Bocom Intl lowered Baidu (09888.HK) target price to 108 Hong Kong dollars. Short-term search advertising revenue may be under pressure, valuation at historical lows.
Bocom Intl released a report stating that it expects Baidu-SW (09888.HK) (BIDU.US) core revenue to decline by 0.8% year-on-year in the third quarter, a smaller decrease compared to the previously revised 2.6%, mainly due to pressure on advertising business growth. It is expected that Baidu (including iQiyi) revenue will decline by 3% year-on-year, with an adjusted net profit margin of 19%. The report indicates that Baidu's core business revenue was further under pressure in the last quarter. In terms of advertising, the bank expects revenue to decrease by 4.4% year-on-year, lower than the previous adjustment of 3.6%, mainly due to continued soft demand from some industry advertisers, and AI search monetization has not yet begun at a large scale. In the cloud sector, it is still maintaining its double-digit growth.
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