vested
G Sachs Drops BIDU-SW (09888.HK) TP to $177, Lowers 3Q Rev. Forecast
2023/10/19
Goldman Sachs issued a research report, lowering its revenue forecasts for BIDU-SW (09888.HK) & (BIDU.US) 's online marketing and AI cloud segments ahead of the company's 3Q results announcement in November.
The broker also revised its operating margin forecasts for BIDU to take into account delays in advertising budgets and weakness in enterprise and government cloud spending, while also reflecting incremental training and marketing spending on Ernie Foundation Model 4.0.
Goldman expected the market's recent focus on BIDU's slowing core growth and margins to overshadow the company's technological innovations, such as the launch of Ernie Foundation Model 4.0, as well as the progress of monetisation for the Foundation Model among consumers and businesses.
However, BIDU's 3Q performance was modest, and the broker believed the company would recover in 4Q with improvements in its advertising and cloud businesses.
Related News: CITIC Securities Projects BIDU-SW (09888.HK) 3Q Rev. to Grow 5%, Non-GAAP NP RMB6.1B
In the medium term, the broker believed BIDU has accumulated enough advanced GPUs for large language model (LLM) training, and that Ernie Foundation Model 4.0 is ready for commercialisation.
Goldman noted that BIDU's current price is equivalent to 12x 2023 forecasted P/E, with net cash-to-market capitalisation over 30%, and risk-reward profile remaining good.
The broker cut its 2023-2025 earnings forecast by 3% and its revenue forecast by 2% to 4% due to a downward revision of its revenue forecast and an increase in its investment in the Ernie Foundation Model.
Goldman Sachs lowered BIDU's H-share target price from HK$193 to HK$177, while its US-share target price was also trimmed from US$197 to US$181.
The broker maintained a Buy rating on BIDU and kept its on the Conviction Buy List.
Related News: BOCOMI Expects Baidu (BIDU.US) 3Q Core Rev. to Lift 5% YoY, Adj. OP at RMB5.9B
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/analy ... stock-news
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Baidu (BIDU); HK 9888
Re: Baidu (BIDU); HK 9888
by winston » Tue Oct 31, 2023 3:00 pm
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Re: Baidu (BIDU); HK 9888
by winston » Tue Oct 31, 2023 3:02 pm
not vested
M Stanley Expects Baidu 3Q Core Rev. to Rise 4% YoY, Non-GAAP Core OP to Slide 10%
2023/10/19
Morgan Stanley projected the core revenue and core advertising revenue of Baidu (BIDU.US) to rise by 4% and 5% YoY, respectively, in 3Q23, slightly shy of the broker's forecast of a high single-digit growth, which was primarily due to weak seasonality and slower-than-expected SME recovery.
The non-GAAP core operating profit and non-GAAP OPM of the period, meanwhile, were predicted to slide by 10% and 3.5 ppts YoY, to RMB6 billion and 22.8%, respectively.
Morgan Stanley trimmed the 2023-24E core revenue for Baidu by 2-4%, and cut the assumptions on non-GAAP operating profit by 6-11%, to reflect near-term headwinds.
The US stock target price for Baidu was axed from USD190 to USD170, with an Overweight rating.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/analy ... stock-news
M Stanley Expects Baidu 3Q Core Rev. to Rise 4% YoY, Non-GAAP Core OP to Slide 10%
2023/10/19
Morgan Stanley projected the core revenue and core advertising revenue of Baidu (BIDU.US) to rise by 4% and 5% YoY, respectively, in 3Q23, slightly shy of the broker's forecast of a high single-digit growth, which was primarily due to weak seasonality and slower-than-expected SME recovery.
The non-GAAP core operating profit and non-GAAP OPM of the period, meanwhile, were predicted to slide by 10% and 3.5 ppts YoY, to RMB6 billion and 22.8%, respectively.
Morgan Stanley trimmed the 2023-24E core revenue for Baidu by 2-4%, and cut the assumptions on non-GAAP operating profit by 6-11%, to reflect near-term headwinds.
