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 1QFY26 (Jul year-end) results: revenue was up 15.7% YoY to US$2.5bn, 0.5% ahead of Bloomberg consensus, and non-GAAP net income reached US$662mn, up 21.5% YoY and 4% better than consensus.</li><li>Post results, we lift FY26-28E revenue/non-GAAP net profit by 0- 1%/2% each to factor in better-than-expected product revenue growth and operating efficiency improvement.</li><li>For FY26E, we are anticipating 14/18% growth in revenue/non-GAAP NP (was 14/15%), and an unchanged FCF margin at 38.4%. </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 1QFY26 (Jul year-end) results: revenue was up 15.7% YoY to US$2.5bn, 0.5% ahead of Bloomberg consensus, and non-GAAP net income reached US$662mn, up 21.5% YoY and 4% better than consensus.Post results, we lift FY26-28E revenue/non-GAAP net profit by 0- 1%/2% each to factor in better-than-expected product revenue growth and operating efficiency improvement.For FY26E, we are anticipating 14/18% growth in revenue/non-GAAP NP (was 14/15%), and an unchanged FCF margin at 38.4%. 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) - Results Beat; Announced Acquisition of Chronosphere...

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>Palo Alto Networks (PANW) announced 4QFY25 (Jul year-end) results: total revenue was up 15.8% YoY to US$2.5bn, 1.4% ahead of Bloomberg consensus, and non-GAAP net income reached US$673mn, up 28.9% YoY and 8% better than consensus.</li><li>For FY25, total revenue grew 14.9% YoY and non-GAAP net income rose 20.3% YoY.</li><li>AI-related ARR reached c.US$545mn in 4QFY25 and was up 2.5 times 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.

Palo Alto Networks (PANW) announced 4QFY25 (Jul year-end) results: total revenue was up 15.8% YoY to US$2.5bn, 1.4% ahead of Bloomberg consensus, and non-GAAP net income reached US$673mn, up 28.9% YoY and 8% better than consensus.For FY25, total revenue grew 14.9% YoY and non-GAAP net income rose 20.3% YoY.AI-related ARR reached c.US$545mn in 4QFY25 and was up 2.5 times 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.

PANW US - Solid Rev Growth and Profitability Expansion Likely to Sustain in FY26

<ul><li>Palo Alto Networks (PANW) announced 3QFY25 (Jul year-end) results: total revenue was up 15.3% YoY to US$2.3bn, 1% ahead of Bloomberg consensus, and non-GAAP net income reached US$560.9mn, up 23% YoY and 3% better than consensus, driven by more optimized-than-expected sales and marketing and R&amp;D spend on enhanced scale effect.</li><li>AI-related ARR reached c.US$400mn in 3QFY25 and accounted for c. 8% of total ARR.</li><li>We remain positive that PANW is one of the key beneficiaries in the Gen-AI era as demand for security should grow sharply with an increasing scale in AI-related deployment. </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 3QFY25 (Jul year-end) results: total revenue was up 15.3% YoY to US$2.3bn, 1% ahead of Bloomberg consensus, and non-GAAP net income reached US$560.9mn, up 23% YoY and 3% better than consensus, driven by more optimized-than-expected sales and marketing and R&amp;D spend on enhanced scale effect.AI-related ARR reached c.US$400mn in 3QFY25 and accounted for c. 8% of total ARR.We remain positive that PANW is one of the key beneficiaries in the Gen-AI era as demand for security should grow sharply with an increasing scale in AI-related deployment. 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) - AI-Related ARR Continues Ramping Up

<ul><li>Palo Alto Networks (PANW) announced 1QFY25 (Jul year-end) results: total revenue was up 13.9% YoY to US$2.1bn, 1% ahead of Bloomberg consensus, and non-GAAP net income reached US$544.9mn, up 17% YoY, 6% better than consensus, driven by more optimized-than-expected sales and marketing and G&amp;A spend aided by operating efficiency improvement.</li><li>The accelerated Platformization strategy is delivering early-stage results, in our view, and should help drive its long-term market share gains.</li><li>Our FY25E revenue/non-GAAP net profit are lifted by 0.3%/2.2% to factor in better-than-expected results. </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 1QFY25 (Jul year-end) results: total revenue was up 13.9% YoY to US$2.1bn, 1% ahead of Bloomberg consensus, and non-GAAP net income reached US$544.9mn, up 17% YoY, 6% better than consensus, driven by more optimized-than-expected sales and marketing and G&amp;A spend aided by operating efficiency improvement.The accelerated Platformization strategy is delivering early-stage results, in our view, and should help drive its long-term market share gains.Our FY25E revenue/non-GAAP net profit are lifted by 0.3%/2.2% to factor in better-than-expected results. 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) - Platformization Strategy Resonating Well with Customers

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)