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 have summarized 2Q24 earnings of major overseas CXO and life science upstream (LSU) companies, which engage in clinical CROs, preclinical CROs, C(D)MOs, and LSU fields.</li><li>We find that those companies’ 2023 earnings growth varied across sub-sectors, with later-stage CXOs performing better than earlystage ones and non-manufacturing CXOs outperforming manufacturing ones.</li><li>However, the performance differences among sub-sectors decreased in 1Q24, and continued to narrow in 2Q24, with earnings of LSU and C(D)MO companies performing better than expected. </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 have summarized 2Q24 earnings of major overseas CXO and life science upstream (LSU) companies, which engage in clinical CROs, preclinical CROs, C(D)MOs, and LSU fields.We find that those companies’ 2023 earnings growth varied across sub-sectors, with later-stage CXOs performing better than earlystage ones and non-manufacturing CXOs outperforming manufacturing ones.However, the performance differences among sub-sectors decreased in 1Q24, and continued to narrow in 2Q24, with earnings of LSU and C(D)MO companies performing better than expected. 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.

China Healthcare - Overseas CXO/ Life Science Upstream 2Q24 Review

Equity Bottom-Up

Thermo Fisher Scientific Inc / Equity Bottom-Up

<ul><li>Thermo Fisher (TMO) reported improved financials for 2Q25, with revenue increasing by 3.0% YoY and adj. EPS declining lightly by 0.2% YoY.</li><li>Both revenue and adj EPS exceeded Bloomberg consensus by 1.6% and 2.4%, respectively.</li><li>Despite ongoing macroeconomic uncertainties, TMO delivered strong operational execution, effectively mitigating the negative impact of tariffs. </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.

Thermo Fisher (TMO) reported improved financials for 2Q25, with revenue increasing by 3.0% YoY and adj. EPS declining lightly by 0.2% YoY.Both revenue and adj EPS exceeded Bloomberg consensus by 1.6% and 2.4%, respectively.Despite ongoing macroeconomic uncertainties, TMO delivered strong operational execution, effectively mitigating the negative impact of tariffs. 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.

Thermo Fisher (TMO US) - Improved Outlook on the Impact of Tariffs

<ul><li>Thermo Fisher (TMO) reported its 1Q25 results, with revenue rising 0.2% YoY to US$10.4bn and adjusted EPS up 0.8% YoY to US$5.15.</li><li>Revenue and adjusted EPS exceeded Bloomberg consensus by 1.3% and 0.8%, respectively.</li><li>Note that 1Q25 had two fewer selling days compared to 1Q24, negatively impacting growth across all segments by ~1-2%. </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.

Thermo Fisher (TMO) reported its 1Q25 results, with revenue rising 0.2% YoY to US$10.4bn and adjusted EPS up 0.8% YoY to US$5.15.Revenue and adjusted EPS exceeded Bloomberg consensus by 1.3% and 0.8%, respectively.Note that 1Q25 had two fewer selling days compared to 1Q24, negatively impacting growth across all segments by ~1-2%. 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.

Thermo Fisher (TMO US) - Taking Measures to Counteract Macro Headwinds

<ul><li>Thermo Fisher (TMO) delivered a strong performance in 4Q24, with revenue up by 4.7% YoY and adjusted EPS up by 7.6%, beating consensus by 1.0%/2.7%, respectively.</li><li>This marks an acceleration in earnings growth, with sequential improvements across all business segments.</li><li>Mgmt's 2025 guidance projects revenue growth of 1.4-2.6% YoY and adjusted EPS growth of 5.7-7.5% 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.

Thermo Fisher (TMO) delivered a strong performance in 4Q24, with revenue up by 4.7% YoY and adjusted EPS up by 7.6%, beating consensus by 1.0%/2.7%, respectively.This marks an acceleration in earnings growth, with sequential improvements across all business segments.Mgmt's 2025 guidance projects revenue growth of 1.4-2.6% YoY and adjusted EPS growth of 5.7-7.5% 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.

Thermo Fisher (TMO US) - A promising year ahead

<ul><li>Thermo Fisher, distinguished by its extensive portfolio of products and services, stands as a global leader in life science services.</li><li>We are confident in the long-term prospects of Thermo Fisher as a global leader in life sciences industry, backed by its economies of scale, strong industry consolidation capabilities and its end-to-end platform amid the expected turnaround in client destocking and biotech funding.</li><li>We initiate coverage on the stock with a BUY rating and TP of US$670.00.</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.

Thermo Fisher, distinguished by its extensive portfolio of products and services, stands as a global leader in life science services.We are confident in the long-term prospects of Thermo Fisher as a global leader in life sciences industry, backed by its economies of scale, strong industry consolidation capabilities and its end-to-end platform amid the expected turnaround in client destocking and biotech funding.We initiate coverage on the stock with a BUY rating and TP of US$670.00.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.

Thermo Fisher (TMO US) - A Global Leader in Life Sciences with Favourable Industry Trends

United States

Thermo Fisher Scientific, Inc. manufactures scientific instruments, consumables, and chemicals. The Company offers analytical instruments, laboratory equipment, software, services, consumables, reagents, chemicals, and supplies to pharmaceutical and biotech companies, hospitals and clinical diagnostic labs, universities, research institutions, and government agencies.

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Thermo Fisher Scientific (TMO UN)

China Healthcare - Overseas CXO/ Life Science Upstream 2Q24 Review

We have summarized 2Q24 earnings of major overseas CXO and life science upstream (LSU) companies, which engage in clinical CROs, preclinical CROs,...

CMB International

Thermo Fisher (TMO US) - Improved Outlook on the Impact of Tariffs

Thermo Fisher (TMO) reported improved financials for 2Q25, with revenue increasing by 3.0% YoY and adj. EPS declining lightly by 0.2% YoY.

CMB International

Thermo Fisher (TMO US) - Taking Measures to Counteract Macro Headwinds

Thermo Fisher (TMO) reported its 1Q25 results, with revenue rising 0.2% YoY to US$10.4bn and adjusted EPS up 0.8% YoY to US$5.15.

CMB International

Thermo Fisher (TMO US) - A promising year ahead

Thermo Fisher (TMO) delivered a strong performance in 4Q24, with revenue up by 4.7% YoY and adjusted EPS up by 7.6%, beating consensus by 1.0%...

CMB International

Thermo Fisher (TMO US) - A Global Leader in Life Sciences with Favourable Industry Trends

Thermo Fisher, distinguished by its extensive portfolio of products and services, stands as a global leader in life science services.

CMB International

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