The US stock target price for Baidu was axed from USD190 to USD170, with an Overweight rating.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/analy ... stock-news
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Re: Baidu (BIDU); HK 9888
by winston » Tue Oct 31, 2023 3:05 pm
vested
Jefferies Trims BIDU-SW (09888.HK) TP to $205, Forecasts 3Q Core Rev. to Grow 4.6% YoY
2023/10/19
Given factors including the weakness in BIDU-SW (09888.HK)'s e-commerce business segment, higher base for online advertising and enervated performance in artificial intelligence cloud, Jefferies maintained its forecasts for the non-GAAP operating profit for the group.
The core revenue of BIDU-SW was forecast to grow by about 4.6% YoY to RMB26.4 billion in the third quarter.
By market segments, the core online marketing revenue should increase by about 5%, while the revenue of Baidu AI Cloud is expected to dip by 3% YoY to roughly RMB4.4 billion, owing to the lower-than-anticipated revenue from transportation sector
Related News: BOCOMI Expects Baidu (BIDU.US) 3Q Core Rev. to Lift 5% YoY, Adj. OP at RMB5.9B
The rating on the stock was kept at Buy, with its target price cut from $209 to $205.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/analy ... stock-news
Jefferies Trims BIDU-SW (09888.HK) TP to $205, Forecasts 3Q Core Rev. to Grow 4.6% YoY
2023/10/19
Given factors including the weakness in BIDU-SW (09888.HK)'s e-commerce business segment, higher base for online advertising and enervated performance in artificial intelligence cloud, Jefferies maintained its forecasts for the non-GAAP operating profit for the group.
The core revenue of BIDU-SW was forecast to grow by about 4.6% YoY to RMB26.4 billion in the third quarter.
By market segments, the core online marketing revenue should increase by about 5%, while the revenue of Baidu AI Cloud is expected to dip by 3% YoY to roughly RMB4.4 billion, owing to the lower-than-anticipated revenue from transportation sector
Related News: BOCOMI Expects Baidu (BIDU.US) 3Q Core Rev. to Lift 5% YoY, Adj. OP at RMB5.9B
The rating on the stock was kept at Buy, with its target price cut from $209 to $205.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/analy ... stock-news
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Re: Baidu (BIDU); HK 9888
by winston » Tue Oct 31, 2023 3:07 pm
vested
HSBC Global Research Cuts BIDU-SW (09888.HK) TP to $156 to Reflect FX Rate Forecast Update
2023/10/19
HSBC Global Research issued a research report saying that BIDU-SW (09888.HK) 's advertising and cloud business performance were dragged down by macroeconomic and other factors.
HSBC Global Research lowered its revenue forecast for 2023 to 2025 by 2% to 6%.
In addition to the impact of the economic environment, the search engine combined with AI applications will take time to implement, which may drag down the short-term revenue of the advertising business.
Related News: BOCOMI Expects Baidu (BIDU.US) 3Q Core Rev. to Lift 5% YoY, Adj. OP at RMB5.9B
For cloud business, despite the increase in demand from individuals and corporations, the decrease in government-related expenses will undermine revenue performance.
However, as the adjustment of the weighting of the revenue mix will buffer margins, HSBC Global Research only lowered its earning forecast for the same period by 2% to 3%.
In response to its adjustment on exchange rate forecast, HSBC Global Research cut its target price on BIDU-SW's H share from $163.8 to $156, with rating kept at Buy.
Related News: CITIC Securities Projects BIDU-SW (09888.HK) 3Q Rev. to Grow 5%, Non-GAAP NP RMB6.1B
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/analy ... stock-news
HSBC Global Research Cuts BIDU-SW (09888.HK) TP to $156 to Reflect FX Rate Forecast Update
2023/10/19
HSBC Global Research issued a research report saying that BIDU-SW (09888.HK) 's advertising and cloud business performance were dragged down by macroeconomic and other factors.
