Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Cover Story: The reshaping of the world as Ukraine war rages on</li><li>China willing to mediate in Ukraine crisis, foreign minister says</li><li>Roundup: What the government work report told us about China’s 2022 economic plans</li></ul>

Cover Story: The reshaping of the world as Ukraine war rages onChina willing to mediate in Ukraine crisis, foreign minister saysRoundup: What the government work report told us about China’s 2022 economic plans

CX Daily: The Reshaping of the World as Ukraine War Rages On

<ul><li>In Depth: China’s fintech plan part two puts data, risk control in driving seat</li><li>China considers ‘China-style’ strategy to coexist with Covid, top disease experts say</li><li>Analysis: China’s CIPS won’t rescue Russian banks from SWIFT ban</li></ul>

In Depth: China’s fintech plan part two puts data, risk control in driving seatChina considers ‘China-style’ strategy to coexist with Covid, top disease experts sayAnalysis: China’s CIPS won’t rescue Russian banks from SWIFT ban

CX Daily: China’s CIPS Won’t Rescue Russian Banks from SWIFT Ban

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>iQIYI (IQ) delivered solid 3Q23 results with in-line revenue and upbeat earnings.</li><li>Looking into 4Q23E, we forecast revenue +4% YoY, in which subs/ads +5%/0% YoY.</li><li>We are positive on its average revenue per membership (ARM) (+3% QoQ in 4Q23E) and expect newly-launched top dramas (e.g. Story of Kunning Palace 宁安如梦) to support subs stability. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

iQIYI (IQ) delivered solid 3Q23 results with in-line revenue and upbeat earnings.Looking into 4Q23E, we forecast revenue +4% YoY, in which subs/ads +5%/0% YoY.We are positive on its average revenue per membership (ARM) (+3% QoQ in 4Q23E) and expect newly-launched top dramas (e.g. Story of Kunning Palace 宁安如梦) to support subs stability. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

IQIYI (IQ US) – ARM Expansion to Unlock Subs LTV

<ul><li>Despite soft season and content delay, IQ still delivered solid 2Q23 results with in-line topline and upbeat margin.</li><li>Market concern may lie on its low subs retention and limited visibility on 2H23E subs net adds, but we believe its rich, high-quality and exclusive content would support long-term subs value.</li><li>We forecast 3Q23E rev +8% YoY (in which subs/ads +20%/37% YoY), with adj. OP at RMB815mn. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Despite soft season and content delay, IQ still delivered solid 2Q23 results with in-line topline and upbeat margin.Market concern may lie on its low subs retention and limited visibility on 2H23E subs net adds, but we believe its rich, high-quality and exclusive content would support long-term subs value.We forecast 3Q23E rev +8% YoY (in which subs/ads +20%/37% YoY), with adj. OP at RMB815mn. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

iQIYI (IQ US) – Prioritizing on long-term subs value

<ul><li>Despite soft season and content delay, we expect IQ to deliver in-line 2Q23E, with rev +17% YoY (subs/ads +15%/25% YoY) and adj.</li><li>OP at RMB783mn (OPM at 10%). IQ outperformed than peers in Jun &amp; Jul, backed by popularity of Destined &lt;长风渡&gt; (viewership mkt share at 20%-30%).</li><li>After subs sequential decline in 2Q23E, we expect strong summer content to boost 3Q23E momentum (e.g. upcoming Mysterious Lotus Casebook). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Despite soft season and content delay, we expect IQ to deliver in-line 2Q23E, with rev +17% YoY (subs/ads +15%/25% YoY) and adj.OP at RMB783mn (OPM at 10%). IQ outperformed than peers in Jun &amp; Jul, backed by popularity of Destined &lt;长风渡&gt; (viewership mkt share at 20%-30%).After subs sequential decline in 2Q23E, we expect strong summer content to boost 3Q23E momentum (e.g. upcoming Mysterious Lotus Casebook). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

IQIYI (IQ US) – Moving into 3Q23E Strong Pipeline

China

iQIYI, Inc. offers video entertainment services. The Company provides movies, television dramas, variety shows, and other video contents. iQIYI offers services worldwide.

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iQIYI Inc (IQ US)

CX Daily: The Reshaping of the World as Ukraine War Rages On

Cover Story: The reshaping of the world as Ukraine war rages on. China willing to mediate in Ukraine crisis, foreign minister says

Caixin Global

CX Daily: China’s CIPS Won’t Rescue Russian Banks from SWIFT Ban

In Depth: China’s fintech plan part two puts data, risk control in driving seat. China considers ‘China-style’ strategy to coexist with Covid, top...

Caixin Global

IQIYI (IQ US) – ARM Expansion to Unlock Subs LTV

iQIYI (IQ) delivered solid 3Q23 results with in-line revenue and upbeat earnings. Looking into 4Q23E, we forecast revenue +4% YoY, in which subs...

CMB International

iQIYI (IQ US) – Prioritizing on long-term subs value

Market concern may lie on its low subs retention and limited visibility on 2H23E subs net adds, but we believe its rich, high-quality and exclusive...

CMB International

IQIYI (IQ US) – Moving into 3Q23E Strong Pipeline

Despite soft season and content delay, we expect IQ to deliver in-line 2Q23E, with rev +17% YoY (subs/ads +15%/25% YoY) and adj.

CMB International

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