Strong presence as leading AI infrastructure play

Research evidence excerpt

Strong presence as leading AI infrastructure play

le to select stocks in Asia/Australia/NZ

12-month target – Expected share price *equivalent fully paid ordinary weighted average number of

in 12 months Note: expected return is reflective of a Medium Volatility shares

Valuation – The company's estimated stock and should be assumed to adjust proportionately

All Reported numbers for Australian/NZ listed stocks are fair value share price based on the disclosed with volatility risk

modelled under IFRS (International Financial Reporting valuation methodology

Standards). Note: Quant recommendations may differ

from Fundamental Analyst recommendations

Recommendation proportions for quarter ending 31 Mar 2026

AU/NZ Asia USA

Outperform 66.90% 69.32% 67.14% (for global coverage by Macquarie, 1.93% of stocks followed are investment banking clients)

Neutral 27.18% 17.21% 32.86% (for global coverage by Macquarie, 0.40% of stocks followed are investment banking clients)

Underperform 5.92% 13.47% 0.00% (for global coverage by Macquarie, 0.00% of stocks followed are investment banking clients)

Company-Specific Disclosures

Company Name Disclosure

Baidu (BIDU US) Macquarie Capital Limited makes a market in the securities of Baidu Inc.

Outperform Macquarie Capital Securities (Singapore) Pte. Limited makes a market in the securities of Baidu Inc.

12-month target: USD166.00 - Sum of Macquarie Capital Securities (Malaysia) Sdn Bhd makes a market in the securities of Baidu Inc.

Parts

Valuation: USD 166.00 - Sum of Parts

Price: USD138.03

Baidu (9888 HK) Macquarie Capital Limited makes a market in the securities of Baidu Inc.

12-month target: HK$169.00 - Sum of Macquarie Capital Securities (Malaysia) Sdn Bhd makes a market in the securities of Baidu Inc.

Valuation: HKD 169.00 - Sum of Parts