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<Research>CLSA: BIDU-SW (09888.HK) Quarterly Results in Line; Growth Expected to Resume in 2H; Rating Kept at Outperform
Recommend 3 Positive 7 Negative 4 |
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BIDU-SW (09888.HK)(BIDU.US)'s 4Q25 revenue was in line with expectation, while net profit beat forecast, CLSA released a research report saying. BIDU-SW's general business total revenue/ adjusted EBITDA declined by 6%/ 39% YoY to RMB26.1 billion/ RMB2.8 billion respectively, mainly due to a YoY decrease of approx. 16% in online marketing revenue as estimated by the broker. CLSA predicted BIDU-SW's general business revenue/ adjusted EBITDA to continue declining by 4%/ approx. 40% YoY in 1Q26, but growth should resume in 2Q26 as the comparison base eases. CLSA lowered its revenue forecast for BIDU-SW, but raised its net profit forecast due to AI transformation. Therefore, the broker kept rating at Outperform and a target price of US$176 for BIDU-SW's US stock. AASTOCKS Financial News Website: www.aastocks.com |
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