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>We took an Apollo field trip and hosted a group meeting with Baidu.</li><li>Our key takeaways are as follows: 1) recovery of ads business in 2Q23 is on track aided by the recovery of offline activities, and management remains upbeat on achieving better than GDP growth for ads business in 2023; 2) management believes Ernie Bot has achieved early-mover advantage and noted the Company is well prepared for monetization once received regulatory approval for large scale use; 3) regarding robotaxi, fully driverless ride hailing services are currently available in three cities, and management expects monetization to be more materialize with more license approvals and cost optimization in the coming years.</li><li>Reiterate BUY with SOTP-based target price of US$199.4. Key catalysts include: 1) better than expected recovery of advertising business; 2) kick in of monetization for Ernie Bot; and 3) sooner and greater than expected revenue contribution from Apollo Self Driving (ASD).</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 took an Apollo field trip and hosted a group meeting with Baidu.Our key takeaways are as follows: 1) recovery of ads business in 2Q23 is on track aided by the recovery of offline activities, and management remains upbeat on achieving better than GDP growth for ads business in 2023; 2) management believes Ernie Bot has achieved early-mover advantage and noted the Company is well prepared for monetization once received regulatory approval for large scale use; 3) regarding robotaxi, fully driverless ride hailing services are currently available in three cities, and management expects monetization to be more materialize with more license approvals and cost optimization in the coming years.Reiterate BUY with SOTP-based target price of US$199.4. Key catalysts include: 1) better than expected recovery of advertising business; 2) kick in of monetization for Ernie Bot; and 3) sooner and greater than expected revenue contribution from Apollo Self Driving (ASD).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) – Takeaway from Field Trip

<ul><li>Baidu announced (16 May) its 1Q23 results: quarterly revenue was RMB31.1bn, up 9.6% YoY, 5/4% higher than our forecast/Bloomberg consensus estimates.</li><li>Non-GAAP net income was RMB5.3bn, higher than our forecast/Bloomberg consensus estimates at RMB4.2/4.3bn, driven by stronger than expected recovery of ads business, and better than expected margin expansion of cloud business, which achieved profitability on non-GAAP operating profit level.</li><li>The ongoing recovery in offline activities is likely to benefit Baidu more than its peers given its relatively greater exposure in offline ads categories, and Baidu’s strategy to drive for quality growth for cloud business likely aids a continuous margin expansion for cloud business in the medium term.</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 1Q23 results: quarterly revenue was RMB31.1bn, up 9.6% YoY, 5/4% higher than our forecast/Bloomberg consensus estimates.Non-GAAP net income was RMB5.3bn, higher than our forecast/Bloomberg consensus estimates at RMB4.2/4.3bn, driven by stronger than expected recovery of ads business, and better than expected margin expansion of cloud business, which achieved profitability on non-GAAP operating profit level.The ongoing recovery in offline activities is likely to benefit Baidu more than its peers given its relatively greater exposure in offline ads categories, and Baidu’s strategy to drive for quality growth for cloud business likely aids a continuous margin expansion for cloud business in the medium term.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 business turned profitable

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>AI /: China’s AI charge part 3: Short on chips and talent</li><li>China-Canada /: Tit-for-Tat: China expels Canadian diplomat after Ottawa’s move declaring a Chinese envoy as persona non grata</li><li>Gold /: China’s gold buying spree stretches into sixth straight month</li></ul>

AI /: China’s AI charge part 3: Short on chips and talentChina-Canada /: Tit-for-Tat: China expels Canadian diplomat after Ottawa’s move declaring a Chinese envoy as persona non grataGold /: China’s gold buying spree stretches into sixth straight month

CX Daily: China’s AI Charge Part 3: Short on Chips and Talent

<ul><li>Time banks / In Depth: Why time banks haven’t caught on in China</li><li>Digital banks / Top Chinese digital banks report more bad loans but higher earnings</li><li>Banking / In Depth: China’s banks look to bolster bottom line after lending binge</li></ul>

Time banks / In Depth: Why time banks haven’t caught on in ChinaDigital banks / Top Chinese digital banks report more bad loans but higher earningsBanking / In Depth: China’s banks look to bolster bottom line after lending binge

CX Daily: Why Time Banks Haven’t Caught On in China

<ul><li>AI / Special Report: China’s AI charge. OpenAI’s ChatGPT has taken the world by storm. </li><li>Bridge / Mainland roads opened to more cars from Hong Kong</li><li>Soccer / Two more former top China soccer officials ensnared in corruption dragnet</li></ul>

AI / Special Report: China’s AI charge. OpenAI’s ChatGPT has taken the world by storm. Bridge / Mainland roads opened to more cars from Hong KongSoccer / Two more former top China soccer officials ensnared in corruption dragnet

China

East Money Information Co., Ltd. operates online financial information platform.  The Company's products include internet advertising and financial data.

