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>Microsoft reported upbeat 4QFY26 (June year-end) results on 30 June BJT. </li><li>Revenue rose 18% YoY to US$90.0bn (3QFY26: +18% YoY), 3% above both our forecast and Visible Alpha (VA) consensus, driven by better-than-expected revenue across all three business segments.</li><li> OP grew 18% YoY to US$40.6bn, 4% ahead of our forecast and consensus, supported by beats in the Productivity and Business Processes (PBP) and Intelligent Cloud (IC) segments.</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.

Microsoft reported upbeat 4QFY26 (June year-end) results on 30 June BJT. Revenue rose 18% YoY to US$90.0bn (3QFY26: +18% YoY), 3% above both our forecast and Visible Alpha (VA) consensus, driven by better-than-expected revenue across all three business segments. OP grew 18% YoY to US$40.6bn, 4% ahead of our forecast and consensus, supported by beats in the Productivity and Business Processes (PBP) and Intelligent Cloud (IC) segments.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.

Microsoft (MSFT US) - Tangible ROI Increasingly Evident

<ul><li>Microsoft reported (29 Jan HKT) 2QFY26 (June year-end) results: revenue was US$81.3bn, up 16.7% YoY (1QFY26: +18.4% YoY), 1.5%/1.2% better than both our forecast/Bloomberg consensus estimates, driven by better-than-expected revenue generation in Productivity and Business Processes (PBP) and Intelligent Cloud (IC) segment.</li><li>Operating income was up 20.9% YoY to US$38.3bn, 3.8%/4.8% ahead of our forecast/consensus, also driven by the beat in PBP and IC segments.</li><li>Azure and other cloud services revenue growth of 38% on a constant currency basis was inline with consensus, while the capex including financial leases of US$37.5bn was 3% higher. </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.

Microsoft reported (29 Jan HKT) 2QFY26 (June year-end) results: revenue was US$81.3bn, up 16.7% YoY (1QFY26: +18.4% YoY), 1.5%/1.2% better than both our forecast/Bloomberg consensus estimates, driven by better-than-expected revenue generation in Productivity and Business Processes (PBP) and Intelligent Cloud (IC) segment.Operating income was up 20.9% YoY to US$38.3bn, 3.8%/4.8% ahead of our forecast/consensus, also driven by the beat in PBP and IC segments.Azure and other cloud services revenue growth of 38% on a constant currency basis was inline with consensus, while the capex including financial leases of US$37.5bn was 3% higher. 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.

Microsoft (MSFT US) - Results Beat; Long-Term Structural Growth Story Remains Unchanged

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>Microsoft reported (30 Oct HKT) 1QFY26 (June year-end) results: revenue was US$77.7bn, up 18.4% YoY (4QFY25: +18.1% YoY), 3% better than both our forecast/Bloomberg consensus estimates, driven by an all-round beat in all three business segments.</li><li>Net profit was up 12.5% YoY to US$27.7bn, 2%/1% better than our forecast and consensus.</li><li>Excluding the earnings impact from investment in OpenAI, EPS would grow 23% 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.

Microsoft reported (30 Oct HKT) 1QFY26 (June year-end) results: revenue was US$77.7bn, up 18.4% YoY (4QFY25: +18.1% YoY), 3% better than both our forecast/Bloomberg consensus estimates, driven by an all-round beat in all three business segments.Net profit was up 12.5% YoY to US$27.7bn, 2%/1% better than our forecast and consensus.Excluding the earnings impact from investment in OpenAI, EPS would grow 23% 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.

Microsoft (MSFT US) - Robust Cloud Revenue Growth with Enhanced Monetization...

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 believe the recent rally in US equities, particularly Al-related stocks, has masked signs of tightening global liquidity.</li><li>Against this backdrop, we expect a significant rotation of global capital toward Asia, which we believe is better positioned to convert Al-related CAPEX into sustained earnings growth.</li><li>Together with Thai corporate earnings that appear to have bottomed out and continued foreign fund inflows, these factors should support a valuation re-rating of the Thai equity market, underpinning our 12-month forward SET Index target of 1,705, which we expect could be achieved in 3Q26.</li></ul>

We believe the recent rally in US equities, particularly Al-related stocks, has masked signs of tightening global liquidity.Against this backdrop, we expect a significant rotation of global capital toward Asia, which we believe is better positioned to convert Al-related CAPEX into sustained earnings growth.Together with Thai corporate earnings that appear to have bottomed out and continued foreign fund inflows, these factors should support a valuation re-rating of the Thai equity market, underpinning our 12-month forward SET Index target of 1,705, which we expect could be achieved in 3Q26.

KTX Investment Outlook 3Q26: The Broken Backbone of Global Liquidity

United States

Microsoft Corporation operates as a software company. The Company offers applications, extra cloud storage, and advanced security solutions. Microsoft serves customers worldwide.

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Microsoft Corp (MSFT US)

Microsoft (MSFT US) - Tangible ROI Increasingly Evident

Revenue rose 18% YoY to US$90.0bn (3QFY26: +18% YoY), 3% above both our forecast and Visible Alpha (VA) consensus, driven by better-than-expected...

CMB International

Microsoft (MSFT US) - Results Beat; Long-Term Structural Growth Story Remains Unchanged

Microsoft reported (29 Jan HKT) 2QFY26 (June year-end) results: revenue was US$81.3bn, up 16.7% YoY (1QFY26: +18.4% YoY), 1.5%/1.2% better than...

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

Microsoft (MSFT US) - Robust Cloud Revenue Growth with Enhanced Monetization...

Microsoft reported (30 Oct HKT) 1QFY26 (June year-end) results: revenue was US$77.7bn, up 18.4% YoY (4QFY25: +18.1% YoY), 3% better than both our...

CMB International

KTX Investment Outlook 3Q26: The Broken Backbone of Global Liquidity

We believe the recent rally in US equities, particularly Al-related stocks, has masked signs of tightening global liquidity. Against this...

Krungthai XSpring

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