HSBC Global Research lowered its revenue forecast for 2023 to 2025 by 2% to 6%.
In addition to the impact of the economic environment, the search engine combined with AI applications will take time to implement, which may drag down the short-term revenue of the advertising business.
Related News: BOCOMI Expects Baidu (BIDU.US) 3Q Core Rev. to Lift 5% YoY, Adj. OP at RMB5.9B
For cloud business, despite the increase in demand from individuals and corporations, the decrease in government-related expenses will undermine revenue performance.
However, as the adjustment of the weighting of the revenue mix will buffer margins, HSBC Global Research only lowered its earning forecast for the same period by 2% to 3%.
In response to its adjustment on exchange rate forecast, HSBC Global Research cut its target price on BIDU-SW's H share from $163.8 to $156, with rating kept at Buy.
Related News: CITIC Securities Projects BIDU-SW (09888.HK) 3Q Rev. to Grow 5%, Non-GAAP NP RMB6.1B
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/analy ... stock-news
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: Baidu (BIDU); HK 9888
by winston » Tue Oct 31, 2023 3:10 pm
vested
Citi Trims Baidu, Inc. (BIDU.US) TP to US$178, Lowers 2023-25 Rev & Non-GAAP Profit Forecasts
2023/10/19
Citi Research issued a research report saying that BIDU-SW (09888.HK) (BIDU.US) will release its 3Q23 results in mid-to-end November.
Taking into account seasonal factors and a slowdown in the recovery of SMEs' advertising sentiment, Citi Research conservatively lowered its 3Q23 revenue forecast for BIDU-SW's core advertisement business by 0.9%, which means it is expected to grow by 4.7% YoY to RMB19.6 billion.
Related News: CITIC Securities Projects BIDU-SW (09888.HK) 3Q Rev. to Grow 5%, Non-GAAP NP RMB6.1B
Overall net income is expected to grow by 5.3% YoY to RMB34.25 billion, and non-GAAP profit per ADS is expected to reach RMB15.4.
Looking ahead to 4Q23, Citi Research longed for a stronger YoY growth in advertising and cloud revenues likely to be brought by a lower base.
However, Citi Research still conservatively lowered its advertising and cloud revenue forecasts by 1.8% and 4.2%.
Citi Research expected overall net income and non-GAAP profit per ADS to reach RMB35.98 billion and RMB16.31 respectively, and anticipated that Ernie 4.0 will be adopted by more enterprises.
Citi Research kept rating at Buy rating on Baidu US stocks and trimmed its target price from US$182 to US$178.
Related News: BOCOMI Expects Baidu (BIDU.US) 3Q Core Rev. to Lift 5% YoY, Adj. OP at RMB5.9B
Citi Research also lowered its overall revenue forecasts for BIDU-SW by 1%, 1.6% and 2.3% for 2023 to 2025, and non-GAAP net profit by 0.7%, 1.8% and 2.4%, reflecting weaker revenue from core advertising business and a negative headwind in cloud business, which was partially offset by the contribution from iQIYI, Inc. (IQ.US) .
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/analy ... stock-news
Citi Trims Baidu, Inc. (BIDU.US) TP to US$178, Lowers 2023-25 Rev & Non-GAAP Profit Forecasts
2023/10/19
Citi Research issued a research report saying that BIDU-SW (09888.HK) (BIDU.US) will release its 3Q23 results in mid-to-end November.
Taking into account seasonal factors and a slowdown in the recovery of SMEs' advertising sentiment, Citi Research conservatively lowered its 3Q23 revenue forecast for BIDU-SW's core advertisement business by 0.9%, which means it is expected to grow by 4.7% YoY to RMB19.6 billion.
Related News: CITIC Securities Projects BIDU-SW (09888.HK) 3Q Rev. to Grow 5%, Non-GAAP NP RMB6.1B
Overall net income is expected to grow by 5.3% YoY to RMB34.25 billion, and non-GAAP profit per ADS is expected to reach RMB15.4.
