUODUO PDD US
02423 BAIDU INC
09961 KE HOLDINGS INC.
CTRIP.COM INTERNATIONAL
- Jin Yoon
BIDU 4Q23 Results: Visibility Remains Limited
What’s new: Baidu’s reported 4Q23 top-line results were largely in-line with consensus and our expectations. Near-term visibility remains limited amid uncertainties in macro. Margins could remain stable as investments in AI-related initiatives could be offset by continued business optimization. We maintain our PT at USD200. Analysts: Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
Baidu Inc (9888 HK): 4Q23: Solid earnings growth; all eyes on AI-power...
Baidu’s 4Q23 results were within expectations. Revenue grew 6% yoy to Rmb35b, in line with consensus estimates. Gross margin expanded 1.4ppt yoy to 50.2%, within consensus expectations. Non-GAAP operating profit was Rmb7.1b, up 9% yoy, while non-GAAP operating profit margin came in at 20%. Non-GAAP net profit improved by 44% yoy to Rmb7.8b on one-off gains, exceeding consensus estimates by 22%. Maintain BUY with a lower target price of HK$128.00 (US$142.00).
- Ceilica Su Rui
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Jo Yee Ng
- Julia Pan Mengyao
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
- Ziv Ang Sze Champ
Greater China Daily: Thursday, February 29, 2024
KEY HIGHLIGHTS Economics 2024/25 Budget Tough Balancing Act. Sector Property Government removes all cooling measures on Hong Kong property; upgrade sector to MARKET WEIGHT. Results Baidu Inc (9888 HK/BUY/HK$106.60/Target: HK$128.00) 4Q23: Solid earnings growth; all eyes on AI-powered ads and Ernie Bot in 2024. Galaxy Entertainment Group (27 HK/BUY/HK$42.05/Target: HK$56.00) 4Q23: Market share shrank within expectations; expanding share in 2024. Sun Hung Kai Properties (16 HK/BUY/HK$78....
- Tian Hou
BIDU: Investments In AI and AI Cloud To Fuel Future Growth; Positive O...
We are positive about BIDU’s AI performance in 4Q23, and its advertising business is in line with China's economy. China’s economy did not show better growth in 2023 after the government ceased all Covid restrictions. While there were some improvements in the economy in 4Q23, the recovery was still below expectations. As a result, advertising growth may not grow as well as expected in 4Q23. However, BIDU continues to invest in AI with Ernie 4.0, which was launched in October 2023. We are positiv...
- Greater China Research Team
- Johnny Yum
- Kitpon Praipaisarnkit
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - February 2024
GREATER CHINA Strategy Alpha Picks: February Conviction Calls: We remain hedged, adding COSCO Shipping Holdings and Foxconn Industrial Internet to our BUY list, but include additional SELL calls on Li Auto and Xpeng. INDONESIA Strategy Alpha Picks: Outperformance in Jan 24: Our picks are EXCL, MAPI, BMRI, JSMR, BBNI, CTRA, MYOR and AKRA. MALAYSIA Strategy Alpha Picks: Eyes Also On Results Season Winners: Our Alpha Picks performance again trounced the KLCI in Jan 24 (+9.6% vs +4.0%). Feb 24 pic...
AS7 ANTA SPORTS PRODUCTS LTD.
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
KKP KIATNAKIN BANK
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
00992 LENOVO GROUP LIMITED
ES ESSO SOCIETE ANONYME FRANCAISE
AKRA PT AKR CORPORINDO TBK
544 CSE GLOBAL LTD.
01109 CHINA RESOURCES LAND LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
TOP THAI OIL PUBLIC CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
002594 BYD COMPANY LIMITED CLASS A
RLF LONGFOR GROUP HOLDINGS LTD.
KLBF PT KALBE FARMA TBK
EA ENERGY ABSOLUTE PUBLIC CO. LTD.
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
COM7 COM7
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
MYOR MAYORA INDAH
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
Z74 MINOR INTERNATIONAL PUBLIC CO. LTD.
