Changing Baidu’s Moat Trend to Negative; New FVE is USD 194 per ADR
We decided to lower Baidu’s moat trend from stable to negative given the competitive landscape change in the mobile Internet era, while we maintain its wide moat rating. Although Baidu’s Internet services, including search, online video, navigation, O2O, and etc, still have a large user base on mobile devices, we think that Baidu’s mobile search traffic or time spent has been diluted by other killer apps, such as Wechat, QQ, Taobao, and Alipay. The network effect could be weakened, if the users’...
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