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>Adobe announced 2QFY25 financial results: total revenue increased by 11% YoY to US$5.87bn, and non-GAAP net income was up by 7% YoY to US$2.17bn, both in line with Bloomberg consensus estimate.</li><li>The company raised FY25 total revenue target to US$23.50-23.60bn (previous: US$23.30- 23.55bn) and non-GAAP EPS target to US$20.5-20.7 (previous: US$20.2-20.5), mainly thanks to the strong ARR performance of Digital Media business and the adoption of AI products.</li><li>Management noted that its AI-first products remain on track of achieving its US$250mn ARR target by end-FY25, up from c.US$125mn as of end-1QFY25. </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.

Adobe announced 2QFY25 financial results: total revenue increased by 11% YoY to US$5.87bn, and non-GAAP net income was up by 7% YoY to US$2.17bn, both in line with Bloomberg consensus estimate.The company raised FY25 total revenue target to US$23.50-23.60bn (previous: US$23.30- 23.55bn) and non-GAAP EPS target to US$20.5-20.7 (previous: US$20.2-20.5), mainly thanks to the strong ARR performance of Digital Media business and the adoption of AI products.Management noted that its AI-first products remain on track of achieving its US$250mn ARR target by end-FY25, up from c.US$125mn as of end-1QFY25. 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.

Adobe (ADBE US) - AI Products on Track to Hit US$250mn ARR Target by End-FY25

Mostly Borrowed Ideas Deep Dives, MBI Deep Dives

MBI Deep Dives

Mostly Borrowed Ideas Deep Dives

MBI is the abbreviation for “Mostly Borrowed Ideas”. Why “Mostly Borrowed Ideas?” As a generalist, I do not have a background in any particular sector. I enjoy navigating across industries, businesses, and countries to learn, understand, and connect the dots. In any case, most ideas and innovations are incremental in nature. Very few of us are smart enough to come up with truly original or groundbreaking ideas. I am Abdullah Al-Rezwan. I was born and brought up in Bangladesh. I went to University of Dhaka for my undergrad and majored in Finance. After working three and half years in Equity Research (Sell-side) covering Financial Sector in Bangladesh, I left Bangladesh to pursue my MBA in the US. I graduated within top 10% of the class from Cornell University's two-year MBA program and worked on the buy-side following my graduation. During my time at Cornell, I won two stock pitch competitions and also became finalists in four other competitions. I thoroughly enjoyed my stint as a generalist in the US large cap team at Madison Investments and covered a wide range of companies from UnitedHealth to Amazon and Boeing before US immigration reality paused my career in investment management. As my work authorization expired, I moved to Canada in January, 2021. Then in early 2022, I was able to return to the US.

<ul><li>Revenue: Digital Media net new ARR $470 Mn ($50 mn higher than guide).</li><li>Gross Margin: Digital Media gross margin remains steady at ~96%, but Digital Experience posted its highest ever gross margin of 67.3% in 2Q'23.</li><li>Cost Structure: 2Q'23 GAAP operating margin was 33.7%, down from 34.9% in 2Q'22.</li></ul>

Revenue: Digital Media net new ARR $470 Mn ($50 mn higher than guide).Gross Margin: Digital Media gross margin remains steady at ~96%, but Digital Experience posted its highest ever gross margin of 67.3% in 2Q'23.Cost Structure: 2Q'23 GAAP operating margin was 33.7%, down from 34.9% in 2Q'22.

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>Adobe's Q1 fiscal year 2025 financial results have demonstrated a robust performance, with the company reporting a record $5.71 billion in revenue, marking an 11% year-over-year increase.</li><li>The company also achieved a notable growth in its GAAP and non-GAAP earnings per share, which rose by 13% year-over-year.</li><li>Adobe's results underscore the essential role its products play in the global digital economy, reaffirming its fiscal '25 targets in light of the strong quarterly performance.</li></ul>

Adobe's Q1 fiscal year 2025 financial results have demonstrated a robust performance, with the company reporting a record $5.71 billion in revenue, marking an 11% year-over-year increase.The company also achieved a notable growth in its GAAP and non-GAAP earnings per share, which rose by 13% year-over-year.Adobe's results underscore the essential role its products play in the global digital economy, reaffirming its fiscal '25 targets in light of the strong quarterly performance.

