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 (16 May) its 1Q24 results: revenue was RMB31.5bn, up 1.2% YoY, and was in line with Bloomberg consensus.</li><li>Non-GAAP net income of Baidu Core was RMB6.6bn, better than consensus at RMB5.1bn, thanks to better-thanexpected cost control.</li><li>Management highlighted that AI-related ads and cloud revenue are continuously ramping up, and it is accelerating generative AIempowered search business transformation, to drive better long-term business development prospects. </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 (16 May) its 1Q24 results: revenue was RMB31.5bn, up 1.2% YoY, and was in line with Bloomberg consensus.Non-GAAP net income of Baidu Core was RMB6.6bn, better than consensus at RMB5.1bn, thanks to better-thanexpected cost control.Management highlighted that AI-related ads and cloud revenue are continuously ramping up, and it is accelerating generative AIempowered search business transformation, to drive better long-term business development prospects. 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) - Accelerating Gen AI-Empowered Business Transformation

<ul><li>We expect Baidu Core to deliver mild ads revenue growth in 1Q24, driven by solid performance in travel and e-commerce verticals, but partly offset by the soft performance in offline verticals which are in tune with macro activity levels.</li><li>Baidu remains committed to investing in gen-AI related opportunities to drive long-term revenue and earnings growth, while focusing on quality growth and operating efficiency improvement of non-core business.</li><li>The pace of monetization for gen-AI related ads and cloud revenue remains a key catalyst. </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 expect Baidu Core to deliver mild ads revenue growth in 1Q24, driven by solid performance in travel and e-commerce verticals, but partly offset by the soft performance in offline verticals which are in tune with macro activity levels.Baidu remains committed to investing in gen-AI related opportunities to drive long-term revenue and earnings growth, while focusing on quality growth and operating efficiency improvement of non-core business.The pace of monetization for gen-AI related ads and cloud revenue remains a key catalyst. 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) - Expect Mild Ads Revenue Growth in 1Q24

<ul><li>We expect Baidu to deliver inline 4Q23 revenue growth, with likely better-thanexpected operating profit growth aided by more disciplined-than-expected operating cost spent.</li><li>The ramp-up in revenue generation from generative AIrelated advertising and AI cloud was on track in 4Q23, in our view, and could drive further revenue growth in 2024.</li><li>We fine-tune our SOTP-based target price to USD195.7 (previous: USD195.6), which translates into 17.9x 2024E nonGAAP PE. Maintain BUY.</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 expect Baidu to deliver inline 4Q23 revenue growth, with likely better-thanexpected operating profit growth aided by more disciplined-than-expected operating cost spent.The ramp-up in revenue generation from generative AIrelated advertising and AI cloud was on track in 4Q23, in our view, and could drive further revenue growth in 2024.We fine-tune our SOTP-based target price to USD195.7 (previous: USD195.6), which translates into 17.9x 2024E nonGAAP PE. Maintain BUY.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) – Ramp-Up of Generative AI-Related Revenue on Track

<ul><li>Baidu announced its 3Q23 results on 21 Nov: revenue was RMB34.4bn, up 6% YoY, 1% higher than Bloomberg consensus estimates.</li><li>Non-GAAP net income was RMB7.3bn, ahead of consensus estimates of RMB6.3bn, thanks to a beat in Baidu Core non-GAAP OP, aided by better-than-expected cost control in noncore business.</li><li>Management noted that generative AI related cloud revenue has contributed low single digit percentage of total cloud revenue in 3Q23, and expects generative AI empowered new initiatives to bring hundreds of millions of incremental ads revenue in 4Q23. </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 its 3Q23 results on 21 Nov: revenue was RMB34.4bn, up 6% YoY, 1% higher than Bloomberg consensus estimates.Non-GAAP net income was RMB7.3bn, ahead of consensus estimates of RMB6.3bn, thanks to a beat in Baidu Core non-GAAP OP, aided by better-than-expected cost control in noncore business.Management noted that generative AI related cloud revenue has contributed low single digit percentage of total cloud revenue in 3Q23, and expects generative AI empowered new initiatives to bring hundreds of millions of incremental ads revenue in 4Q23. 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) – Generative AI Related Revenue Generation Ramping Up

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>Technically, the SET Index is expected to move upward, with the resistance at 1,431/1,441 points and the support at 1,415/1,408 points (25-day EMA/10-day EMA).</li><li>The highlight among international firms is NVIDIA (EPS expected at USD3.36), a US stock offering the best returns thus far this year; upbeat earnings or positive earnings guidance will generate healthy momentum in the technology sector and directly benefit the electronics sector.</li><li>The outcome of the Cabinet meeting is anticipated to have a positive impact on the SET, particularly benefiting sectors related to domestic consumption and stocks listed in the SET ESG index.</li></ul>

Technically, the SET Index is expected to move upward, with the resistance at 1,431/1,441 points and the support at 1,415/1,408 points (25-day EMA/10-day EMA).The highlight among international firms is NVIDIA (EPS expected at USD3.36), a US stock offering the best returns thus far this year; upbeat earnings or positive earnings guidance will generate healthy momentum in the technology sector and directly benefit the electronics sector.The outcome of the Cabinet meeting is anticipated to have a positive impact on the SET, particularly benefiting sectors related to domestic consumption and stocks listed in the SET ESG index.

Krungthai XSpring Zoom Eng. November 21, 2023

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) - Accelerating Gen AI-Empowered Business Transformation

Baidu announced (16 May) its 1Q24 results: revenue was RMB31.5bn, up 1.2% YoY, and was in line with Bloomberg consensus.

CMB International

Baidu (BIDU US) - Expect Mild Ads Revenue Growth in 1Q24

We expect Baidu Core to deliver mild ads revenue growth in 1Q24, driven by solid performance in travel and e-commerce verticals

CMB International

Baidu (BIDU US) – Ramp-Up of Generative AI-Related Revenue on Track

We expect Baidu to deliver inline 4Q23 revenue growth, with likely better-thanexpected operating profit growth aided by more disciplined-than...

CMB International

Baidu (BIDU US) – Generative AI Related Revenue Generation Ramping Up

Baidu announced its 3Q23 results on 21 Nov: revenue was RMB34.4bn, up 6% YoY, 1% higher than Bloomberg consensus estimates.

CMB International

Krungthai XSpring Zoom Eng. November 21, 2023

Technically, the SET Index is expected to move upward, with the resistance at 1,431/1,441 points and the support at 1,415/1,408 points (25-day...

Krungthai XSpring