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.

Thematic (Sector/Industry)

<ul><li>The anticipation that the US’s tightening cycle is over has sent the US tech sector share performance to new highs.</li><li>US software and cloud computing sectors have recorded rapid growth over the past 20 years, driven by enterprise digitization demand.</li><li>The software sector contributes about 38% of US tech sector market cap in 2023. </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.

The anticipation that the US’s tightening cycle is over has sent the US tech sector share performance to new highs.US software and cloud computing sectors have recorded rapid growth over the past 20 years, driven by enterprise digitization demand.The software sector contributes about 38% of US tech sector market cap in 2023. 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 Software Sector – Best Proxy to Benign Interest-Rate Environment

Equity Bottom-Up

<ul><li>Salesforce reported 2QFY26 results: total revenue was up by 10% YoY to US$10.2bn, and non-GAAP net income grew by 12%% YoY to US$2.8bn, both largely in line with Bloomberg consensus estimate.</li><li>cRPO grew by 11% YoY to US$29.4bn, c.100bps ahead of the guidance, mainly thanks to strong sales execution in both small and mid-market segments.</li><li>Management guided 3QFY26 total revenue to increase by 8-9% to US$10.24-10.29bn, in line with consensus (US$10.29bn); and also raise FY26 OCF growth guidance to c.12%- 13% YoY (previous: +10-11% YoY) driven by cash tax savings. </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 2QFY26 results: total revenue was up by 10% YoY to US$10.2bn, and non-GAAP net income grew by 12%% YoY to US$2.8bn, both largely in line with Bloomberg consensus estimate.cRPO grew by 11% YoY to US$29.4bn, c.100bps ahead of the guidance, mainly thanks to strong sales execution in both small and mid-market segments.Management guided 3QFY26 total revenue to increase by 8-9% to US$10.24-10.29bn, in line with consensus (US$10.29bn); and also raise FY26 OCF growth guidance to c.12%- 13% YoY (previous: +10-11% YoY) driven by cash tax savings. 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 2QFY26 Results; Intact Long-Term Outlook for AI and Data Cloud

<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

<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

<ul><li>Salesforce reported 2QFY25 financial results: total revenue grew by 8% YoY to US$9.33bn, in line with consensus estimate; non-GAAP operating income was up by 16% YoY to US$3.14bn, 6% ahead of consensus estimate thanks to the disciplined expense control.</li><li>cRPO growth reaccelerated to +11% YoY on a constant currency basis in 2QFY25 (1QFY25: +10% YoY), primarily attributable to solid performance of multi-cloud large deals and early renewals.</li><li>Looking ahead, management expects the measured buying environment to sustain, and guide total revenue to grow by 7% YoY to US$9.31-9.36bn in 3QFY25E. </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 2QFY25 financial results: total revenue grew by 8% YoY to US$9.33bn, in line with consensus estimate; non-GAAP operating income was up by 16% YoY to US$3.14bn, 6% ahead of consensus estimate thanks to the disciplined expense control.cRPO growth reaccelerated to +11% YoY on a constant currency basis in 2QFY25 (1QFY25: +10% YoY), primarily attributable to solid performance of multi-cloud large deals and early renewals.Looking ahead, management expects the measured buying environment to sustain, and guide total revenue to grow by 7% YoY to US$9.31-9.36bn in 3QFY25E. 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) - CRPO Growth Reaccelerates; Eyes on New AI Product Launch

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)

US Software Sector – Best Proxy to Benign Interest-Rate Environment

US software and cloud computing sectors have recorded rapid growth over the past 20 years, driven by enterprise digitization demand.

CMB International

Salesforce (CRM US) - Inline 2QFY26 Results; Intact Long-Term Outlook for AI and Data Cloud

cRPO grew by 11% YoY to US$29.4bn, c.100bps ahead of the guidance, mainly thanks to strong sales execution in both small and mid-market segments.

CMB International

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 (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

Salesforce (CRM US) - CRPO Growth Reaccelerates; Eyes on New AI Product Launch

Salesforce reported 2QFY25 financial results: total revenue grew by 8% YoY to US$9.33bn, in line with consensus estimate; non-GAAP operating income...

CMB International

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