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Country: China Sectors: Technology, Media, and Telecom; Corporate Finance Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
18 hours ago · Baidu's stock is trading close to multi-year lows. It has been a tough time for investors in Baidu ( BIDU -2.44%). After shares of the Chinese search engine reached their peak of $340 in 2021 ...
Sep 28, 2023 · Frontrunner in AI and GPT: Baidu was the first public Chinese company to own and operate a generative pre-trained transformer (GPT) model. Its foundation model ERNIE 3.5 surpassed its peers in algorithms, industry coverage, development tools and ecosystem, according to IDC.
- Key Rating Drivers
- Derivation Summary
- Key Assumptions
- Rating Sensitivities
- Best/Worst Case Rating Scenario
- Liquidity and Debt Structure
- Issuer Profile
- Summary of Financial Adjustments
- ESG Considerations
- Applicable Models
Robust Core Marketing Business: The ratings are supported by Baidu's strengthened mobile ecosystem in maintaining its search engine leadership in China. Its Baidu App is the No.1 search-plus-feed app with 580 million monthly active users and daily logged-in users of 77% in June 2021. Its online marketing service revenue, excluding 52%-owned online ...
Baidu's rating is underpinned by its strong position in China's search engine market, robust profitability and cash generation of its search and newsfeed businesses, and highly conservative capital structure with large net cash. Large operating losses from its AI initiatives and iQIYI plus potential start-up losses from its newly formed EV business...
Fitch's key assumptions within our rating case for the issuer - Revenue CAGR of 14% from 2020 to 2024, on the basis of proportionate consolidation of iQIYI - Operating EBIT margin of 15%-19% in 2021-2024, on the basis of proportionate consolidation of iQIYI - Spending on purchases of fixed and intangible assets and content acquisition, and producti...
Factors that could, individually or collectively, lead to positive rating action/upgrade: - The ratings take into account Fitch's expectation of profit growth, and positive rating action is not probable in the medium term Factors that could, individually or collectively, lead to negative rating action/downgrade: - Evidence of greater government, re...
International scale credit ratings of Non-Financial Corporate issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, m...
Ample Liquidity: We expect Baidu to maintain a large net cash balance. Baidu and iQIYI combined had cash plus short-term investments of CNY169 billion at end-June 2021. A significant portion of short-term investments are time deposits and investments in wealth-management products purchased from state-owned banks. This compares with total debt, incl...
Baidu is the leading search engine and AI technology company in China. Its core online marketing revenue was about 21x that of the next largest competitor in 1H21. Baidu's AI cloud services were ranked No.1 in China in 2020, according to IDC. It also has leading positions in its autonomous driving platform, smart display and speakers and online vid...
We proportionally consolidate Baidu's 52%-owned online video subsidiary, iQIYI, in our analysis. In addition, we have reversed the adoption of accounting standard ASU 2019-02, Improvements to Accounting for Costs of Films and License Agreements for Program Materials, to maintain peer comparison among different Chinese internet companies.
Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. For more information on Fitch's ESG Relevance Scores, visit www.fit...
Numbers in parentheses accompanying applicable model(s) contain hyperlinks to criteria providing description of model(s).
18 hours ago · Baidu: The dominant Chinese internet search engine company. Baidu offers many of the same products and services as Google, but is primarily focused on China, where it controls the majority of the ...
Jul 19, 2016 · Baidu Inc has invested in a US financial technology company to transform its massive search data into credit scores, a move to fuel its development in internet finance where the Chinese online search giant trails behind its rivals Tencent Holdings Ltd and Alibaba Group Holding Ltd.
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Baidu is the dominant search engine in China. According to StatCounter, Baidu is retaining 79.9% of the search engine market share in China, and 1.29% of the search engine market share in the...
