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>Salesforce announced 1QFY26 results: total revenue grew by 8% YoY to US$9.8bn, and non-GAAP operating income increased by 8% YoY to US$3.2bn, both in line with Bloomberg consensus estimate. </li><li>cRPO was up by 12% YoY to US$29.6bn, 2% ahead of the consensus estimate, thanks to the strong renewal trend and momentum in Data Cloud &amp; AI businesses. </li><li>Management raised FY26 total revenue guidance by US$400mn to US$41.0- 41.3bn (+8-9% YoY), mainly driven by the currency tailwind. </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.

Salesforce announced 1QFY26 results: total revenue grew by 8% YoY to US$9.8bn, and non-GAAP operating income increased by 8% YoY to US$3.2bn, both in line with Bloomberg consensus estimate. cRPO was up by 12% YoY to US$29.6bn, 2% ahead of the consensus estimate, thanks to the strong renewal trend and momentum in Data Cloud &amp; AI businesses. Management raised FY26 total revenue guidance by US$400mn to US$41.0- 41.3bn (+8-9% YoY), mainly driven by the currency tailwind. 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.

Salesforce (CRM US) - 1QFY26 CRPO Growth Beats Expectation

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>Salesforce delivered a strong financial performance for fiscal year 2025, showcasing significant progress in its AI and Data Cloud initiatives.</li><li>The company reported annual revenue of $37.9 billion, reflecting a 9% increase from the prior year, with fourth-quarter revenue reaching $10 billion—its first-ever $10 billion quarter.</li><li>Subscription and support revenue grew by 10% in constant currency, indicating continued demand for its enterprise software solutions.</li></ul>

Salesforce delivered a strong financial performance for fiscal year 2025, showcasing significant progress in its AI and Data Cloud initiatives.The company reported annual revenue of $37.9 billion, reflecting a 9% increase from the prior year, with fourth-quarter revenue reaching $10 billion—its first-ever $10 billion quarter.Subscription and support revenue grew by 10% in constant currency, indicating continued demand for its enterprise software solutions.

Salesforce.Com Inc - Salesforce’s Growth Is Slowing—Can Agentforce Turn Things Around?

<ul><li>Salesforce posted a notable third-quarter performance for fiscal 2025, showcasing both strengths and emerging opportunities, albeit facing certain challenges in its transition to newer markets and technologies.</li><li>Revenue for the quarter reached $9.44 billion, marking an 8% increase year-over-year in both nominal and constant currency terms.</li><li>This growth was primarily propelled by robust performance in core segments like the Sales and Service Clouds, which saw double-digit growth.</li></ul>

Salesforce posted a notable third-quarter performance for fiscal 2025, showcasing both strengths and emerging opportunities, albeit facing certain challenges in its transition to newer markets and technologies.Revenue for the quarter reached $9.44 billion, marking an 8% increase year-over-year in both nominal and constant currency terms.This growth was primarily propelled by robust performance in core segments like the Sales and Service Clouds, which saw double-digit growth.

Salesforce’s Big Moves: What Margin Expansion and Cloud Revenue Growth Mean for Investors! - Major Drivers

<ul><li>Salesforce announced inline 3QFY25 results: total revenue was up by 8% YoY to US$9.44bn, and non-GAAP net income grew by 12% YoY to US$2.32bn, both in line with Bloomberg consensus estimate.</li><li>cRPO was up by 10% YoY on constant currency basis in 3QFY25 and beat previous guidance (+9% YoY), thanks to the early renewal, solid booking performance and strong momentum of Agentforce.</li><li>For 4QFY25E, the company guided total revenue to grow by 7- 9% YoY to US$9.90-10.10bn, in line with consensus estimate of US$10.05bn. </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.

Salesforce announced inline 3QFY25 results: total revenue was up by 8% YoY to US$9.44bn, and non-GAAP net income grew by 12% YoY to US$2.32bn, both in line with Bloomberg consensus estimate.cRPO was up by 10% YoY on constant currency basis in 3QFY25 and beat previous guidance (+9% YoY), thanks to the early renewal, solid booking performance and strong momentum of Agentforce.For 4QFY25E, the company guided total revenue to grow by 7- 9% YoY to US$9.90-10.10bn, in line with consensus estimate of US$10.05bn. 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.

Salesforce (CRM US) - Inline 3QFY25 results; Agentforce as the key catalyst

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/avepoint-inc" target="_blank" data-smartkarma-citation="entities:37131:1" rel="noopener">AvePoint (AVPT US)</a> , a global provider of data security, governance, and resilience, aims to raise around US$300m in its Singapore secondary listing.</li>
<li>As of FY24, AP had over 25,000 customers who rely on its Confidence Platform to prepare, secure, and optimize their critical data across environments.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



AvePoint (AVPT US) , a global provider of data security, governance, and resilience, aims to raise around US$300m in its Singapore secondary listing.
As of FY24, AP had over 25,000 customers who rely on its Confidence Platform to prepare, secure, and optimize their critical data across environments.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


AvePoint SGX Secondary Listing - Strong Growth and Large Client Base but Unclear Metrics

United States

salesforce.com, inc. provides software on demand. The Company supplies a customer relationship management service to businesses worldwide providing a technology platform for customers and developers to build and run business applications. Clients use salesforce.com to manage their customer, sales and operational data.

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Salesforce.Com Inc (CRM US)

Salesforce (CRM US) - 1QFY26 CRPO Growth Beats Expectation

Salesforce announced 1QFY26 results: total revenue grew by 8% YoY to US$9.8bn, and non-GAAP operating income increased by 8% YoY to US$3.2bn, both...

CMB International

Salesforce.Com Inc - Salesforce’s Growth Is Slowing—Can Agentforce Turn Things Around?

Salesforce delivered a strong financial performance for fiscal year 2025, showcasing significant progress in its AI and Data Cloud...

Baptista Research

Salesforce’s Big Moves: What Margin Expansion and Cloud Revenue Growth Mean for Investors! - Major Drivers

Salesforce posted a notable third-quarter performance for fiscal 2025, showcasing both strengths and emerging opportunities, albeit facing certain...

Baptista Research

Salesforce (CRM US) - Inline 3QFY25 results; Agentforce as the key catalyst

e expect Salesforce will continue to benefit from the development of AI applications, and raise our target price to US$410.0 based on 24x FY25E EV...

CMB International

AvePoint SGX Secondary Listing - Strong Growth and Large Client Base but Unclear Metrics

AvePoint (AVPT US) , a global provider of data security, governance, and resilience, aims to raise around US$300m in its Singapore secondary listing.

Sumeet Singh

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