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>ServiceNow reported better-than-expected 2Q25 results: total revenue increased by 22.5% YoY to US$3.22bn, 3% ahead of Bloomberg consensus estimate; non-GAAP operating income grew by 33% YoY to US$955mn, 13% ahead of consensus estimate, mainly thanks to AI-enhanced efficiencies and the timing of marketing spending.</li><li>cRPO was up by 21.5% YoY in constant currency in 2Q25, and beat company guidance by 200bps.</li><li>Given the strong topline performance and deal acquisition, management raised FY25 total revenue guidance by c.1% to US$12.775-12.795bn (+20% YoY). </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.

ServiceNow reported better-than-expected 2Q25 results: total revenue increased by 22.5% YoY to US$3.22bn, 3% ahead of Bloomberg consensus estimate; non-GAAP operating income grew by 33% YoY to US$955mn, 13% ahead of consensus estimate, mainly thanks to AI-enhanced efficiencies and the timing of marketing spending.cRPO was up by 21.5% YoY in constant currency in 2Q25, and beat company guidance by 200bps.Given the strong topline performance and deal acquisition, management raised FY25 total revenue guidance by c.1% to US$12.775-12.795bn (+20% YoY). 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.

ServiceNow (NOW US) - 2Q25 Earnings Beat...

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Figma Inc., a fast-growing design software maker with strong VC backing, is expected to price the offering this week.</li>
<li>The company’s amended S-1 puts the initial price range per share at $25.00 to $28.00, implying a market cap of roughly $13B at the midpoint.</li>
<li>I have a positive view of upcoming Figma IPO and expect a strong first trading-day performance. The stock will begin trading on the NYSE on July 28, 2025.</li>
</ul>


Figma Inc., a fast-growing design software maker with strong VC backing, is expected to price the offering this week.
The company’s amended S-1 puts the initial price range per share at $25.00 to $28.00, implying a market cap of roughly $13B at the midpoint.
I have a positive view of upcoming Figma IPO and expect a strong first trading-day performance. The stock will begin trading on the NYSE on July 28, 2025.


Figma IPO (FIG.US): Investor Interest Remains Strong, Likely To Price IPO at Top of Range

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>ServiceNow reported strong financial results for the first quarter of 2025, showcasing substantial growth in key performance indicators while also navigating a challenging macroeconomic environment.</li><li>The company's focus on expanding its artificial intelligence (AI) capabilities and deepening customer relationships were major highlights.</li><li>Subscription revenue increased by 20% year-over-year in constant currency, slightly surpassing guidance.</li></ul>

ServiceNow reported strong financial results for the first quarter of 2025, showcasing substantial growth in key performance indicators while also navigating a challenging macroeconomic environment.The company's focus on expanding its artificial intelligence (AI) capabilities and deepening customer relationships were major highlights.Subscription revenue increased by 20% year-over-year in constant currency, slightly surpassing guidance.

ServiceNow Inc.: Government Transformation Suite Expansion & Key Growth Catalysts!

<ul><li>ServiceNow announced 1Q25 financial results: total revenue grew by 19% YoY to US$3.09bn, in line with Bloomberg consensus estimate; non-GAAP operating income was up by 20% YoY to US$953mn, 3% ahead of consensus estimate thanks to efficiency gains on internal AI deployment.</li><li>cRPO increased by 22% YoY to US$10.3bn as of 1Q25, beating guidance by 150bps, supported by the strength across workflows and industries.</li><li>Despite the 1Q25 earnings beat, management has raised merely FY25 subscription revenue guidance by US$5mn to US$12.64-12.68bn (+18.5-19.0% YoY), in a conservative manner given the macro uncertainty in 2H25. </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.

ServiceNow announced 1Q25 financial results: total revenue grew by 19% YoY to US$3.09bn, in line with Bloomberg consensus estimate; non-GAAP operating income was up by 20% YoY to US$953mn, 3% ahead of consensus estimate thanks to efficiency gains on internal AI deployment.cRPO increased by 22% YoY to US$10.3bn as of 1Q25, beating guidance by 150bps, supported by the strength across workflows and industries.Despite the 1Q25 earnings beat, management has raised merely FY25 subscription revenue guidance by US$5mn to US$12.64-12.68bn (+18.5-19.0% YoY), in a conservative manner given the macro uncertainty in 2H25. 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.