MAPI SINGAPORE TELECOMMUNICATIONS LIMITED
O39 MITRA ADIPERKASA
ADRO OVERSEA-CHINESE BANKING CORPORATION LIMITED
601888 PT ADARO ENERGY TBK
PTTGC CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
TLKM PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ROTI PT TELKOM INDONESIA (PERSERO) TBK CLASS B
VALUE NIPPON INDOSARI CORPINDO
SE VALUE8 N.V.
SATS SP SEA ADS
INRI SATS LTD.
1801 INARI AMERTRON BHD
PTTEP-R INNOVENT BIOLOGICS INC
BAL PTT EXPLORATION & PRODUCTION PCL NVDR
KPJ BUMITAMA AGRI LTD
SMM KPJ HEALTHCARE BERHAD
MINT SEMBCORP MARINE LTD
BURSA MAPLETREE INDUSTRIAL TRUST
IOI BURSA MALAYSIA BHD
CPALL TB IOI CORP BHD
GENM CP ALL
2013 GENTING MALAYSIA BHD
6098 WEIMOB INC
EKO COUNTRY GARDEN SERVICES
RGB EKOVEST BHD
SCB-R RGB INTERNATIONAL BHD
709 SIAM COMMERCIAL BANK PCL NVDR
FEH GIORDANO INTERNATIONAL LTD
1093 FOOD EMPIRE HOLDINGS LTD
9988 CSPC PHARMACEUTICAL GROUP LTD
1199 ALIBABA (9988 HK)
601138 COSCO SHIPPING PORTS LIMITED
FRKN FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
MPM FRENCKEN GROUP LTD
2696 MARCO POLO MARINE LTD
KEX SHANGHAI HENLIUS BIOTECH INC
OR KERRY EXPRESS (THAILAND)
1024 PTT OIL & RETAIL BUSINESS PCL
TIDLOR KUAISHOU TECHNOLOGY
1209 NGERN TID LOR PCL
9868 CHINA RESOURCES MIXC LIFESTYLE SERVICES
9888 XPENG INC
BUKA BAIDU INC
2015 BUKALAPAK.COM PT TBK
CVL LI AUTO INC
PDD CIVMEC
9999 HK PINDUODUO PDD US
9961 NETEASE INC
BBNI TRIP.COM GROUP LTD
GOTO BANK NEGARA INDONESIA PERSER
CMRY GOJEK TOKOPEDIA TBK PT
CLAS PT CISARUA MOUNTAIN DAIRY TBK
SMGR CAPITALAND ASCOTT TRUST
NATGATE SEMEN INDONESIA PERSERO TBK
NCKL NATIONGATE HOLDINGS BHD
SUNWAY PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
ESSO SUNWAY BHD
HUME ESSO THAILAND PCL
HUME CEMENT INDUSTRIES BHD
- Julia Pan Mengyao
- Ming San Soong
Baidu Inc (9888 HK): 4Q23 results preview: AIGC monetisation to foster...
4Q23 results will be released in mid-Mar 24. We forecast 4Q23 revenue to grow 7% yoy, mainly anchored by incremental contributions from ad and AI Cloud revenue growth, empowered by AI application. Management expects AI-related ad revenue in 4Q23 to hit hundreds of millions in renminbi, with a low to mid single-digit revenue contribution to AI Cloud. Baidu also expects quarterly revenue from generative AI to surpass Rmb1b in 2024. Maintain BUY with a lower target price of HK$135.00 (US$138.00).
