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>Palo Alto Networks (PANW) announced 1QFY25 (Jul year-end) results: total revenue was up 13.9% YoY to US$2.1bn, 1% ahead of Bloomberg consensus, and non-GAAP net income reached US$544.9mn, up 17% YoY, 6% better than consensus, driven by more optimized-than-expected sales and marketing and G&amp;A spend aided by operating efficiency improvement.</li><li>The accelerated Platformization strategy is delivering early-stage results, in our view, and should help drive its long-term market share gains.</li><li>Our FY25E revenue/non-GAAP net profit are lifted by 0.3%/2.2% to factor in better-than-expected results. </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.

Palo Alto Networks (PANW) announced 1QFY25 (Jul year-end) results: total revenue was up 13.9% YoY to US$2.1bn, 1% ahead of Bloomberg consensus, and non-GAAP net income reached US$544.9mn, up 17% YoY, 6% better than consensus, driven by more optimized-than-expected sales and marketing and G&amp;A spend aided by operating efficiency improvement.The accelerated Platformization strategy is delivering early-stage results, in our view, and should help drive its long-term market share gains.Our FY25E revenue/non-GAAP net profit are lifted by 0.3%/2.2% to factor in better-than-expected results. 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.

Palo Alto Networks (PANW US) - Platformization Strategy Resonating Well with Customers

<ul><li>Palo Alto Networks (PANW) announced 4QFY24 (Jul year-end) results: total revenue was up 12.1% YoY to US$2.2bn, 1% ahead of Bloomberg consensus, and non-GAAP net income reached US$522.2mn, up 8.2% YoY, 7% better than consensus.</li><li>For FY24, total revenue grew 16.5% YoY to US$8.0bn (FY23: +25.3% YoY), non-GAAP net income grew 35% YoY to US$1.9bn, and nonGAAP FCF reached USD3.1bn, translating into a 38.9% FCF margin (FY23: 38.8%).</li><li>PANW has delivered upbeat 4Q results compared to its previous guidance, which in our view demonstrated PANW’s competitive product portfolio and management’s strong execution capability. </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.

Palo Alto Networks (PANW) announced 4QFY24 (Jul year-end) results: total revenue was up 12.1% YoY to US$2.2bn, 1% ahead of Bloomberg consensus, and non-GAAP net income reached US$522.2mn, up 8.2% YoY, 7% better than consensus.For FY24, total revenue grew 16.5% YoY to US$8.0bn (FY23: +25.3% YoY), non-GAAP net income grew 35% YoY to US$1.9bn, and nonGAAP FCF reached USD3.1bn, translating into a 38.9% FCF margin (FY23: 38.8%).PANW has delivered upbeat 4Q results compared to its previous guidance, which in our view demonstrated PANW’s competitive product portfolio and management’s strong execution capability. 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.

Palo Alto Networks (PANW US) - 21 August 2024

<ul><li>Palo Alto Networks (PANW) is a global cybersecurity provider which helps secure enterprise users, networks, clouds and endpoints.</li><li>It operates business in three key areas, including network security, cloud security, and Security Operation Center (SOC), and its leadership has been recognized in 23 product categories by Gartner, Frost &amp; Sullivan, and GigaOm as of 3QFY24 (July yearend).</li><li>In our view, PANW is well positioned to benefit from the ever-growing demand for cybersecurity, and its broad and continuously enhanced product portfolio is on track to help reduce customers' total cost of ownership (TCO) by improving operational efficiency and eliminating the need for siloed point products. On a FY23-26E revenue CAGR of 16%, we are forecasting a nonGAAP net profit CAGR of 23%. </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.

Palo Alto Networks (PANW) is a global cybersecurity provider which helps secure enterprise users, networks, clouds and endpoints.It operates business in three key areas, including network security, cloud security, and Security Operation Center (SOC), and its leadership has been recognized in 23 product categories by Gartner, Frost &amp; Sullivan, and GigaOm as of 3QFY24 (July yearend).In our view, PANW is well positioned to benefit from the ever-growing demand for cybersecurity, and its broad and continuously enhanced product portfolio is on track to help reduce customers' total cost of ownership (TCO) by improving operational efficiency and eliminating the need for siloed point products. On a FY23-26E revenue CAGR of 16%, we are forecasting a nonGAAP net profit CAGR of 23%. 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.

Palo Alto Networks (PANW US) - Cybersecurity Giant Poised for New Round of Growth

United States

Palo Alto Networks, Inc. provides network security solutions. The Company offers firewalls that identify and control applications, scan content to stop threats, prevent data leakage, integrated application, user, and content visibility. Palo Alto Networks serves customers worldwide.

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Palo Alto Networks (PANW US) - Platformization Strategy Resonating Well with Customers

We roll over our valuation period to 2025E, and raise our target price by 17% to US$464.4 based on an unchanged EV/sales multiple of 16.0x....

CMB International

Palo Alto Networks (PANW US) - 21 August 2024

Palo Alto Networks (PANW) announced 4QFY24 (Jul year-end) results: total revenue was up 12.1% YoY to US$2.2bn, 1% ahead of Bloomberg consensus

CMB International

Palo Alto Networks (PANW US) - Cybersecurity Giant Poised for New Round of Growth

Palo Alto Networks (PANW) is a global cybersecurity provider which helps secure enterprise users, networks, clouds and endpoints.

CMB International