Baidu (BIDU)

Re: Baidu (BIDU)

Postby winston » Fri Oct 22, 2010 9:51 am

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DJ Baidu 3Q Profit Doubles; Shares Up As Results Beat Expectations

DOW JONES NEWSWIRES

Baidu Inc.'s (BIDU) third-quarter earnings doubled on more users and better monetization of them, as China's top Internet search engine continues to benefit from Google Inc.'s (GOOG) petering presence there.

The company's American depositary shares rose 2.2% after-hours at $104.71 as the company beat expectations. The ADS have more than doubled so far this year, in late September hitting their highest level since they began trading five years ago.

Baidu predicts fourth-quarter revenue will range from CNY2.37 billion ($354.2 million) to CNY2.44 billion, compared with the CNY2.42 billion average estimate from a survey of analysts by Dow Jones Newswires. Conversion rates are based on the noon buying rate in New York on Sept. 30.

Baidu, which derives about 95% of its revenue from search advertising, has been seen overtaking Google Inc.'s (GOOG) share of the Chinese search market. Google stopped operating its Chinese search engine earlier this year and began rerouting mainland users to its Hong Kong site in protest of Beijing's search-result censorship rules.

According to research firm iResearch, Baidu's market share rose to 72.9% in the third quarter, up three points, while Google's share fell 2.7 points.

Chairman and Chief Executive Robin Li attributed the strong third-quarter results to initiatives that expanded customer base and improved customer service. Active online-marketing customers rose 26% to 272,000, as revenue per customer surged 41%.

Last year, Baidu started using Phoenix Nest, a keyword-based advertising system it developed that the company says enables it to make more money on search terms.

Baidu posted a profit of CNY1.05 billion, or CNY3 per ADS, up from CNY492.9 million, or CNY1.41 per ADS, a year earlier. Analysts surveyed by Dow Jones predicted earnings of CNY2.71 per ADS.

Revenue surged 76% to CNY2.26 billion. In July, the company gave an upbeat target of CNY2.2 billion to CNY2.26 billion.

Earlier this week, a Baidu executive said the company is studying an expansion into foreign markets, looking principally at other Asian regions for now. A search engine in Japan is its only foreign operation.

The company also launched a platform for users to run applications through the Baidu website last month, offering software similar to what is available on sites like Facebook or platforms like Apple Inc.'s (AAPL) App Store.

Source: Joan E. Solsman, Dow Jones Newswires
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Re: Baidu (BIDU)

Postby winston » Fri Oct 22, 2010 11:54 am

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DJ MARKET TALK:Baidu Shares +0.6% After-Hours;3Q Net Profit +112%

0306 GMT [Dow Jones] Baidu Inc. (BIDU) American depositary shares +0.6% after-hours at $103.06 after company said 3Q net profit +112% on-year at CNY1.05 billion, well above average analyst forecast of CNY950.8 million in Dow Jones poll; but ADS down from after-hours high of +3.7% at $106.32.

Company says capex likely to become more aggressive in near term and network equipment purchases to boost bandwidth and depreciation costs.

But results 'surprise the market slightly on the upside' and growth momentum will continue, says CLSA analyst Elinor Leung.


Source: Dow Jones Newswire
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Re: Baidu (BIDU)

Postby winston » Fri Oct 22, 2010 12:43 pm

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Baidu's 3Q profit more than doubles, shares rise

Baidu's 3Q tops Wall Street forecasts on online advertising growth; shares rise

Baidu Inc., which operates China's leading search engine, said Friday its third-quarter net profit more than doubled and revenue jumped 76 percent as online advertising surged.

The Beijing-based company said it earned 1.05 billion yuan ($156.4 million), or 3.01 yuan (45 cents), per American Depositary share, versus 492.9 million yuan, or 1.41 yuan per share, in the same period a year earlier.

Revenue rose to 2.26 billion yuan ($337.2 million). Analysts expected $333.6 million.

Baidu has gained market share following Google Inc.'s decision to close its China-based search engine in March but most of its revenue gain appeared to come from the market's rapid growth rather than expanded share.

Excluding expenses for employees' stock-based compensation, the company earned 46 cents per share. Analysts had expected 42 cents per share.

