External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Amazon released (1 Nov HKT) 3Q24 results: revenue was US$158.9bn, up 11% YoY (3Q23: 13%), and was 2%/1% better than our estimates/Bloomberg consensus, while total operating profit was US$17.4bn, up 56% YoY, 18/16% better than our estimates/consensus, driven by an all-round OPM margin beat for all three business segments (North America, International, and AWS).</li><li>Management guided for US$181.5bn-188.5bn revenue for 4Q24E, implying 7- 11% YoY growth, and US$16.0-20.0bn operating profit (consensus: US$17.5bn).</li><li>We believe Amazon’s structural YoY margin expansion trend is on track, aided by the continued improvement in cost to serve, as well as increase in revenue contribution from relatively high-margin ads and AWS businesses. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Amazon released (1 Nov HKT) 3Q24 results: revenue was US$158.9bn, up 11% YoY (3Q23: 13%), and was 2%/1% better than our estimates/Bloomberg consensus, while total operating profit was US$17.4bn, up 56% YoY, 18/16% better than our estimates/consensus, driven by an all-round OPM margin beat for all three business segments (North America, International, and AWS).Management guided for US$181.5bn-188.5bn revenue for 4Q24E, implying 7- 11% YoY growth, and US$16.0-20.0bn operating profit (consensus: US$17.5bn).We believe Amazon’s structural YoY margin expansion trend is on track, aided by the continued improvement in cost to serve, as well as increase in revenue contribution from relatively high-margin ads and AWS businesses. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Amazon (AMZN US) - Structural Margin Improvement Trend Intact

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Amazon.com reported its financial results for the third quarter of 2024, presenting a mix of strong revenue growth and improvements in various operational domains, alongside ongoing heavy investments, particularly in technology and infrastructure, which could imply different trajectories in terms of immediate profitability and long term growth.</li><li>Revenues increased to $158.9 billion, marking an 11% rise year-over-year, which suggests solid growth albeit against the backdrop of global economic uncertainties.</li><li>This growth appears well-supported by an increase in Worldwide operating income by 56% year-over-year to $17.4 billion, notably the company's highest quarterly operating income on record.</li></ul>

Amazon.com reported its financial results for the third quarter of 2024, presenting a mix of strong revenue growth and improvements in various operational domains, alongside ongoing heavy investments, particularly in technology and infrastructure, which could imply different trajectories in terms of immediate profitability and long term growth.Revenues increased to $158.9 billion, marking an 11% rise year-over-year, which suggests solid growth albeit against the backdrop of global economic uncertainties.This growth appears well-supported by an increase in Worldwide operating income by 56% year-over-year to $17.4 billion, notably the company's highest quarterly operating income on record.

AMZN US - Amazon’s Secret Profit Playbook: How AWS, Prime, and Ads Are Transforming the Future!

Mostly Borrowed Ideas Deep Dives, MBI Deep Dives

MBI Deep Dives

Mostly Borrowed Ideas Deep Dives

MBI is the abbreviation for “Mostly Borrowed Ideas”. Why “Mostly Borrowed Ideas?” As a generalist, I do not have a background in any particular sector. I enjoy navigating across industries, businesses, and countries to learn, understand, and connect the dots. In any case, most ideas and innovations are incremental in nature. Very few of us are smart enough to come up with truly original or groundbreaking ideas. I am Abdullah Al-Rezwan. I was born and brought up in Bangladesh. I went to University of Dhaka for my undergrad and majored in Finance. After working three and half years in Equity Research (Sell-side) covering Financial Sector in Bangladesh, I left Bangladesh to pursue my MBA in the US. I graduated within top 10% of the class from Cornell University's two-year MBA program and worked on the buy-side following my graduation. During my time at Cornell, I won two stock pitch competitions and also became finalists in four other competitions. I thoroughly enjoyed my stint as a generalist in the US large cap team at Madison Investments and covered a wide range of companies from UnitedHealth to Amazon and Boeing before US immigration reality paused my career in investment management. As my work authorization expired, I moved to Canada in January, 2021. Then in early 2022, I was able to return to the US.

