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>Casinos / In Depth: Casino plan could put Thailand behind only Las Vegas and Macao</li><li>Consumption /In Depth: China’s policymakers target consumption to kick economy into gear</li><li>Energy Insider /: BYD crushes rivals in global EV sales, oil producing ship that captures its own emissions unveiled</li></ul>

Casinos / In Depth: Casino plan could put Thailand behind only Las Vegas and MacaoConsumption /In Depth: China’s policymakers target consumption to kick economy into gearEnergy Insider /: BYD crushes rivals in global EV sales, oil producing ship that captures its own emissions unveiled

CX Daily: Casino Plan Could Put Thailand Behind Only Las Vegas and Macao 

Analyst - Media&Entertainment Sector, Blue Lotus Research Institute

Stan Zhao

Analyst - Media&Entertainment Sector

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>Earnings results have differed in the recently concluded C3Q24. Performance ads in home electronics, 3C, auto, entertainment and travel have benefited from recovery in consumption; </li>
<li>Heading into C4Q24, we expect rebound in real estate to benefit property ads, and the continuing warm up in consumption to spread to e-commerce (apparel and cosmetics);</li>
<li>We expect trade-in subsidies for home electronics and electrical vehicles to renew in C1Q25 and further stimulus to encourage consumption in travel and catering to be announced. </li>
</ul>


Earnings results have differed in the recently concluded C3Q24. Performance ads in home electronics, 3C, auto, entertainment and travel have benefited from recovery in consumption; 
Heading into C4Q24, we expect rebound in real estate to benefit property ads, and the continuing warm up in consumption to spread to e-commerce (apparel and cosmetics);
We expect trade-in subsidies for home electronics and electrical vehicles to renew in C1Q25 and further stimulus to encourage consumption in travel and catering to be announced. 


Stimulus Policies Are Now the Biggest Determinant of Internet Ads Performances

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>iQIYI recently divulged its financial and operational results for the second quarter of 2024, revealing several intriguing aspects about its current business trajectory.</li><li>This analysis aims to distill the substantial information provided during the earnings call and form an even-handed view on iQIYI's performance and future prospects.</li><li>iQIYI remains a significant player in the long-form video sector in China, holding a competitive edge in the drama and film categories.</li></ul>

iQIYI recently divulged its financial and operational results for the second quarter of 2024, revealing several intriguing aspects about its current business trajectory.This analysis aims to distill the substantial information provided during the earnings call and form an even-handed view on iQIYI's performance and future prospects.iQIYI remains a significant player in the long-form video sector in China, holding a competitive edge in the drama and film categories.

iQIYI Inc.: The Mini & Short Dramas Integration & Other Major Drivers

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.

<ul><li>iQiyi reported 3Q24 financial results: total revenue declined by 10% YoY to RMB7.2bn, in line with Bloomberg consensus and our estimate; non-GAAP net income was down by 23% YoY to RMB480mn, ahead of consensus/our estimate of RMB266/426mn primarily due to better-than-expected opex control and foreign exchange gains.</li><li>Looking ahead in 4Q24E, we forecast total revenue to decline by 14% YoY and 8% QoQ, primarily due to the lighter content slate and soft consumption sentiment.</li><li>That said, we expect non-GAAP operating income to be largely flattish QoQ at RMB368mn in 4Q24E, thanks to iQiyi’s prudent cost and opex control. </li></ul><p><em>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.</em></p>

iQiyi reported 3Q24 financial results: total revenue declined by 10% YoY to RMB7.2bn, in line with Bloomberg consensus and our estimate; non-GAAP net income was down by 23% YoY to RMB480mn, ahead of consensus/our estimate of RMB266/426mn primarily due to better-than-expected opex control and foreign exchange gains.Looking ahead in 4Q24E, we forecast total revenue to decline by 14% YoY and 8% QoQ, primarily due to the lighter content slate and soft consumption sentiment.That said, we expect non-GAAP operating income to be largely flattish QoQ at RMB368mn in 4Q24E, thanks to iQiyi’s prudent cost and opex control. 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) - Short-Term Headwind Continues; Strategic Upgrades to Drive Long-Term Growth

