Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

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>3690 HK/TCOM US: Online catering is robust in 2Q24, while online tourism diminishing quickly（+/-）</li>
<li>1024 HK: Source said Kuaishou's video generation LLM, Kling AI, has surpassed one million total application users.（+）</li>
<li>3690 HK:Meituan may launch food delivery service in Riyadh in September or October this year (+)</li>
</ul>


3690 HK/TCOM US: Online catering is robust in 2Q24, while online tourism diminishing quickly（+/-）
1024 HK: Source said Kuaishou's video generation LLM, Kling AI, has surpassed one million total application users.（+）
3690 HK:Meituan may launch food delivery service in Riyadh in September or October this year (+)


[Blue Lotus Daily-TMT Update]:3690 HK/TCOM US/1024 HK/BIDU US/PDD US/AMZN US/NTES US/700 HK/BABA US

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>Baidu delivered a positive result and managed an all-around beat last quarter, characterized by progress and expansion.</li><li>The focus on transformation through foundation models, particularly ERNIE and ERNIE bot, led to enhancements in products like Baidu Search and Baidu Wenku, resulting in increased user engagement and conversion rates.</li><li>Baidu's online marketing division harnessed generative AI to automate and enhance ad offerings, driving growth in online marketing revenue.</li></ul>

Baidu delivered a positive result and managed an all-around beat last quarter, characterized by progress and expansion.The focus on transformation through foundation models, particularly ERNIE and ERNIE bot, led to enhancements in products like Baidu Search and Baidu Wenku, resulting in increased user engagement and conversion rates.Baidu's online marketing division harnessed generative AI to automate and enhance ad offerings, driving growth in online marketing revenue.

Baidu Inc.: ERNIE Bot & Other Interesting AI Developments

Equity Long-Short Analyst

Pyari Menon

<ul>
<li>For this report we datamined autonomous driving technology (ADT) innovations.</li>
<li>Worldwide over the last decade the ADT sector has seen nearly 25% CAGR growth in patent filings, with over 40,000 patent family filings.</li>
<li>
<a href="https://www.smartkarma.com/entities/delphi-automotive-plc" target="_blank" data-smartkarma-citation="entities:20870:1" rel="noopener"><strong>Aptiv PLC (APTV US)</strong></a>, with a leadership position in several areas of ADT, strong financials, reasonable valuations and strategic partnerships stands out.  </li>
</ul>


For this report we datamined autonomous driving technology (ADT) innovations.
Worldwide over the last decade the ADT sector has seen nearly 25% CAGR growth in patent filings, with over 40,000 patent family filings.

Aptiv PLC (APTV US), with a leadership position in several areas of ADT, strong financials, reasonable valuations and strategic partnerships stands out.  


China/Asia TMT

Shawn Yang

<ul>
<li>Baidu reported 2Q23 revenue/non-GAAP net income 2.3%/38.1% vs cons., Baidu core’s online marketing revenues and other revenues grew 7.1%/13.0% YoY, respectively. </li>
<li>We expect that Baidu’s ads growth will continue into 2H23, supported by recovery of key advertisers. </li>
<li>We slightly increase FY23 EPS estimates and maintain our TP of US$162, which implies 17.8X PE.</li>
</ul>


Baidu reported 2Q23 revenue/non-GAAP net income 2.3%/38.1% vs cons., Baidu core’s online marketing revenues and other revenues grew 7.1%/13.0% YoY, respectively. 
We expect that Baidu’s ads growth will continue into 2H23, supported by recovery of key advertisers. 
We slightly increase FY23 EPS estimates and maintain our TP of US$162, which implies 17.8X PE.


[Baidu (BIDU US, BUY, TP US$162) Earnings Review]: Online Ads Growth Will Remain Robust

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Seeing as though it is Chinese New Year week, I thought it might be appropriate to conduct a brief analysis of US-listed China plays.</li>
<li>According to a recent US-China Economic and Security Review Commission report, 265 Chinese companies were listed on the NYSE, Nasdaq and NYSE American exchanges in January 2024 worth US$848bn. </li>
<li>That's down from 252 companies worth US$1.03tn a year ago, a 17.5% decline. 91% of the total market capitalization of Chinese firms listed on U.S. exchanges use VIEs.</li>
</ul>


Seeing as though it is Chinese New Year week, I thought it might be appropriate to conduct a brief analysis of US-listed China plays.
According to a recent US-China Economic and Security Review Commission report, 265 Chinese companies were listed on the NYSE, Nasdaq and NYSE American exchanges in January 2024 worth US$848bn. 
That's down from 252 companies worth US$1.03tn a year ago, a 17.5% decline. 91% of the total market capitalization of Chinese firms listed on U.S. exchanges use VIEs.


China

Baidu, Inc. operates an Internet search engine. The Company offers algorithmic search, enterprise search, news, MP3, and image searches, voice assistance, online storage, and navigation services. Baidu serves clients globally.

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Baidu (BIDU US)

[Blue Lotus Daily-TMT Update]:3690 HK/TCOM US/1024 HK/BIDU US/PDD US/AMZN US/NTES US/700 HK/BABA US

Online catering is thriving, while online tourism is declining. Kuaishou's video generation AI has over one million users. Meituan may expand food...

Blue Lotus Research Institute

Baidu Inc.: ERNIE Bot & Other Interesting AI Developments

Baidu delivered a positive result and managed an all-around beat last quarter, characterized by progress and expansion. The focus on...

Baptista Research

Autonomous Driving Leadership Landscape

Autonomous driving tech seeing surge in innovations to make journeys safer, more efficient, and intelligent. Welcome to the future of mobility.

Pyari Menon

[Baidu (BIDU US, BUY, TP US$162) Earnings Review]: Online Ads Growth Will Remain Robust

We expect that Baidu’s ads growth will continue into 2H23, supported by recovery of key advertisers. We slightly increase FY23 EPS estimates and...

Blue Lotus Research Institute

Musings On US-Listed China Plays

Investors in Chinese companies may be willing to support activities that are contrary to US national interests, including technology used for...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Daily-TMT Update]:3690 HK/TCOM US/1024 HK/BIDU US/PDD US/AMZN US/NTES US/700 HK/BABA US

​Online catering is thriving, while online tourism is declining. Kuaishou's video generation AI has over one million users. Meituan may expand food...

Blue Lotus Research Institute

Baidu Inc.: ERNIE Bot & Other Interesting AI Developments

Baidu delivered a positive result and managed an all-around beat last quarter, characterized by progress and expansion. The focus on...

Baptista Research

Autonomous Driving Leadership Landscape

Autonomous driving tech seeing surge in innovations to make journeys safer, more efficient, and intelligent. Welcome to the future of mobility.

Pyari Menon

[Baidu (BIDU US, BUY, TP US$162) Earnings Review]: Online Ads Growth Will Remain Robust

We expect that Baidu’s ads growth will continue into 2H23, supported by recovery of key advertisers. We slightly increase FY23 EPS estimates and...

Blue Lotus Research Institute

Musings On US-Listed China Plays

Investors in Chinese companies may be willing to support activities that are contrary to US national interests, including technology used for...

David Blennerhassett

Online catering is thriving, while online tourism is declining. Kuaishou's video generation AI has over one million users. Meituan may expand food...