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<Research>UOB Kay Hian Slightly Cuts BIDU-SW (09888.HK) TP to $126 as 1Q Earnings Beat
Recommend 11 Positive 14 Negative 11 |
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Baidu, Inc. (BIDU.US) (09888.HK)'s 1Q24 results were in line with expectations, with revenue hiking 1% YoY to RMB31.5 billion, in line with market consensus, UOB Kay Hian released a research report saying. Non-GAAP net profit rose 22% YoY to RMB7 billion, benefiting from a one-off gain, also exceeding the market's expectation by 26%. UOB Kay Hian kept rating at Buy on Baidu, and cut its target price from $128 to $126. The broker's target price for Baidu's ADR was US$140, with a projected PE ratio of 6x for core business, implying an overall projected PE ratio of 10.8x, equivalent to a projected CAGR of 9% in EPS from 2024-2027 and a PEG of 1.2x. AAStocks Financial News |
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