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>Datadog (DDOG US) released (7 Aug HKT) 2Q25 results: total revenue was US$826.8mn, up 28% YoY (2Q24: 27%; 1Q25: 25%), 5% better than both our forecast and Bloomberg consensus forecast.</li><li>During the period, non-GAAP net income after tax adjustment was US$163.8mn, up 7% YoY, and was 11/10% better than our forecast/consensus, driven by the beat in revenue, and betterthan-expected operating efficiency gains.</li><li>We lift our 2025-2027E revenue forecasts by 3-4% to account for better-than-expected usage growth and stronger-than-expected ramp-up in revenue generation of AI native customers, and raise non-GAAP net profit forecasts by 6-7% to factor in better-thanexpected operating efficiency gains. </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.

Datadog (DDOG US) released (7 Aug HKT) 2Q25 results: total revenue was US$826.8mn, up 28% YoY (2Q24: 27%; 1Q25: 25%), 5% better than both our forecast and Bloomberg consensus forecast.During the period, non-GAAP net income after tax adjustment was US$163.8mn, up 7% YoY, and was 11/10% better than our forecast/consensus, driven by the beat in revenue, and betterthan-expected operating efficiency gains.We lift our 2025-2027E revenue forecasts by 3-4% to account for better-than-expected usage growth and stronger-than-expected ramp-up in revenue generation of AI native customers, and raise non-GAAP net profit forecasts by 6-7% to factor in better-thanexpected operating efficiency gains. 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.

Datadog (DDOG US) - Solid 2Q Results with Better-Than-Expected Operating Efficiency Gains

<ul><li>Datadog (DDOG US) released (6 May HKT) its 1Q25 results: total revenue was US$761.6mn, up 24.6% YoY (1Q24: 26.9%; 4Q24: 25.1%), 3% better than both our forecast and Bloomberg consensus forecast; non-GAAP net income after tax adjustment was US$167.9mn, up 6.5% YoY, and was 10/8% better than our forecast/consensus, driven by the beat in revenue, and better-than-expected operating efficiency improvement.</li><li>Although the incremental investment may weigh on near-term margin expansion, we remain positive on DDOG’s long-term business development potential, driven by the secular trend of digital transformation and cloud migration.</li><li>We lift 2025-2027E revenue forecast by 1% to account for better-than-expected usage growth, while cut non-GAAP net profit forecast by 1-2% to factor in rising cloud hosting costs which may weigh on GPM.</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.

Datadog (DDOG US) released (6 May HKT) its 1Q25 results: total revenue was US$761.6mn, up 24.6% YoY (1Q24: 26.9%; 4Q24: 25.1%), 3% better than both our forecast and Bloomberg consensus forecast; non-GAAP net income after tax adjustment was US$167.9mn, up 6.5% YoY, and was 10/8% better than our forecast/consensus, driven by the beat in revenue, and better-than-expected operating efficiency improvement.Although the incremental investment may weigh on near-term margin expansion, we remain positive on DDOG’s long-term business development potential, driven by the secular trend of digital transformation and cloud migration.We lift 2025-2027E revenue forecast by 1% to account for better-than-expected usage growth, while cut non-GAAP net profit forecast by 1-2% to factor in rising cloud hosting costs which may weigh on GPM.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.

Datadog (DDOG US) - 1Q Results Beat; Sustained Investment to Drive Business Growth

<ul><li>Datadog (DDOG US) released (13 Feb HKT) its 4Q24 financial results: total revenue was US$737.7mn, up 25% YoY (4Q23: 27%; 3Q24: 26%), 3% better than Bloomberg consensus forecast; non-GAAP net income after tax adjustment was US$177.5mn, up 14% YoY and 10% better than consensus, driven by better-than-expected operating leverage aided by solid revenue growth.</li><li>For 2024, total revenue grew 26% YoY to US$2.68bn, and non-GAAP net income grew 41% YoY to US$653.8mn.</li><li>With strong confidence in future business development, and an intent to invest for long-term growth opportunities, management guided to grow investment in both S&amp;M and R&amp;D in 2025, and guided for high-20s YoY growth in operating expenses (vs revenue growth guidance of 18-19% 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.

Datadog (DDOG US) released (13 Feb HKT) its 4Q24 financial results: total revenue was US$737.7mn, up 25% YoY (4Q23: 27%; 3Q24: 26%), 3% better than Bloomberg consensus forecast; non-GAAP net income after tax adjustment was US$177.5mn, up 14% YoY and 10% better than consensus, driven by better-than-expected operating leverage aided by solid revenue growth.For 2024, total revenue grew 26% YoY to US$2.68bn, and non-GAAP net income grew 41% YoY to US$653.8mn.With strong confidence in future business development, and an intent to invest for long-term growth opportunities, management guided to grow investment in both S&amp;M and R&amp;D in 2025, and guided for high-20s YoY growth in operating expenses (vs revenue growth guidance of 18-19% 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.

Datadog (DDOG US) - Entering an Investment Phase to Drive Growth in Next Stage

<ul><li>Datadog is a modern observability and security tools provider, starting with infrastructure monitoring and expanding to Application Performance Monitor (APM), Log Management, Network Performance Monitoring (NPM), Real User Monitoring (RUM), User Experience (UX), and cloud security on the unified platform.</li><li>Riding on the tide of cloud migration and leveraging its superior full observability capability, Datadog has sustained solid revenue growth and established a strong customer mindset.</li><li>Compared to some of the incumbent industry peers, Datadog’s product is cloud-native and has the fullest technology stack integration, which in our view better suits the modern hybrid multicloud/local environments. </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.

Datadog is a modern observability and security tools provider, starting with infrastructure monitoring and expanding to Application Performance Monitor (APM), Log Management, Network Performance Monitoring (NPM), Real User Monitoring (RUM), User Experience (UX), and cloud security on the unified platform.Riding on the tide of cloud migration and leveraging its superior full observability capability, Datadog has sustained solid revenue growth and established a strong customer mindset.Compared to some of the incumbent industry peers, Datadog’s product is cloud-native and has the fullest technology stack integration, which in our view better suits the modern hybrid multicloud/local environments. 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.

Datadog (DDOG US) - Observability Pioneer with Solid Revenue Growth Trajectory

United States

Datadog, Inc. provides software solutions. The Company offers cloud-based monitoring and analytics platform which integrates and automates infrastructure monitoring, application performance monitoring, and log management for real-time observability of customers. Datadog operates worldwide.

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Datadog (DDOG US)

Datadog (DDOG US) - Solid 2Q Results with Better-Than-Expected Operating Efficiency Gains

Datadog (DDOG US) released (7 Aug HKT) 2Q25 results: total revenue was US$826.8mn, up 28% YoY (2Q24: 27%; 1Q25: 25%), 5% better than both our...

CMB International

Datadog (DDOG US) - 1Q Results Beat; Sustained Investment to Drive Business Growth

Our new TP of US$158.7 (was US$156.4) is based on unchanged 16.6x 2025E EV/sales, inline with its two-year average plus one s.d. Maintain BUY.

CMB International

Datadog (DDOG US) - Entering an Investment Phase to Drive Growth in Next Stage

Our TP is US$156.4 (was US$154.3), based on 16.6x 2025E EV/sales (16.1x prior), inline with its two-year average plus one s.d. BUY

CMB International

Datadog (DDOG US) - Observability Pioneer with Solid Revenue Growth Trajectory

Riding on the tide of cloud migration and leveraging its superior full observability capability, Datadog has sustained solid revenue growth and...

CMB International

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