External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Baidu announced (18 Nov) better-than-feared 3Q25 results: Baidu Core revenue was RMB24.7bn, down 7.0% YoY, inline with our forecast but was 1.5% better than Bloomberg consensus estimates; non-GAAP OP of Baidu Core reached RMB2.2bn, down 67% YoY, but was 6% ahead of both our forecast and consensus.</li><li>Management noted that c.70% of mobile search result pages contained AI-generated content by end-Oct 2025, and believes this represents an optimal and sustainable level.</li><li>At the same time, management shared more updates regarding AI-powered business development: 1) AI-native marketing services revenue grew 262% YoY and accounted for 18% of Baidu Core online marketing revenue; and 2) AI-cloud infrastructure revenue totalled RMB4.2bn in 3Q25 and inked YoY growth of 33%. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Baidu announced (18 Nov) better-than-feared 3Q25 results: Baidu Core revenue was RMB24.7bn, down 7.0% YoY, inline with our forecast but was 1.5% better than Bloomberg consensus estimates; non-GAAP OP of Baidu Core reached RMB2.2bn, down 67% YoY, but was 6% ahead of both our forecast and consensus.Management noted that c.70% of mobile search result pages contained AI-generated content by end-Oct 2025, and believes this represents an optimal and sustainable level.At the same time, management shared more updates regarding AI-powered business development: 1) AI-native marketing services revenue grew 262% YoY and accounted for 18% of Baidu Core online marketing revenue; and 2) AI-cloud infrastructure revenue totalled RMB4.2bn in 3Q25 and inked YoY growth of 33%. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Baidu (BIDU US) - OP Likely Hit Trough; AI-Related New Initiatives Have More Visibility

<ul><li>For 3Q25E, we expect Baidu Core business revenue could reach RMB24.6bn, down 7% YoY, owing to ongoing transformation in ads business, while partly offset by solid cloud revenue growth, which we anticipate to be 20% YoY.</li><li>We are looking for RMB2.1bn non-GAAP OP for Baidu Core in 3Q25E, inline with Bloomberg consensus.</li><li>Recovery in core ads likely still takes time, in our view, while new ads growth drivers, such as agent-related ads and digital human, are in the making. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

For 3Q25E, we expect Baidu Core business revenue could reach RMB24.6bn, down 7% YoY, owing to ongoing transformation in ads business, while partly offset by solid cloud revenue growth, which we anticipate to be 20% YoY.We are looking for RMB2.1bn non-GAAP OP for Baidu Core in 3Q25E, inline with Bloomberg consensus.Recovery in core ads likely still takes time, in our view, while new ads growth drivers, such as agent-related ads and digital human, are in the making. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Baidu (BIDU US) - 3Q25 Preview: Expecting Inline Results and More Updates from New Businesses

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Cross Asset Strategy

<ul><li>Technically, the SET Index is expected to remain on a downward trend, but this is viewed as a base-building phase.</li><li>The key support levels are at 1,173 and 1,160-1,150 points, which are considered potential technical rebound zones.</li><li>Therefore, it is still recommended to be prepared for investment at the support levels, as the index has declined with low volume and large-cap stocks are showing mixed movements.</li></ul>

Technically, the SET Index is expected to remain on a downward trend, but this is viewed as a base-building phase.The key support levels are at 1,173 and 1,160-1,150 points, which are considered potential technical rebound zones.Therefore, it is still recommended to be prepared for investment at the support levels, as the index has declined with low volume and large-cap stocks are showing mixed movements.

