0327 GMT - Baidu's valuations seem attractive to Citi analyst Alicia Yap. The Chinese technology company's capital-efficient strategy aims to achieve higher growth with relatively lower capital expenditure, reducing need to issue new shares, she says in a note. The company also signaled its commitment to shareholder returns, having recently stepped up its share buybacks, she adds. Its addition to the Stock Connect program, which allows mainland Chinese investors to trade in Hong Kong stocks, could lead to higher southbound investment flow, though this might take time to come through, she says. Citi retains its buy rating and its target price of $166. Baidu ADRs last closed at $92.03.
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