- BIDU2020-11-12
BIDU: Managed Page And Smart Mini Driving Better Traffic And Time Spend; Expect Better 3Q20 Results
BIDU will report 3Q20 results on November 16th after the markets close followed by an 8:15pm EST conference call. Based on our data and calculations, we believe BIDU’s 3Q20 net revenue is likely to be higher than consensus at RMB27,458M and our model at RMB27,238M. We believe BIDU is benefiting from the recovery in the ad sector, in addition to high adoption of its Managed Page and Smart Mini, which led to growth of BIDU mobile traffic and time spend in 3Q20. Furthermore, IQ’s subscribing busine…… - BIDU2020-08-06
BIDU: Ad Environment Is Still Challenging For The Near-Term; 2020 Is An Investment Year For BIDU
BIDU will report 2Q20results on August 13th after the markets close followed by a 9:15pm EST conference call. We are cautious on China’sadvertising market in the near term. We believe the ad environment in2020 may be challenging for the company. In 2Q20, some of the traditionale-commerce advertising shifted away from traditional platforms to livestreaming to market their products. In 3Q20, the seasonal popular sectors oftravel, education and business services did not pick up normal growth. These…… - BIDU2020-05-12
BIDU: Traffic Was Up In 1Q20 During The Outbreak; Tight Control Of Cost And Expense Are Positive For Earnings; Ad Environment Is Still Challenging
BIDU will report 1Q20results on May 18th after the markets close followed by a 9:15pm EST conference call. Based on our data andcalculations, we believe BIDU’s 1Q20 net revenue is likely to be better thanconsensus at RMB 21.91B and within its guidance range of RMB 21.0B – RMB 22.9B.In 1Q20, mobile Baidu traffic jumped up as there were more inquiries forinformation related to COVID-19; however, it was hard to convert the trafficinto monetizable clicks. While the company continues to promote its B…… - BIDU2019-11-01
BIDU: Coping With Internal And External Challenges; Expect BIDU’s 3Q19 Revenue To Be In Line
BIDU will report 3Q19 results on November 6th after the markets close followed by an 8:15pm EST conference call. Based on our data and calculations, we believe BIDU’s total revenue is likely to be in line with consensus at RMB27.572B, and within its guidance range of RMB 26.900B – RMB 28.500B. The year of 2019 is a challenging year for BIDU. …… - BIDU2019-08-10
BIDU: For Better Future Growth, 2019 Is An Investment Year For BIDU Despite Headwind From Macro And Market Competition
BIDU will report 2Q19 results on August 19th after the markets close followed by a 9:15pm EST conference call. Based on our data and calculations, we believe BIDU is likely to deliver 2Q19 net revenue in line with consensus but with better margin. Looking beyond quarterly earnings, we believe 2019 is a changing as well as a challenging year for BIDU.…… - BIDU2019-02-14
BIDU: Expect Better 4Q18 Revenue And Conservative 1Q19 Guidance; Maintain BUY Rating for Long Term Value In Its AI
BIDU will report 4Q18 results on February 21st after the markets close followed by an 8:15pm EST conference call. Based on our proprietary data, we believe BIDU is likely to report 4Q18 net revenue (excluding Global DU and Du Xiaoman) slightly higher than consensus at RMB26,249M and coming in towards the high-end of guidance range at RMB25.480B – RMB26.720B. …… - BIDU2018-10-29
BIDU: Continuing Its Focus On AI While Developing Content and Newsfeed Businesses; Maintain BUY Rating for Long Term Value In AI
BIDU will report 3Q18 results on Tuesday, October 30th after the markets close followed by a 9:15pm EST conference call. Based on our proprietary data, we believe BIDU is likely to report 3Q18 net revenue at ~RMB27.863B (excluding Global DU and Du Xiaoman), coming in towards the higher-end of the company’s guidance range of RMB26.56B - RMB27.92B and higher than our model at RMB26.810B. …… - BIDU2018-09-19
T. H. Data Flash – iQIYI Inc. (IQ) – 3Q18: More In-House Produced Content to Drive Paying Member Growth and Better Revenue in 3Q18
iQIYI added more in-house produced content, which we believe is a driver for its paying members. iQIYI had the highest number of in-house produced content and associated video views among its peers. In addition, it also had the highest number of actively viewed content titles and newly added content. …… - BIDU2018-07-30
BIDU: Continues to Invest In AI and Apollo, Which Was Realized In Initial Productions; Maintain BUY Rating With AI Business As A Free Option
BIDU will report 2Q18 results on Tuesday, July 31st after the market closes followed by a 9:15pm EST conference call. Based on our proprietary data, we believe BIDU is likely to deliver 2Q18 net revenue at least inline with or slightly higher than consensus. The company continues to pursue new engines with AI and newsfeed for long term growth. …… - BIDU2018-04-24
BIDU: Expect Better 1Q18 Results; And Continuing Momentum in 2Q18; Maintain BUY Rating with AI As A Free Option
BIDU will report 1Q18 results on Thursday, April 26th after the market closes followed by a 10:15pm EST conference call. Based on our proprietary data, we believe BIDU is likely to report 1Q18 revenue at least in line with consensus. While search growth is not as high as it was in the past, the company is aggressively pursuing news feed and AI, which we believe are the new engines to propel BIDU’s near-term and long-term growth. …… - BIDU2018-02-05
BIDU: Benefiting From AI In 2H2018 While Maintaining Growth; Maintain BUY
BIDU will report 4Q17 results on Tuesday, February 13, 2018 after the market closes followed by an 8pm EST conference call. We believe BIDU’s business is entering a new phase with its aggressive development of news feed and AI. Our data show that the total usage for Baidu search and mobile APP has increased due to news feed, and views and paying users of iQiyi has also increased. …… - BIDU2018-01-11
