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

Meta Platforms (Facebook) / Equity Bottom-Up

<ul><li>Meta reported 3Q24 results: total revenue grew by 19% YoY to US$40.6bn, in line with Bloomberg consensus estimate; net income was up by 35% YoY to US$15.7bn, 15% ahead of the consensus estimate thanks to effective control of S&amp;M and G&amp;A expenses.</li><li>For 4Q24E, management guides total revenue to grow by 12-20% YoY to US$45-48bn, the midpoint of which is in line with consensus (US$46.1bn).</li><li>Looking ahead, management will continue to step up investment in strategic priorities such as GenAI, infrastructure, and monetization, and expects significant capex growth and acceleration in infra-related expense growth in 2025E. </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>

Meta reported 3Q24 results: total revenue grew by 19% YoY to US$40.6bn, in line with Bloomberg consensus estimate; net income was up by 35% YoY to US$15.7bn, 15% ahead of the consensus estimate thanks to effective control of S&amp;M and G&amp;A expenses.For 4Q24E, management guides total revenue to grow by 12-20% YoY to US$45-48bn, the midpoint of which is in line with consensus (US$46.1bn).Looking ahead, management will continue to step up investment in strategic priorities such as GenAI, infrastructure, and monetization, and expects significant capex growth and acceleration in infra-related expense growth in 2025E. 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.

Meta (META US) - AI Development on Track; Stepped-Up Investment to Drag Margin Expansion Pace