External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>Microsoft reported (30 Oct HKT) 1QFY26 (June year-end) results: revenue was US$77.7bn, up 18.4% YoY (4QFY25: +18.1% YoY), 3% better than both our forecast/Bloomberg consensus estimates, driven by an all-round beat in all three business segments.</li><li>Net profit was up 12.5% YoY to US$27.7bn, 2%/1% better than our forecast and consensus.</li><li>Excluding the earnings impact from investment in OpenAI, EPS would grow 23% YoY. </li></ul>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.

Microsoft reported (30 Oct HKT) 1QFY26 (June year-end) results: revenue was US$77.7bn, up 18.4% YoY (4QFY25: +18.1% YoY), 3% better than both our forecast/Bloomberg consensus estimates, driven by an all-round beat in all three business segments.Net profit was up 12.5% YoY to US$27.7bn, 2%/1% better than our forecast and consensus.Excluding the earnings impact from investment in OpenAI, EPS would grow 23% YoY. 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.

Microsoft (MSFT US) - Robust Cloud Revenue Growth with Enhanced Monetization...

<ul><li>Microsoft reported (31 Jul HKT) 4QFY25 (June year-end) results: revenue was US$76.4bn, up 18.1% YoY (3QFY25: +13% YoY), 3.6/3.5% better than our forecast/Bloomberg consensus estimates, driven by an all-round beat in all three business segments.</li><li>Net profit was up 23.6% YoY to US$27.2bn, 9%/8% better than our forecast and consensus, fuelled by better-than-expected operating efficiency gains across business segments.</li><li>For FY25, total revenue/net profit lifted by 14.9/15.5% YoY. Driven by accelerated growth in core infrastructure business primarily from the largest customers, Azure and other cloud services revenue growth came in at 39% YoY in 4Q, ahead of previous guidance of 34-35%. </li></ul>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.

Microsoft reported (31 Jul HKT) 4QFY25 (June year-end) results: revenue was US$76.4bn, up 18.1% YoY (3QFY25: +13% YoY), 3.6/3.5% better than our forecast/Bloomberg consensus estimates, driven by an all-round beat in all three business segments.Net profit was up 23.6% YoY to US$27.2bn, 9%/8% better than our forecast and consensus, fuelled by better-than-expected operating efficiency gains across business segments.For FY25, total revenue/net profit lifted by 14.9/15.5% YoY. Driven by accelerated growth in core infrastructure business primarily from the largest customers, Azure and other cloud services revenue growth came in at 39% YoY in 4Q, ahead of previous guidance of 34-35%. 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.

Microsoft (MSFT US) - Results a Solid Beat...

<ul><li>Microsoft reported (1 May HKT) 3QFY25 (June year-end) results: revenue was US$70.1bn, up 13.3% YoY (2QFY25: +12.3% YoY), 2% better than both our forecast and consensus estimates, mainly driven by a 3/6% beat in Intelligent Cloud / More Personal Computing (MPC) segment.</li><li>Net profit was up 17.7% YoY to US$25.8bn, 7% better than our forecast and consensus, driven by better-than-expected operating efficiency gains across business segments.</li><li>The improved execution and acceleration in revenue growth of largest customers, combined with ongoing strong demand in AI related cloud services drove a reacceleration in overall cloud revenue growth in 3QFY25, and such growth is likely to sustain in 4QFY25. </li></ul>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.

Microsoft reported (1 May HKT) 3QFY25 (June year-end) results: revenue was US$70.1bn, up 13.3% YoY (2QFY25: +12.3% YoY), 2% better than both our forecast and consensus estimates, mainly driven by a 3/6% beat in Intelligent Cloud / More Personal Computing (MPC) segment.Net profit was up 17.7% YoY to US$25.8bn, 7% better than our forecast and consensus, driven by better-than-expected operating efficiency gains across business segments.The improved execution and acceleration in revenue growth of largest customers, combined with ongoing strong demand in AI related cloud services drove a reacceleration in overall cloud revenue growth in 3QFY25, and such growth is likely to sustain in 4QFY25. 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.

