TECHNICAL ANALYSIS

Baidu share price may rise higher after it gapped up and closed above the HK$113 resistance a few sessions back. The stock also pulled further away from all the EMAs, which coincided with a breakaway gap thus indicating that the ongoing bullish trend may persists. We expect the rising momentum is set to steer the stock higher and test the next level of resistance in the near term.

Fundamentals

Net profit is expected to grow at a CAGR of 8% for the next 3 years with strong net margins of between 18%-20%.

Source: Rakuten Research - 28 Nov 2023

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