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 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><p><em>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.</em></p>

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

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>First quarter revenue of $11.1 billion, up 13% Y/Y and 12% in CC, including $444 million Informatica contribution</li>
<li>Second quarter FY27 revenue guidance of $11.27 billion to $11.35 billion, up 10% - 11% Y/Y and 10% in CC, including slightly above 4pts Informatica contribution</li>
<li>Announced $25 billion accelerated share repurchase ("ASR"), with upfront share delivery of 103 million shares representing approximately 80% of total shares expected to be repurchased, final settlement in Q3 FY27</li>
</ul>


First quarter revenue of $11.1 billion, up 13% Y/Y and 12% in CC, including $444 million Informatica contribution
Second quarter FY27 revenue guidance of $11.27 billion to $11.35 billion, up 10% - 11% Y/Y and 10% in CC, including slightly above 4pts Informatica contribution
Announced $25 billion accelerated share repurchase ("ASR"), with upfront share delivery of 103 million shares representing approximately 80% of total shares expected to be repurchased, final settlement in Q3 FY27


Salesforce Q1 FY2027. Raising Debt For Massive Buybacks: Confidence Or Delusion?

Managing Partner, VRS (Valuation & Research Specialists)

VRS (Valuation & Research Specialists)

Managing Partner

Valuation & Research Specialists (VRS) is a boutique financial advisor with more than 17 years of experience in Corporate Valuation and Finance, and a diversified client base including some of the largest Companies in Greece.

Since 2002, VRS has completed more than 200 engagements in the areas of business valuation and financial analysis for more than 100 clients in a wide range of industries.

VRS has been honored to work with small and large private and publicly traded companies in Europe and overseas.

Boutique Financial Advisor

<ul><li>Salesforce Inc. presents an investment case shaped by its ongoing transition from a high-growth SaaS model toward a more disciplined, profitability-driven framework.</li><li>Following the broader repricing across the technology sector, the company’s valuation has adjusted meaningfully from prior peak levels, with market attention increasingly centered on margin expansion, capital efficiency, and earnings visibility.</li><li>Operationally, recent periods indicate a clear shift toward improved cost structure and enhanced operating leverage.</li></ul>

Salesforce Inc. presents an investment case shaped by its ongoing transition from a high-growth SaaS model toward a more disciplined, profitability-driven framework.Following the broader repricing across the technology sector, the company’s valuation has adjusted meaningfully from prior peak levels, with market attention increasingly centered on margin expansion, capital efficiency, and earnings visibility.Operationally, recent periods indicate a clear shift toward improved cost structure and enhanced operating leverage.

<ul>
<li>On April 15, 2026, Salesforce co-founder Parker Harris posed a question at the company’s annual TDX developer conference "why should you ever log into Salesforce again?"</li>
<li>This question marked the launch of Salesforce Headless 360, arguably the most significant architectural announcement the company has made in its 27-year history</li>
<li>Headless 360 makes Salesforce agnostic as to how work happens, charging for the work being done rather than the seats doing it. It's a bold move. Let's see...</li>
</ul>


On April 15, 2026, Salesforce co-founder Parker Harris posed a question at the company’s annual TDX developer conference "why should you ever log into Salesforce again?"
This question marked the launch of Salesforce Headless 360, arguably the most significant architectural announcement the company has made in its 27-year history
Headless 360 makes Salesforce agnostic as to how work happens, charging for the work being done rather than the seats doing it. It's a bold move. Let's see...


Salesforce Goes Headless. That's A Big Deal.

<ul><li>Salesforce has used M&amp;A as the primary mechanism for widening its platform, deepening customer lock-in and entering adjacent markets ahead of competitors.</li><li>The company generates the vast majority of its revenue from recurring subscription and support contracts.</li><li>For example, in FY26, subscription and support revenue represented approximately 94% of total revenue of $41.5 billion, reflecting a model that is highly recurring and cross-sell driven. </li></ul>

Salesforce has used M&amp;A as the primary mechanism for widening its platform, deepening customer lock-in and entering adjacent markets ahead of competitors.The company generates the vast majority of its revenue from recurring subscription and support contracts.For example, in FY26, subscription and support revenue represented approximately 94% of total revenue of $41.5 billion, reflecting a model that is highly recurring and cross-sell driven. 

Salesforce Inc. (CRM): M&A ACTIVITY & STRATEGY REVIEW - April 2026

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) - 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 Q1 FY2027. Raising Debt For Massive Buybacks: Confidence Or Delusion?

Announced $25 billion ASR, with upfront delivery of 103 million shares representing approximately 80% of total shares expected to be repurchased,...

William Keating

Salesforce Inc. - April 16, 2026

Salesforce Inc. presents an investment case shaped by its ongoing transition from a high-growth SaaS model toward a more disciplined, profitability...

VRS (Valuation & Research Specialists)

Salesforce Goes Headless. That's A Big Deal.

Headless 360 makes Salesforce agnostic as to how work happens, charging for the work being done rather than the seats doing it. It's a bold move....

William Keating

Salesforce Inc. (CRM): M&A ACTIVITY & STRATEGY REVIEW - April 2026

Salesforce has used M&A as the primary mechanism for widening its platform, deepening customer lock-in and entering adjacent markets ahead of...

VRS (Valuation & Research Specialists)

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