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>Palo Alto Networks (PANW) announced 4QFY24 (Jul year-end) results: total revenue was up 12.1% YoY to US$2.2bn, 1% ahead of Bloomberg consensus, and non-GAAP net income reached US$522.2mn, up 8.2% YoY, 7% better than consensus.</li><li>For FY24, total revenue grew 16.5% YoY to US$8.0bn (FY23: +25.3% YoY), non-GAAP net income grew 35% YoY to US$1.9bn, and nonGAAP FCF reached USD3.1bn, translating into a 38.9% FCF margin (FY23: 38.8%).</li><li>PANW has delivered upbeat 4Q results compared to its previous guidance, which in our view demonstrated PANW’s competitive product portfolio and management’s strong execution capability. </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.

Palo Alto Networks (PANW) announced 4QFY24 (Jul year-end) results: total revenue was up 12.1% YoY to US$2.2bn, 1% ahead of Bloomberg consensus, and non-GAAP net income reached US$522.2mn, up 8.2% YoY, 7% better than consensus.For FY24, total revenue grew 16.5% YoY to US$8.0bn (FY23: +25.3% YoY), non-GAAP net income grew 35% YoY to US$1.9bn, and nonGAAP FCF reached USD3.1bn, translating into a 38.9% FCF margin (FY23: 38.8%).PANW has delivered upbeat 4Q results compared to its previous guidance, which in our view demonstrated PANW’s competitive product portfolio and management’s strong execution capability. 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.

Palo Alto Networks (PANW US) - 21 August 2024

<ul><li>Palo Alto Networks (PANW) is a global cybersecurity provider which helps secure enterprise users, networks, clouds and endpoints.</li><li>It operates business in three key areas, including network security, cloud security, and Security Operation Center (SOC), and its leadership has been recognized in 23 product categories by Gartner, Frost &amp; Sullivan, and GigaOm as of 3QFY24 (July yearend).</li><li>In our view, PANW is well positioned to benefit from the ever-growing demand for cybersecurity, and its broad and continuously enhanced product portfolio is on track to help reduce customers' total cost of ownership (TCO) by improving operational efficiency and eliminating the need for siloed point products. On a FY23-26E revenue CAGR of 16%, we are forecasting a nonGAAP net profit CAGR of 23%. </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.

Palo Alto Networks (PANW) is a global cybersecurity provider which helps secure enterprise users, networks, clouds and endpoints.It operates business in three key areas, including network security, cloud security, and Security Operation Center (SOC), and its leadership has been recognized in 23 product categories by Gartner, Frost &amp; Sullivan, and GigaOm as of 3QFY24 (July yearend).In our view, PANW is well positioned to benefit from the ever-growing demand for cybersecurity, and its broad and continuously enhanced product portfolio is on track to help reduce customers' total cost of ownership (TCO) by improving operational efficiency and eliminating the need for siloed point products. On a FY23-26E revenue CAGR of 16%, we are forecasting a nonGAAP net profit CAGR of 23%. 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.

Palo Alto Networks (PANW US) - Cybersecurity Giant Poised for New Round of Growth

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Palo Alto Networks, a cybersecurity company, has reported a strong fiscal third quarter 2024.</li><li>The company continues to observe robust cyberattack activities, with an increasing focus on software supply chain and hardware vulnerabilities.</li><li>Notably, the adoption and experimentation of artificial intelligence (AI) by their customers have introduced a new set of threats, leading to the development of security products designed specifically to secure AI usage.</li></ul>

Palo Alto Networks, a cybersecurity company, has reported a strong fiscal third quarter 2024.The company continues to observe robust cyberattack activities, with an increasing focus on software supply chain and hardware vulnerabilities.Notably, the adoption and experimentation of artificial intelligence (AI) by their customers have introduced a new set of threats, leading to the development of security products designed specifically to secure AI usage.

Palo Alto Networks: Will Its Investments In AI Capabilities Provide A Much Needed Competitive Edge? - Major Drivers

<ul><li>Palo Alto Networks' Q2 2024 earnings highlight indicate the company's continued success in executing its profitable growth strategy.</li><li>The cybersecurity giant achieved significant top-line growth with revenues surging by 19% YoY, the RPO growing by 22%, and billings increasing by 16% YoY. Impressive, non-GAAP operating margins of 28.6% expanded roughly 600 basis points YoY, generating $2.9 billion in adjusted free cash flow on a trailing 12-month basis.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Palo Alto Networks' Q2 2024 earnings highlight indicate the company's continued success in executing its profitable growth strategy.The cybersecurity giant achieved significant top-line growth with revenues surging by 19% YoY, the RPO growing by 22%, and billings increasing by 16% YoY. Impressive, non-GAAP operating margins of 28.6% expanded roughly 600 basis points YoY, generating $2.9 billion in adjusted free cash flow on a trailing 12-month basis.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Palo Alto Networks: Is The Increased Demand For Cybersecurity Platforms Expected To Last? - Major Drivers

<ul><li>Palo Alto Networks, Inc. managed to exceed the revenue expectations as well as the earnings expectations of Wall Street.</li><li>Notably, subscription revenue surged by 29% to $988 million, and support revenue reached $549 million, growing by 17%.</li><li>In Network Security, the company continued driving innovation toward Zero Trust architecture, unifying management through PAN-OS 11.1 and Strata Cloud Manager.</li></ul>

Palo Alto Networks, Inc. managed to exceed the revenue expectations as well as the earnings expectations of Wall Street.Notably, subscription revenue surged by 29% to $988 million, and support revenue reached $549 million, growing by 17%.In Network Security, the company continued driving innovation toward Zero Trust architecture, unifying management through PAN-OS 11.1 and Strata Cloud Manager.

Palo Alto Networks Inc.: Can The Acquisition Of Dig Security Be A Game Changer? - Major Drivers

United States

Palo Alto Networks, Inc. provides network security solutions. The Company offers firewalls that identify and control applications, scan content to stop threats, prevent data leakage, integrated application, user, and content visibility. Palo Alto Networks serves customers worldwide.

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Palo Alto Networks (PANW US)