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

<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.

<ul><li>Amazon reported (1 May BJT) better-than-expected 1Q24 results: revenue was US$143.3bn, up 12.5% YoY, and was 1% ahead of consensus, mainly driven by 4% beat in AWS revenue as impact from cloud optimization is milder than expectation, and total operating profit was US$15.3bn, up 221% YoY, better than consensus at US$11.0bn, driven by OPM margin beat across all three business segments (North America, International, and AWS).</li><li>We trim 2024-26E revenue forecast by 1% each but lifted OP forecast by 11-15% to account for better-than-expected margin expansion.</li><li>Our TP was largely unchanged at US$211.0 (was US$213.0) based on unchanged 18.8x EV/EBITDA, as we accounted for the incremental investment in capex that Amazon will incur to fulfil the reaccelerating cloud demand. </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 reported (1 May BJT) better-than-expected 1Q24 results: revenue was US$143.3bn, up 12.5% YoY, and was 1% ahead of consensus, mainly driven by 4% beat in AWS revenue as impact from cloud optimization is milder than expectation, and total operating profit was US$15.3bn, up 221% YoY, better than consensus at US$11.0bn, driven by OPM margin beat across all three business segments (North America, International, and AWS).We trim 2024-26E revenue forecast by 1% each but lifted OP forecast by 11-15% to account for better-than-expected margin expansion.Our TP was largely unchanged at US$211.0 (was US$213.0) based on unchanged 18.8x EV/EBITDA, as we accounted for the incremental investment in capex that Amazon will incur to fulfil the reaccelerating cloud demand. 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) - Steady Margin Expansion Ongoing

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Thematic (Sector/Industry)

<ul><li>EXCL reported a 21% increase in data service traffic during the period of March 28–April 6, 2025, compared to regular days before Ramadan.</li><li>During the Ramadan and Eid period, service traffic was primarily driven by streaming, which rose by 17%, followed by file access with a 16% increase, web browsing up 12%, and gaming soaring by 46%.</li><li>The highest data traffic surge was recorded in Central Java, which saw a 44% rise compared to regular days. </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.

EXCL reported a 21% increase in data service traffic during the period of March 28–April 6, 2025, compared to regular days before Ramadan.During the Ramadan and Eid period, service traffic was primarily driven by streaming, which rose by 17%, followed by file access with a 16% increase, web browsing up 12%, and gaming soaring by 46%.The highest data traffic surge was recorded in Central Java, which saw a 44% rise compared to regular days. 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.

BRIDS TMT News - Thursday, April 10, 2025

<ul><li>Alibaba released its 3QFY25 earnings (see our internet team report) with a significant step-up in capex plan for the next three years, the total of which is expected to surpass the company’s cumulative capex of the past decade, per mgmt., reaching as high as ~RMB120bn per year during CY2026-28E, according to our calculation.</li><li>We believe cloud service providers (CSPs) in China are trying to pick up the pace in capex in compute infrastructure to keep up with the relentless investment strides of overseas CSPs (Amazon, Meta, Microsoft, and Google).</li><li>We believe the ripple effects of Alibaba’s increased capex plan will benefit domestic AI infrastructure supply chain names, such as Innolight (300308 CH, BUY, TP: RMB186) and Shengyi Tech (600183 CH, BUY, TP: RMB34.5), which supply critical components (e.g., high-speed optical transceivers, ultra-low-loss CCL) for datacenter buildout.</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.

Alibaba released its 3QFY25 earnings (see our internet team report) with a significant step-up in capex plan for the next three years, the total of which is expected to surpass the company’s cumulative capex of the past decade, per mgmt., reaching as high as ~RMB120bn per year during CY2026-28E, according to our calculation.We believe cloud service providers (CSPs) in China are trying to pick up the pace in capex in compute infrastructure to keep up with the relentless investment strides of overseas CSPs (Amazon, Meta, Microsoft, and Google).We believe the ripple effects of Alibaba’s increased capex plan will benefit domestic AI infrastructure supply chain names, such as Innolight (300308 CH, BUY, TP: RMB186) and Shengyi Tech (600183 CH, BUY, TP: RMB34.5), which supply critical components (e.g., high-speed optical transceivers, ultra-low-loss CCL) for datacenter buildout.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.

Semiconductors - Thematic Investing and Megatrends

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

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

Amazon (AMZN US) - Steady Margin Expansion Ongoing

Amazon reported (1 May BJT) better-than-expected 1Q24 results: revenue was US$143.3bn, up 12.5% YoY, and was 1% ahead of consensus, mainly driven...

CMB International

BRIDS TMT News - Thursday, April 10, 2025

EXCL reported a 21% increase in data service traffic during the period of March 28–April 6, 2025, compared to regular days before Ramadan.

BRI Danareksa Research

Semiconductors - Thematic Investing and Megatrends

We believe cloud service providers (CSPs) in China are trying to pick up the pace in capex in compute infrastructure to keep up with the relentless...

CMB International

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