Managing Director, Zero One, Zero One

Vincent Fernando, CFA

20 years of experience researching capital markets in Asia and the USA.

Managing Director, Zero One

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Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

<p>We are pleased with management's progress on tighter cost controls and are cautiously optimistic about the Company's prospects on returning to growth post-virus outbreak. DAU grew 21% YoY even prior to the virus outbreak, while adjusted operating margins expanded to 23% vs. 10% the same time last year.</p><p>Looking to the future, management indicated that search queries grew 30% recently as consumers used Baidu more to access timely information. Interestingly, the queries were not related only to the virus situation but across multiple verticals, which bodes well for future engagement and monetization.</p>

We are pleased with management's progress on tighter cost controls and are cautiously optimistic about the Company's prospects on returning to growth post-virus outbreak. DAU grew 21% YoY even prior to the virus outbreak, while adjusted operating margins expanded to 23% vs. 10% the same time last year.Looking to the future, management indicated that search queries grew 30% recently as consumers used Baidu more to access timely information. Interestingly, the queries were not related only to the virus situation but across multiple verticals, which bodes well for future engagement and monetization.

百度、予想を上回る利益、第1四半期コア売上高はウイルスの影響で10～18%減少と予想