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>Amazon announced (2 May HKT) 1Q25 results: revenue was US$155.7bn, up 8.6% YoY (1Q24: 12.5%), inline with both our forecast and Bloomberg consensus estimate, and total operating profit was US$18.4bn, up 20% YoY, 2/5% better than our estimates/consensus, mainly driven by OPM margin beat in AWS segment, thanks to ongoing operating efficiency improvement.</li><li>Management guided for US$159.0-164.0bn revenue for 2Q25E (consensus: US$161.4bn), implying 7-11% YoY growth, and US$13.0-17.5bn operating profit (consensus: US$17.8bn) after accounting for regular impact from step-up in share-based compensation annually, and additional Project Kuiper related expenses to be booked.</li><li>We lower 2025-2027E revenue/OP forecast by 0.5- 0.8%/3.2-5.1% to factor in additional Kuiper expenses, and our target price is lowered by 8% to US$247.0 (was US$268.0), based on 18.3x EV/EBITDA (was 18.5x), inline with the two-year trading average. </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.

Amazon announced (2 May HKT) 1Q25 results: revenue was US$155.7bn, up 8.6% YoY (1Q24: 12.5%), inline with both our forecast and Bloomberg consensus estimate, and total operating profit was US$18.4bn, up 20% YoY, 2/5% better than our estimates/consensus, mainly driven by OPM margin beat in AWS segment, thanks to ongoing operating efficiency improvement.Management guided for US$159.0-164.0bn revenue for 2Q25E (consensus: US$161.4bn), implying 7-11% YoY growth, and US$13.0-17.5bn operating profit (consensus: US$17.8bn) after accounting for regular impact from step-up in share-based compensation annually, and additional Project Kuiper related expenses to be booked.We lower 2025-2027E revenue/OP forecast by 0.5- 0.8%/3.2-5.1% to factor in additional Kuiper expenses, and our target price is lowered by 8% to US$247.0 (was US$268.0), based on 18.3x EV/EBITDA (was 18.5x), inline with the two-year trading average. 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.

Amazon (AMZN US) - 1Q earnings beat; pace of earnings growth to enter a healthy stage

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

CPN Retail Growth Leasehold REIT / Equity Bottom-Up

CPN Retail Growth Leasehold REIT (CPNREIT TB)

<ul><li>Technically, the SET Index is expected to weaken, with the support at 1,250/1,235 points and resistance at 1,270/1,275 points.</li><li>In the medium term, the index remains in a downtrend under a rounding top pattern, with a range of 1,200-1,506 points.</li><li>Investment strategy: Wait for a technical reversal signal before trading buy.</li></ul>

Technically, the SET Index is expected to weaken, with the support at 1,250/1,235 points and resistance at 1,270/1,275 points.In the medium term, the index remains in a downtrend under a rounding top pattern, with a range of 1,200-1,506 points.Investment strategy: Wait for a technical reversal signal before trading buy.

US Employment May Be Weaker Than Expected

<ul><li>Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,280/1,273 points and the resistance at 1,298/1,305 points.</li><li>The recommended investment strategy is to sell on rallies until a new technical buy signal emerges.</li><li>KTX expects Thailand's inflation to continue recovering, leading to the lowest real rate in Asia and increasing the likelihood of the MPC maintaining interest rates.</li></ul>

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,280/1,273 points and the resistance at 1,298/1,305 points.The recommended investment strategy is to sell on rallies until a new technical buy signal emerges.KTX expects Thailand's inflation to continue recovering, leading to the lowest real rate in Asia and increasing the likelihood of the MPC maintaining interest rates.

<ul><li>Carote is a global kitchenware brand in the online marketplace.</li><li>It has a presence in around 19 countries/ regions (key markets include China, the US, etc.), selling its kitchenware in about 19 online marketplaces (Amazon, Walmart, Tmall, etc.).</li><li>Thanks to the Company’s nearly two decades of industry experience and consumer insights, and its focus on the online channel and the asset-light model (cooperation with contract manufacturers), it generated RMB 1.58bn sales/ RMB 237mn net profit in FY23 and managed to deliver an impressive CAGR of 53%/ 173% during FY21-23.</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.

Carote is a global kitchenware brand in the online marketplace.It has a presence in around 19 countries/ regions (key markets include China, the US, etc.), selling its kitchenware in about 19 online marketplaces (Amazon, Walmart, Tmall, etc.).Thanks to the Company’s nearly two decades of industry experience and consumer insights, and its focus on the online channel and the asset-light model (cooperation with contract manufacturers), it generated RMB 1.58bn sales/ RMB 237mn net profit in FY23 and managed to deliver an impressive CAGR of 53%/ 173% during FY21-23.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.

Carote Ltd (2549 HK) - Global Quality & Affordable Kitchenware Brand

<ul><li>Amazon released (1 Nov HKT) 3Q24 results: revenue was US$158.9bn, up 11% YoY (3Q23: 13%), and was 2%/1% better than our estimates/Bloomberg consensus, while total operating profit was US$17.4bn, up 56% YoY, 18/16% better than our estimates/consensus, driven by an all-round OPM margin beat for all three business segments (North America, International, and AWS).</li><li>Management guided for US$181.5bn-188.5bn revenue for 4Q24E, implying 7- 11% YoY growth, and US$16.0-20.0bn operating profit (consensus: US$17.5bn).</li><li>We believe Amazon’s structural YoY margin expansion trend is on track, aided by the continued improvement in cost to serve, as well as increase in revenue contribution from relatively high-margin ads and AWS businesses. </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.

Amazon released (1 Nov HKT) 3Q24 results: revenue was US$158.9bn, up 11% YoY (3Q23: 13%), and was 2%/1% better than our estimates/Bloomberg consensus, while total operating profit was US$17.4bn, up 56% YoY, 18/16% better than our estimates/consensus, driven by an all-round OPM margin beat for all three business segments (North America, International, and AWS).Management guided for US$181.5bn-188.5bn revenue for 4Q24E, implying 7- 11% YoY growth, and US$16.0-20.0bn operating profit (consensus: US$17.5bn).We believe Amazon’s structural YoY margin expansion trend is on track, aided by the continued improvement in cost to serve, as well as increase in revenue contribution from relatively high-margin ads and AWS businesses. 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.

Amazon (AMZN US) - Structural Margin Improvement Trend Intact

United States

Amazon.com, Inc. is an online retailer that offers a wide range of products. The Company's products include books, music, videotapes, computers, electronics, home and garden, and numerous other products.  Amazon offers personalized shopping services, Web-based credit card payment, and direct shipping to customers.

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Amazon (AMZN US)

Amazon (AMZN US) - 1Q earnings beat; pace of earnings growth to enter a healthy stage

We are looking for 18% YoY growth in OP in 2025E aided by optimization in cost to serve and improvement in scale effect, which we believe could be...

CMB International

US Employment May Be Weaker Than Expected

Technically, the SET Index is expected to weaken, with the support at 1,250/1,235 points and resistance at 1,270/1,275 points. In the medium term,...

Krungthai XSpring

Krungthai XSpring Zoom Eng.

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,280/1,273 points and the resistance at...

Krungthai XSpring

Carote Ltd (2549 HK) - Global Quality & Affordable Kitchenware Brand

It has a presence in around 19 countries/ regions (key markets include China, the US, etc.), selling its kitchenware in about 19 online...

CMB International

Amazon (AMZN US) - Structural Margin Improvement Trend Intact

Amazon released (1 Nov HKT) 3Q24 results: revenue was US$158.9bn, up 11% YoY (3Q23: 13%), and was 2%/1% better than our estimates/Bloomberg consensus

CMB International

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