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

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

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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