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.

Thematic (Sector/Industry)

<div><ul><li>Competition on user time spend intensified in 3Q22. Per MoonFox data, in 3Q22, average number of apps installed per capita was 74 in 3Q22, up from 71 in 2Q22 and 66 in 3Q21, while average user time spend per capita per day on apps was 5.4 hours, flat QoQ and declined 0.1 hour YoY, indicating an intensifying competition on user time spend.</li><li>Leading internet giants are enlarging their shares in user time spend: combined user time spend on apps related to Tencent, ByteDance, Alibaba and Baidu accounted for 69.3% of total user time spend in Sep 2022 (Sep 2021: 68.5%; Jun 2022: 68.4%).</li><li>Tencent related apps grew its share in user time spend to 28.3% in Sep 2022 (Sep 2021: 26.7%; June 2022: 27.5%), which in our view could be attributed to the robust ramp-up of Video Accounts, indicating additional monetization opportunities ahead.</li></ul></div><p><em>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.</em></p>

Competition on user time spend intensified in 3Q22. Per MoonFox data, in 3Q22, average number of apps installed per capita was 74 in 3Q22, up from 71 in 2Q22 and 66 in 3Q21, while average user time spend per capita per day on apps was 5.4 hours, flat QoQ and declined 0.1 hour YoY, indicating an intensifying competition on user time spend.Leading internet giants are enlarging their shares in user time spend: combined user time spend on apps related to Tencent, ByteDance, Alibaba and Baidu accounted for 69.3% of total user time spend in Sep 2022 (Sep 2021: 68.5%; Jun 2022: 68.4%).Tencent related apps grew its share in user time spend to 28.3% in Sep 2022 (Sep 2021: 26.7%; June 2022: 27.5%), which in our view could be attributed to the robust ramp-up of Video Accounts, indicating additional monetization opportunities ahead.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.

China Internet Sector – 3Q22 industry data trend recap

Equity Bottom-Up

<ul><li>Baidu announced (20 Aug) better-than-feared 2Q25 results amid its proactive and ambitious business transformation: Baidu Core revenue was RMB26.3bn, down 2% YoY, but was 1.6% better than Bloomberg consensus estimates; nonGAAP OP of Baidu Core reached RMB4.4bn, down 37% YoY, but was 12% ahead of consensus.</li><li>Although the recovery in ads revenue growth is likely to take longer than we previously expected owing to more aggressive-thanexpected business transformation plan, new initiatives such as Apollo Go and Baidu Cloud are ramping up nicely to serve as incremental long-term drivers for revenue and earnings growth.</li><li>Baidu’s move to enhance shareholder return should provide support for valuation amid the business transformation, and more positive update on Robotaxi business development could serve as a catalyst for stock price given the current undemanding valuation (~4x 2025E non-GAAP PE on ex-cash basis). </li></ul><p><em>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.</em></p>

Baidu announced (20 Aug) better-than-feared 2Q25 results amid its proactive and ambitious business transformation: Baidu Core revenue was RMB26.3bn, down 2% YoY, but was 1.6% better than Bloomberg consensus estimates; nonGAAP OP of Baidu Core reached RMB4.4bn, down 37% YoY, but was 12% ahead of consensus.Although the recovery in ads revenue growth is likely to take longer than we previously expected owing to more aggressive-thanexpected business transformation plan, new initiatives such as Apollo Go and Baidu Cloud are ramping up nicely to serve as incremental long-term drivers for revenue and earnings growth.Baidu’s move to enhance shareholder return should provide support for valuation amid the business transformation, and more positive update on Robotaxi business development could serve as a catalyst for stock price given the current undemanding valuation (~4x 2025E non-GAAP PE on ex-cash basis). 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) - Ads Business Still Takes Time to Recover...

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.

