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.

Thematic (Sector/Industry)

<ul><li>We analysed a sample of 83 Hong Kong- and US-listed software and related technology companies (49 software and 34 related technology companies) to identify the drivers of their recent share price recovery.</li><li>By comparing revenue growth, margin changes and AI commercialisation progress, we seek to quantify AI's tangible contribution to fundamentals and assess whether software has the potential to become a new major trading theme.</li><li>Our key findings are: 1) supported by continued economic resilience, revenue growth of software companies accelerated at a broader range in 2Q26 than a year earlier, although AI's tangible contribution to fundamentals still varies across subsectors; 2) the current US software share price rebound (25 Jun to 8 Oct, same below) has been driven mainly by valuation recovery, with stronger recoveries among stocks whose fundamentals benefit from AI; and 3) among all software subsectors, infrastructure software delivered the largest revenue growth acceleration and margin improvement in 2Q26, followed by cybersecurity.</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.

We analysed a sample of 83 Hong Kong- and US-listed software and related technology companies (49 software and 34 related technology companies) to identify the drivers of their recent share price recovery.By comparing revenue growth, margin changes and AI commercialisation progress, we seek to quantify AI's tangible contribution to fundamentals and assess whether software has the potential to become a new major trading theme.Our key findings are: 1) supported by continued economic resilience, revenue growth of software companies accelerated at a broader range in 2Q26 than a year earlier, although AI's tangible contribution to fundamentals still varies across subsectors; 2) the current US software share price rebound (25 Jun to 8 Oct, same below) has been driven mainly by valuation recovery, with stronger recoveries among stocks whose fundamentals benefit from AI; and 3) among all software subsectors, infrastructure software delivered the largest revenue growth acceleration and margin improvement in 2Q26, followed by cybersecurity.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.

Software & IT Services - Broad recovery, a selective opportunity

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

Equity Bottom-Up

<ul>
 <li>
Robust Top-Line Re-Acceleration and AI Adoption: <a href="https://smartkarma.com/entities/snowflake-inc">Snowflake </a>has re-accelerated product revenue growth to 37% year-over-year, underpinned by a resilient net revenue retention (NRR) rate of 126% and rapid enterprise adoption of its generative AI engine CoCo, which has surpassed 9,100 accounts alongside growing traction for CoWork.</li>
 <li>
Substantial Cash Flow Generation Contrasting GAAP Losses: FY2026 annual revenue reached $4,683.95M with operating cash flow and free cash flow expanding to $1,221.94M and $1,120.31M respectively (23.9% FCF margin), although high stock-based compensation and compute infrastructure investments maintained GAAP net losses at -$1,331.62M.</li>
 <li>
Multi-Cloud Moat Balanced Against Premium Valuation: Snowflake's cloud-agnostic architecture, native data-sharing ecosystem, and expanding support for open table formats (Apache Iceberg) provide a durable economic moat, though current market pricing leaves a narrow margin of safety against hyperscaler competition and macro spending rationalization.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Robust Top-Line Re-Acceleration and AI Adoption: Snowflake has re-accelerated product revenue growth to 37% year-over-year, underpinned by a resilient net revenue retention (NRR) rate of 126% and rapid enterprise adoption of its generative AI engine CoCo, which has surpassed 9,100 accounts alongside growing traction for CoWork.
  
Substantial Cash Flow Generation Contrasting GAAP Losses: FY2026 annual revenue reached $4,683.95M with operating cash flow and free cash flow expanding to $1,221.94M and $1,120.31M respectively (23.9% FCF margin), although high stock-based compensation and compute infrastructure investments maintained GAAP net losses at -$1,331.62M.
  
Multi-Cloud Moat Balanced Against Premium Valuation: Snowflake's cloud-agnostic architecture, native data-sharing ecosystem, and expanding support for open table formats (Apache Iceberg) provide a durable economic moat, though current market pricing leaves a narrow margin of safety against hyperscaler competition and macro spending rationalization.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

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>Snowflake Inc. reported strong results for the second quarter of fiscal 2027, reflecting an acceleration in product revenue growth to 37% year-over-year, marking the third consecutive quarter of growth acceleration.</li><li>Product revenue reached $1.49 billion, supported by both core data platform demand and growing AI workloads, including its proprietary AI products CoCo and CoWork.</li><li>These AI tools are gaining significant traction, with CoCo surpassing 9,100 accounts and CoWork expanding to 5,800 accounts, driving customer adoption and deeper engagement.</li></ul>

Snowflake Inc. reported strong results for the second quarter of fiscal 2027, reflecting an acceleration in product revenue growth to 37% year-over-year, marking the third consecutive quarter of growth acceleration.Product revenue reached $1.49 billion, supported by both core data platform demand and growing AI workloads, including its proprietary AI products CoCo and CoWork.These AI tools are gaining significant traction, with CoCo surpassing 9,100 accounts and CoWork expanding to 5,800 accounts, driving customer adoption and deeper engagement.

