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<Research>Daiwa Reiterates Buy on BIDU-SW, Expects Kunlunxin Spin-off to Trigger Re-Rating
Recommend 4 Positive 12 Negative 5 |
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BIDU-SW (09888.HK)'s 4Q25 revenue aligned with expectations, while its earnings performance beat forecasts, thanks to cost control that boosted its gross margin, according to a Daiwa research report. Management revealed that the plan to spin off Kunlunxin is still progressing, which Daiwa believes will serve as a short-term catalyst for valuation. In the broker's estimate, the implied equity value of Kunlunxin per share is already equivalent to about half of BIDU-SW's latest market cap, which is likely to trigger a significant re-rating. Daiwa has reiterated a Buy rating on BIDU-SW and lifted its target price from HKD171 to HKD175. AAStocks Financial News |
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