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>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><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>

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