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Baidu

Founded in 2000, Baidu started out as an internet search provider and has since added another two segments, transaction services and iQiyi. Transaction services include Baidu Nuomi, Baidu Deliveries, Baidu Mobile Game, Baidu Wallet, and Baidu Maps. iQiyi is an online video platform with a content library that includes licensed movies, television series, cartoons, and other programs. "Baidu Core" (primarily marketing services triggered by internet search queries) made up around 77% of 3Q18 revenues, but generated all of Baidu's operating profit. Baidu's other key segment, iQiyi, is loss-making. In 2015, mobile revenue started to play a more important role for Baidu. In 2Q18, mobile revenue made up 77% of total revenue, up from 52.7% in 2015. The company did not disclose the proportion of mobile revenues in its 3Q18 press release. More recently, Baidu has also been pouring investment into artificial intelligence (AI), self-driving vehicles, and smart bikes. According to the company, Baidu has been deploying AI since 2010 - 2011 and recently launched Apollo, its autonomous driving platform, in 2017. (31 Oct 2018)

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Asia Weekly: Partially Inverted US Treasury Curve

Asia Weekly: 07 Dec 2018, 4:26 AM ET - Since the start of this week, the US Treasury curve has been partially inverted as the 5Y Treasury started to trade inside of the 3Y and 2Y Treasuries. There was also some divergence in Asian $-bond spreads this week.
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Baidu: Proposed Retap of Baidu 4.375% 2024

Worth Watching: 03 Dec 2018, 10:36 PM ET - Baidu (A3/NR/A) announced that it has filed a preliminary prospectus supplement with the United States Securities and Exchange Commission (the SEC) to issue new bonds through a retap of its existing $600 mn Baidu 4.375% 2024. The existing Baidu 20 ..

Asia Corporate Recommendations: December 2018

Asia Corporate Recommendations: 03 Dec 2018, 4:09 AM ET - New initiations this month include Agile 2020, KWG 2020, and China State Construction International perp with Market perform. Downgrades include Everre 6.25% 2021, H&H 2021 and Vedanta 2023 from Market perform to Underperform.
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Asia Weekly: Strong Rebound for Chinese Developers

Asia Weekly: 09 Nov 2018, 4:12 AM ET - Chinese developers rebounded significantly this week. Country Garden (Cogard) led the rebound: Cogard 7.125% 22, Jan-23, 24 and 25 all tightened in excess of 140 bp. Evergrande 22, 23, 24 and 25 registered weekly returns of 3.58%-5.86%.
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Baidu: New $ Bonds

Worth Watching: 07 Nov 2018, 10:24 PM ET - Baidu (A3/NR/A) is marketing a dual-tranche $ bond that may price today. Initial price talk is T+150 bp area for the 5.5-year tranche and T+195 area for the 10-year tranche.  This looks generous compared to Baidu's outstanding bonds: Baidu 3.87 ..

Asia Corporate Recommendations: November 2018

Asia Corporate Recommendations: 01 Nov 2018, 4:38 AM ET - We lowered our recommendation on Anton Oilfield 2020 to Market perform. However, we upgraded our recommendations on a number of Chinese property bond issues and  initiated on the new Evergrande 2020 with an Outperform recommendation.

Asia Credit Calendar: Week of 29 October 2018

Strategy Analysis: 25 Oct 2018, 11:47 PM ET - 3Q earnings season begins. Issuers reporting this week include Bank of China, Agricultural Bank of China, ICBC, Minsheng Banking, ANZ, NAB, Macquarie, Nomura, OCBC, Health & Happiness, Alibaba and Baidu. 
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Asia Credit Calendar: Week of 22 October 2018

Strategy Analysis: 19 Oct 2018, 3:25 AM ET - Baidu, China Vanke, Yanzhou Coal Mining and JSW Steel will report results this week. Economic releases from Indonesia, Malaysia, Singapore, South Korea and United States are also due.
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Asia Corporate Recommendations: October 2018

Asia Corporate Recommendations: 01 Oct 2018, 4:59 AM ET - We assigned an Outperform recommendation to the CGN $ bond complex and Market perform recommendations to Country Garden's new 2022 and 2024 bonds. We also raised our recommendation on Baidu 2019 to Outperform. 

