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<Research>Daiwa Anticipates BIDU-SW's Kunlunxin IPO Valuation to Surpass Peers, AI Biz Momentum to Persist
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Daiwa has released a research report predicting that BIDU-SW (09888.HK)'s Kunlunxin IPO valuation will surpass that of its peers due to its larger revenue scale and better profitability. Currently, most of Kunlunxin's revenue comes from external demand, with major clients including TENCENT (00700.HK) and a large telecommunications operator. The management stated that chip production capacity constraints are not a concern for the company in the short term, as Kunlunxin has secured sufficient supply to support development over the next two years. In terms of the AI business, Daiwa believes BIDU-SW's ability to develop high-performance, low-cost lightweight models will continue to drive strong revenue growth. While the group is likely to maintain a strong pace of AI investment this year, the employee optimization conducted at the end of last year should save operational expenses, aiding operational efficiency. Daiwa has reiterated a Buy rating on BIDU-SW with a target price of HKD175. Recent catalysts include the Kunlunxin listing and details of the 2026 dividend plan. AAStocks Financial News |
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