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 announced 1Q24 results: total revenue increased by 24% YoY to US$2.60bn, in line with consensus estimate of US$2.59bn; non-GAAP net income grew by 46% YoY to US$707mn, beating consensus estimate by 7%, mainly driven by the enhanced operating efficiency.</li><li>cRPO was up 21% YoY on a constant currency basis in 1Q24, which is a 100bps beat versus pervious guidance, thanks to the strong deal acquisition in 1Q24.</li><li>For 2Q24E, management guide subscription revenue/cRPO to grow by 22/20.5% YoY on a constant currency basis, in line with the consensus estimates.</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 1Q24 results: total revenue increased by 24% YoY to US$2.60bn, in line with consensus estimate of US$2.59bn; non-GAAP net income grew by 46% YoY to US$707mn, beating consensus estimate by 7%, mainly driven by the enhanced operating efficiency.cRPO was up 21% YoY on a constant currency basis in 1Q24, which is a 100bps beat versus pervious guidance, thanks to the strong deal acquisition in 1Q24.For 2Q24E, management guide subscription revenue/cRPO to grow by 22/20.5% YoY on a constant currency basis, in line with the consensus estimates.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) - Strong Adoption of GenAI Solutions

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

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) - Strong Adoption of GenAI Solutions

ServiceNow announced 1Q24 results: total revenue increased by 24% YoY to US$2.60bn, in line with consensus estimate of US$2.59bn; non-GAAP net...

CMB International

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

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