Microsoft (MSFT US) - Cloud revenue growth reaccelerated

<ul><li>Microsoft reported (30 Jan HKT) 2QFY25 (June year-end) results: revenue was US$69.6bn, up 12% YoY (1QFY25: +16% YoY), 1% better than consensus, driven by a 3/2% beat in productivity and business process (PBP) / more personal computing (MPC) segment, while partly offset by a 1% short in Intelligent Cloud (IC) segment.</li><li>Net profit was up 10% YoY to US$24.1bn, 3% better than consensus, driven by better-than-expected operating efficiency gains.</li><li>Management noted that Azure AI services revenue generation was ahead of expectations, while non-AI cloud services was slightly lower than expectation due to go to market execution challenges, and the trend is likely to sustain in 2HFY25. </li></ul>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.

Microsoft reported (30 Jan HKT) 2QFY25 (June year-end) results: revenue was US$69.6bn, up 12% YoY (1QFY25: +16% YoY), 1% better than consensus, driven by a 3/2% beat in productivity and business process (PBP) / more personal computing (MPC) segment, while partly offset by a 1% short in Intelligent Cloud (IC) segment.Net profit was up 10% YoY to US$24.1bn, 3% better than consensus, driven by better-than-expected operating efficiency gains.Management noted that Azure AI services revenue generation was ahead of expectations, while non-AI cloud services was slightly lower than expectation due to go to market execution challenges, and the trend is likely to sustain in 2HFY25. 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.

Microsoft (MSFT US) - Cloud Revenue Growth and AI Related Monetization Remain Keys to Watch

Thematic (Sector/Industry)

<ul><li>Looking ahead to 2026, we believe competition in the large language model (LLM) industry will further intensify, while monetization of AI applications in niche segments should see continued momentum.</li><li>We are optimistic about the further monetization potential driven by improved AI agent capabilities, as well as increased paid user penetration and monetization from advanced image editing and video generation LLMs.</li><li>We currently do not anticipate overinvestment risks among cloud service providers, and expect 2026 earnings growth of US-listed leaders to support their valuations. </li></ul>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.

Looking ahead to 2026, we believe competition in the large language model (LLM) industry will further intensify, while monetization of AI applications in niche segments should see continued momentum.We are optimistic about the further monetization potential driven by improved AI agent capabilities, as well as increased paid user penetration and monetization from advanced image editing and video generation LLMs.We currently do not anticipate overinvestment risks among cloud service providers, and expect 2026 earnings growth of US-listed leaders to support their valuations. 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.

US Internet & Software - 2026 outlook: AI applications to ramp up; eyes on AI investment return

United States

Microsoft Corporation operates as a software company. The Company offers applications, extra cloud storage, and advanced security solutions. Microsoft serves customers worldwide.

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Microsoft Corp (MSFT US)

Microsoft (MSFT US) - Robust Cloud Revenue Growth with Enhanced Monetization...

Microsoft reported (30 Oct HKT) 1QFY26 (June year-end) results: revenue was US$77.7bn, up 18.4% YoY (4QFY25: +18.1% YoY), 3% better than both our...

CMB International

Microsoft (MSFT US) - Results a Solid Beat...

Microsoft reported (31 Jul HKT) 4QFY25 (June year-end) results: revenue was US$76.4bn, up 18.1% YoY (3QFY25: +13% YoY), 3.6/3.5% better than our...

CMB International

Microsoft (MSFT US) - Cloud revenue growth reaccelerated

Microsoft reported (1 May HKT) 3QFY25 (June year-end) results: revenue was US$70.1bn, up 13.3% YoY (2QFY25: +12.3% YoY), 2% better than both our...

CMB International

US Internet & Software - 2026 outlook: AI applications to ramp up; eyes on AI investment return

Looking ahead to 2026, we believe competition in the large language model (LLM) industry will further intensify, while monetization of AI...

CMB International

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