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>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><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>

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

Amazon.com Inc

Amazon (AMZN US) - Steady Margin Expansion Ongoing