ServiceNow (NOW US) - 1Q25 CRPO Beats Guidance Despite Macro Uncertainty

<ul><li>ServiceNow reported 4Q24 results: total revenue increased by 21% YoY to US$2.96bn, and non-GAAP operating profit grew by 22% YoY to US$872mn, both in line with consensus estimates.</li><li>FY24 total revenue was up by 22% YoY to US$10.98bn, with non-GAAP OPM up by 1.9ppts YoY to 29.6%, driven by operating leverage and efficiency gains.</li><li>For FY25, management guides subscription revenue to increase by 19.5-20% YoY on a constant currency basis, which is slightly below consensus estimate (+20.5% YoY). </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.

ServiceNow reported 4Q24 results: total revenue increased by 21% YoY to US$2.96bn, and non-GAAP operating profit grew by 22% YoY to US$872mn, both in line with consensus estimates.FY24 total revenue was up by 22% YoY to US$10.98bn, with non-GAAP OPM up by 1.9ppts YoY to 29.6%, driven by operating leverage and efficiency gains.For FY25, management guides subscription revenue to increase by 19.5-20% YoY on a constant currency basis, which is slightly below consensus estimate (+20.5% YoY). 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.

ServiceNow (NOW US) - Inline 4Q24 Results; Upbeat on AI Development

United States

ServiceNow, Inc. provides enterprise information technology (IT) management software. The Company designs, develops, and produces prepackaged computer software, cloud services, and IT service management platform. ServiceNow serves customers throughout the United States.

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Servicenow Inc (NOW US)

ServiceNow (NOW US) - 2Q25 Earnings Beat...

We are upbeat on ServiceNow’s differentiated AI solutions, which offer cross-functional AI agents to improve efficiency of various enterprise...

CMB International

Figma IPO (FIG.US): Investor Interest Remains Strong, Likely To Price IPO at Top of Range

Figma Inc. finally sets terms for long-awaited IPO in the United States. In my insight, I discuss IPO valuation, post-listing trading dynamics and...

Andrei Zakharov

ServiceNow Inc.: Government Transformation Suite Expansion & Key Growth Catalysts!

ServiceNow reported strong financial results for the first quarter of 2025, showcasing substantial growth in key performance indicators while also...

Baptista Research

ServiceNow (NOW US) - 1Q25 CRPO Beats Guidance Despite Macro Uncertainty

ServiceNow announced 1Q25 financial results: total revenue grew by 19% YoY to US$3.09bn, in line with Bloomberg consensus estimate

CMB International

ServiceNow (NOW US) - Inline 4Q24 Results; Upbeat on AI Development

ServiceNow reported 4Q24 results: total revenue increased by 21% YoY to US$2.96bn, and non-GAAP operating profit grew by 22% YoY to US$872mn, both...

CMB International

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ServiceNow (NOW US) - 2Q25 Earnings Beat...

We are upbeat on ServiceNow’s differentiated AI solutions, which offer cross-functional AI agents to improve efficiency of various enterprise...

CMB International

Figma IPO (FIG.US): Investor Interest Remains Strong, Likely To Price IPO at Top of Range

​Figma Inc. finally sets terms for long-awaited IPO in the United States. In my insight, I discuss IPO valuation, post-listing trading dynamics and...

Andrei Zakharov

ServiceNow Inc.: Government Transformation Suite Expansion & Key Growth Catalysts!

ServiceNow reported strong financial results for the first quarter of 2025, showcasing substantial growth in key performance indicators while also...

Baptista Research

ServiceNow (NOW US) - 1Q25 CRPO Beats Guidance Despite Macro Uncertainty

ServiceNow announced 1Q25 financial results: total revenue grew by 19% YoY to US$3.09bn, in line with Bloomberg consensus estimate

CMB International

ServiceNow (NOW US) - Inline 4Q24 Results; Upbeat on AI Development

ServiceNow reported 4Q24 results: total revenue increased by 21% YoY to US$2.96bn, and non-GAAP operating profit grew by 22% YoY to US$872mn, both...

CMB International

Figma Inc. finally sets terms for long-awaited IPO in the United States. In my insight, I discuss IPO valuation, post-listing trading dynamics and...