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.

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<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

<ul><li>Salesforce announced 1QFY25 financial results: total revenue grew 11% YoY to US$9.13bn, in line with consensus estimate; non-GAAP operating income grew by 29% YoY to US$2.93bn, in line with consensus estimate.</li><li>The market is concerned that its cRPO growth rate decelerated to 10% YoY in 1QFY25 (4QFY24: +12% YoY) and was below the company guidance (+11% YoY), primarily due to clients’ more measured buying behaviour and Salesforce’s changes of go-to-market organization.</li><li>In view of the macro headwind, management adjusted down FY25 subscription &amp; support revenue growth guidance to slightly below 10% (previous: +10% YoY), while keeping non-GAAP operating margin guidance unchanged.</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 1QFY25 financial results: total revenue grew 11% YoY to US$9.13bn, in line with consensus estimate; non-GAAP operating income grew by 29% YoY to US$2.93bn, in line with consensus estimate.The market is concerned that its cRPO growth rate decelerated to 10% YoY in 1QFY25 (4QFY24: +12% YoY) and was below the company guidance (+11% YoY), primarily due to clients’ more measured buying behaviour and Salesforce’s changes of go-to-market organization.In view of the macro headwind, management adjusted down FY25 subscription &amp; support revenue growth guidance to slightly below 10% (previous: +10% YoY), while keeping non-GAAP operating margin guidance unchanged.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 Moderating on Macro Headwind

<ul><li>Salesforce reported 4QFY24 financial results: total revenue was up 10.8% YoY to US$9.29bn, in line with consensus estimate of US$9.22bn.</li><li>FY24 total revenue was up 11.2% YoY to US$34.9bn. Non-GAAP operating income grew by 19.3% YoY to US$2.92bn in 4QFY24, also in line with consensus estimate.</li><li>Full-year non-GAAP operating income delivered strong growth of 50.4% YoY to US$10.6bn in FY24, mainly attributable to Salesforce’s initiatives to drive productivity and efficiency across business lines. </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 4QFY24 financial results: total revenue was up 10.8% YoY to US$9.29bn, in line with consensus estimate of US$9.22bn.FY24 total revenue was up 11.2% YoY to US$34.9bn. Non-GAAP operating income grew by 19.3% YoY to US$2.92bn in 4QFY24, also in line with consensus estimate.Full-year non-GAAP operating income delivered strong growth of 50.4% YoY to US$10.6bn in FY24, mainly attributable to Salesforce’s initiatives to drive productivity and efficiency across business lines. 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) - 4Q Results In-Line; Eye on AI Development

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 (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

Salesforce (CRM US) - CRPO Growth Moderating on Macro Headwind

Salesforce announced 1QFY25 financial results: total revenue grew 11% YoY to US$9.13bn, in line with consensus estimate; non-GAAP operating income...

CMB International

Salesforce (CRM US) - 4Q Results In-Line; Eye on AI Development

Salesforce reported 4QFY24 financial results: total revenue was up 10.8% YoY to US$9.29bn, in line with consensus estimate of US$9.22bn.

CMB International

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