Asia Corporate Recommendations: September 2018

Asia Corporate Recommendations: 03 Sep 2018, 3:50 AM ET - We initiate on Modernland 2021 with M/P, and Fufeng 2021 with O/P. We upgraded Agile and longer-dated Evergrande bonds to M/P, and Baidu 2019 to O/P. We downgraded COG 2020, Gajah 2022 and Modernland bonds to M/P, and Jababeka 2023 to U/P.
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Asia IG News: Baidu, Mengniu, Power Finance, Lotte

Worth Watching: 01 Aug 2018, 5:30 AM ET - Asia IG News (Click the hyperlinks to see CreditSights research). Greater China: China Mengniu Dairy (NR/Baa1/NR) priced its $500 mn 5-year Reg S $-bond at T+148 bp vs. an initial price target (IPT) of T+175 bp. The company received more than $2.2 ..

Asia Corporate Recommendations: August 2018

Asia Corporate Recommendations: 01 Aug 2018, 5:28 AM ET - This month's new initiations: Agile 2021, KWG 2021 and Sunac 8.625% 2020 with M/P. Upgrades include Agile bond complex and Jinmao 2018 to M/P. Downgrades include CNOOC bond complex and Baidu 2019 to M/P, Sunac 2021 and Vedanta 2024 to U/P.
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Baidu 2Q18: Divesting Non-Core Businesses

Earnings Note: 01 Aug 2018, 4:06 AM ET - Baidu recorded strong revenue growth for 2Q18 both year-on-year and quarter-on-quarter. The company plans to divest non-core businesses such as ad and tools business Global DU and financial services business Du Xiaoman in 2H18. 

HK/SG Conference 2018: Asia Strategy

Transcript: 30 Jul 2018, 3:57 AM ET - Falling knives and new opportunities. 
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Asia Credit Calendar: Week of 30 July 2018

Strategy Analysis: 27 Jul 2018, 6:04 AM ET - Baidu will hold its 2Q18 earnings call next Wednesday, while Japanese banks Sumitomo Mitsui Banking Corp, Mizuho and MUFG will report their 1QFY19 earnings next week.

Asian Corporates: Refinancing Risk

Strategy Analysis: 17 Jul 2018, 3:21 AM ET - The primary $ bond markets are not shut, but high yield corporates are finding it hard to launch new deals in these markets. We highlight some Asian corporates that we would monitor for liquidity pressure over the coming months.
Focused

Asia IG News: Baidu, JD.com, KEXIM, POSCO

Worth Watching: 04 Jul 2018, 6:05 AM ET - Asia IG News (Click the hyperlinks to see CreditSights research). Greater China: Baidu collaborates with SB Drive Corp, a subsidiary of Japanese Multinational Conglomerate, SoftBank, to launch autonomous buses in Japan by the end of the current fi ..
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Asia Corporate Recommendations: July 2018

Asia Corporate Recommendations: 02 Jul 2018, 6:01 AM ET - Escalating US-China trade tensions and refinancing concerns for Chinese issuers amid stricter credit controls continue to weigh on investor risk appetite. We downgraded our recommendations on Alam, Jababeka, Agile and Yanlord recently.

Asia IG News: China RRR cut,Beijing Capital,Tencent

Worth Watching: 25 Jun 2018, 5:27 AM ET - Asia IG News (Click the hyperlinks to see CreditSights research). Greater China: The People's Bank of China cut the reserve requirement ratio (RRR) by 0.5% last Sunday. The stock prices of Chinese developers dropped today as investors viewed the c ..
Focused

Asia Credit Calendar: Week of 25th June 2018

Strategy Analysis: 21 Jun 2018, 10:59 PM ET - Baidu will be holding its Investor Day next week. Country Garden Holdings will be organising its Capital Market Open Day in Jiangyang. China Construction Bank will be conducting its annual general meeting next week. 

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