<ul><li>We recommend taking profit on AMD80 with a return of 9.1% and on BIDU80 with a return of 2.6%, while opening a new investment position in HONDA19, a DR based on Honda Motor Co., Ltd., which is listed on the Tokyo Stock Exchange.</li><li>The average price of the underlying securities in the portfolio rose by 1.97%, supported by the continued rebound in global stock markets following optimism over a potential ceasefire agreement between Israel and Iran.</li><li>Based on our analysis using the KTX USDTHB Carry Trade model, the baht has started to weaken to a moderate level, which is expected to result in sideways movement.</li></ul>

We recommend taking profit on AMD80 with a return of 9.1% and on BIDU80 with a return of 2.6%, while opening a new investment position in HONDA19, a DR based on Honda Motor Co., Ltd., which is listed on the Tokyo Stock Exchange.The average price of the underlying securities in the portfolio rose by 1.97%, supported by the continued rebound in global stock markets following optimism over a potential ceasefire agreement between Israel and Iran.Based on our analysis using the KTX USDTHB Carry Trade model, the baht has started to weaken to a moderate level, which is expected to result in sideways movement.

Equity Derivatives

<ul><li>The KTX Tactical DR Picks portfolio has reduced the investment positions in BIDU80 and shifted to increasing holdings in AVG080, which references Broadcom on the NASDAQ, to capture continued gains from Al investment trends.</li><li>It has also added MITSU19, referencing Mitsubishi Heavy Industries - Japan's leading industrial machinery and engineering company – supported by expectations of continued revenue and profit growth in fiscal year 2026, driven by large order backlogs in the defense & space ADS segment.</li><li>The average return of the underlying securities in the portfolio declined by 0.18%, mainly pressured by the drop in BIDU80's investment performance.</li></ul>

The KTX Tactical DR Picks portfolio has reduced the investment positions in BIDU80 and shifted to increasing holdings in AVG080, which references Broadcom on the NASDAQ, to capture continued gains from Al investment trends.It has also added MITSU19, referencing Mitsubishi Heavy Industries - Japan's leading industrial machinery and engineering company – supported by expectations of continued revenue and profit growth in fiscal year 2026, driven by large order backlogs in the defense & space ADS segment.The average return of the underlying securities in the portfolio declined by 0.18%, mainly pressured by the drop in BIDU80's investment performance.

KTX Tactical DR Picks - June 9, 2025 (Eng.)

<ul><li>The KTX Tactical DR Picks portfolio maintained the investment positions in BIDU80, HONDA19, NVDA80, and TOYOTA80.</li><li>The average price of the underlying securities in the portfolio declined by 0.35%, as the increase in BIDU80 was offset by the declines in the other three DRs listed in the Japanese and US stock markets, which weakened yesterday.</li></ul>

The KTX Tactical DR Picks portfolio maintained the investment positions in BIDU80, HONDA19, NVDA80, and TOYOTA80.The average price of the underlying securities in the portfolio declined by 0.35%, as the increase in BIDU80 was offset by the declines in the other three DRs listed in the Japanese and US stock markets, which weakened yesterday.

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)

China Internet Sector – 3Q22 industry data trend recap

Combined user time spend on apps related to Tencent, ByteDance, Alibaba and Baidu accounted for 69.3% of total user time spend in Sep 2022 (Sep...

CMB International

Baidu (BIDU US) - Ads Business Still Takes Time to Recover...

After considering the share reduction impact from share repurchase, we fine-tune our SOTP-based target price to US$132.0 (was US$130.3). Maintain BUY.

CMB International

KTX Tactical DR Picks

We recommend taking profit on AMD80 with a return of 9.1% and on BIDU80 with a return of 2.6%, while opening a new investment position in HONDA19,...

Krungthai XSpring

KTX Tactical DR Picks - June 9, 2025 (Eng.)

The KTX Tactical DR Picks portfolio has reduced the investment positions in BIDU80 and shifted to increasing holdings in AVG080, which references...

Krungthai XSpring

KTX Tactical DR Picks

The KTX Tactical DR Picks portfolio maintained the investment positions in BIDU80, HONDA19, NVDA80, and TOYOTA80. The average price of the...

Krungthai XSpring

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