<ul><li>Except 1P, every segment of the business is growing at double digit rate. Both AWS and advertising grew at 19% YoY.</li><li>I’ll discuss more about AWS later, but let’s talk more about Amazon ex-AWS first.</li><li>North America and international sales grew +9% and +12% respectively.</li></ul>

Except 1P, every segment of the business is growing at double digit rate. Both AWS and advertising grew at 19% YoY.I’ll discuss more about AWS later, but let’s talk more about Amazon ex-AWS first.North America and international sales grew +9% and +12% respectively.

<ul><li>The second quarter 2024 financial results for Amazon.com Inc. showcased both growth and challenges as the company continues to navigate a complex global economic environment.</li><li>Overall, Amazon.com reported an 11% year-over-year increase in revenue, totaling $148 billion, which excludes the effects of foreign exchange rates.</li><li>The operating income notably increased by 91% year-over-year to $14.7 billion, and the free cash flow adjusted for leases surged by 664% to $51.4 billion.</li></ul>

The second quarter 2024 financial results for Amazon.com Inc. showcased both growth and challenges as the company continues to navigate a complex global economic environment.Overall, Amazon.com reported an 11% year-over-year increase in revenue, totaling $148 billion, which excludes the effects of foreign exchange rates.The operating income notably increased by 91% year-over-year to $14.7 billion, and the free cash flow adjusted for leases surged by 664% to $51.4 billion.

<ul><li>Amazon released (2 Aug HKT) 2Q24 results: revenue was US$148.0bn, up 10% YoY, and was largely inline with Bloomberg consensus, and total operating profit was US$14.7bn, up 70% YoY, 7% better than consensus, driven by OPM margin beat for AWS aided by efficient cost control.</li><li>In view of this, customers are more careful with their spending.</li><li>Management also turns more cautious, and guided for revenue of US$154.0bn-158.5bn for 3Q24E, the mid-point of which is 1% lower than consensus. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Amazon released (2 Aug HKT) 2Q24 results: revenue was US$148.0bn, up 10% YoY, and was largely inline with Bloomberg consensus, and total operating profit was US$14.7bn, up 70% YoY, 7% better than consensus, driven by OPM margin beat for AWS aided by efficient cost control.In view of this, customers are more careful with their spending.Management also turns more cautious, and guided for revenue of US$154.0bn-158.5bn for 3Q24E, the mid-point of which is 1% lower than consensus. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

United States

Amazon.com, Inc. is an online retailer that offers a wide range of products. The Company's products include books, music, videotapes, computers, electronics, home and garden, and numerous other products.  Amazon offers personalized shopping services, Web-based credit card payment, and direct shipping to customers.

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Amazon.com Inc (AMZN US)

Amazon (AMZN US) - Structural Margin Improvement Trend Intact

Amazon released (1 Nov HKT) 3Q24 results: revenue was US$158.9bn, up 11% YoY (3Q23: 13%), and was 2%/1% better than our estimates/Bloomberg consensus

CMB International

AMZN US - Amazon’s Secret Profit Playbook: How AWS, Prime, and Ads Are Transforming the Future!

Amazon.com reported its financial results for the third quarter of 2024, presenting a mix of strong revenue growth and improvements in various...

Baptista Research

Amazon 3Q'24 Update

Except 1P, every segment of the business is growing at double digit rate. Both AWS and advertising grew at 19% YoY.I’ll discuss more about AWS...

MBI Deep Dives

Amazon.com Inc.: Expansion of AWS

The second quarter 2024 financial results for Amazon.com Inc. showcased both growth and challenges as the company continues to navigate a complex...

Baptista Research

Amazon (AMZN US) - 2Q Earnings Beat

Amazon released (2 Aug HKT) 2Q24 results: revenue was US$148.0bn, up 10% YoY, and was largely inline with Bloomberg consensus, and total operating...

CMB International

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