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>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><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>

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

Salesforce.Com Inc

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