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<Research>Daiwa Slashes BIDU-SW (09888.HK) TP to $142 as Macro Headwinds Continue
Recommend 3 Positive 13 Negative 1 |
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BIDU-SW (09888.HK)'s 1FQ24 non-GAAP earnings beat market consensus by 20%, mainly due to the Company's better-than-expected core gross margin and non-operating income from foreign exchange and equity investments, Daiwa issued a research report saying. Daiwa forecasted BIDU-SW's growth trajectory to remain lackluster for the rest of the year, and expected the Company's core marketing revenue growth to lag behind China's GDP growth. The relevant forecast is based on uncertainties in the macroeconomic environment, and the impact of demonetization of the Company's AI search queries service. In addition, based on BIDU-SW's lower advertising growth assumptions, Daiwa cut its FY2024 to FY2026 revenue forecasts by 2-3%, and lowered its FY2025 to FY2026 EPS forecasts by 4-5%. Daiwa also slashed its target price on BIDU-SW from $153 to $142, and reiterated rating at Buy. AAStocks Financial News |
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