- Greater China Research Team
- Julia Pan Mengyao
- Kenny Yong Hui Lim
- Ming San Soong
- Tham Mun Hon
Greater China Daily: Friday, February 1, 2024
KEY HIGHLIGHTS Economics PMI PMI bounces back; not out of the woods yet. Update Baidu Inc (9888 HK/BUY/HK$103.40/Target: HK$135.00) 4Q23 results preview: AIGC monetisation to foster ads and AI Cloud. PICC Property and Casualty (2328 HK/HOLD/HK$9.72/Target: HK$10.00) Sunshine after the rain. TRADERS’ CORNER Cathay Pacific Airways Limited (293 HK): Trading buy range: HK$7.50-7.90 China Resources Power Holdings (836 HK): Trading buy range: HK$15.00-15.40
- Jonathan Koh
- Julia Pan Mengyao
- Kenny Yong Hui Lim
- Kitpon Praipaisarnkit
- Ming San Soong
- Posmarito Pakpahan
- Thailand Research Team
- Tham Mun Hon
Regional Morning Notes - Thursday, February 01, 2024
GREATER CHINA Economics PMI: PMI bounces back; not out of the woods yet. Update Baidu Inc (9888 HK/BUY/HK$103.40/Target: HK$135.00): 4Q23 results preview: AIGC monetisation to foster ads and AI Cloud. PICC Property and Casualty (2328 HK/HOLD/HK$9.72/Target: HK$10.00): Sunshine after the rain. INDONESIA Update Mitra Keluarga Karyasehat (MIKA IJ/BUY/Rp2,690/Target: Rp3,000): 2023 preliminary results, mid-teens earnings growth in 2024. SINGAPORE Results CDL Hospitality Trusts (CDREIT SP/BUY/S$1...
- Jin Yoon
Baidu Responds to Recent Media Reports on Ernie Bot
Baidu Responds to Recent Media Reports on Ernie Bot BEIJING, Jan. 15, 2024 (GLOBE NEWSWIRE) -- Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888 (HKD Counter) and 89888 (RMB Counter)) ("Baidu" or the "Company"), a leading AI company with strong Internet foundation, has become aware of media reports regarding an academic paper that mentioned several large language models ("LLM") such as GPT3.5, GPT-3.5-turbo, GPT4, HTML-T5, and Baidu's ERNIE Bot and would like to offer the following clarifications. ERNIE Bot is available to and used by the general public. The academic paper, published by scholars ...
- Greater China Research Team
- Johnny Yum
- Kitpon Praipaisarnkit
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - January 2024
GREATER CHINA Strategy Alpha Picks: January Conviction Calls: We add the potential beneficiaries of the upcoming CNY festival − Galaxy Entertainment and Trip.com − to our BUY list, but include SELL calls on BYD and Geely due to the subsidy reduction. INDONESIA Strategy Alpha Picks: Underperformance in 4Q23 and 2023: Our picks are MAPI, BMRI, JSMR, TLKM, BBNI, CTRA, MYOR and AKRA. MALAYSIA Strategy Alpha Picks: Domestic Event Winners: Our Alpha Picks outperformed the KLCI in Dec 23. Jan 24 pick...
AS7 ANTA SPORTS PRODUCTS LTD.
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
KKP KIATNAKIN BANK
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
00992 LENOVO GROUP LIMITED
ES ESSO SOCIETE ANONYME FRANCAISE
AKRA PT AKR CORPORINDO TBK
544 CSE GLOBAL LTD.
01109 CHINA RESOURCES LAND LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
TOP THAI OIL PUBLIC CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
002594 BYD COMPANY LIMITED CLASS A
RLF LONGFOR GROUP HOLDINGS LTD.
KLBF PT KALBE FARMA TBK
EA ENERGY ABSOLUTE PUBLIC CO. LTD.
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
COM7 COM7
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
00027 GALAXY ENTERTAINMENT GROUP LIMITED
MYOR MAYORA INDAH
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
Z74 MINOR INTERNATIONAL PUBLIC CO. LTD.
MAPI SINGAPORE TELECOMMUNICATIONS LIMITED
O39 MITRA ADIPERKASA
ADRO OVERSEA-CHINESE BANKING CORPORATION LIMITED
601888 PT ADARO ENERGY TBK
PTTGC CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
TLKM PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ROTI PT TELKOM INDONESIA (PERSERO) TBK CLASS B
VALUE NIPPON INDOSARI CORPINDO
SE VALUE8 N.V.
SATS SP SEA ADS
INRI SATS LTD.
