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 reported 1Q26 results: total revenue declined by 31% YoY and 21% QoQ to US$1.41bn amid soft market sentiment, in line with Bloomberg consensus estimate; adjusted EBITDA was down by 67% YoY and 46% QoQ to US$303mn, below the consensus estimate of US$408mn.</li><li>Despite market headwinds, Coinbase continued to gain crypto trading market share and new initiatives (e.g. derivatives and prediction market) also gained solid traction.</li><li>For 2Q26E, management guided for: 1) subscription and services revenue of US$565-645mn (-3%-+11% QoQ), primarily driven by increases in USDC market cap but offset by declines in crypto asset prices; 2) transaction revenue of c.US$215mn QTD (1 Apr-5 May).</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 1Q26 results: total revenue declined by 31% YoY and 21% QoQ to US$1.41bn amid soft market sentiment, in line with Bloomberg consensus estimate; adjusted EBITDA was down by 67% YoY and 46% QoQ to US$303mn, below the consensus estimate of US$408mn.Despite market headwinds, Coinbase continued to gain crypto trading market share and new initiatives (e.g. derivatives and prediction market) also gained solid traction.For 2Q26E, management guided for: 1) subscription and services revenue of US$565-645mn (-3%-+11% QoQ), primarily driven by increases in USDC market cap but offset by declines in crypto asset prices; 2) transaction revenue of c.US$215mn QTD (1 Apr-5 May).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) - 1Q26 Review: Resilient Business Execution Despite Persistent Market Headwinds

<ul><li>Coinbase reported 4Q25 results: total revenue was down by 22% YoY and 5% QoQ to US$1.78bn, largely in line with Bloomberg consensus estimate.</li><li>Adjusted EBITDA declined by 56% YoY and 29% QoQ to US$566mn, below consensus estimate of US$655mn.</li><li>1Q26E guidance is also softer than expectation amid recent crypto market corrections: 1) Subscription and Services revenue of US$550-630mn (down by 10-21% YoY) in 1Q26E, mainly due to lower interest rates and crypto asset prices; and 2) transaction revenue of US$420mn from year start to Feb 10. In view of the soft market sentiment and lower interest rate environment, we trim FY26-27E total revenue forecast by 5- 12%.</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 4Q25 results: total revenue was down by 22% YoY and 5% QoQ to US$1.78bn, largely in line with Bloomberg consensus estimate.Adjusted EBITDA declined by 56% YoY and 29% QoQ to US$566mn, below consensus estimate of US$655mn.1Q26E guidance is also softer than expectation amid recent crypto market corrections: 1) Subscription and Services revenue of US$550-630mn (down by 10-21% YoY) in 1Q26E, mainly due to lower interest rates and crypto asset prices; and 2) transaction revenue of US$420mn from year start to Feb 10. In view of the soft market sentiment and lower interest rate environment, we trim FY26-27E total revenue forecast by 5- 12%.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) - 4Q25 Results: Navigate Short-Term Headwinds Amid Soft Crypto Market Sentiment

<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

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.

Cross Asset Strategy

<ul><li>Technically, the SET Index is expected to move sideways, with the support at 1,378/1,373 points and the resistance at 1,387/1,395 points (50-day and 75-day EMAs), pending clarity on the FOMC meeting (the result will be known tonight).</li><li>KTX anticipates the Fed to reduce the policy interest rate for the first time in 4Q24E and adjust the dot plot to indicate one rate cut (vs. three rate cuts previously).</li><li>KTX views that for China to achieve its 5% growth target this year, the authorities must employ more robust measures than those utilized last year.</li></ul>

Technically, the SET Index is expected to move sideways, with the support at 1,378/1,373 points and the resistance at 1,387/1,395 points (50-day and 75-day EMAs), pending clarity on the FOMC meeting (the result will be known tonight).KTX anticipates the Fed to reduce the policy interest rate for the first time in 4Q24E and adjust the dot plot to indicate one rate cut (vs. three rate cuts previously).KTX views that for China to achieve its 5% growth target this year, the authorities must employ more robust measures than those utilized last year.

Keep a Close Watch on FOMC Meeting and China's Policy Interest Rates

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) - 1Q26 Review: Resilient Business Execution Despite Persistent Market Headwinds

Coinbase reported 1Q26 results: total revenue declined by 31% YoY and 21% QoQ to US$1.41bn amid soft market sentiment, in line with Bloomberg...

CMB International

Coinbase (COIN US) - 4Q25 Results: Navigate Short-Term Headwinds Amid Soft Crypto Market Sentiment

Coinbase reported 4Q25 results: total revenue was down by 22% YoY and 5% QoQ to US$1.78bn, largely in line with Bloomberg consensus estimate.

CMB International

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

Keep a Close Watch on FOMC Meeting and China's Policy Interest Rates

Technically, the SET Index is expected to move sideways, with the support at 1,378/1,373 points and the resistance at 1,387/1,395 points (50-day...

Krungthai XSpring

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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