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>Salesforce reported 2QFY26 results: total revenue was up by 10% YoY to US$10.2bn, and non-GAAP net income grew by 12%% YoY to US$2.8bn, both largely in line with Bloomberg consensus estimate.</li><li>cRPO grew by 11% YoY to US$29.4bn, c.100bps ahead of the guidance, mainly thanks to strong sales execution in both small and mid-market segments.</li><li>Management guided 3QFY26 total revenue to increase by 8-9% to US$10.24-10.29bn, in line with consensus (US$10.29bn); and also raise FY26 OCF growth guidance to c.12%- 13% YoY (previous: +10-11% YoY) driven by cash tax savings. </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.

Salesforce reported 2QFY26 results: total revenue was up by 10% YoY to US$10.2bn, and non-GAAP net income grew by 12%% YoY to US$2.8bn, both largely in line with Bloomberg consensus estimate.cRPO grew by 11% YoY to US$29.4bn, c.100bps ahead of the guidance, mainly thanks to strong sales execution in both small and mid-market segments.Management guided 3QFY26 total revenue to increase by 8-9% to US$10.24-10.29bn, in line with consensus (US$10.29bn); and also raise FY26 OCF growth guidance to c.12%- 13% YoY (previous: +10-11% YoY) driven by cash tax savings. 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) - Inline 2QFY26 Results; Intact Long-Term Outlook for AI and Data Cloud

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Salesforce is charging deeper into the AI frontier.</li><li>On August 18, 2025, the CRM titan announced a definitive agreement to acquire Regrello, an AI-native startup that specializes in transforming fragmented business processes into orchestrated, automated workflows.</li><li>The deal, expected to close in Salesforce’s fiscal Q3 2026, underscores the company’s commitment to building out its “agentic enterprise” vision—where human workers and AI agents collaborate in real time.</li></ul>

Salesforce is charging deeper into the AI frontier.On August 18, 2025, the CRM titan announced a definitive agreement to acquire Regrello, an AI-native startup that specializes in transforming fragmented business processes into orchestrated, automated workflows.The deal, expected to close in Salesforce’s fiscal Q3 2026, underscores the company’s commitment to building out its “agentic enterprise” vision—where human workers and AI agents collaborate in real time.

CRM US - Salesforce Bets On Agentic Automation: What The Regrello Acquisition Could Unlock!

<ul><li>Salesforce reported revenue of $9.83 billion for the quarter, representing 8% year-over-year growth in both nominal and constant currency terms.</li><li>Subscription and support revenue grew by 9% in constant currency, while operating cash flow totaled $6.5 billion, a 4% increase over the prior year.</li><li>Remaining performance obligations rose to $60.9 billion, up 13% year-over-year, and current RPO increased 12% in nominal terms and 11% in constant currency.</li></ul>

Salesforce reported revenue of $9.83 billion for the quarter, representing 8% year-over-year growth in both nominal and constant currency terms.Subscription and support revenue grew by 9% in constant currency, while operating cash flow totaled $6.5 billion, a 4% increase over the prior year.Remaining performance obligations rose to $60.9 billion, up 13% year-over-year, and current RPO increased 12% in nominal terms and 11% in constant currency.

Salesforce.Com Inc - Salesforce’s AI Bet Is Getting Bigger—But Can It Outrun Its Own Margins?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/avepoint-inc" target="_blank" data-smartkarma-citation="entities:37131:1" rel="noopener">AvePoint (AVPT US)</a> , a global provider of data security, governance, and resilience, aims to raise around US$300m in its Singapore secondary listing.</li>
<li>As of FY24, AP had over 25,000 customers who rely on its Confidence Platform to prepare, secure, and optimize their critical data across environments.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



AvePoint (AVPT US) , a global provider of data security, governance, and resilience, aims to raise around US$300m in its Singapore secondary listing.
As of FY24, AP had over 25,000 customers who rely on its Confidence Platform to prepare, secure, and optimize their critical data across environments.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


AvePoint SGX Secondary Listing - Strong Growth and Large Client Base but Unclear Metrics

<ul><li>Salesforce announced 1QFY26 results: total revenue grew by 8% YoY to US$9.8bn, and non-GAAP operating income increased by 8% YoY to US$3.2bn, both in line with Bloomberg consensus estimate. </li><li>cRPO was up by 12% YoY to US$29.6bn, 2% ahead of the consensus estimate, thanks to the strong renewal trend and momentum in Data Cloud &amp; AI businesses. </li><li>Management raised FY26 total revenue guidance by US$400mn to US$41.0- 41.3bn (+8-9% YoY), mainly driven by the currency tailwind. </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.

Salesforce announced 1QFY26 results: total revenue grew by 8% YoY to US$9.8bn, and non-GAAP operating income increased by 8% YoY to US$3.2bn, both in line with Bloomberg consensus estimate. cRPO was up by 12% YoY to US$29.6bn, 2% ahead of the consensus estimate, thanks to the strong renewal trend and momentum in Data Cloud &amp; AI businesses. Management raised FY26 total revenue guidance by US$400mn to US$41.0- 41.3bn (+8-9% YoY), mainly driven by the currency tailwind. 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) - 1QFY26 CRPO Growth Beats Expectation

United States

salesforce.com, inc. provides software on demand. The Company supplies a customer relationship management service to businesses worldwide providing a technology platform for customers and developers to build and run business applications. Clients use salesforce.com to manage their customer, sales and operational data.

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Salesforce.Com Inc (CRM US)

Salesforce (CRM US) - Inline 2QFY26 Results; Intact Long-Term Outlook for AI and Data Cloud

cRPO grew by 11% YoY to US$29.4bn, c.100bps ahead of the guidance, mainly thanks to strong sales execution in both small and mid-market segments.

CMB International

CRM US - Salesforce Bets On Agentic Automation: What The Regrello Acquisition Could Unlock!

Salesforce is charging deeper into the AI frontier. On August 18, 2025, the CRM titan announced a definitive agreement to acquire Regrello, an...

Baptista Research

Salesforce.Com Inc - Salesforce’s AI Bet Is Getting Bigger—But Can It Outrun Its Own Margins?

Salesforce reported revenue of $9.83 billion for the quarter, representing 8% year-over-year growth in both nominal and constant currency...

Baptista Research

AvePoint SGX Secondary Listing - Strong Growth and Large Client Base but Unclear Metrics

AvePoint (AVPT US) , a global provider of data security, governance, and resilience, aims to raise around US$300m in its Singapore secondary listing.

Sumeet Singh

Salesforce (CRM US) - 1QFY26 CRPO Growth Beats Expectation

Salesforce announced 1QFY26 results: total revenue grew by 8% YoY to US$9.8bn, and non-GAAP operating income increased by 8% YoY to US$3.2bn, both...

CMB International

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