1801 INARI AMERTRON BHD
PTTEP-R INNOVENT BIOLOGICS INC
BAL PTT EXPLORATION & PRODUCTION PCL NVDR
KPJ BUMITAMA AGRI LTD
SMM KPJ HEALTHCARE BERHAD
MINT SEMBCORP MARINE LTD
BURSA MAPLETREE INDUSTRIAL TRUST
IOI BURSA MALAYSIA BHD
CPALL TB IOI CORP BHD
GENM CP ALL
2013 GENTING MALAYSIA BHD
6098 WEIMOB INC
EKO COUNTRY GARDEN SERVICES
HUME EKOVEST BHD
RGB HUME INDUSTRIES BHD
SCB-R RGB INTERNATIONAL BHD
709 SIAM COMMERCIAL BANK PCL NVDR
FEH GIORDANO INTERNATIONAL LTD
1093 FOOD EMPIRE HOLDINGS LTD
9988 CSPC PHARMACEUTICAL GROUP LTD
1199 ALIBABA (9988 HK)
FRKN COSCO SHIPPING PORTS LIMITED
MPM FRENCKEN GROUP LTD
2696 MARCO POLO MARINE LTD
KEX SHANGHAI HENLIUS BIOTECH INC
OR KERRY EXPRESS (THAILAND)
1024 PTT OIL & RETAIL BUSINESS PCL
TIDLOR KUAISHOU TECHNOLOGY
1209 NGERN TID LOR PCL
9868 CHINA RESOURCES MIXC LIFESTYLE SERVICES
9888 XPENG INC
BUKA BAIDU INC
2015 BUKALAPAK.COM PT TBK
CVL LI AUTO INC
PDD CIVMEC
9999 HK PINDUODUO PDD US
9961 NETEASE INC
BBNI TRIP.COM GROUP LTD
GOTO BANK NEGARA INDONESIA PERSER
CMRY GOJEK TOKOPEDIA TBK PT
CLAS PT CISARUA MOUNTAIN DAIRY TBK
SMGR CAPITALAND ASCOTT TRUST
NATGATE SEMEN INDONESIA PERSERO TBK
NCKL NATIONGATE HOLDINGS BHD
SUNWAY PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
ESSO SUNWAY BHD
ESSO THAILAND PCL
- Greater China Research Team
- Johnny Yum
- Kitpon Praipaisarnkit
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - December 2023
GREATER CHINA Strategy Alpha Picks: December Conviction Calls: We add a mix of turnaround stocks and beneficiaries of policy support to our BUY list − CSPC, HKEX, Lenovo, Longfor, Pinduoduo and Sunny Optical. INDONESIA Strategy Alpha Picks: Underperformance With A 3.7% Return: Our picks are GOTO, BMRI, JSMR, TLKM, BBNI, NCKL, CTRA, MYOR and AKRA. MALAYSIA Strategy Alpha Picks: Still Focusing On Domestic Winners: Our Alpha Picks trounced the FBMKLCI in Nov 23, mostly thanks to Hume’s run-up. De...
MAJOR MAJOR CINEPLEX GROUP PCL
AS7 ANTA SPORTS PRODUCTS LTD.
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
KKP KIATNAKIN BANK
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
00992 LENOVO GROUP LIMITED
ES ESSO SOCIETE ANONYME FRANCAISE
AKRA PT AKR CORPORINDO TBK
544 CSE GLOBAL LTD.
01109 CHINA RESOURCES LAND LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
T13 RH PETROGAS
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
TOP THAI OIL PUBLIC CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
RLF LONGFOR GROUP HOLDINGS LTD.
KLBF PT KALBE FARMA TBK
EA ENERGY ABSOLUTE PUBLIC CO. LTD.
TU THAI UNION GROUP PUBLIC COMPANY LIMITED
COM7 COM7
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
MYOR MAYORA INDAH
C52 COMFORTDELGRO CORPORATION LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
Z74 MINOR INTERNATIONAL PUBLIC CO. LTD.
