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《大行报告》大摩:百度(BIDU.US)终止收购YY直播正面 维持「增持」评级
摩根士丹利发表报告指,百度(BIDU.US)终止以36亿美元收购欢聚集团(YY.US)旗下YY直播平台,对百度属正面消息,因为直播业务与百度核心业务相关程度不大,百度在2020年提出收购时,主要因为在短片及直播行业,来自抖音及快手(01024.HK)的竞争加剧,但现时百度的焦点已转向生成式人工智慧(Generative AI),而在这方面,百度已被视为主要的行业领先者。 此外,大摩认为直播行业前景趋淡,宏观经济疲弱令直播「打赏」收入减少,同时面对监管压力及其他短片平台的竞争,估计YY直播收入及盈利自2020年后已显著减少,估值可能只有10亿美元。放弃收购后,百度的核心净现金将会增加,有力再投资于AI。该行对百度美股持「增持」评级,目标价150美元。
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