T. H. Data Flash - Baidu, Inc. (BIDU) - November & Preliminary 4Q17: Baidu Usage Increased Significantly Due to News Feed; Making Progress in AI; Maintain Buy Rating
BIDU’s aggressive development in news feed and AI not only generated an additional source of revenue, but at the same time increased the total usage of Baidu search and mobile APP. In addition, the views and paying users increased for iQiyi, while BIDU decreased its investment in Nuomi. …… - BIDU2017-10-23
BIDU: The Business Is Turning For the Better; Upgrade To BUY With A Price Target of $290.00
BIDU is at a turning point in its business. The company has established its new strategy – all in AI, which we believe has played into BIDU’s strength. BIDU now has all it needs to become a leader in AI applications in China. For its upcoming 3Q17 earnings report on Thursday (October 26th after the market closes followed by an 8pm EST conference call), based on our data and calculations, we believe BIDU is likely to deliver 3Q17 top line at RMB23.683B, at least in line with or slightly higher th…… - BIDU2017-09-29
T. H. Data Flash – Baidu, Inc. (BIDU) – August & Preliminary 3Q17: Video and Search are Doing Better to Drive Better 3Q17; Maintain Hold
Based on our data andcalculations, we believe BIDU is likely to deliver 3Q17 top line at aroundRMB23.683B, at least in-line with or slightly higher than consensus atRMB23.538B. …… - BIDU2016-07-27
Baidu, Inc.: Expect 2Q16 Results To Be In Line With Preannounced Guidance; 3Q16 Consensus Can Be Conservative; Maintain BUY
BIDU will report 2Q16 results on Thursday, July 28 after the close of the market followed by an 8pm EST conference call. We are expecting the company to report 2Q revenue in line with its preannounced guidance of 9% - 10% Y/Y growth. 2Q16 is a bad quarter for BIDU, as 1) the death of a young cancer patient triggered the government to review BIDU’s medical and healthcare sector; and 2) the search business is now classified as advertising, in which two-thirds of BIDU’s revenue will incur another 3…… - BIDU2016-02-23
BIDU: Expect 4Q15 Results To Be At Least In Line; 2016 Full Year Consensus Is Low; Maintain BUY Rating
BIDU will report 4Q15 results on Thursday, February 25 after the close of the market followed by an 8pm EST conference call. We do not have anything special to say about BIDU’s 4Q15, and we are expecting 4Q15 results to be at least in line but highly likely to be better than consensus expectation. However, we do believe the current consensus for 2016 revenue growth at 24.5% Y/Y is too low as BIDU’s subsidiaries including Nuomi and food delivery are likely to drive higher growth. This high growth…… - BIDU2015-10-28
BIDU: The Quarter Can Be Overwhelmed by O2O Initiatives; Maintain BUY Rating but Lowering PT
We believe BIDU almost has no alternatives but to invest in food delivery as well as group-buy business in order to overcome constrains of its past success in PC search, which is that BIDU does not require users to register. In the mobile era, its peers Tencent (700-HK, HK$149.10 – Intraday, Not Rated) captures millions of mobile users with its communications tools, mobile QQ and WeChat, and Alibaba (BABA, $79.71, Buy) with its Alipay while BIDU had nothing to accomplish such task. In the PC era…… - BIDU2015-07-22
BIDU: Search Business in Mobile Drives Growth; Investing in Nuomi May Lead to the Change in Financial Reporting; Maintain BUY Rating
BIDU will report 2Q15 results on Monday, July 27th after the close of the market followed by an 8pm EST conference call. We are expecting the company to report at least in line 2Q15 results, driven by its core search business, particularly strong mobile search. We believe its strength in mobile search can continue. For other businesses such as Nuomi, we believe its newly committed investment is likely to result in the rapid growth in GMVs as well as registered mobile users. As such, we maintain …… - BIDU2015-05-04
BIDU: Mobile Distance Proximity Bidding Targeting a Bigger Customer Base – A Potential Growth Driver; Upgrade to BUY from Hold Rating
Beyond BIDU’s mixed 1Q15 result and soft 2Q15 guidance, we believe its search business has significant potential to resume high growth toward 2H2015 driven by its new mobile initiatives, mainly its distance proximity bidding, which allows businesses to conduct search marketing in a locally defined territory. BIDU plans to introduce it to the market in 2Q15. We believe it has the potential to capture customers’ needs for location based services and to become a new engine for the company’s future …… - BIDU2015-04-28
BIDU: Mobile Drives 1Q15 Topline, Margin May Be Under Pressure from O2O Investment and Seasonality; Maintain Hold Rating
BIDU will report 1Q15 results on Wednesday, April 29th after the close of the market followed by an 8pm EST conference call. We are expecting BIDU to report 1Q revenue in line with the Street on strong mobile performance, and 2Q15 guidance to be at least in line with consensus. However, 2015 will be another investment year focused on rolling out new initiatives such as O2O, LBS, group-buy and food delivery, and continuing to promote its video business. While we believe these initiatives may help……
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T.H. Capital is an independent research and investment advisory firm specializing in China. We offer real-time, on-the-ground, bottom-up research across a wide spectrum from macro and industry analysis to company specific projects, from China ADRs to international names that have meaningful exposure to the China market. We deliver relevant, comprehensive and data driven research adding immense value to clients.
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