MAPI SINGAPORE TELECOMMUNICATIONS LIMITED
O39 MITRA ADIPERKASA
ADRO OVERSEA-CHINESE BANKING CORPORATION LIMITED
601633 PT ADARO ENERGY TBK
601888 GREAT WALL MOTOR CO. LTD. CLASS A
PTTGC CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
TLKM PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
ROTI PT TELKOM INDONESIA (PERSERO) TBK CLASS B
VALUE NIPPON INDOSARI CORPINDO
SE VALUE8 N.V.
INRI SEA ADS
1801 INARI AMERTRON BHD
FEHT INNOVENT BIOLOGICS INC
PTTEP-R FAR EAST HOSPITALITY TRUST
SIE PTT EXPLORATION & PRODUCTION PCL NVDR
BAL SIA ENGINEERING CO LTD
KPJ BUMITAMA AGRI LTD
SMM KPJ HEALTHCARE BERHAD
MINT SEMBCORP MARINE LTD
BURSA MAPLETREE INDUSTRIAL TRUST
IOI BURSA MALAYSIA BHD
CPALL TB IOI CORP BHD
GENM CP ALL
2013 GENTING MALAYSIA BHD
6098 WEIMOB INC
EKO COUNTRY GARDEN SERVICES
HUME EKOVEST BHD
RGB HUME INDUSTRIES BHD
SCB-R RGB INTERNATIONAL BHD
709 SIAM COMMERCIAL BANK PCL NVDR
FEH GIORDANO INTERNATIONAL LTD
1093 FOOD EMPIRE HOLDINGS LTD
9988 CSPC PHARMACEUTICAL GROUP LTD
1199 ALIBABA (9988 HK)
FRKN COSCO SHIPPING PORTS LIMITED
MPM FRENCKEN GROUP LTD
2696 MARCO POLO MARINE LTD
KEX SHANGHAI HENLIUS BIOTECH INC
OR KERRY EXPRESS (THAILAND)
1024 PTT OIL & RETAIL BUSINESS PCL
TIDLOR KUAISHOU TECHNOLOGY
1209 NGERN TID LOR PCL
9868 CHINA RESOURCES MIXC LIFESTYLE SERVICES
9888 XPENG INC
BUKA BAIDU INC
2015 BUKALAPAK.COM PT TBK
CVL LI AUTO INC
PDD CIVMEC
9999 HK PINDUODUO PDD US
9961 NETEASE INC
BBNI TRIP.COM GROUP LTD
GOTO BANK NEGARA INDONESIA PERSER
CMRY GOJEK TOKOPEDIA TBK PT
SMGR PT CISARUA MOUNTAIN DAIRY TBK
NATGATE SEMEN INDONESIA PERSERO TBK
NCKL NATIONGATE HOLDINGS BHD
SUNWAY PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
ESSO SUNWAY BHD
ESSO THAILAND PCL
- Jin Yoon
BIDU 3Q23 Results: Margins to Remain Stable
What’s new: Baidu’s reported 3Q23 results were above consensus and our expectations. Ads and cloud rev growth in 4Q could fare better than 3Q partly due to easier comps and incremental contribution from generative AI. Margins could remain stable as the incremental contribution from generative AI could partly offset investments related to procurement of chips. We maintain our PT at USD200.
- Julia Pan Mengyao
- Ming San Soong
Baidu Inc (9888 HK): 3Q23: Earnings beat; expecting monetisation of ER...
Baidu’s 3Q23 earnings beat expectations. Revenue grew 6% yoy to Rmb34b, in line with the street’s estimate. Gross margin expanded 2.7ppt yoy to 52.7%, above consensus expectation. Non-GAAP operating profit was Rmb7.6b, up 9% yoy, while non-GAAP operating profit margin came in at 22%, beating our estimate. Despite investments in AI, non-GAAP net profit improved 23% yoy to Rmb7.3b, exceeding consensus estimate by 16%. Maintain BUY with a lower target price of HK$166.00 (US$171.00).
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