Search
As per a research report from J.P. Morgan, the market initially expected Baidu to act as a catalyst for its search business and the IPO of Kunlunxin, with the assumption that funds would shift from Baidu to Kunlunxin post-listing. Nevertheless, Baidu's first-quarter results this year proved otherwise. Throughout the reporting period, Baidu's core AI business revenue soared to RMB 13.6 billion, marking a 49% year-on-year surge and for the first time, constituting over half of its core business revenue. According to J.P. Morgan's revised SOTP valuation, Baidu's AI business is now valued at US$169 per ADS. Consequently, the bank has elevated Baidu's HK stock target price from HK$195 to HK$225 and its US stock target price from US$200 to US$230, all while retaining an "Overweight" rating.
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