18 May 2015 Software & Services Saldu Model updated:304prd 2015 liurining the nunitime. Asia China Software & Services Bardu Reuters: 131DU 00 Buy Price (15 May 15) Tingel Pnco 52 Week range Mai kot Cap Cm) Bloomberg: BIDU US USD 192.98 USD 239.00 USD 154.77 - 250.34 EURm 58.972 USDm 67.453 gad.. is a lead.n; internat search engine operatu in China The company offers a variety of search ‚emcee including sagemthme math. enterprise search, and music. news and image search The company generates mytnie horn selling pey4or-perlormence keyword mks i Proch Fenkom:Inc° 290 240 200 160 120 80 40 May 'Aug 'Nov • 3Fab '4I4y ‚ alg/ 1810v .440 18 —be HMO SEW INDEX fRaftiall 11.4bigill 1 re talc 60 50 40 30 20 '2 '3 14 teeTIMilmon Clieeeth & h ol thank!? 00 9 swo 30 i 20 10 O ISE 166 17E mn iwon r g° IN..ss.„..........„._.„.• i. 00 . I' 40 1 • W i- 20 ill li i i:it O 10 12 13 m USE teE 17E tialeagreweiCUISI --11/— ROE Melia Solvent:: O -20 -40 60 -100 -120 12 13 la I% 1114 I7E INNOMIONg h 1.1bSIMEY 11.149 ~al Wew freer Alan 110!lay.,e11 Ill .852 2203 6240 Page 2 sten helswellt54bcom Racal gar end 31-Dec ł ntanced Surmeater 2012 2013 2014 2015E 20113E 2017E 08 EPS 'Cetel 30.50 31 49 40 24 4954 8884 83.23 Reported PS IWO 2989 30 02 37 60 4526 61 SO 77 06 WSIOM 000 000 000 000 000 000 I3VPS (CNY) 74.6 109.8 147.1 198 8 268.7 352.0 Weighted average same Ind 349 350 350 351 351 352 Average market cap (Elami 284,914 259.733 417.178 419.557 419057 416557 Enterprise 'Mug (CNYm) 235.005 242.209 387/48 367.724 3421191 312.263 Valuatlinn Menem PIS (oB/ IM 20.9 23.5 29.6 24.2 17.9 14,4 P/E (Reported) ex) 25 4 248 31 7 285 194 15.5 PailV (0) 8.49 990 9.55 599 440 3.40 FCF Yield OM 30 4.2 3.2 52 0.1 7.7 Dividend Yield MI 00 0.0 0.0 00 0.0 0.0 EV/Salas 105 7.6 7.9 54 39 2.7 EY/EBITDA 18.7 17.5 23.1