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

<ul>
<li>BABA US/3690 HK:Ele.me Launches Group Ordering Service, Mimicking Meituan's "PinHaoFan".(-)</li>
<li>BABA US:DingTalk adds new features to its 365 Membership (/)</li>
<li>BABA US/JD US/PDD US:Taobao launches advertising rebate campaign for newly joined merchants (+/-/-)</li>
</ul>


BABA US/3690 HK:Ele.me Launches Group Ordering Service, Mimicking Meituan's "PinHaoFan".(-)
BABA US:DingTalk adds new features to its 365 Membership (/)
BABA US/JD US/PDD US:Taobao launches advertising rebate campaign for newly joined merchants (+/-/-)


[Blue Lotus Daily-TMT Update]:BABA US/3690 HK/JD US/PDD US/IQ US/700 HK

China

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

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

iQIYI Inc (IQ US)

CX Daily: Casino Plan Could Put Thailand Behind Only Las Vegas and Macao

TOP STORY Casinos / In Depth: Casino plan could put Thailand behind only Las Vegas and Macao The Thai government first proposed legalizing...

Caixin Global

Stimulus Policies Are Now the Biggest Determinant of Internet Ads Performances

C3Q24 earnings show ad performances are highly correlated with stimulus spending. We expect continuing stimulus to sustain the benefit and...

Blue Lotus Research Institute

iQIYI Inc.: The Mini & Short Dramas Integration & Other Major Drivers

iQIYI recently divulged its financial and operational results for the second quarter of 2024, revealing several intriguing aspects about its...

Baptista Research

IQIYI (IQ US) - Short-Term Headwind Continues; Strategic Upgrades to Drive Long-Term Growth

iQiyi reported 3Q24 financial results: total revenue declined by 10% YoY to RMB7.2bn, in line with Bloomberg consensus and our estimate

CMB International

[Blue Lotus Daily-TMT Update]:BABA US/3690 HK/JD US/PDD US/IQ US/700 HK

Ele.me launches group ordering service to compete with Meituan, DingTalk enhances 365 Membership, Taobao offers advertising rebate for new merchants.

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CX Daily: Casino Plan Could Put Thailand Behind Only Las Vegas and Macao

TOP STORY Casinos / In Depth: Casino plan could put Thailand behind only Las Vegas and Macao The Thai government first proposed legalizing...

Caixin Global

Stimulus Policies Are Now the Biggest Determinant of Internet Ads Performances

​C3Q24 earnings show ad performances are highly correlated with stimulus spending. We expect continuing stimulus to sustain the benefit and...

Blue Lotus Research Institute

iQIYI Inc.: The Mini & Short Dramas Integration & Other Major Drivers

iQIYI recently divulged its financial and operational results for the second quarter of 2024, revealing several intriguing aspects about its...

Baptista Research

IQIYI (IQ US) - Short-Term Headwind Continues; Strategic Upgrades to Drive Long-Term Growth

iQiyi reported 3Q24 financial results: total revenue declined by 10% YoY to RMB7.2bn, in line with Bloomberg consensus and our estimate

CMB International

[Blue Lotus Daily-TMT Update]:BABA US/3690 HK/JD US/PDD US/IQ US/700 HK

​Ele.me launches group ordering service to compete with Meituan, DingTalk enhances 365 Membership, Taobao offers advertising rebate for new merchants.

Blue Lotus Research Institute

C3Q24 earnings show ad performances are highly correlated with stimulus spending. We expect continuing stimulus to sustain the benefit and...

Ele.me launches group ordering service to compete with Meituan, DingTalk enhances 365 Membership, Taobao offers advertising rebate for new merchants.