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 (6 Feb BJT) 4Q25 results: revenue was US$213.4bn, up 14% YoY, or 12% YoY on constant currency basis (4Q24: 11% on constant currency basis), 1% better than both our forecast/Bloomberg consensus estimate.</li><li>During the period, total operating profit was US$25.0bn, up 18% YoY, 2%/1% ahead of our forecast/Bloomberg consensus.</li><li>Excluding three one-off special charges totalling US$2.4bn, operating profit would be 10% ahead of consensus. 4Q25 AWS YoY revenue growth accelerated to 23.6% (3Q25: 20.2%; 4Q24: 18.9%), 2ppts above consensus, driven by eased (yet still existing) supply constraints. </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 (6 Feb BJT) 4Q25 results: revenue was US$213.4bn, up 14% YoY, or 12% YoY on constant currency basis (4Q24: 11% on constant currency basis), 1% better than both our forecast/Bloomberg consensus estimate.During the period, total operating profit was US$25.0bn, up 18% YoY, 2%/1% ahead of our forecast/Bloomberg consensus.Excluding three one-off special charges totalling US$2.4bn, operating profit would be 10% ahead of consensus. 4Q25 AWS YoY revenue growth accelerated to 23.6% (3Q25: 20.2%; 4Q24: 18.9%), 2ppts above consensus, driven by eased (yet still existing) supply constraints. 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) - Growth Story Unchanged with Acceleration in AWS Revenue Growth...

Thematic (Sector/Industry)

<ul><li>The latest 2Q26 results from major overseas cloud service providers (Amazon, Microsoft and Google) highlighted that ROI in AI-related investment showed continued improvement.</li><li>Despite unchanged CapEx guidance, or only modest increases due to higher memory costs and earlier capacity delivery, cloud revenue and OP growth came in materially ahead of expectations and prompted upgrades to group-level earnings outlooks.</li><li>Clear disclosure by mgmt. on cloud investment payback periods and backlog-implied demand, together with a stronger focus on cash flow and investment efficiency, was well received by the market. </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 latest 2Q26 results from major overseas cloud service providers (Amazon, Microsoft and Google) highlighted that ROI in AI-related investment showed continued improvement.Despite unchanged CapEx guidance, or only modest increases due to higher memory costs and earlier capacity delivery, cloud revenue and OP growth came in materially ahead of expectations and prompted upgrades to group-level earnings outlooks.Clear disclosure by mgmt. on cloud investment payback periods and backlog-implied demand, together with a stronger focus on cash flow and investment efficiency, was well received by the market. 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.

Internet - Implications from Earnings Beats by North American Cloud Majors

<ul><li>Amazon announced (31 Oct HKT) 3Q25 results: revenue was US$180.2bn, up 13.4% YoY (3Q24: 11.0%), 2/1% better than our forecast/Bloomberg consensus estimate, and total operating profit was US$17.4bn, flat YoY.</li><li>Excluding the impact of two special charges (US$2.5bn related to a legal settlement with the Federal Trade Commission and US$1.8bn in estimated severance cost related to planned role eliminations), OP would reach US$21.7bn (vs consensus at US$19.8bn), up 25% YoY.</li><li>In 3Q25, YoY revenue growth of AWS accelerated to 20.2% (2Q25: 17.5%; 3Q24: 19.1%), 2ppts ahead of consensus, driven by strong demand and relaxation of supply constraints, and the optimization in cost to serve as well as solid ads revenue growth (24% YoY) continue to drive margin expansion of both North America (NA) and International business (after excluding impact of special charges). </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 (31 Oct HKT) 3Q25 results: revenue was US$180.2bn, up 13.4% YoY (3Q24: 11.0%), 2/1% better than our forecast/Bloomberg consensus estimate, and total operating profit was US$17.4bn, flat YoY.Excluding the impact of two special charges (US$2.5bn related to a legal settlement with the Federal Trade Commission and US$1.8bn in estimated severance cost related to planned role eliminations), OP would reach US$21.7bn (vs consensus at US$19.8bn), up 25% YoY.In 3Q25, YoY revenue growth of AWS accelerated to 20.2% (2Q25: 17.5%; 3Q24: 19.1%), 2ppts ahead of consensus, driven by strong demand and relaxation of supply constraints, and the optimization in cost to serve as well as solid ads revenue growth (24% YoY) continue to drive margin expansion of both North America (NA) and International business (after excluding impact of special charges). 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) - Acceleration in Cloud Revenue Growth Better than Expected

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.

Macroeconomics

<ul><li>We expect the SET Index to advance toward the 1,650 resistance level, supported by foreign fund inflows alongside the strengthening of the Japanese yen and Thai baht.</li><li>The sharp decline in crude oil prices, driven by prospects of renewed US-Iran negotiations, is negative for oil-related energy stocks.</li><li>KTX projects a 3Q26E SET Index target of 1,705, based on the view that Thailand will continue to benefit from foreign direct investment (FDI), particularly in the electronics and data center sectors.</li></ul>

We expect the SET Index to advance toward the 1,650 resistance level, supported by foreign fund inflows alongside the strengthening of the Japanese yen and Thai baht.The sharp decline in crude oil prices, driven by prospects of renewed US-Iran negotiations, is negative for oil-related energy stocks.KTX projects a 3Q26E SET Index target of 1,705, based on the view that Thailand will continue to benefit from foreign direct investment (FDI), particularly in the electronics and data center sectors.

Krungthai XSpring Zoom Eng. August 3, 2026

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

<ul><li>The growth in online retail spending, which has continued to grow materially faster than in-store, remains a key driver of (1) global air freight volume growth, and (2) domestic parcel demand.</li><li>eCommerce continues to be a key driver of the business-to-consumer (B2C) parcel market and represents a significant long-term growth opportunity for courier players.</li><li>We expect eCommerce growth to remain robust, particularly if an economic recovery and improving consumer confidence support a broader uplift in retail spending.</li></ul>

The growth in online retail spending, which has continued to grow materially faster than in-store, remains a key driver of (1) global air freight volume growth, and (2) domestic parcel demand.eCommerce continues to be a key driver of the business-to-consumer (B2C) parcel market and represents a significant long-term growth opportunity for courier players.We expect eCommerce growth to remain robust, particularly if an economic recovery and improving consumer confidence support a broader uplift in retail spending.

Transport Titbits — Checking Out eCommerce

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) - Growth Story Unchanged with Acceleration in AWS Revenue Growth...

Amazon announced (6 Feb BJT) 4Q25 results: revenue was US$213.4bn, up 14% YoY, or 12% YoY on constant currency basis (4Q24: 11% on constant...

CMB International

Internet - Implications from Earnings Beats by North American Cloud Majors

The latest 2Q26 results from major overseas cloud service providers (Amazon, Microsoft and Google) highlighted that ROI in AI-related investment...

CMB International

Amazon (AMZN US) - Acceleration in Cloud Revenue Growth Better than Expected

Amazon announced (31 Oct HKT) 3Q25 results: revenue was US$180.2bn, up 13.4% YoY (3Q24: 11.0%), 2/1% better than our forecast/Bloomberg consensus...

CMB International

Krungthai XSpring Zoom Eng. August 3, 2026

We expect the SET Index to advance toward the 1,650 resistance level, supported by foreign fund inflows alongside the strengthening of the...

Krungthai XSpring

Transport Titbits — Checking Out eCommerce

The growth in online retail spending, which has continued to grow materially faster than in-store, remains a key driver of (1) global air freight...

Forsyth Barr

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Market Cap (USDm)

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