H-shares of Baidu hit 2-year low on Q3 rev drop, softer Q4 outlook
** H-shares of Baidu 9888.HK slip 10.3% to HK$75.20, lowest since Nov 2022
** Stock set for biggest one-day pct drop since Jan. 15; top pct loser on Hang Seng Index .HSI, Hang Seng Tech Index .HSTECH and Hang Seng China Enterprises Index .HSCE
** U.S.-listed shares BIDU.O slid 5.9% on Thursday
** China's largest search engine operator's Q3 revenue drops 3%
** Co says no notable improvement in ad spending patterns or consumer spending despite Beijing's recent stimulus measures
** Jefferies retains "buy"; cuts PT to $126 from $132 to factor in softer ad revenue expectation in Q4 on macro and AI transition
** Citi maintains "buy", trims U.S. stock's PT to $142 from $143
** YTD, Baidu's Hong Kong and U.S. stocks down 33.7% and 31.5%, respectively
Reporting by Donny Kwok
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
