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

IQIYI (IQ US): From Turnaround to High-Quality Growth

[iQIYI, Lnc. (IQ US,) Target Price Change]: Short-Term Catalysts Not to Solve Long-Term Challenges

[iQIYI, Lnc. (IQ US) Target Price Change]: Reiterate SELL for Increasing Competition

iQIYI (IQ US) – Mild recovery with better margin ahead

Iqiyi (IQ US): Compelling Asymmetrical Payoff

Gravity Works As WeWork Doesn't; Now Plan B

China/Asia TMT

Shawn Yang

Equity Bottom-Up

<ul>
<li>We forecast iQIYI 4Q22 top line would be in line, while bottom line would beat cons by 6.4%, largely due to the strong content pipeline and continued cost-saving measures.  </li>
<li>Although IQ conducted a series of cost saving measures, we expect these measures are not sustainable. Our top and bottom lines in 2023 are (3.4%)/3.4% vs cons.</li>
<li>Reiterate with SELL and TP US$ 4.15, implying 14.9X PE in 2023.</li>
</ul>


We forecast iQIYI 4Q22 top line would be in line, while bottom line would beat cons by 6.4%, largely due to the strong content pipeline and continued cost-saving measures.  
Although IQ conducted a series of cost saving measures, we expect these measures are not sustainable. Our top and bottom lines in 2023 are (3.4%)/3.4% vs cons.
Reiterate with SELL and TP US$ 4.15, implying 14.9X PE in 2023.


IQiyi(IQ.US) 4Q22 Preview: Strong Content Only Secures Temporal Performance

iQIYI Inc

IQiyi(IQ.US) 4Q22 Preview: Strong Content Only Secures Temporal Performance