Hithink RoyalFlush Information Network Co Ltd provides online financial data, data analysis software, and other financial software system.

Hithink RoyalFlush Information Network (300033 CH)

Wangsu Science & Technology Co., Ltd. provides online business solutions in China. The Company also provides Content Delivery Network (CDN), and Internet Data Centers (IDC).

Shanghai Wangsu Science & Technology Co (300017 CH)

People.cn Company Limited mainly engages in internet advertising, information services, mobile value-added and technical services. The Company's main products include original messages, government information services, public opinion research and consulting, mobile news, and ISP services.

Autohome Inc is an online destination for automobile consumers in China.  The Company delivers comprehensive, independent and interactive content to automobile buyers and owners.

JOYY Inc. operates a global social media platform. The Company offers platform which enables users to interact with each other in real time through online live media by creating, sharing, and enjoying a vast range of entertainment content and activities. JOYY serves customers in China.

Beijing TRS Information Technology Company Limited develops and markets software and technology services for unstructured data management. The Company provides software products that are enterprise search, content management and text mining.

Beijing Sinnet Technology Company Limited provides customers with broadband access services, IDC and its value-added services, and other internet integrated services. The Company's core business are broadband access services, IDC and its value-added services.

GDS Holdings Limited operates as a holding company. The Company, through its subsidiaries, develops and operates data centers. GDS Holdings offers risk and security management, information technology planing, remote monitoring, cloud hosting, virtualization, disaster recovery, and remote data protection services.

INESA Intelligent Tech Inc. operates in the IT industry. The Company designs and manages cloud servers and big data applications for businesses. INESA Intelligent also manufactures electronic components.

eBay Inc. operates an online trading community.  The Company's service is used by buyers and sellers for the exchange of products and services such as coins, collectibles, computers, memorabilia, stamps and toys, as well as concert and sporting tickets.  eBay also offers, through a subsidiary, secure online payment services.

Akamai Technologies, Inc. provides services for accelerating and improving the delivery of content and applications over the Internet; ranging from live and on-demand streaming video capabilities to conventional content on websites, to tools that help people transact business and reach out to new and existing customers.

AppFolio, Inc. provides cloud-based software solutions. The Company offers a cloud-based property management software that allows apartment and residential property managers to market, manage, and grow their business. AppFolio conducts business in the United States.

Zillow Group, Inc. provides e-commerce services. The Company provides information about homes, real estate listings, and mortgages through their website and mobile applications. Zillow serves homeowners, buyers, sellers, renters, and real estate professionals throughout the United States.

VeriSign Inc provides domain names and Internet security, enabling the world to connect online with reliability and confidence, anytime, anywhere. The Company ensures the security, stability and resiliency of key Internet infrastructure including the .com and .net top-level domains among others. VeriSign also offers intelligence-driven security services.

Info Edge (India) Limited operates an online job posting website. The website offers services for recruiters, job seekers, and employers. The Company also operates  an online matrimonial website for prospective brides, grooms, and relatives.

Kakao Corp. provides Internet portal services such as news, free e-mail, and leisure information.  The Company also offers cross-platform mobile messaging application that allows users to exchange messages.

GoDaddy, Inc. provides a cloud-based web platform for small businesses, web design professionals and individuals. The Company's platform provides applications that help them connect to their customers, manage their businesses and get found online.

Naver Corp. provides Internet site with web portal services, such as search engine, online game and content development.  The Company also offers marketing service through text and banner advertisement.

CoStar Group Inc. provides building-specific information to the United States commercial real estate industry and related industries. The Company's database details office and industrial space. The database provides digitized photographs and floor plan images on individual commercial buildings in the company's markets.

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) – Takeaway from Field Trip

Recovery of ads business in 2Q23 is on track aided by the recovery of offline activities, and management remains upbeat on achieving better than...

CMB International

Baidu (BIDU US) – Cloud business turned profitable

Baidu announced (16 May) its 1Q23 results: quarterly revenue was RMB31.1bn, up 9.6% YoY, 5/4% higher than our forecast/Bloomberg consensus estimates.

CMB International

CX Daily: China’s AI Charge Part 3: Short on Chips and Talent

AI /: China’s AI charge part 3: Short on chips and talent China-Canada /: Tit-for-Tat: China expels Canadian diplomat Gold /: China’s gold buying...

Caixin Global

CX Daily: Why Time Banks Haven’t Caught On in China

In Depth: Why time banks haven’t caught on in China. Top Chinese digital banks report more bad loans but higher earnings. In Depth: China’s banks...

Caixin Global

CX Daily: China’s AI Charge

Special Report: China’s AI charge. Mainland roads opened to more cars from Hong Kong. Two more former top China soccer officials ensnared in...

Caixin Global

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