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>Meta announced better-than-expected 2Q25 results: total revenue was up by 22% YoY to US$47.5bn, 6% ahead of Bloomberg consensus estimate as AI drove solid growth of both ad impressions and pricing; net income grew by 36% YoY to US$18.3bn, beating consensus estimate by 21% thanks to the control in non-core investment.</li><li>Management also guides a strong 3Q25 total revenue of US$47.5-50.5bn (+17%-24% YoY), the mid-point of which is 6% ahead of consensus estimate.</li><li>The company has narrowed FY25 capex guidance from US$64-72bn to US$66-72bn (+68-84% YoY), and currently expects FY26 capex to maintain a similar level of dollar growth (+c.US$30bn YoY), in order to meet the needs of its core &amp; GenAI initiatives.</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.

Meta announced better-than-expected 2Q25 results: total revenue was up by 22% YoY to US$47.5bn, 6% ahead of Bloomberg consensus estimate as AI drove solid growth of both ad impressions and pricing; net income grew by 36% YoY to US$18.3bn, beating consensus estimate by 21% thanks to the control in non-core investment.Management also guides a strong 3Q25 total revenue of US$47.5-50.5bn (+17%-24% YoY), the mid-point of which is 6% ahead of consensus estimate.The company has narrowed FY25 capex guidance from US$64-72bn to US$66-72bn (+68-84% YoY), and currently expects FY26 capex to maintain a similar level of dollar growth (+c.US$30bn YoY), in order to meet the needs of its core &amp; GenAI initiatives.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.

Meta (META US) - 2Q25 Results Beat; AI Drives Core Business Growth

<ul><li>Meta reported 1Q25 results: total revenue grew by 16% YoY to US$42.3bn, largely in line with consensus estimate; operating income grew by 27% YoY to US$17.6bn, 13% ahead of consensus estimate, mainly due to control in certain non-headcount-related opex.</li><li>As a result, management lowered FY25 total expenses guidance by US$1bn to US$113-118bn (+19-24% YoY); but raised FY25 capex guidance to US$64-72bn (+63-84%, previous: US$60-65bn) reflecting additional data centre investment and increased hardware costs.</li><li>For 2Q25E, management expects total revenue to grow by 9-16% YoY to US$42.5- 45.5bn, with decelerating growth which factors in the macro uncertainty and reduced ad spending from Asia-based e-commerce exporters. </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.

Meta reported 1Q25 results: total revenue grew by 16% YoY to US$42.3bn, largely in line with consensus estimate; operating income grew by 27% YoY to US$17.6bn, 13% ahead of consensus estimate, mainly due to control in certain non-headcount-related opex.As a result, management lowered FY25 total expenses guidance by US$1bn to US$113-118bn (+19-24% YoY); but raised FY25 capex guidance to US$64-72bn (+63-84%, previous: US$60-65bn) reflecting additional data centre investment and increased hardware costs.For 2Q25E, management expects total revenue to grow by 9-16% YoY to US$42.5- 45.5bn, with decelerating growth which factors in the macro uncertainty and reduced ad spending from Asia-based e-commerce exporters. 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.

<ul><li>Meta announced 4Q24 results: total revenue was up by 21% YoY to US$48.4bn, 3% ahead of Bloomberg consensus estimate, thanks to the solid ad impression and pricing growth on AI optimization.</li><li>Net income was up by 49% YoY to US$20.8bn, 18% ahead of consensus estimate, mainly reflecting c.US$3bn favourable impact from legal accrual reductions and lower restructuring costs. FY24 total revenue/net income grew by 22%/59% YoY to US$164.5/62.4bn.</li><li>Looking ahead, management guides total revenue to increase by 8-15% YoY to US$39.5-41.8bn in 1Q25E, and expects to step up investments to drive strong revenue growth throughout FY25E. </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.

