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 reported 2QFY27 results: total revenue increased by 11% YoY to US$11.3bn, and non-GAAP operating income grew by 10% YoY to US$3.87bn, both in line with Visible Alpha (VA) consensus estimates.</li><li>2QFY27 cRPO was up by 14% YoY to US$33.5bn, 1ppt ahead of the company guidance, mainly thanks to the strong bookings and low customer attrition.</li><li>NNAOV growth in 2QFY27 is the strongest in four years, supporting the second-half organic revenue reacceleration and further easing investor concern on “SaaSpocalypse”.</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 reported 2QFY27 results: total revenue increased by 11% YoY to US$11.3bn, and non-GAAP operating income grew by 10% YoY to US$3.87bn, both in line with Visible Alpha (VA) consensus estimates.2QFY27 cRPO was up by 14% YoY to US$33.5bn, 1ppt ahead of the company guidance, mainly thanks to the strong bookings and low customer attrition.NNAOV growth in 2QFY27 is the strongest in four years, supporting the second-half organic revenue reacceleration and further easing investor concern on “SaaSpocalypse”.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) - 2QFY27 Review: Robust Bookings Growth on Strong AI Momentum

<ul><li>Salesforce announced 1QFY27 results: total revenue grew by 13% YoY to US$11.1bn, in line with Bloomberg consensus estimate; non-GAAP operating income increased by 22% YoY to US$3.87bn, 5% ahead of consensus estimate thanks to the enhanced operating efficiency from AI.</li><li>Agentforce and Data 360 maintained strong momentum, with ARR up by over 200% YoY to US$3.4bn in 1QFY27.</li><li>Looking ahead, management guides total revenue to grow by 10-11% YoY to US$11.27-11.35bn in 2QFY27E, and remains upbeat on the reacceleration of organic revenue growth in 2HFY27E. </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 1QFY27 results: total revenue grew by 13% YoY to US$11.1bn, in line with Bloomberg consensus estimate; non-GAAP operating income increased by 22% YoY to US$3.87bn, 5% ahead of consensus estimate thanks to the enhanced operating efficiency from AI.Agentforce and Data 360 maintained strong momentum, with ARR up by over 200% YoY to US$3.4bn in 1QFY27.Looking ahead, management guides total revenue to grow by 10-11% YoY to US$11.27-11.35bn in 2QFY27E, and remains upbeat on the reacceleration of organic revenue growth in 2HFY27E. 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) - 1QFY27 Review: Solid Agentforce Growth; Accelerating Capital Return

<ul><li>Salesforce reported 4QFY26 results: total revenue was up by 12% YoY to US$11.2bn, and non-GAAP operating income grew by 16% YoY to US$3.8bn, both in line with Bloomberg consensus estimates.</li><li>4QFY26 cRPO grew by 13% YoY in constant currency (CC) to US$35.1bn, including 4ppts Informatica contribution, also largely in line with the company guidance.</li><li>Strong momentum of AgentForce and Data 360 was partially offset by the softness in marketing, commerce, and Tableau businesses. </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 reported 4QFY26 results: total revenue was up by 12% YoY to US$11.2bn, and non-GAAP operating income grew by 16% YoY to US$3.8bn, both in line with Bloomberg consensus estimates.4QFY26 cRPO grew by 13% YoY in constant currency (CC) to US$35.1bn, including 4ppts Informatica contribution, also largely in line with the company guidance.Strong momentum of AgentForce and Data 360 was partially offset by the softness in marketing, commerce, and Tableau businesses. 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) -  Strong AgentForce Momentum to Support 2HFY27 Reacceleration

<ul><li>Salesforce announced 3QFY26 results: total revenue grew by 9% YoY to US$10.3bn, in line with Bloomberg consensus estimate; non-GAAP operating income was up by 17% YoY to US$3.6bn, 4% ahead of consensus estimate mainly due to the timing of expenses and bad debt expense adjustment.</li><li>cRPO increased by 11% YoY to US$29.4bn, c.100bps ahead of the guidance, primarily thanks to the strong bookings on the back of solid Agentforce momentum.</li><li>Agentforce and Data 360 ARR reached c.US$1.4bn in 3QFY26, up 114% YoY. For 4QFY26E, management expected total revenue to increase by 11-12% to US$11.13-11.23bn, including c.3ppts contribution from Informatica consolidation; and cRPO to grow by c.15% YoY, including c.4ppts Informatica contribution. </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 3QFY26 results: total revenue grew by 9% YoY to US$10.3bn, in line with Bloomberg consensus estimate; non-GAAP operating income was up by 17% YoY to US$3.6bn, 4% ahead of consensus estimate mainly due to the timing of expenses and bad debt expense adjustment.cRPO increased by 11% YoY to US$29.4bn, c.100bps ahead of the guidance, primarily thanks to the strong bookings on the back of solid Agentforce momentum.Agentforce and Data 360 ARR reached c.US$1.4bn in 3QFY26, up 114% YoY. For 4QFY26E, management expected total revenue to increase by 11-12% to US$11.13-11.23bn, including c.3ppts contribution from Informatica consolidation; and cRPO to grow by c.15% YoY, including c.4ppts Informatica contribution. 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) - Solid 3QFY26 Results; Robust Agentforce and Data 360 Momentum

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

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) - 2QFY27 Review: Robust Bookings Growth on Strong AI Momentum

2QFY27 cRPO was up by 14% YoY to US$33.5bn, 1ppt ahead of the company guidance, mainly thanks to the strong bookings and low customer attrition.

CMB International

Salesforce (CRM US) - 1QFY27 Review: Solid Agentforce Growth; Accelerating Capital Return

Salesforce announced 1QFY27 results: total revenue grew by 13% YoY to US$11.1bn, in line with Bloomberg consensus estimate; non-GAAP operating...

CMB International

Salesforce (CRM US) - Strong AgentForce Momentum to Support 2HFY27 Reacceleration

Salesforce reported 4QFY26 results: total revenue was up by 12% YoY to US$11.2bn, and non-GAAP operating income grew by 16% YoY to US$3.8bn, both...

CMB International

Salesforce (CRM US) - Solid 3QFY26 Results; Robust Agentforce and Data 360 Momentum

Salesforce announced 3QFY26 results: total revenue grew by 9% YoY to US$10.3bn, in line with Bloomberg consensus estimate; non-GAAP operating...

CMB International

US Internet & Software - 2026 outlook: AI applications to ramp up; eyes on AI investment return

Looking ahead to 2026, we believe competition in the large language model (LLM) industry will further intensify, while monetization of AI...

CMB International

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