China Internet: Navigating headwinds and uncovering opportunities upon...

Chinese internet companies’ share prices have dropped 10-30% mtd following the implementation of incremental tariffs from the US. Chinese internet companies have limited business exposure to the US except for PDD’s Temu. However, the 34% tariffs announced by China on all US imports could have potential implications for China mega-caps’ AI capex in relation to US chip imports. We prefer domestic-focused plays which stand to benefit from domestic policy stimuli, with Southbound inflow to be a key ...

Walmart Inc: 1 director

A director at Walmart Inc sold 29,124 shares at 85.633USD and the significance rating of the trade was 67/100. 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 sho...

Bible 4Q24 – Mobility & Delivery: Healthy underlying growth

Today, we are publishing the Mobility & Delivery section of our 26th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. Later this week we will publish sections on Memory, Semicap, Enterprise IT, PC. Ride-sharing bookings decelerated slightly but still posted robust double-digit growth, while delivery bookings a...

BIDU 4Q24 Results: AI Cloud Remains Resilient

What’s new: Baidu’s reported 4Q24 top-line results that were largely in line with consensus and our expectations. Baidu Core ad rev growth could potentially bottom out in 4Q24 and recover throughout 2025 partly driven by monetization of gen-AI search ads. AI Cloud could remain resilient partly driven by demand for gen-AI related services. We maintain our PT at USD110. Analysts: Jin Yoon

Baidu Inc (9888 HK): 4Q24: Solid earnings beat and strong AI cloud rev...

Baidu’s 4Q24 earnings beat expectations. Revenue dipped 2% yoy to Rmb34.1b, in line with consensus estimate. Gross margin inched down 3ppt yoy to 47.2%, within consensus expectation. Non-GAAP operating profit was Rmb5b, down 29% yoy, while non-GAAP operating profit margin came in at 15%. Non-GAAP net profit plummeted 13% yoy to Rmb6.7b, albeit surpassing consensus estimate by 39%. Maintain HOLD with an unchanged target price of HK$93.00 (US$103.00).

Greater China Daily: Wednesday, February 19, 2025

KEY HIGHLIGHTS Results Baidu Inc (9888 HK/HOLD/HK$90.20/Target: HK$93.00) Baidu’s 4Q24 earnings beat expectations. Revenue dipped 2% yoy to Rmb34.1b, in line with consensus estimate. Gross margin inched down 3ppt yoy to 47.2%, within consensus expectation. Non-GAAP operating profit was Rmb5b, down 29% yoy, while non-GAAP operating profit margin came in at 15%. Non-GAAP net profit plummeted 13% yoy to Rmb6.7b, albeit surpassing consensus estimate by 39%. Maintain HOLD with an unchanged target p...

Vermilion Macro Vision: Sector Synopsis

STRATEGY Market dynamics remain risk-on, and our outlook remains bullish as long as the S&P 500 remains above 5850 and 5600-5670. Shorter-term, the S&P 500 remains above the prior bull flag support (currently 5900) that we have discussed over the past two weeks in our Compass reports, and is coiling for a likely breakout above 6100 resistance. As discussed throughout the first half of January in our Compass reports, we continue to believe that tariffs will mostly be used as a negotiation tacti...

China Internet: Growth potential and AI development trends following e...

Amid geopolitical uncertainties, the emergence of DeepSeek models have ignited a major AI industry shake-up, garnered investor attention and drawn wide developer interest in the Chinese AI industry as it lowers the technical and financial barriers in deploying LLM. An increasing number of global hyperscalers and application companies have facilitated the deployment of DeepSeek and Qwen models, further expanding their accessibility and adoption. Maintain MARKET WEIGHT.

Visa Inc: 2 directors

Two Directors at Visa Inc sold/sold after exercising options/gave away 36,791 shares at between 0.000USD and 349.768USD. The significance rating of the trade was 78/100. 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 ...

Dropping Coverage

Baidu Inc (9888 HK): 4Q24 preview: Online ad weakness persists; poised...

Baidu’s 4Q24 results will be released on 18 Feb 25. We forecast 4Q24 revenue dropping 4% yoy, mainly dampened by a subdued macro backdrop. Management expects online ad revenue to drop at a high single digit yoy in 4Q24, deepening the decline from 3Q24. However, AI Cloud revenue growth is guided to ramp up in 4Q24 and maintain its double-digit growth in 2025, with GenAI now accounting for 11% of cloud revenue. Maintain HOLD with a lower target price of HK$80.00 (US$89.00).

Greater China Daily: Monday, January 27, 2025

KEY HIGHLIGHTS Sector Aviation: Airlines Based on their preliminary earnings estimates, all three airlines remained in a loss-making position for 2024. This is below our expectations as we were expecting Air China and CSA to record slight profits. The losses were likely due to the sector’s overcapacity situation, but we remain hopeful for the sector’s turnaround in 2025 helped by further demand growth. Having said that, a moderate earnings recovery is not enough to resolve the airlines’ balanc...

BIDU 4Q24 Preview: Lowering BIDU Core Margin Estimates

What’s New: We nudge down our 4Q24 and 1Q25 Baidu Core non-GAAP OPM estimates partly to reflect the impairment losses related to JIDU in 4Q and potential investments in user acquisitions related to search and other consumer-facing related products in 1Q. Analysts: Jin Yoon

Walmart Inc. - October 2024 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

US Army & Air Force Exchange Service - Company Profile and SWOT Analys...

Summary US Army & Air Force Exchange Service - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights US Army & Air Force Exchange Service (AAFES) is a joint service military organization that retails merchandise and services to Air Force and Army members and their families. The com...

Winn-Dixie Stores Inc - Company Profile and SWOT Analysis

Summary Winn-Dixie Stores Inc - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Winn-Dixie Stores Inc (Winn-Dixie), a subsidiary of Southeastern Grocers LLC, is a food retailer. The company offers a wide range of product through its stores, such as groceries, fresh fruits and...