External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>Adobe announced solid 3QFY24 results, but 4QFY24 guidance was softer than expected: 3QFY24 total revenue was up by 11% YoY to US$5.41bn, in line with consensus estimate; 3QFY24 non-GAAP net income grew by 11% YoY to US$2.08bn, in line with consensus.</li><li>Digital Media net new ARR was US$504mn in 3QFY24 and c.10% ahead of the company guidance, as product innovations drove strength in both Creative and Document Cloud, and a few large deals were closed earlier than expected.</li><li>However, 4QFY24E Digital Media net new ARR guidance of ~US$550mn (-3% YoY) was weaker than expected. </li></ul><p><em>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.</em></p>

Adobe announced solid 3QFY24 results, but 4QFY24 guidance was softer than expected: 3QFY24 total revenue was up by 11% YoY to US$5.41bn, in line with consensus estimate; 3QFY24 non-GAAP net income grew by 11% YoY to US$2.08bn, in line with consensus.Digital Media net new ARR was US$504mn in 3QFY24 and c.10% ahead of the company guidance, as product innovations drove strength in both Creative and Document Cloud, and a few large deals were closed earlier than expected.However, 4QFY24E Digital Media net new ARR guidance of ~US$550mn (-3% YoY) was weaker than expected. 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.

Adobe (ADBE US) - Solid 3QFY24 Results but Soft Guidance May Weigh on Short-Term Sentiment

Adobe Systems

Adobe (ADBE US) - Solid 3QFY24 Results but Soft Guidance May Weigh on Short-Term Sentiment