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>Salesforce announced 1QFY25 financial results: total revenue grew 11% YoY to US$9.13bn, in line with consensus estimate; non-GAAP operating income grew by 29% YoY to US$2.93bn, in line with consensus estimate.</li><li>The market is concerned that its cRPO growth rate decelerated to 10% YoY in 1QFY25 (4QFY24: +12% YoY) and was below the company guidance (+11% YoY), primarily due to clients’ more measured buying behaviour and Salesforce’s changes of go-to-market organization.</li><li>In view of the macro headwind, management adjusted down FY25 subscription &amp; support revenue growth guidance to slightly below 10% (previous: +10% YoY), while keeping non-GAAP operating margin guidance unchanged.</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.

Salesforce announced 1QFY25 financial results: total revenue grew 11% YoY to US$9.13bn, in line with consensus estimate; non-GAAP operating income grew by 29% YoY to US$2.93bn, in line with consensus estimate.The market is concerned that its cRPO growth rate decelerated to 10% YoY in 1QFY25 (4QFY24: +12% YoY) and was below the company guidance (+11% YoY), primarily due to clients’ more measured buying behaviour and Salesforce’s changes of go-to-market organization.In view of the macro headwind, management adjusted down FY25 subscription &amp; support revenue growth guidance to slightly below 10% (previous: +10% YoY), while keeping non-GAAP operating margin guidance unchanged.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.

Salesforce (CRM US) - CRPO Growth Moderating on Macro Headwind

<ul><li>Salesforce reported 4QFY24 financial results: total revenue was up 10.8% YoY to US$9.29bn, in line with consensus estimate of US$9.22bn.</li><li>FY24 total revenue was up 11.2% YoY to US$34.9bn. Non-GAAP operating income grew by 19.3% YoY to US$2.92bn in 4QFY24, also in line with consensus estimate.</li><li>Full-year non-GAAP operating income delivered strong growth of 50.4% YoY to US$10.6bn in FY24, mainly attributable to Salesforce’s initiatives to drive productivity and efficiency across business lines. </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.

Salesforce reported 4QFY24 financial results: total revenue was up 10.8% YoY to US$9.29bn, in line with consensus estimate of US$9.22bn.FY24 total revenue was up 11.2% YoY to US$34.9bn. Non-GAAP operating income grew by 19.3% YoY to US$2.92bn in 4QFY24, also in line with consensus estimate.Full-year non-GAAP operating income delivered strong growth of 50.4% YoY to US$10.6bn in FY24, mainly attributable to Salesforce’s initiatives to drive productivity and efficiency across business lines. 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.

Salesforce (CRM US) - 4Q Results In-Line; Eye on AI Development

Thematic (Sector/Industry)

<ul><li>The anticipation that the US’s tightening cycle is over has sent the US tech sector share performance to new highs.</li><li>US software and cloud computing sectors have recorded rapid growth over the past 20 years, driven by enterprise digitization demand.</li><li>The software sector contributes about 38% of US tech sector market cap in 2023. </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.

The anticipation that the US’s tightening cycle is over has sent the US tech sector share performance to new highs.US software and cloud computing sectors have recorded rapid growth over the past 20 years, driven by enterprise digitization demand.The software sector contributes about 38% of US tech sector market cap in 2023. 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.

US Software Sector – Best Proxy to Benign Interest-Rate Environment

United States

salesforce.com, inc. provides software on demand. The Company supplies a customer relationship management service to businesses worldwide providing a technology platform for customers and developers to build and run business applications. Clients use salesforce.com to manage their customer, sales and operational data.

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Salesforce.Com Inc (CRM US)

Salesforce (CRM US) - CRPO Growth Moderating on Macro Headwind

Salesforce announced 1QFY25 financial results: total revenue grew 11% YoY to US$9.13bn, in line with consensus estimate; non-GAAP operating income...

CMB International

Salesforce (CRM US) - 4Q Results In-Line; Eye on AI Development

Salesforce reported 4QFY24 financial results: total revenue was up 10.8% YoY to US$9.29bn, in line with consensus estimate of US$9.22bn.

CMB International

US Software Sector – Best Proxy to Benign Interest-Rate Environment

US software and cloud computing sectors have recorded rapid growth over the past 20 years, driven by enterprise digitization demand.

CMB International

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