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.

Equity Derivatives

<ul><li>The KTX Tactical DR Picks portfolio opens a position in NVDA80, which is a DR of US-listed Nvidia Corporation, while maintaining the positions in BIDU80, HONDA19, and TOYOTA80.</li><li>The average DR price in the portfolio decreased by -0.22%, while global stock markets performed well; two of our three recommended stocks are in the Japanese stock market, which moved within a narrow range.</li><li>Our study through the KTX USDTHB Carry Trade model indicates that the baht has continued to appreciate and is now in an overvalued zone.</li></ul>

The KTX Tactical DR Picks portfolio opens a position in NVDA80, which is a DR of US-listed Nvidia Corporation, while maintaining the positions in BIDU80, HONDA19, and TOYOTA80.The average DR price in the portfolio decreased by -0.22%, while global stock markets performed well; two of our three recommended stocks are in the Japanese stock market, which moved within a narrow range.Our study through the KTX USDTHB Carry Trade model indicates that the baht has continued to appreciate and is now in an overvalued zone.

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 (21 May) 1Q25 results: Baidu Core revenue was RMB25.5bn, 10% better than Bloomberg consensus estimates, driven by the strong beat in cloud revenue; non-GAAP OP of Baidu Core reached RMB4.9bn, 11% ahead of consensus.</li><li>Baidu is proactively investing in development opportunities for the AI era.</li><li>While the product innovation plan for search is more fast-paced and determined than we expected, it may weigh on near-term ads revenue growth recovery. </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 (21 May) 1Q25 results: Baidu Core revenue was RMB25.5bn, 10% better than Bloomberg consensus estimates, driven by the strong beat in cloud revenue; non-GAAP OP of Baidu Core reached RMB4.9bn, 11% ahead of consensus.Baidu is proactively investing in development opportunities for the AI era.While the product innovation plan for search is more fast-paced and determined than we expected, it may weigh on near-term ads revenue growth recovery. 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) - Cloud Revenue a Strong Beat...

<ul><li>The KTX Tactical DR Picks recommends taking profit on BIDU80, with a total return of +0.9%, while maintaining positions in US-based DRs.</li><li>The average price of the underlying securities in the portfolio rose slightly by 0.01%, remaining relatively flat in line with the US market yesterday, as it had already priced in the positive impact of the more relaxed US tariff policy.</li><li>Meanwhile, the Chinese market is currently in the midst of the 1Q25 earnings season.</li></ul>

The KTX Tactical DR Picks recommends taking profit on BIDU80, with a total return of +0.9%, while maintaining positions in US-based DRs.The average price of the underlying securities in the portfolio rose slightly by 0.01%, remaining relatively flat in line with the US market yesterday, as it had already priced in the positive impact of the more relaxed US tariff policy.Meanwhile, the Chinese market is currently in the midst of the 1Q25 earnings season.

KTX Tactical DR Picks - May 16, 2025 (Eng.)

<ul><li>For 1Q25E, we expect Baidu Core business revenue could reach RMB24.0bn, up 1% YoY, and would be 3% better than Bloomberg consensus, mainly driven by likely better-than-expected cloud revenue growth boosted by strong AIrelated demand.</li><li>Aided by solid cloud revenue growth, we are anticipating nonGAAP operating profit of RMB4.5bn for Baidu Core, 1% better than consensus.</li><li>Baidu is still proactively driving business transformation, embedding more GenAI related search results to enhance user experience and improve user activity. </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 1Q25E, we expect Baidu Core business revenue could reach RMB24.0bn, up 1% YoY, and would be 3% better than Bloomberg consensus, mainly driven by likely better-than-expected cloud revenue growth boosted by strong AIrelated demand.Aided by solid cloud revenue growth, we are anticipating nonGAAP operating profit of RMB4.5bn for Baidu Core, 1% better than consensus.Baidu is still proactively driving business transformation, embedding more GenAI related search results to enhance user experience and improve user activity. 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) - Expecting Steady Cloud Revenue Growth

<ul><li>Baidu announced (18 Feb) 4Q24 results: Baidu Core revenue was RMB27.7bn, 3.5% better than Bloomberg consensus estimates; non-GAAP OP of Baidu Core reached RMB4.6bn in 4Q24, 1% ahead of consensus.</li><li>For 2024, Baidu Core revenue totalled RMB104.7bn, up 1.3% YoY, and non-GAAP OP was RMB23.9bn, down 3% YoY.</li><li>Driven by both strong AI-related GPU cloud revenue growth, as well as cross-selling from GPU cloud to CPU cloud and other cloud services, the 26% YoY growth in cloud services revenue was a solid beat to consensus, and we believe the growth trend of cloud business could sustain in 2025E. </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 Feb) 4Q24 results: Baidu Core revenue was RMB27.7bn, 3.5% better than Bloomberg consensus estimates; non-GAAP OP of Baidu Core reached RMB4.6bn in 4Q24, 1% ahead of consensus.For 2024, Baidu Core revenue totalled RMB104.7bn, up 1.3% YoY, and non-GAAP OP was RMB23.9bn, down 3% YoY.Driven by both strong AI-related GPU cloud revenue growth, as well as cross-selling from GPU cloud to CPU cloud and other cloud services, the 26% YoY growth in cloud services revenue was a solid beat to consensus, and we believe the growth trend of cloud business could sustain in 2025E. 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) - Solid Cloud Revenue Growth a Bright Spot

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)

KTX Tactical DR Picks

The KTX Tactical DR Picks portfolio opens a position in NVDA80, which is a DR of US-listed Nvidia Corporation, while maintaining the positions in...

Krungthai XSpring

Baidu (BIDU US) - Cloud Revenue a Strong Beat...

Baidu Core revenue was RMB25.5bn, 10% better than Bloomberg consensus estimates, driven by the strong beat in cloud revenue

CMB International

KTX Tactical DR Picks - May 16, 2025 (Eng.)

The KTX Tactical DR Picks recommends taking profit on BIDU80, with a total return of +0.9%, while maintaining positions in US-based DRs. The...

Krungthai XSpring

Baidu (BIDU US) - Expecting Steady Cloud Revenue Growth

We finetune our SOTP-based target price to US$146.7 (was US$149.2) mainly to account for the change in investment valuation, translating into 13.9x...

CMB International

Baidu (BIDU US) - Solid Cloud Revenue Growth a Bright Spot

Baidu Core revenue was RMB27.7bn, 3.5% better than Bloomberg consensus estimates; non-GAAP OP of Baidu Core reached RMB4.6bn in 4Q24, 1% ahead of...

CMB International

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