《大行報告》大摩:百度(BIDU.US)終止收購YY直播正面 維持「增持」評級
摩根士丹利發表報告指,百度(BIDU.US)終止以36億美元收購歡聚集團(YY.US)旗下YY直播平台,對百度屬正面消息,因為直播業務與百度核心業務相關程度不大,百度在2020年提出收購時,主要因為在短片及直播行業,來自抖音及快手(01024.HK)的競爭加劇,但現時百度的焦點已轉向生成式人工智慧(Generative AI),而在這方面,百度已被視為主要的行業領先者。
此外,大摩認為直播行業前景趨淡,宏觀經濟疲弱令直播「打賞」收入減少,同時面對監管壓力及其他短片平台的競爭,估計YY直播收入及盈利自2020年後已顯著減少,估值可能只有10億美元。放棄收購後,百度的核心淨現金將會增加,有力再投資於AI。該行對百度美股持「增持」評級,目標價150美元。
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