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 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

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>It has been a busy stretch for Salesforce.</li><li>Fresh off a strong fiscal third quarter, the company is leaning hard into its Agentforce vision while sharpening its data foundation through Informatica.</li><li>Revenue hit $10.26 billion in Q3, operating margins expanded, and Agentforce ARR surged more than 300% year over year.</li></ul>

It has been a busy stretch for Salesforce.Fresh off a strong fiscal third quarter, the company is leaning hard into its Agentforce vision while sharpening its data foundation through Informatica.Revenue hit $10.26 billion in Q3, operating margins expanded, and Agentforce ARR surged more than 300% year over year.

Salesforce.Com Inc - Salesforce Just Expanded Agentforce — But Control Is The Story!

<ul><li>Salesforce, the global leader in AI-powered customer relationship management (CRM), has made headlines once again with its definitive agreement to acquire Qualified, a specialist in agentic AI marketing solutions.</li><li>This move aligns with Salesforce’s growing ambitions in agent-based enterprise solutions, particularly through its Agentforce suite.</li><li>Qualified’s flagship product uses agentic AI to autonomously engage inbound website visitors, qualify leads, and schedule meetings—an ideal fit for Salesforce’s vision of “agentifying” the modern revenue organization.</li></ul>

Salesforce, the global leader in AI-powered customer relationship management (CRM), has made headlines once again with its definitive agreement to acquire Qualified, a specialist in agentic AI marketing solutions.This move aligns with Salesforce’s growing ambitions in agent-based enterprise solutions, particularly through its Agentforce suite.Qualified’s flagship product uses agentic AI to autonomously engage inbound website visitors, qualify leads, and schedule meetings—an ideal fit for Salesforce’s vision of “agentifying” the modern revenue organization.

Salesforce.Com Inc - Salesforce Snaps Up Qualified—A Silent Threat to Legacy MarTech Stacks?

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>Salesforce is the market leader in the Customer Relationship Management (CRM) software space, benefiting from a wide economic moat driven by high customer switching costs and a strong network effect from its extensive AppExchange ecosystem.</li>
 <li>The company is demonstrating a successful pivot towards profitable growth, with significant non-GAAP operating margin expansion and robust free cash flow generation. The recent initiation of a dividend underscores this focus on shareholder returns.</li>
 <li>Future growth is anticipated to be driven by the integration of Artificial Intelligence through its 'Agentforce' and 'Einstein' platforms, the expansion of its Data Cloud offerings, and strategic, bolt-on acquisitions. However, the company faces intense competition and risks associated with integrating new acquisitions and macroeconomic headwinds impacting IT spending.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Salesforce is the market leader in the Customer Relationship Management (CRM) software space, benefiting from a wide economic moat driven by high customer switching costs and a strong network effect from its extensive AppExchange ecosystem.
  The company is demonstrating a successful pivot towards profitable growth, with significant non-GAAP operating margin expansion and robust free cash flow generation. The recent initiation of a dividend underscores this focus on shareholder returns.
  Future growth is anticipated to be driven by the integration of Artificial Intelligence through its 'Agentforce' and 'Einstein' platforms, the expansion of its Data Cloud offerings, and strategic, bolt-on acquisitions. However, the company faces intense competition and risks associated with integrating new acquisitions and macroeconomic headwinds impacting IT spending.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Salesforce.Com Inc (CRM US) - Dec 2025

<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

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) - 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.Com Inc - Salesforce Just Expanded Agentforce — But Control Is The Story!

It has been a busy stretch for Salesforce. Fresh off a strong fiscal third quarter, the company is leaning hard into its Agentforce vision while...

Baptista Research

Salesforce.Com Inc - Salesforce Snaps Up Qualified—A Silent Threat to Legacy MarTech Stacks?

Salesforce, the global leader in AI-powered customer relationship management (CRM), has made headlines once again with its definitive agreement to...

Baptista Research

Primer: Salesforce.Com Inc (CRM US) - Dec 2025

Salesforce is the market leader in the Customer Relationship Management (CRM) software space, benefiting from a wide economic moat driven by...

αSK Primers

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

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