Baidu (BIDU)

Re: Baidu (BIDU)

Postby winston » Wed Aug 21, 2019 10:39 am

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Baidu Inc: On a diet

Baidu Inc’s (Baidu) 2Q19 results came in above expectations.

Revenue rose 1% YoY to RMB 26.3b, or 2% above consensus.

Non-GAAP operating profit fell 70% YoY, which was better than the street’s expectations due to a more modest SG&A increase, which we believe to be down to better cost control.

All in, non-GAAP PATMI came in at RMB 3.6b, or 78% above consensus.

Management remains upbeat on Baidu’s Smart Mini Program ecosystem, which they believe will generate significant ROI for customers.

Management was also sanguine about new entrants entering the search market, given the barriers to entry.

Management expects cost of revenue and opex to remain stable QoQ, which points to continued cost control against a backdrop of subdued revenue growth.

We continue to believe that the headwinds from the group’s health care initiative, macro uncertainties and softness from iQIYI’s advertising contribution could cap the upside on Baidu’s share price, following the post-results relief rally.

We derive a FV of US$113, based on our SOTP approach. HOLD.

Source: OCBC
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Re: Baidu (BIDU)

Postby winston » Wed Aug 21, 2019 2:22 pm

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Some analysts think the stock can move higher.

At least four analysts increased their target price after yesterday’s earnings report while two decreased their target.

The average target price for the next 12 months is about $143, according to 30 analysts polled by Bloomberg.

Source: Barron's
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Re: Baidu (BIDU)

Postby winston » Thu Sep 26, 2019 2:51 pm

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Baidu Plans to Unload $1 Billion in Shares of Online Travel Site

by Zheping Huang

(Bloomberg) -- Baidu Inc. is selling about a third of its stake in online travel site Ctrip.com International Ltd., generating around $1 billion to counter a slowing economy and intensifying competition in its key advertising business.

Ctrip announced Thursday a proposed secondary offering of 31.3 million American depositary shares held by Baidu. That represents around 30% of its stake in Ctrip and is equivalent to around $1 billion according to Ctrip’s current share price.

Baidu will remain Ctrip’s largest shareholder. It owned a 19% stake in the company after exchanging its shares in rival travel service provider Qunar in 2015. The share swap created China’s biggest online travel agency, putting a halt to a cash-burning price war.

The proceeds will come in handy for the Beijing-based company. “Baidu may use the cash to meet its operational needs as its near-term sales falter amid macro-economic and competitive pressures,” Bloomberg Intelligence analysts Vey-Sern Ling and Tiffany Tam wrote in a research note on Thursday.

Baidu over the past years has sold its food-delivery arm to Alibaba Group Holding Ltd.’s Ele.me, and merged its music streaming service with Chinese record label Taihe, allowing the search giant to focus on its key units such as advertising, smart speakers and autonomous cars.

More recently, the 19-year-old company has expanded its investment into content needed to attract and keep users, backing social media platforms including Q&A app Zhihu.

Source: Bloomberg

https://finance.yahoo.com/news/baidu-pl ... 31356.html
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Re: Baidu (BIDU)

Postby winston » Fri Nov 08, 2019 7:03 am

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Baidu books 27.5b yuan third quarter revenue

Baidu Inc. reported quarterly revenue that beat estimates after the Chinese search company's business proved resilient to an economic slowdown and competition from ByteDance Inc, Bloomberg reports.

Third-quarter revenue came in at 28.1 billion yuan.

That was down slightly from a year earlier, but exceeded the 27.5 billion yuan average of analysts’ projections.

The company also projected revenue of US$27.1 billion to US$28.7 billion, generally in line with estimates.

The shares jumped by about 5 percent in extended trading.

Baidu’s Netflix-style iQiyi Inc., which competes with Alibaba Group Holding and Tencent Holdings, also reported revenue ahead of expectations.

Source: The Standard

http://www.thestandard.com.hk/breaking- ... 1107&sid=2
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Re: Baidu (BIDU)

Postby winston » Fri Nov 08, 2019 9:51 am

Baidu Inc: Saying the right things

Baidu Inc’s (Baidu) 3Q19 results were above expectations.

Cost management was judicious, with non-GAAP SG&A as a proportion of revenue well controlled.

Non-GAAP PATMI of RMB 4.4b came in at 56% above consensus.

Management struck us as being incrementally more positive on the dynamics within the online marketing space, both on the demand and supply side.

In-app traffic remains robust, with search queries up 25% YoY (+20% YoY in 2Q19).

Management has guided for Baidu Core revenue to grow by 0-6% YoY, and for 4Q19 margins to be at least stable on a sequential basis.

Overall, while we are cognizant that the above do not represent a sharp reversal of Baidu’s challenges, we believe that the general stabilisation in operational metrics, industry dynamics and potential return to positive Baidu Core growth should be sufficient to mitigate large downside risks, and allow investors to refocus on Baidu’s depressed valuations.

Baidu is currently trading at 14.5x FY20 P/E (based on our estimates), or 1.6x below the 5-year mean.

Following adjustments, we raise our FV from US$113 to US$140.

Source: OCBC
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