"Strong execution on our initiatives to expand our customer base and enhance customer service drove another quarter of strong results," Baidu CEO Robin Li said in a statement.

Baidu's market share rose to 73 percent in the quarter ending in September, up from 64 percent in the first three months of the year, according to Analysys International, a Beijing research firm.

Google, which still attracts Chinese users to its Hong Kong-based Chinese-language search engine, saw its share fall to 21.6 percent from 30.9 percent.

China's search market grew 57 percent over a year earlier to 3.15 billion yuan ($460 million) in the third quarter, according to Analysys. China's population of Internet users is the world's biggest and is still growing fast, rising by 36 million over the first half of the year to 420 million as of June 30.

For the fourth quarter, Baidu said it expects revenue to increase 88 percent to 93.5 percent over last year to 2.37 billion yuan ($354.2 million) to 2.44 billion ($364.7 million).

Baidu's U.S.-traded shares rose 54 cents to $103.02 in extended trading Thursday, after the results were reported. The shares had risen $2.47, or 2.5 percent, to finish the regular trading session at $102.48.

___

Baidu Inc.: http://www.baidu.com

Source: AP News

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Re: Baidu (BIDU)

Postby winston » Fri Oct 22, 2010 1:29 pm

Not vested. From Phillips:-

Baidu.Com, Inc (ADR) – Company Preview(Magdalene Choong)
Previous close: US$102.48

Baidu’s FY10 revenue is expected to exceed FY09 revenue by 45% assuming a doubling of 1H10 revenue of RMB3.2 billion to RMB6.4 billion.

Operating margins for the 2Q10 is 51% versus 41% in 1Q10 and 36% inFY09.

Net income margin is 44% in 2Q10 versus 37% in 1Q10 and 33% in FY09.

Valuations look exceptionally lofty as it is trading at 100x PE.

We take a favourable view on Baidu given its leadership position but over the longer term, we believe it may be increasingly harder for Baidu to defend its ranking.
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Re: Baidu (BIDU)

Postby winston » Fri Oct 22, 2010 9:17 pm

Pre-market at US$107. It was trading much lower in SGX this afternoon, at about US$104. Should have followed gut rather than mind :(
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Re: Baidu (BIDU)

Postby winston » Sat Oct 23, 2010 8:58 am

Not vested yet. From GS:-

Valuation

We raise our 6-month DCF-driven target price to $115 from $105 on better margins. $115 equates to 47X our 2011E non-GAAP EPS and 33X 2012E, against a 45% medium-term trend revenue and earnings growth rate.

Key risks
Competition from Tencent and the Alibaba group.
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Re: Baidu (BIDU)

Postby winston » Tue Oct 26, 2010 8:05 am

Not vested.

Why Buy Baidu? By Kevin Cook

My trade idea today is intended to capture the upside momentum I expect to continue for the next few months. BIDU should easily see $130.00 by March. But, it probably won't be a straight shot higher from here, as it is likely to at least pull back and fill the gap from $102.50, if not make a trip toward the 50-day moving average currently just above $90.00.

The stock looks overextended from its key moving averages and, though it could go parabolic and ignore them for now, you have to respect good 'ole mean reversion too. That's why I say, don't rush into this trade. Do some homework on the stock and wait for a pullback.


My caveats in place for why you don't need to chase BIDU, I think the risk is small if you do. We just got through Q3 earnings and the naysayers lost, and now we don't expect anything but good surprises from Q4.

So, if you like the name and the Chinese emerging middle class phenomenon I describe, then this is a good way to potentially double your money on this important story.


http://www.thestreet.com/story/10898494 ... ooyah_html
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Re: Baidu (BIDU)

Postby winston » Fri Oct 29, 2010 7:33 pm

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Momentum Stock: Baidu, Inc. By Michael Vodicka

Baidu, Inc. (BIDU: 112.17 0.00 0.00%) has once again hit a new all-time high after reporting excellent Q3 results that came in ahead of expectations. With four consecutive earnings surprises and a bullish growth projection, the long-term picture looks good too for this Zacks #1 rank stock.

Company Description

Baidu, Inc. is a China-based Internet search provider. The company was founded in 2000 and has a market cap of $39 billion.

