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>Coinbase announced 3Q25 results: net revenue grew by 59% YoY and 26% QoQ to US$1.79bn, 3% ahead of consensus estimate.</li><li>During the period, adjusted EBITDA was US$801mn, up from US$512mn/449mn in 2Q25/3Q24 and beating consensus estimate of US$704mn, mainly thanks to the outperformance of topline.</li><li>Looking into 4Q25, management guided 1) Subscription and Services revenue of US$710-790mn (-5%-+6% QoQ) in 4Q25, mainly driven by the growth in USDC mkt cap, but partially offset by the decline in interest rate; 2) transaction revenue of US$385mn in October, maintaining a solid trend. </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.

Coinbase announced 3Q25 results: net revenue grew by 59% YoY and 26% QoQ to US$1.79bn, 3% ahead of consensus estimate.During the period, adjusted EBITDA was US$801mn, up from US$512mn/449mn in 2Q25/3Q24 and beating consensus estimate of US$704mn, mainly thanks to the outperformance of topline.Looking into 4Q25, management guided 1) Subscription and Services revenue of US$710-790mn (-5%-+6% QoQ) in 4Q25, mainly driven by the growth in USDC mkt cap, but partially offset by the decline in interest rate; 2) transaction revenue of US$385mn in October, maintaining a solid trend. 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.

Coinbase (COIN US) - 3Q25 Results Beat on Solid Transaction Business

<ul><li>Coinbase reported 2Q25 results: total net revenue declined by 28% QoQ to US$1.42bn, below Bloomberg consensus estimate of US$1.52bn, primarily due to low volatility and price headwinds of non-Bitcoin crypto assets; adjusted EBITDA was down by 45% QoQ to US$512mn, versus consensus estimate of US$601mn.</li><li>Nonetheless, crypto market sentiment has started to recover since July.</li><li>Management anticipated July transaction revenue of c.US$360mn, and guided 3Q25 subscription &amp; services revenue of US$665-745mn (+1-14% QoQ), mainly driven by higher average crypto prices and stablecoin 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.

Coinbase reported 2Q25 results: total net revenue declined by 28% QoQ to US$1.42bn, below Bloomberg consensus estimate of US$1.52bn, primarily due to low volatility and price headwinds of non-Bitcoin crypto assets; adjusted EBITDA was down by 45% QoQ to US$512mn, versus consensus estimate of US$601mn.Nonetheless, crypto market sentiment has started to recover since July.Management anticipated July transaction revenue of c.US$360mn, and guided 3Q25 subscription &amp; services revenue of US$665-745mn (+1-14% QoQ), mainly driven by higher average crypto prices and stablecoin 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.

Coinbase (COIN US) - Soft Crypto Market Sentiment Impacted 2Q25 Results...

<ul><li>The recent regulatory development and Circle IPO have boosted investor sentiment on stablecoin business outlook and valuation.</li><li>Coinbase has also taken initiatives since June, such as introducing Coinbase Payments and reportedly seeking SEC approval for tokenized equities, which we expect to further accelerate USDC adoption.</li><li>Looking ahead, we expect ample opportunities and vast TAM for the stablecoin business (15% of Coinbase total revenue in 1Q25), including crypto assets, cross-border payment, consumer payment, and the tokenization of traditional assets. </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 recent regulatory development and Circle IPO have boosted investor sentiment on stablecoin business outlook and valuation.Coinbase has also taken initiatives since June, such as introducing Coinbase Payments and reportedly seeking SEC approval for tokenized equities, which we expect to further accelerate USDC adoption.Looking ahead, we expect ample opportunities and vast TAM for the stablecoin business (15% of Coinbase total revenue in 1Q25), including crypto assets, cross-border payment, consumer payment, and the tokenization of traditional assets. 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.

Coinbase (COIN US) - Favourable Regulatory Environment and Improving Utility Fuel Stablecoin Outlook

<ul><li>Coinbase is a leading provider of end-to-end financial infrastructure and technology for the crypto economy, with average monthly transacting users of 7mn in 2023.</li><li>As of 30 Sep 2024, the company operated business in over 100 countries, with total safeguarded asset of US$273bn and 3Q24 quarterly trading volume of US$185bn.</li><li>Coinbase, currently as the first and only listed crypto exchange, has a high level of compliance and emphasizes asset security. </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.

Coinbase is a leading provider of end-to-end financial infrastructure and technology for the crypto economy, with average monthly transacting users of 7mn in 2023.As of 30 Sep 2024, the company operated business in over 100 countries, with total safeguarded asset of US$273bn and 3Q24 quarterly trading volume of US$185bn.Coinbase, currently as the first and only listed crypto exchange, has a high level of compliance and emphasizes asset security. 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.

Coinbase (COIN US) - Leading Financial Infrastructure for the Crypto Economy; Initiate at BUY

Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Thematic (Sector/Industry)

ABCDE Sector Weekly provides market-moving insights and news for the rapidly transforming digital asset sector with a primary emphasis on their impact on related equities.  More importantly, we keep equity investors informed on how they can invest on the right side of change.

ABCDE Sector Weekly provides market-moving insights and news for the rapidly transforming digital asset sector with a primary emphasis on their impact on related equities.  More importantly, we keep equity investors informed on how they can invest on the right side of change.   

CTS Global Digital Asset and Blockchain Equities Weekly (1/9)

United States

Coinbase Global, Inc. provides financial solutions. The Company offers platform to buy and sell cryptocurrencies. Coinbase Global serves clients worldwide.

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Coinbase Global (COIN US)

Coinbase (COIN US) - 3Q25 Results Beat on Solid Transaction Business

During the period, adjusted EBITDA was US$801mn, up from US$512mn/449mn in 2Q25/3Q24 and beating consensus estimate of US$704mn

CMB International

Coinbase (COIN US) - Soft Crypto Market Sentiment Impacted 2Q25 Results...

Management anticipated July transaction revenue of c.US$360mn, and guided 3Q25 subscription & services revenue of US$665-745mn (+1-14% QoQ)...

CMB International

Coinbase (COIN US) - Favourable Regulatory Environment and Improving Utility Fuel Stablecoin Outlook

We revise up our valuation multiple for the stablecoin business and our SOTP-derived target price to US$413.0. Maintain BUY.

CMB International

Coinbase (COIN US) - Leading Financial Infrastructure for the Crypto Economy; Initiate at BUY

Coinbase is a leading provider of end-to-end financial infrastructure and technology for the crypto economy, with average monthly transacting users...

CMB International

CTS Global Digital Asset and Blockchain Equities Weekly (1/9)

ABCDE Sector Weekly provides market-moving insights and news: Riot 2Q21; PBoC crypto; Binance US IPO; Upbit; USDC; Cardano upgrade Alonzo; Square DEX

Quam Securities

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