New Street Research - Baidu Inc Sponsored ADR Class A (K3SD) BIDU 4Q25 Preview: Outlook Remains Intact

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New Street Research

Jin Yoon

BIDU 4Q25 Preview: Outlook Remains Intact

What’s New: We maintain our Baidu Core total rev estimates as YoY decline in ads could continue to narrow in 4Q25. AI Cloud infrastructure rev growth could also remain resilient in FY25 despite tougher comps in the other subsegments of cloud. We up our PT from US$140 to US$170 partly due to multiples rerating on AI including a potential IPO of its chip business in 2026. Our updated PT of US$170 implies a 22.6x FY26E P/E. We maintain our BUY rating.

Analysts:
Jin Yoon

20/01/2026 1 EN

Underlying

Baidu Inc Sponsored ADR Class A

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US0567521085 Singapore Exchange Cayman Islands

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Analysts

Jin Yoon

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BIDU 4Q25 Preview: Outlook Remains Intact

China Internet. Deeper Dive Into Agentic AI And The Rise Of AI Super Apps.

China Internet: Deeper dive into agentic AI and the rise of AI super apps. OVERWEIGHT

Anticipating the memory supply-demand balance of 2026, on a single slide

Telia (Buy, TP: SEK46, +12%) Telenor (Neutral, TP: NOK150, -6%) Telia RAN sharing deal a nice support (a negative for Telenor)

T Threats Limited in Senate FirstNet Hearing; House Hearing This Week

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