BIDU 3Q24 Results: Monetization of Gen-AI Search Could Take Time to Ma...

What’s new: Baidu’s reported 3Q24 top-line results that were largely in line with consensus and our expectations. Baidu Core ads could remain challenging in 4Q partly due to macro and limited monetization related to gen-AI search. AI Cloud rev growth could accelerate in 4Q partly driven by gen-AI related revs. We lower our PT from USD130 to USD110 amid lowered outlook. Our updated PT of USD110 implies 10.6x FY25E P/E. We maintain our BUY rating. Analysts: Jin Yoon

Cisco Systems Inc: 1 director

A director at Cisco Systems Inc sold 21,230 shares at 57.067USD and the significance rating of the trade was 70/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clear...

Baidu Inc (9888 HK/): 3Q24: Earnings miss on AIGC investment; expect s...

Baidu’s 3Q24 results came in below expectations. Revenue grew 3% yoy to Rmb33.6b, in line with consensus estimate. Gross margin inched down 2ppt yoy to 51.1%, within consensus expectation. Non-GAAP operating profit was Rmb7b, down 8% yoy, while non-GAAP operating profit margin came in at 21%. Non-GAAP net profit plummeted 19% yoy to Rmb5.9b, missing consensus estimate by 6%. Maintain HOLD with an unchanged target price of HK$90.00 (US$100.00).

Greater China Daily: Friday, November 22, 2024

KEY HIGHLIGHTS Sector Automobile China’s PV insurance registrations grew 29% yoy, 15% mom and 14% wow during 11-17 Nov 24. PEV market share dipped 2.6ppt wow to 51.5%. BYD's price cuts aim to boost sales but risk pressuring 4Q24 margins. The NDRC indicated support for ICE-cars, the first time in recent years. The Guangzhou Auto Show highlighted record-breaking figures and new trends in technology, models and pricing. Maintain MARKET WEIGHT. Top BUYs: Geely, Fuyao, and Desay SV. IT Hardware Co...

Vermilion Short Shots: Technically Vulnerable Stocks

Short Shots is a collection of technically vulnerable charts culled from the Negative Inflecting and Toppy columns within our Weekly Compass report or from various technical screening processes. The charts contained in this report have developed concerning technical patterns that suggest further price deterioration is likely. For these reasons Short Shots can also be a great source of ideas for investors interested in short-selling candidates.

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/21/2024

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ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 21/11/2024

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Unilever PLC : Ice cream IPO more likely according to the FT

>According to a FT article, an IPO is the most likely exit option - According to the Financial Times, Unilever has put an end to discussions with private equity funds on the disposal of the ice cream business. The plan is still an exit by the end of 2025 and a spin-off through an IPO is reportedly the most likely option. Last but not least, the FT article says that a €  10bn to € 15bn valuation for this business remains a credible range according to people close to th...

Unilever PLC : Ice cream IPO more likely according to the FT

>According to a FT article, an IPO is the most likely exit option - According to the Financial Times, Unilever has put an end to discussions with private equity funds on the disposal of the ice cream business. The plan is still an exit by the end of 2025 and a spin-off through an IPO is reportedly the most likely option. Last but not least, the FT article says that a €  10bn to € 15bn valuation for this business remains a credible range according to people close to th...

PSA Media & Entertainment: Sony (6758 JT) Reportedly in Talks to Buy K...

According to Reuters [19 Nov], Sony is in discussions to buy Japanese publisher Kadokawa. The news sent Kadokawa shares limit up (+23%) to an all-time high. Sony has long been interested in different parts of Kadokawa, and in recent years has formed a capital alliance with Kadokawa to co-develop IP (in conjunction with CyberAgent), as well as taking a stake in FromSoftware. However, the idea that Sony would acquire the whole of Kadokawa is something of a surprise, given the bits-and-pieces natur...

China AI capex, Semicap in 2025, Auto & Smartphone cycles, and more. T...

As always, during earnings season, we wrap-up what happened in the previous week.

PSA Technology / Semiconductors: Ishiba Unveils ¥10tril (US$65bil) Chi...

Prime Minister Shigeru Ishiba set out the first plan of his administration, which is to spend ¥10tril through FY30 further revitalizing Japan’s one-time globally dominant chip industry. The move comes after a ¥2tril package was announced last year and is seen as party of a ¥50tril private-public investment in Japanese chipmaking over the next decade. Pelham Smithers discusses beneficiaries.

Alibaba Health Information Technology (241 HK): 1HFY25: Results in lin...

1HFY25 revenue grew 10.2% yoy, while adjusted net profit surged 52.2% yoy, in line with our and consensus’ FY25 estimates. Ali Health guides double-digit revenue growth for FY25-26, with healthcare products and OTC drugs as key growth drivers. We expect robust adjusted net profit CAGR of 31% for FY25-27, on an improving product mix towards healthcare products, and continued synergies in the marketing business. Maintain BUY with a higher target price of HK$5.00.

Greater China Daily: Friday, November 15, 2024

KEY HIGHLIGHTS Sector Automobile China’s PV insurance registrations grew 27% yoy but fell 17% mom and 11% wow during 4-10 Nov 24. Major carmakers saw a dip in insurance registrations in China last week. PEVs’ market share rose 1.8ppt wow to 54.1%. We conducted a detailed assessment of the impact of US tariffs on the companies under our coverage, as shown in the last page. We believe auto part manufacturers are more vulnerable than OEMs. Maintain MARKET WEIGHT. Top BUYs: Geely, CATL, Fuyao, and...

Regional Morning Notes - Friday, November 15, 2024

GREATER CHINA Sector Automobile: Weekly: PV sales dip wow while PEV market share increases. Maintain MARKET WEIGHT. Top BUYs: Geely, CATL, Fuyao Glass and Desay SV. Results Alibaba Health Information Technology (241 HK/BUY/HK$4.04/Target: HK$5.00): 1HFY25: Results in line; expect strong earnings growth momentum in FY25-26. Geely Auto (175 HK/BUY/HK$13.90/Target: HK$23.00): 3Q24: Core earnings up 81% yoy and 29% qoq, beating estimates. Maintain BUY. Raise target price from HK$21.50 to HK$23.00. J...

Cisco 1FQ25: Order growth accelerating, momentum on multiple fronts. B...

Coca Cola Co: 1 director

A director at Coca Cola Co sold 100,000 shares at 64.030USD and the significance rating of the trade was 73/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly s...

PSA Media & Entertainment: Video Games Round-Up

Pelham Smithers reviews who is at the top of the Japanese charts for the week to 27 Oct and flags potential calaysts.

Lucror Analytics - Morning Views Latam

In today's Morning Views publication we comment on developments of the following high yield issuers: Embraer, Natura, Telecom Argentina, Rumo, Avianca, VTR Finance, Aeropuertos Argentina 2000, Hidrovias, Movida

PSA Media & Entertainment: Sony (6758 JT): FY24 Q2 Results

Sony produced an excellent set of results for FY24 Q2 but did not revise up the full-year guidance. Pelham Smithers reviews each division and notes that that with 1H OP at 56% of the full year guidance, it is on course to come in ahead of targets.