Looking ahead to 4Q23, Citi Research longed for a stronger YoY growth in advertising and cloud revenues likely to be brought by a lower base.
However, Citi Research still conservatively lowered its advertising and cloud revenue forecasts by 1.8% and 4.2%.
Citi Research expected overall net income and non-GAAP profit per ADS to reach RMB35.98 billion and RMB16.31 respectively, and anticipated that Ernie 4.0 will be adopted by more enterprises.
Citi Research kept rating at Buy rating on Baidu US stocks and trimmed its target price from US$182 to US$178.
Related News: BOCOMI Expects Baidu (BIDU.US) 3Q Core Rev. to Lift 5% YoY, Adj. OP at RMB5.9B
Citi Research also lowered its overall revenue forecasts for BIDU-SW by 1%, 1.6% and 2.3% for 2023 to 2025, and non-GAAP net profit by 0.7%, 1.8% and 2.4%, reflecting weaker revenue from core advertising business and a negative headwind in cloud business, which was partially offset by the contribution from iQIYI, Inc. (IQ.US) .
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/analy ... stock-news
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Re: Baidu (BIDU); HK 9888
by winston » Wed Nov 22, 2023 12:02 am
vested
Baidu’s revenue beats as ChatGPT-style AI starts monetisation
By Zheping Huang
Source: Bloomberg
https://theedgemalaysia.com/node/690760
Baidu’s revenue beats as ChatGPT-style AI starts monetisation
By Zheping Huang
Sales grew 6% to 34.4 billion yuan (RM22.17 billion) from July to September, versus the 34.2 billion yuan projected by analysts.
Net income came to 6.7 billion yuan in the September quarter, versus the 4.4 billion yuan expected.
Baidu’s Ernie Bot has amassed 70 million users three months after its public roll-out.
Baidu has infused Ernie into its flagship products from search to maps and file-sharing, and the company now charges a monthly subscription fee of about US$8 (RM37.26) to users of its latest chatbot.
Baidu still counts on advertising as its bread-and-butter.
Short-video platforms including ByteDance’s Douyin remain a threat as they lure users and marketers away.
Last year, Baidu’s share of Chinese mobile users’ screentime remained largely unchanged at 8%, while ByteDance increased its slice to 25%.
Source: Bloomberg
https://theedgemalaysia.com/node/690760
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Re: Baidu (BIDU); HK 9888
by winston » Wed Nov 22, 2023 9:35 am
Baidu Inc (9888 HK)
3Q23: Earnings Beat; Expecting Monetisation Of ERNIE 4.0
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).
Source: UOBKH
https://research.uobkayhian.com/content ... 5be0ed5400
3Q23: Earnings Beat; Expecting Monetisation Of ERNIE 4.0
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).
