📄 Extracted Text (129 words)
18 May 2015
Software & Services
Baidu
production. We note that there has been a tremendous amount of discussion
around online video industry consolidation over the past several days. which
has sent pure-play video stocks through significant share price gyrations.
Valuation and risks
Maintain TP of US$239 end Buy rating
Our target price of US$239 is based on 1) 1.0x PEG, 2) non-GAAP FY15E EPS
of US$7.99 and 3) FY15-17E EPS CAGR of 30%.
Key downside risks:
• Execution risk in mobile monetization
• Decline in traffic growth and market share due to intensifying
competition
• Slowdown in online advertising market growth
• Larger-than-expected investment in mobile and new initiatives
Page 4 Deutsche Bank AG/Hong Kong
CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0117090
CONFIDENTIAL SDNY_GM_00263274
EFTA01457517
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