BIDU has been strong for the last year with the market, but shares got an extra boost on Oct 21 after the company reported another strong quarter.

Third-Quarter Results

Revenue for the period was up 76% from last year to $337.2 million. Earnings also looked good, coming in at 45 cents, 7% ahead of the Zacks Consensus Estimate, where the company has an average earnings surprise of 14% over the last four quarters.

The company’s traffic acquisition cost (TAC), a key Internet search provider performance metric, also showed huge gains, declining to 8.9% of revenue from 15.3% last year,

The awesome top-line growth coupled with strong margin improvements enabled Baidu to boost its operating to $177 million, a 127% increase from last year.

Balance Sheet

The company also has an awesome balance sheet, with its cash position up $182 million from last year to $610 million with no debt.

Estimates

We saw some movement in estimates off the good quarter, with the current year adding 5 cents to $1.45 and the next-year estimate gaining 14 cents to $2.34, a bullish 61% growth projection.

Valuation

In light of the big gains, shares of BIDU are a bit pricey, trading with a forward P/E of 78X against its peer average of 51X.

2-Year Chart

On the chart, shares got a nice boost from the strong quarter to hit a new all-time high at $113.78. The MACD below the chart is bullish too, with the short-term average trading ahead of the long-term average, take a look below.

http://www.dailymarkets.com/stock/2010/ ... idu-inc-2/
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Re: Baidu (BIDU)

Postby iam802 » Tue Nov 16, 2010 4:55 pm

420M People In China Have Internet Access, 99% Use Baidu For Search

http://techcrunch.com/2010/11/15/420m-p ... TechCrunch)

...

This might be one of the many data points supporting why the Baidu stock has more than doubled since January, now at a market cap of 40 billion. That is roughly the size of eBay’s.

“We have a lot of room for growth,” Li said, as 1/3 of China currently has Internet access which boils down to about 420 million people. According to Li 99% of those people use Baidu as their search engine and that number can more than double with growing popularity of mobile phones.

...
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Re: Baidu (BIDU)

Postby winston » Thu Dec 16, 2010 6:43 am

Baidu sees growth rate slowing in 2011

SHANGHAI/BEIJING (Reuters) - China's top search engine, Baidu Inc, sees its top-line and bottom-line growth rates softening over the next year on a higher base of comparison, as it eyes acquisitions and "contextual" ads to boost growth in the future.

Baidu said in October its third-quarter net profit more than doubled compared to a year ago, while its revenue almost doubled.

"We had a major re-acceleration this year, and that's due to a few reasons," said Shen, citing the rebound in the Chinese economy, the switchover to its new keyword advertising system and Google's scaling down in China.

"For these reasons, it most likely won't repeat itself next year," he said.

Shen said the "Google effect" -- an increase in traffic resulting from disruption in U.S. company's Chinese operations earlier this year -- boosted Baidu's business by a small amount and is largely over by now.

He said Baidu's strong performance so far this year was due to the introduction of its Phoenix Nest keyword advertising system late last year, which was ramped up fully this year.

Shen said traffic acquisition costs as a percentage of revenue will come in near 10 to 11 percent for 2010.

Although Baidu has made forays into e-commerce and online video this year, its focus will still be search functions, Shen said.

Baidu has a tie-up with Japanese online retailer Rakuten Inc to operate an online shopping mall, and also formed Qiyi.com, a joint venture offering licensed online video content with Hulu backer Providence Equity.

Shen said both ventures will not contribute meaningfully to Baidu's bottom line in the near term, but will raise ad dollar spending among its major clients, especially for e-commerce.

China is the world's largest Internet market by users at 420 million online. China's search industry, in which Baidu dominates with an 73 percent market share by revenue, was worth 3.13 billion yuan ($470 million) in the third quarter, according to iResearch.

Earlier this month, Baidu invested in TG.com.cn, an e-commerce website for home decorations. At the end of the third quarter, Baidu had 5 billion yuan ($751 million) in cash and equivalents on its balance sheet.

Baidu is also eyeing new growth in contextual advertising, which uses a web page's keywords to choose what ad to display on that page. Shen said there will be no big boost for its contextual ads platform in the near term but that the firm was upgrading the system.


http://www.reuters.com/article/idUSTRE6 ... geNumber=2
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