Snowflake’s Hidden AI Engine — CoCo Surpasses 9,100 Accounts!

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul>
<li>We recommend taking profit on SNOW06 after delivering a holding-period return of 20.1%, while maintaining our positions in the remaining 10 DRs in the portfolio.</li>
<li>Out KTX Tactical DR Portfolio generated an average total return of 1.05%, supported by the broad-based recovery in U.S. technology stocks.</li>
<li>According to our KTX Baht Tracker, the Thai baht has begun to rebound from previously oversold levels.</li>
</ul>


We recommend taking profit on SNOW06 after delivering a holding-period return of 20.1%, while maintaining our positions in the remaining 10 DRs in the portfolio.
Out KTX Tactical DR Portfolio generated an average total return of 1.05%, supported by the broad-based recovery in U.S. technology stocks.
According to our KTX Baht Tracker, the Thai baht has begun to rebound from previously oversold levels.


KTX Tactical DR Picks - August 4, 2026 (Eng.)

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/quantinuum-inc" target="_blank" data-smartkarma-citation="entities:49399:1" rel="noopener">Quantinuum (QNT US)</a> will be added to the BlueStar Machine Learning and Quantum Computing Index after the close on 18 September.</li>
<li>Estimated one-way turnover is 9.1% resulting in a round-trip trade of US$1bn. There are a few stocks with decent ADV to trade.</li>
<li>There are inflows for <a href="https://www.smartkarma.com/entities/honeywell-aerospace-inc" target="_blank" data-smartkarma-citation="entities:50307:1" rel="noopener">Honeywell Aerospace</a>, <a href="https://www.smartkarma.com/entities/honeywell-international-inc" target="_blank" data-smartkarma-citation="entities:16765:1" rel="noopener">Honeywell International</a> and <a href="https://www.smartkarma.com/entities/on-semiconductor-corp" target="_blank" data-smartkarma-citation="entities:2729:1" rel="noopener">On Semiconductor</a> and outflows for <a href="https://www.smartkarma.com/entities/arqit-quantum-inc" target="_blank" data-smartkarma-citation="entities:35381:1" rel="noopener">Arqit Quantum</a>, <a href="https://www.smartkarma.com/entities/horizon-quantum-holdings-ltd" target="_blank" data-smartkarma-citation="entities:36891:1" rel="noopener">Horizon Quantum Holdings</a> and <a href="https://www.smartkarma.com/entities/global-unichip-corp" target="_blank" data-smartkarma-citation="entities:10305:1" rel="noopener">Global Unichip</a>.</li>
</ul>



Quantinuum (QNT US) will be added to the BlueStar Machine Learning and Quantum Computing Index after the close on 18 September.
Estimated one-way turnover is 9.1% resulting in a round-trip trade of US$1bn. There are a few stocks with decent ADV to trade.
There are inflows for Honeywell Aerospace, Honeywell International and On Semiconductor and outflows for Arqit Quantum, Horizon Quantum Holdings and Global Unichip.


BlueStar Machine Learning and Quantum Computing Index: 1 Add & US$1bn Trade

United States

Snowflake Inc. provides software solutions. The Company develops database architecture, data warehouses, query optimization, and parallelization solutions. Snowflake serves customers worldwide.

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Snowflake (SNOW US)

Software & IT Services - Broad recovery, a selective opportunity

We analysed a sample of 83 Hong Kong- and US-listed software and related technology companies (49 software and 34 related technology companies)...

CMB International

Primer: Snowflake (SNOW US) - Sep 2026

Robust Top-Line Re-Acceleration and AI Adoption: Snowflake has re-accelerated product revenue growth to 37% year-over-year, underpinned by a...

αSK Primers

Snowflake’s Hidden AI Engine — CoCo Surpasses 9,100 Accounts!

Snowflake Inc. reported strong results for the second quarter of fiscal 2027, reflecting an acceleration in product revenue growth to 37%...

Baptista Research

KTX Tactical DR Picks - August 4, 2026 (Eng.)

We recommend taking profit on SNOW06 after delivering a holding-period return of 20.1%, while maintaining our positions in the remaining 10 DRs in...

Krungthai XSpring

BlueStar Machine Learning and Quantum Computing Index: 1 Add & US$1bn Trade

There is 1 add for BQTUM in Sep. Estimated one-way turnover is 9.1% resulting in a round-trip trade of US$1bn. There are a few stocks with multiple...

Brian Freitas

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