Source: UOBKH
https://research.uobkayhian.com/content ... 5be0ed5400
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: Baidu (BIDU); HK 9888
by winston » Wed Nov 22, 2023 4:26 pm
vested
Brokers│Opinions
Jefferies│Profit potential of ERNIE Bot was unleashed
BofA Securities│3Q core operating profit growth beat; earnings estimates was lifted
Citi│3Q revenue growth was in line; core earnings and operating profit beat; earnings estimate was hiked
Goldman Sachs│Monetization of ERNIE Bot was the market focus
Morgan Stanley│3Q revenue growth was in line; profit margins beat
UBS│3Q revenue, core earnings and operating profit beat
CLSA│3Q core revenue growth beat; but advertising revenue growth slowed
Nomura│3Q earnings growth beat; revenue growth was broadly in line
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
Brokers│Opinions
Jefferies│Profit potential of ERNIE Bot was unleashed
BofA Securities│3Q core operating profit growth beat; earnings estimates was lifted
Citi│3Q revenue growth was in line; core earnings and operating profit beat; earnings estimate was hiked
Goldman Sachs│Monetization of ERNIE Bot was the market focus
Morgan Stanley│3Q revenue growth was in line; profit margins beat
UBS│3Q revenue, core earnings and operating profit beat
CLSA│3Q core revenue growth beat; but advertising revenue growth slowed
Nomura│3Q earnings growth beat; revenue growth was broadly in line
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: Baidu (BIDU); HK 9888
by winston » Thu Nov 23, 2023 11:36 am
vested
Earning Alert: 3Q23 earnings beat; Ad growth momentum to pick up in 4Q23 due to end-of-year festival season
3Q23 revenue increased by 6% y-o-y, with online marketing revenue rising by 5%; earnings increased by 23%; in line
Expect ad growth momentum to pick up in 4Q23, amid the peak year-end shopping festival
Recent launch of Ernie 4.0 will support cloud and ad growth in longer term, on top of the monetisation from Ernie BOT
Maintain BUY with TPs unchanged at HK$186/US$188
Source: DBS
https://www.dbs.com/insightsdirect/comp ... ecid=17353
Earning Alert: 3Q23 earnings beat; Ad growth momentum to pick up in 4Q23 due to end-of-year festival season
3Q23 revenue increased by 6% y-o-y, with online marketing revenue rising by 5%; earnings increased by 23%; in line
Expect ad growth momentum to pick up in 4Q23, amid the peak year-end shopping festival
Recent launch of Ernie 4.0 will support cloud and ad growth in longer term, on top of the monetisation from Ernie BOT
Maintain BUY with TPs unchanged at HK$186/US$188
Source: DBS
https://www.dbs.com/insightsdirect/comp ... ecid=17353
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: Baidu (BIDU); HK 9888
by winston » Mon Nov 27, 2023 10:33 am
CICC: Baidu (BIDU.US) Commits to AI Native, Eyes Product Change
Its 3Q revenue increased by 6% YoY to RMB34.4 billion, basically in line with market expectations.
Core revenue elevated by 5% YoY to RMB26.6 billion, also broadly in line with market expectations.
Non-GAAP net profit of RMB7.3 billion was 15.8% over market consensus, mainly due to good cost control and optimised operating leverage.
Baidu announced a three-year share buyback programme of US$5 billion at the beginning of the year, and the cumulative buyback amount reached US$351 million by the end of 3Q, which was a slow progress.
CICC broadly maintained its 2023 and 2024 revenue and 2024 non-GAAP net profit forecasts.
Related News: BofAS: BIDU-SW (09888.HK) 3Q23 Earnings Beat; Earning Forecast Lifted
Taking into account the company's expected profit release, CICC raised its 2023 non-GAAP net profit forecast by 1% to RMB26.8 billion, and maintained its Outperform rating.
The broker kept its target price of US$172.5 for Baidu US shares (BIDU.US) and HK$167.1 for BIDU-SW (09888.HK) , Baidu's H-shares.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
Its 3Q revenue increased by 6% YoY to RMB34.4 billion, basically in line with market expectations.
Core revenue elevated by 5% YoY to RMB26.6 billion, also broadly in line with market expectations.
Non-GAAP net profit of RMB7.3 billion was 15.8% over market consensus, mainly due to good cost control and optimised operating leverage.
Baidu announced a three-year share buyback programme of US$5 billion at the beginning of the year, and the cumulative buyback amount reached US$351 million by the end of 3Q, which was a slow progress.
CICC broadly maintained its 2023 and 2024 revenue and 2024 non-GAAP net profit forecasts.
Related News: BofAS: BIDU-SW (09888.HK) 3Q23 Earnings Beat; Earning Forecast Lifted
Taking into account the company's expected profit release, CICC raised its 2023 non-GAAP net profit forecast by 1% to RMB26.8 billion, and maintained its Outperform rating.
The broker kept its target price of US$172.5 for Baidu US shares (BIDU.US) and HK$167.1 for BIDU-SW (09888.HK) , Baidu's H-shares.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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