iQIYI (IQ US) - Margin surprise on higher efficiency
For 2Q24E, we expect IQ’s revenue -1% YoY (in which subs revenue -5% YoY while ads +7% YoY), with a rich content pipeline ahead (e.g. Fox Spirit...
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JD.com (JD US) - Entering into a Clean Base for Growth
JD.com (JD) reported (16 May) better-than-expected 1Q24 results: revenue was RMB260.0bn, up 7% YoY, 1% ahead of Bloomberg consensus
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Baidu (BIDU US) - Accelerating Gen AI-Empowered Business Transformation
Baidu announced (16 May) its 1Q24 results: revenue was RMB31.5bn, up 1.2% YoY, and was in line with Bloomberg consensus.
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ZTO Express (ZTO US) - 1Q24 Core Earnings Beat Estimates
Our TP for ZTO US/2057 HK is unchanged at US$38.50/HK$303, based on 24x 2024E P/E, equivalent to the historical average. Maintain BUY.
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LGFVs: Our Thoughts on the Plan to Purchase Unsold Residential Units
Media reported that the Chinese government is considering to have local governments to purchase unsold residential units and convert these to...
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