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 4QFY24 financial results: total revenue was up 10.8% YoY to US$9.29bn, in line with consensus estimate of US$9.22bn.</li><li>FY24 total revenue was up 11.2% YoY to US$34.9bn. Non-GAAP operating income grew by 19.3% YoY to US$2.92bn in 4QFY24, also in line with consensus estimate.</li><li>Full-year non-GAAP operating income delivered strong growth of 50.4% YoY to US$10.6bn in FY24, mainly attributable to Salesforce’s initiatives to drive productivity and efficiency across business lines. </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 4QFY24 financial results: total revenue was up 10.8% YoY to US$9.29bn, in line with consensus estimate of US$9.22bn.FY24 total revenue was up 11.2% YoY to US$34.9bn. Non-GAAP operating income grew by 19.3% YoY to US$2.92bn in 4QFY24, also in line with consensus estimate.Full-year non-GAAP operating income delivered strong growth of 50.4% YoY to US$10.6bn in FY24, mainly attributable to Salesforce’s initiatives to drive productivity and efficiency across business lines. 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) - 4Q Results In-Line; Eye on AI Development

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Macroeconomics

<ul>
<li>Some recent US data has been stronger than expected especially on the inflation front.</li>
<li>Japanese domestic economy confirmed to be  in recession as we expected</li>
<li>Both markets remain buoyant – the question is for how long?</li>
</ul>


Some recent US data has been stronger than expected especially on the inflation front.
Japanese domestic economy confirmed to be  in recession as we expected
Both markets remain buoyant – the question is for how long?


Strong US and Weak Japanese Data Shifts Interest Rate Expectations – Implications for Stock Markets?

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Thematic (Sector/Industry)

<ul><li>China’s cloud software vendors are feeling the brunt of the sharpest drop in venture capital (VC) investment in the sector in a decade, with many rushing to cut prices or costs to tide them over.</li><li>The country’s current 13 software as a service (SaaS) unicorns — startups valued at more than $1 billion — raised just 495 million yuan ($69 million) from investors last year, the lowest amount since 2014, according to ITjuzi, a domestic provider of data on tech companies and investments, based on announced deals.</li><li>The amount pales in comparison to the peak of 9.3 billion yuan they raised in 2021, when the Covid pandemic boosted demand for digital services.</li></ul>

China’s cloud software vendors are feeling the brunt of the sharpest drop in venture capital (VC) investment in the sector in a decade, with many rushing to cut prices or costs to tide them over.The country’s current 13 software as a service (SaaS) unicorns — startups valued at more than $1 billion — raised just 495 million yuan ($69 million) from investors last year, the lowest amount since 2014, according to ITjuzi, a domestic provider of data on tech companies and investments, based on announced deals.The amount pales in comparison to the peak of 9.3 billion yuan they raised in 2021, when the Covid pandemic boosted demand for digital services.

China’s Software Service Providers Cut Costs, Prices as Investors Pull Back 

Cross Asset Strategy

<ul><li>Software / China’s software service providers cut costs, prices as investors pull back</li><li>Regulator /: China names new chief of securities watchdog amid stock slump</li><li>Stocks /: CSRC vows to crack down on malicious short selling to stabilize stock market</li></ul>

Software / China’s software service providers cut costs, prices as investors pull backRegulator /: China names new chief of securities watchdog amid stock slumpStocks /: CSRC vows to crack down on malicious short selling to stabilize stock market

CX Daily: China Names New Chief of Securities Watchdog Amid Stock Slump

<ul><li>The anticipation that the US’s tightening cycle is over has sent the US tech sector share performance to new highs.</li><li>US software and cloud computing sectors have recorded rapid growth over the past 20 years, driven by enterprise digitization demand.</li><li>The software sector contributes about 38% of US tech sector market cap in 2023. </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.

The anticipation that the US’s tightening cycle is over has sent the US tech sector share performance to new highs.US software and cloud computing sectors have recorded rapid growth over the past 20 years, driven by enterprise digitization demand.The software sector contributes about 38% of US tech sector market cap in 2023. 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 Software Sector – Best Proxy to Benign Interest-Rate Environment

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) - 4Q Results In-Line; Eye on AI Development

Salesforce reported 4QFY24 financial results: total revenue was up 10.8% YoY to US$9.29bn, in line with consensus estimate of US$9.22bn.

CMB International

Strong US and Weak Japanese Data Shifts Interest Rate Expectations – Implications for Stock Markets?

US data stronger than expected, Japanese economy in recession as predicted, markets remain buoyant but uncertainty looms.

Rikki Malik

China’s Software Service Providers Cut Costs, Prices as Investors Pull Back

China’s cloud software vendors are feeling the brunt of the sharpest drop in venture capital (VC) investment in the sector in a decade, with many...

Caixin Global

CX Daily: China Names New Chief of Securities Watchdog Amid Stock Slump

Software / China’s software service providers cut costs, prices as investors pull back China’s cloud software vendors are feeling the brunt of the...

Caixin Global

US Software Sector – Best Proxy to Benign Interest-Rate Environment

US software and cloud computing sectors have recorded rapid growth over the past 20 years, driven by enterprise digitization demand.

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Salesforce (CRM US) - 4Q Results In-Line; Eye on AI Development

Salesforce reported 4QFY24 financial results: total revenue was up 10.8% YoY to US$9.29bn, in line with consensus estimate of US$9.22bn.

CMB International

Strong US and Weak Japanese Data Shifts Interest Rate Expectations – Implications for Stock Markets?

​US data stronger than expected, Japanese economy in recession as predicted, markets remain buoyant but uncertainty looms.

Rikki Malik

China’s Software Service Providers Cut Costs, Prices as Investors Pull Back

China’s cloud software vendors are feeling the brunt of the sharpest drop in venture capital (VC) investment in the sector in a decade, with many...

Caixin Global

CX Daily: China Names New Chief of Securities Watchdog Amid Stock Slump

Software / China’s software service providers cut costs, prices as investors pull back China’s cloud software vendors are feeling the brunt of the...

Caixin Global

US Software Sector – Best Proxy to Benign Interest-Rate Environment

US software and cloud computing sectors have recorded rapid growth over the past 20 years, driven by enterprise digitization demand.

CMB International

US data stronger than expected, Japanese economy in recession as predicted, markets remain buoyant but uncertainty looms.