Adobe’s Gen AI Playbook: The $200 Billion Opportunity You Can’t Ignore!

<ul><li>Adobe announced 1QFY25 financial results: total revenue was up by 11% YoY in constant currency to US$5.71bn, and non-GAAP net income grew by 9% YoY to US$2.22bn, both in line with consensus estimates.</li><li>The company also reaffirms FY25 financial targets and initiates total revenue guidance of US$5.77- 5.82bn (+9-10% YoY) for 2QFY25, which is also in line with consensus estimate.</li><li>Adobe disclosed that the AI-first standalone and add-on applications (e.g. Acrobat AI Assistant &amp; Firefly App) achieved over US$125mn ARR as of end1QFY25; and expects the ARR to double by the end of FY25 (c.1% of total revenue). </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.

Adobe announced 1QFY25 financial results: total revenue was up by 11% YoY in constant currency to US$5.71bn, and non-GAAP net income grew by 9% YoY to US$2.22bn, both in line with consensus estimates.The company also reaffirms FY25 financial targets and initiates total revenue guidance of US$5.77- 5.82bn (+9-10% YoY) for 2QFY25, which is also in line with consensus estimate.Adobe disclosed that the AI-first standalone and add-on applications (e.g. Acrobat AI Assistant &amp; Firefly App) achieved over US$125mn ARR as of end1QFY25; and expects the ARR to double by the end of FY25 (c.1% of total revenue). 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.

Adobe (ADBE US) - Inline 1QFY25 Results; AI Standalone Products ARR to Double by End-FY25

<ul><li>Adobe's recent earnings release reflects a period of consistent growth and innovation, demonstrating both strengths and challenges.</li><li>For the fiscal year 2024, Adobe achieved record revenue of $21.51 billion, marking an 11% year-over-year increase.</li><li>This growth was fueled by robust performance across its business segments, most notably within its Digital Media and Digital Experience divisions.</li></ul>

Adobe's recent earnings release reflects a period of consistent growth and innovation, demonstrating both strengths and challenges.For the fiscal year 2024, Adobe achieved record revenue of $21.51 billion, marking an 11% year-over-year increase.This growth was fueled by robust performance across its business segments, most notably within its Digital Media and Digital Experience divisions.

Adobe Inc.: Strategic Product Tiering & Monetization As A Pivotal Factor Driving Growth! - Major Drivers

United States

Adobe Systems Incorporated develops, markets, and supports computer software products and technologies.  The Company's products allow users to express and use information across all print and electronic media.  Adobe offers a line of application software products, type products, and content for creating, distributing, and managing information.

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Adobe Systems (ADBE US)

Adobe (ADBE US) - AI Products on Track to Hit US$250mn ARR Target by End-FY25

Adobe announced 2QFY25 financial results: total revenue increased by 11% YoY to US$5.87bn, and non-GAAP net income was up by 7% YoY to US$2.17bn

CMB International

Adobe 2Q'23 Update

Revenue: Digital Media net new ARR $470 Mn ($50 mn higher than guide). Gross Margin: Digital Media gross margin remains steady at ~96%, but Digital...

MBI Deep Dives

Adobe’s Gen AI Playbook: The $200 Billion Opportunity You Can’t Ignore!

Adobe's Q1 fiscal year 2025 financial results have demonstrated a robust performance, with the company reporting a record $5.71 billion in...

Baptista Research

Adobe (ADBE US) - Inline 1QFY25 Results; AI Standalone Products ARR to Double by End-FY25

We slightly lower our FY25-27E earnings forecast by 0-1% and fine-tune our target price to US$629.0 based on 32x FY25E non-GAAP PE (previous:...

CMB International

Adobe Inc.: Strategic Product Tiering & Monetization As A Pivotal Factor Driving Growth! - Major Drivers

Adobe's recent earnings release reflects a period of consistent growth and innovation, demonstrating both strengths and challenges. For the fiscal...

Baptista Research

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