CICC: Maintains Outperform Rating on Baidu Group-SW (09888.HK) with a Target Price of HKD 96

According to the Wise News Finance APP, Zhongjin released a research report stating that it maintains a outperform rating on Baidu Group-SW (09888.HK), with a target price of $99.1 US dollars and 96 Hong Kong dollars for US and Hong Kong stocks respectively. This is based on the SOTP valuation method (the decline in advertising distribution valuation is offset by the increase in external investment value), corresponding to a 25/26 non-standard P/E ratio of 11 times/10 times for both US and Hong Kong stocks. This represents an 11% and 10% upside respectively compared to the current US and Hong Kong stocks (corresponding to a non-standard P/E ratio of 10 times/9 times for 2025/2026 for US stocks, and 10 times/9 times for 25/26 for Hong Kong stocks).