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.

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<ul><li>Adobe reported 3QFY25 results: total revenue was up by 11% YoY to US$5.99bn, and non-GAAP net income increased by 8% YoY to US$2.25bn, both largely in line with consensus estimates.</li><li>AI product momentum was better than expectation, with AI-influenced ARR surpassing US$5bn and AI-first ARR exceeding US$250mn year-end target one quarter ahead.</li><li>Given the solid momentum of AI solutions and strong go-to-market execution, the company raises FY25 total revenue guidance to US$23.65-23.70bn (previous: US$23.50- 23.60bn) and digital media ending ARR growth to +11.3% YoY (previous: +11.0% 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.

Adobe reported 3QFY25 results: total revenue was up by 11% YoY to US$5.99bn, and non-GAAP net income increased by 8% YoY to US$2.25bn, both largely in line with consensus estimates.AI product momentum was better than expectation, with AI-influenced ARR surpassing US$5bn and AI-first ARR exceeding US$250mn year-end target one quarter ahead.Given the solid momentum of AI solutions and strong go-to-market execution, the company raises FY25 total revenue guidance to US$23.65-23.70bn (previous: US$23.50- 23.60bn) and digital media ending ARR growth to +11.3% YoY (previous: +11.0% 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.

Adobe (ADBE US) - 3QFY25 Results Review: Better-Than-Expected AI Monetization

<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

<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 reported 4QFY24 results: total revenue grew by 11% YoY to US$5.61bn, in line with consensus estimate (US$5.54bn); non-GAAP net income was up by 9% YoY to US$2.13bn, vs. consensus estimate of US$2.08bn.</li><li>Digital Media net new ARR was up 2% YoY to US$578mn in 4QFY24 (+9% YoY in 3QFY24), which raises investor concern on the deceleration trend and the slow pace of monetization of AI applications.</li><li>That said, the company plans to accelerate the monetization of its AI applications by introducing higher-priced and highervalued AI services offerings in FY25. </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 reported 4QFY24 results: total revenue grew by 11% YoY to US$5.61bn, in line with consensus estimate (US$5.54bn); non-GAAP net income was up by 9% YoY to US$2.13bn, vs. consensus estimate of US$2.08bn.Digital Media net new ARR was up 2% YoY to US$578mn in 4QFY24 (+9% YoY in 3QFY24), which raises investor concern on the deceleration trend and the slow pace of monetization of AI applications.That said, the company plans to accelerate the monetization of its AI applications by introducing higher-priced and highervalued AI services offerings in FY25. 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 Adoption on Track, but Slow Pace of Monetization Impacts Sentiment

<ul><li>Adobe announced solid 3QFY24 results, but 4QFY24 guidance was softer than expected: 3QFY24 total revenue was up by 11% YoY to US$5.41bn, in line with consensus estimate; 3QFY24 non-GAAP net income grew by 11% YoY to US$2.08bn, in line with consensus.</li><li>Digital Media net new ARR was US$504mn in 3QFY24 and c.10% ahead of the company guidance, as product innovations drove strength in both Creative and Document Cloud, and a few large deals were closed earlier than expected.</li><li>However, 4QFY24E Digital Media net new ARR guidance of ~US$550mn (-3% YoY) was weaker than expected. </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 solid 3QFY24 results, but 4QFY24 guidance was softer than expected: 3QFY24 total revenue was up by 11% YoY to US$5.41bn, in line with consensus estimate; 3QFY24 non-GAAP net income grew by 11% YoY to US$2.08bn, in line with consensus.Digital Media net new ARR was US$504mn in 3QFY24 and c.10% ahead of the company guidance, as product innovations drove strength in both Creative and Document Cloud, and a few large deals were closed earlier than expected.However, 4QFY24E Digital Media net new ARR guidance of ~US$550mn (-3% YoY) was weaker than expected. 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) - Solid 3QFY24 Results but Soft Guidance May Weigh on Short-Term Sentiment

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) - 3QFY25 Results Review: Better-Than-Expected AI Monetization

Adobe reported 3QFY25 results: total revenue was up by 11% YoY to US$5.99bn, and non-GAAP net income increased by 8% YoY to US$2.25bn, both largely...

CMB International

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 (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 (ADBE US) - AI Adoption on Track, but Slow Pace of Monetization Impacts Sentiment

We slightly lower our FY25-26E non-GAAP net income forecast by 2%, and trim our target price to US$634.5 based on 32x FY25E non-GAAP PE (previous:...

CMB International

Adobe (ADBE US) - Solid 3QFY24 Results but Soft Guidance May Weigh on Short-Term Sentiment

We maintain our FY24-26E revenue forecast largely unchanged and our target price of US$645.0 is based on 32x FY25E PE. Maintain BUY.

CMB International

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