Meta announced 4Q24 results: total revenue was up by 21% YoY to US$48.4bn, 3% ahead of Bloomberg consensus estimate, thanks to the solid ad impression and pricing growth on AI optimization.Net income was up by 49% YoY to US$20.8bn, 18% ahead of consensus estimate, mainly reflecting c.US$3bn favourable impact from legal accrual reductions and lower restructuring costs. FY24 total revenue/net income grew by 22%/59% YoY to US$164.5/62.4bn.Looking ahead, management guides total revenue to increase by 8-15% YoY to US$39.5-41.8bn in 1Q25E, and expects to step up investments to drive strong revenue growth throughout FY25E. 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.

Meta (META US) - Solid 4Q24 Results; Further Stepping up AI Investments in FY25

Thematic (Sector/Industry)

<ul><li>Looking ahead to 2026, we believe competition in the large language model (LLM) industry will further intensify, while monetization of AI applications in niche segments should see continued momentum.</li><li>We are optimistic about the further monetization potential driven by improved AI agent capabilities, as well as increased paid user penetration and monetization from advanced image editing and video generation LLMs.</li><li>We currently do not anticipate overinvestment risks among cloud service providers, and expect 2026 earnings growth of US-listed leaders to support their valuations. </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.

Looking ahead to 2026, we believe competition in the large language model (LLM) industry will further intensify, while monetization of AI applications in niche segments should see continued momentum.We are optimistic about the further monetization potential driven by improved AI agent capabilities, as well as increased paid user penetration and monetization from advanced image editing and video generation LLMs.We currently do not anticipate overinvestment risks among cloud service providers, and expect 2026 earnings growth of US-listed leaders to support their valuations. 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.

US Internet & Software - 2026 outlook: AI applications to ramp up; eyes on AI investment return

<ul><li>We remain structurally bullish on AI infrastructure investment supported by sustained momentum in compute-intensive investments.</li><li>Major hyperscalers’ capex continue to grow, at 43% YoY for overseas Big Four (MSFT/AMZN/GOOG/META) and 44% YoY for domestic Big Three (Alibaba/Tencent/Baidu) in 2025, per Bloomberg consensus estimates.</li><li>Recent earnings results across the supply chain confirms AI-related spend. TSMC’s (TSMC US, NR) 1H25 revenue was NT$ 1,773bn, up 40% 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.

We remain structurally bullish on AI infrastructure investment supported by sustained momentum in compute-intensive investments.Major hyperscalers’ capex continue to grow, at 43% YoY for overseas Big Four (MSFT/AMZN/GOOG/META) and 44% YoY for domestic Big Three (Alibaba/Tencent/Baidu) in 2025, per Bloomberg consensus estimates.Recent earnings results across the supply chain confirms AI-related spend. TSMC’s (TSMC US, NR) 1H25 revenue was NT$ 1,773bn, up 40% 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.

Semiconductors - Thematic Investing and Megatrends: 1H25 AI Demand Check

United States

Meta Platforms Inc. operates as a social technology company. The Company builds applications and technologies that help people connect, find communities, and grow businesses. meta Platform is also involved in advertisements, augmented and virtual reality.

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Meta (META US)

Meta (META US) - 2Q25 Results Beat; AI Drives Core Business Growth

Management also guides a strong 3Q25 total revenue of US$47.5-50.5bn (+17%-24% YoY), the mid-point of which is 6% ahead of consensus estimate.

CMB International

Meta (META US) - 1Q25 Results Beat

We lower our FY25-27 total revenue forecast by 0-1%, and trim our target price to US$760 based on 30x FY25E PE (previous: US$835 on 32x FY25E PE)....

CMB International

Meta (META US) - Solid 4Q24 Results; Further Stepping up AI Investments in FY25

Meta announced 4Q24 results: total revenue was up by 21% YoY to US$48.4bn, 3% ahead of Bloomberg consensus estimate, thanks to the solid ad...

CMB International

US Internet & Software - 2026 outlook: AI applications to ramp up; eyes on AI investment return

Looking ahead to 2026, we believe competition in the large language model (LLM) industry will further intensify, while monetization of AI...

CMB International

Semiconductors - Thematic Investing and Megatrends: 1H25 AI Demand Check

We remain structurally bullish on AI infrastructure investment supported by sustained momentum in compute-intensive investments.

CMB International

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