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>Nvidia (NVDA US, NR) announced 1QFY26 results. Revenue was US$44.1bn, up 69.2% YoY/12.0% QoQ, 1.8%/2.5% above Bloomberg consensus of US$43.3bn and guidance of US$43bn.</li><li>Non-GAAP GPM came in at 61.0% or 71.3% if excluding US$4.5bn H20-related charges/tax impact (vs. consensus/guidance of 71.0%/71.0%).</li><li>Quarterly revenue increased by US$4.7bn (vs. US$4.2bn in 4Q). </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.

Nvidia (NVDA US, NR) announced 1QFY26 results. Revenue was US$44.1bn, up 69.2% YoY/12.0% QoQ, 1.8%/2.5% above Bloomberg consensus of US$43.3bn and guidance of US$43bn.Non-GAAP GPM came in at 61.0% or 71.3% if excluding US$4.5bn H20-related charges/tax impact (vs. consensus/guidance of 71.0%/71.0%).Quarterly revenue increased by US$4.7bn (vs. US$4.2bn in 4Q). 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 - Nvidia’s 1Q Beat and Solid 2Q Guidance Confirm AI Demand Remains Resilient

<ul><li>Nvidia (NVDA US, NR) announced 3QFY25 results on 21 Nov (HKT).</li><li>Quarterly revenue was US$35.1bn, up 93.6% YoY and 16.8% QoQ (vs. 17.8%/15.3% QoQ in 1Q/2Q).</li><li>Revenue beat guidance (US$32.5bn) by 7.9% and Bloomberg consensus (US$33.3bn) by 5.5%. </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.

Nvidia (NVDA US, NR) announced 3QFY25 results on 21 Nov (HKT).Quarterly revenue was US$35.1bn, up 93.6% YoY and 16.8% QoQ (vs. 17.8%/15.3% QoQ in 1Q/2Q).Revenue beat guidance (US$32.5bn) by 7.9% and Bloomberg consensus (US$33.3bn) by 5.5%. 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 - Nvidia’s 3Q Earnings Takeaway: Strong Demand for Blackwell Well into Next Year

<ul><li>Nvidia (NVDA US, NR) announced 2QFY25 results. Quarterly revenue was US$30.0bn, up 122.4% YoY and 15.3% QoQ (vs. 17.8%/22.0% QoQ in 1QFY25/4QFY24).</li><li>Revenue beat guidance (US$28.0bn) by 7.3% and Bloomberg consensus (US$28.9bn) by 4.1%.</li><li>Non-GAAP GPM was 75.7% in 2QFY25 (down 3.2% QoQ), slightly above guidance (75.5%) and BBG estimates (75.5%). </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.

Nvidia (NVDA US, NR) announced 2QFY25 results. Quarterly revenue was US$30.0bn, up 122.4% YoY and 15.3% QoQ (vs. 17.8%/22.0% QoQ in 1QFY25/4QFY24).Revenue beat guidance (US$28.0bn) by 7.3% and Bloomberg consensus (US$28.9bn) by 4.1%.Non-GAAP GPM was 75.7% in 2QFY25 (down 3.2% QoQ), slightly above guidance (75.5%) and BBG estimates (75.5%). 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 - A Strong Beat-And-Raise Quarter; Eyes on Blackwell Shipment and Margin

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Macroeconomics

<ul><li>IOH becomes the first Indonesian company to deploy Google Agentspace, marking a bold move to democratize AI across its workforce.</li><li>This aligns with Indonesia’s AI roadmap (2020–2045), where early adoption (24.6% in 2018 vs. 14% regional avg) and a projected $366bn GDP boost by 2030 highlight AI’s national priority (consulting firm Kearney and Singapore-based investment firm EDBI, 2020) </li><li>While 74% of companies struggle to scale AI, Indosat addresses key hurdles — legacy systems, high costs, and skill gaps — by making AI tools accessible to all employees, not just specialists. </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.

IOH becomes the first Indonesian company to deploy Google Agentspace, marking a bold move to democratize AI across its workforce.This aligns with Indonesia’s AI roadmap (2020–2045), where early adoption (24.6% in 2018 vs. 14% regional avg) and a projected $366bn GDP boost by 2030 highlight AI’s national priority (consulting firm Kearney and Singapore-based investment firm EDBI, 2020) While 74% of companies struggle to scale AI, Indosat addresses key hurdles — legacy systems, high costs, and skill gaps — by making AI tools accessible to all employees, not just specialists. 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.

Thematic (Sector/Industry)

<ul><li>Nvidia (NVDA US, NR) announced solid 4QFY25 results. Revenue was US$39.3bn, up 78%/12% YoY%/QoQ, above Bloomberg consensus (US$38.2bn) by 3% and company guidance (US$37.5bn) by 5%.</li><li>Quarterly revenue grew another US$4.2bn, similar to previous quarters (~US$4bn in 4Q24/1Q25/2Q25 except for US$5bn in 3Q25).</li><li>Non-GAAP GPM was 73.5% (vs. 76.7%/75.0% in 4Q24/3Q25), slightly above consensus (73.1%) and in-line with guidance. </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.

Nvidia (NVDA US, NR) announced solid 4QFY25 results. Revenue was US$39.3bn, up 78%/12% YoY%/QoQ, above Bloomberg consensus (US$38.2bn) by 3% and company guidance (US$37.5bn) by 5%.Quarterly revenue grew another US$4.2bn, similar to previous quarters (~US$4bn in 4Q24/1Q25/2Q25 except for US$5bn in 3Q25).Non-GAAP GPM was 73.5% (vs. 76.7%/75.0% in 4Q24/3Q25), slightly above consensus (73.1%) and in-line with guidance. 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 - Solid 4QFY25 Results and 1QFY26E Guidance

United States

NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software.  The Company's products provide interactive 3D graphics to the mainstream personal computer market.

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NVIDIA Corp (NVDA US)

Semiconductors - Nvidia’s 1Q Beat and Solid 2Q Guidance Confirm AI Demand Remains Resilient

Nvidia (NVDA US, NR) announced 1QFY26 results. Revenue was US$44.1bn, up 69.2% YoY/12.0% QoQ, 1.8%/2.5% above Bloomberg consensus of US$43.3bn and...

CMB International

Semiconductors - Nvidia’s 3Q Earnings Takeaway: Strong Demand for Blackwell Well into Next Year

Nvidia (NVDA US, NR) announced 3QFY25 results on 21 Nov (HKT). Quarterly revenue was US$35.1bn, up 93.6% YoY and 16.8% QoQ (vs. 17.8%/15.3% QoQ in...

CMB International

Semiconductors - A Strong Beat-And-Raise Quarter; Eyes on Blackwell Shipment and Margin

Nvidia (NVDA US, NR) announced 2QFY25 results. Quarterly revenue was US$30.0bn, up 122.4% YoY and 15.3% QoQ (vs. 17.8%/22.0% QoQ in 1QFY25/4QFY24).

CMB International

BRIDS TMT News - Tuesday, April 15, 2025

IOH becomes the first Indonesian company to deploy Google Agentspace, marking a bold move to democratize AI across its workforce.

BRI Danareksa Research

Semiconductors - Solid 4QFY25 Results and 1QFY26E Guidance

Nvidia (NVDA US, NR) announced solid 4QFY25 results. Revenue was US$39.3bn, up 78%/12% YoY%/QoQ, above Bloomberg consensus (US$38.2bn) by 3%

CMB International

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