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>Pfizer reported robust 4Q25 results, with revenue of US$17.6bn (largely in-line with our estimate of US$18.1bn) and adj. net income of US$3.8bn (outperforming our estimates of US$3.3bn).</li><li>While FY25 revenue reached US$62.6bn (-2% YoY), operational revenues excluding COVID-19 products (Comirnaty and Paxlovid) grew 6% YoY, highlighting the strength of the underlying business.</li><li>FY25 adj. diluted EPS rose 4% YoY to US$3.22, reflecting the successful execution of cost reduction 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.

Pfizer reported robust 4Q25 results, with revenue of US$17.6bn (largely in-line with our estimate of US$18.1bn) and adj. net income of US$3.8bn (outperforming our estimates of US$3.3bn).While FY25 revenue reached US$62.6bn (-2% YoY), operational revenues excluding COVID-19 products (Comirnaty and Paxlovid) grew 6% YoY, highlighting the strength of the underlying business.FY25 adj. diluted EPS rose 4% YoY to US$3.22, reflecting the successful execution of cost reduction 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.

Pfizer Inc. (PFE US) - Obesity Pipeline De-Risking Drives Re-Rating Potential

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

Thematic (Sector/Industry)

<ul><li>In 1H25, US policy uncertainty—i.e., potential drug tariffs, the most-favored-nation (MFN) pricing proposal, and Inflation Reduction Act (IRA) drug price negotiations—weighed on the global pharma/biotech sector.</li><li>In 2H25, however, major pharma companies reached agreements on tariffs and drug prices with the US administration, helping to ease uncertainties and lift sentiment.</li><li>Fed rate cut expectations and a pickup in M&amp;A/licensing deals ahead of drug price cuts and patent expirations have also supported a more favorable market environment. </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.

In 1H25, US policy uncertainty—i.e., potential drug tariffs, the most-favored-nation (MFN) pricing proposal, and Inflation Reduction Act (IRA) drug price negotiations—weighed on the global pharma/biotech sector.In 2H25, however, major pharma companies reached agreements on tariffs and drug prices with the US administration, helping to ease uncertainties and lift sentiment.Fed rate cut expectations and a pickup in M&amp;A/licensing deals ahead of drug price cuts and patent expirations have also supported a more favorable market environment. 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.

[2026 Outlook] Pharma/BiotechIdentifying Leaders Within an Outperforming Sector

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.

<ul><li>Vaccine stocks (NVAX, BNTX, PFE, MRNA, PCVX) had a good week, as the FDA provided new regulatory policy for COVID-19 vaccines.</li><li>While more restrictive and unconventionally delivered in a NEJM op-ed, the publication reduced uncertainty for vaccine makers and gave full support for the measles vaccine by FDA heads.</li><li>Biopharma shrugged off MFN pricing targets, as implementation remained unclear. </li></ul>

Vaccine stocks (NVAX, BNTX, PFE, MRNA, PCVX) had a good week, as the FDA provided new regulatory policy for COVID-19 vaccines.While more restrictive and unconventionally delivered in a NEJM op-ed, the publication reduced uncertainty for vaccine makers and gave full support for the measles vaccine by FDA heads.Biopharma shrugged off MFN pricing targets, as implementation remained unclear. 

Biopharma Week in Review - FDA Provides Some Certainty for Vaccines; ASCO Abstracts Snippets

Cross Asset Strategy

<ul><li>Technically, the SET Index is expected to move sideways up, with the resistance at 1,383/1,391 points (25-day EMA) and the support at 1,366/1,354 points, after it maintained a narrow range for the third consecutive day following a more than 20-point jump last Wednesday.</li><li>Japan: Prime Minister Kishida's address on government policies during the opening of this year's parliamentary session is expected to generate a positive impact on the Japanese equity market.</li><li>Upbeat or downbeat earnings would have an impact on the related stocks and the overall sentiment in US markets.</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,383/1,391 points (25-day EMA) and the support at 1,366/1,354 points, after it maintained a narrow range for the third consecutive day following a more than 20-point jump last Wednesday.Japan: Prime Minister Kishida's address on government policies during the opening of this year's parliamentary session is expected to generate a positive impact on the Japanese equity market.Upbeat or downbeat earnings would have an impact on the related stocks and the overall sentiment in US markets.

Keep a Close Watch on US Earnings and the EU's 4Q23 GDP

<ul><li>Technically, the SET Index is expected to move sideways down, with the support at 1,387/1,380 points and the resistance at 1,406 points (10-day EMA) /1,416 points.</li><li>In the short term, the index is attempting to form a base for possible rebounds (forming a higher high and lower high point), while the technical tools, i.e., the RSI and stochastic, have entered the oversold zone, which could act as a driver.</li><li>However, we suggest that investors gradually sell when the index gains, as there remains a risk that it may fall to test the previous low at 1,366 points again.</li></ul>

Technically, the SET Index is expected to move sideways down, with the support at 1,387/1,380 points and the resistance at 1,406 points (10-day EMA) /1,416 points.In the short term, the index is attempting to form a base for possible rebounds (forming a higher high and lower high point), while the technical tools, i.e., the RSI and stochastic, have entered the oversold zone, which could act as a driver.However, we suggest that investors gradually sell when the index gains, as there remains a risk that it may fall to test the previous low at 1,366 points again.

United States

Pfizer Inc. operates as a pharmaceutical company. The Company offers medicines, vaccines, medical devices, and consumer healthcare products for oncology, inflammation, cardiovascular, and other therapeutic areas. Pfizer serves customers worldwide.

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Pfizer (PFE UN)

Pfizer Inc. (PFE US) - Obesity Pipeline De-Risking Drives Re-Rating Potential

Pfizer reported robust 4Q25 results, with revenue of US$17.6bn (largely in-line with our estimate of US$18.1bn) and adj. net income of US$3.8bn...

CMB International

[2026 Outlook] Pharma/BiotechIdentifying Leaders Within an Outperforming Sector

In 1H25, US policy uncertainty—i.e., potential drug tariffs, the most-favored-nation (MFN) pricing proposal, and Inflation Reduction Act (IRA) drug...

Mirae Asset Securities

Biopharma Week in Review - FDA Provides Some Certainty for Vaccines; ASCO Abstracts Snippets

Vaccine stocks (NVAX, BNTX, PFE, MRNA, PCVX) had a good week, as the FDA provided new regulatory policy for COVID-19 vaccines.

Krungthai XSpring

Keep a Close Watch on US Earnings and the EU's 4Q23 GDP

Technically, the SET Index is expected to move sideways up, with the resistance at 1,383/1,391 points (25-day EMA) and the support at 1,366/1,354...

Krungthai XSpring

Today's Dominant Ideas

Technically, the SET Index is expected to move sideways down, with the support at 1,387/1,380 points and the resistance at 1,406 points (10-day...

Krungthai XSpring

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