CN Prime Rate & Monitor Thai Cabinet's Approval of FY2026 Budget

Thematic (Sector/Industry)

<ul><li>We update our sector investment views for the next six months post earnings as follows: 1) Companies with solid fundamentals and high revenue and profit growth visibility; 2) sustained profitability and willingness to lift shareholder returns; and 3) a sizeable TAM for new initiatives and business explorations likely to generate a decent ROIC.</li><li>We believe the market will continue to allocate to such names and value them fairly.</li><li>Taking into account 2Q results and recent stock performances, we find our previous view has been testified: better-than-expected earnings are not enough to drive a share rally, but better-than-expected 3Q/full-year outlook and enhanced shareholder return measures could provide key support. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We update our sector investment views for the next six months post earnings as follows: 1) Companies with solid fundamentals and high revenue and profit growth visibility; 2) sustained profitability and willingness to lift shareholder returns; and 3) a sizeable TAM for new initiatives and business explorations likely to generate a decent ROIC.We believe the market will continue to allocate to such names and value them fairly.Taking into account 2Q results and recent stock performances, we find our previous view has been testified: better-than-expected earnings are not enough to drive a share rally, but better-than-expected 3Q/full-year outlook and enhanced shareholder return measures could provide key support. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Internet - 2Q24 Recap & Stock-Picking Ideas: Seeking Certainty

<ul><li>Technically, the SET Index is expected to move sideways up, with the resistance at 1,344/1,350 points and the support at 1,325 points (75-day EMA)/1,320 points.</li><li>In the medium term, the chart pattern has shifted from a downtrend channel to sideways movement within a broader range of 1,274-1,438 points, with the index currently moving upward to test resistance at the 1/3 and 1/2 Fibonacci retracement levels of 1,337 and 1,356 points.</li><li>In the short term, the index remains in an uptrend, marking a higher high and higher low for the fourth consecutive day.</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,344/1,350 points and the support at 1,325 points (75-day EMA)/1,320 points.In the medium term, the chart pattern has shifted from a downtrend channel to sideways movement within a broader range of 1,274-1,438 points, with the index currently moving upward to test resistance at the 1/3 and 1/2 Fibonacci retracement levels of 1,337 and 1,356 points.In the short term, the index remains in an uptrend, marking a higher high and higher low for the fourth consecutive day.

China

Baidu, Inc. operates an Internet search engine. The Company offers algorithmic search, enterprise search, news, MP3, and image searches, voice assistance, online storage, and navigation services. Baidu serves clients globally.

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Baidu (BIDU US)

Baidu (BIDU US) - 3Q25 Preview: Expecting Inline Results and More Updates from New Businesses

For 3Q25E, we expect Baidu Core business revenue could reach RMB24.6bn, down 7% YoY, owing to ongoing transformation in ads business

CMB International

CN Prime Rate & Monitor Thai Cabinet's Approval of FY2026 Budget

Technically, the SET Index is expected to remain on a downward trend, but this is viewed as a base-building phase. The key support levels are at...

Krungthai XSpring

Internet - 2Q24 Recap & Stock-Picking Ideas: Seeking Certainty

We update our sector investment views for the next six months post earnings as follows: 1) Companies with solid fundamentals and high revenue and...

CMB International

Flash Manufacturing PMIs in August

Technically, the SET Index is expected to move sideways up, with the resistance at 1,344/1,350 points and the support at 1,325 points (75-day...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Baidu (BIDU US) - OP Likely Hit Trough; AI-Related New Initiatives Have More Visibility

Baidu announced (18 Nov) better-than-feared 3Q25 results: Baidu Core revenue was RMB24.7bn, down 7.0% YoY, inline with our forecast but was 1.5%...

CMB International

Baidu (BIDU US) - 3Q25 Preview: Expecting Inline Results and More Updates from New Businesses

For 3Q25E, we expect Baidu Core business revenue could reach RMB24.6bn, down 7% YoY, owing to ongoing transformation in ads business

CMB International

CN Prime Rate & Monitor Thai Cabinet's Approval of FY2026 Budget

Technically, the SET Index is expected to remain on a downward trend, but this is viewed as a base-building phase. The key support levels are at...

Krungthai XSpring

Internet - 2Q24 Recap & Stock-Picking Ideas: Seeking Certainty

We update our sector investment views for the next six months post earnings as follows: 1) Companies with solid fundamentals and high revenue and...

CMB International

Flash Manufacturing PMIs in August

Technically, the SET Index is expected to move sideways up, with the resistance at 1,344/1,350 points and the support at 1,325 points (75-day...

Krungthai XSpring