External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>Amazon announced (2 May HKT) 1Q25 results: revenue was US$155.7bn, up 8.6% YoY (1Q24: 12.5%), inline with both our forecast and Bloomberg consensus estimate, and total operating profit was US$18.4bn, up 20% YoY, 2/5% better than our estimates/consensus, mainly driven by OPM margin beat in AWS segment, thanks to ongoing operating efficiency improvement.</li><li>Management guided for US$159.0-164.0bn revenue for 2Q25E (consensus: US$161.4bn), implying 7-11% YoY growth, and US$13.0-17.5bn operating profit (consensus: US$17.8bn) after accounting for regular impact from step-up in share-based compensation annually, and additional Project Kuiper related expenses to be booked.</li><li>We lower 2025-2027E revenue/OP forecast by 0.5- 0.8%/3.2-5.1% to factor in additional Kuiper expenses, and our target price is lowered by 8% to US$247.0 (was US$268.0), based on 18.3x EV/EBITDA (was 18.5x), inline with the two-year trading average. </li></ul><p><em>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.</em></p>

Amazon announced (2 May HKT) 1Q25 results: revenue was US$155.7bn, up 8.6% YoY (1Q24: 12.5%), inline with both our forecast and Bloomberg consensus estimate, and total operating profit was US$18.4bn, up 20% YoY, 2/5% better than our estimates/consensus, mainly driven by OPM margin beat in AWS segment, thanks to ongoing operating efficiency improvement.Management guided for US$159.0-164.0bn revenue for 2Q25E (consensus: US$161.4bn), implying 7-11% YoY growth, and US$13.0-17.5bn operating profit (consensus: US$17.8bn) after accounting for regular impact from step-up in share-based compensation annually, and additional Project Kuiper related expenses to be booked.We lower 2025-2027E revenue/OP forecast by 0.5- 0.8%/3.2-5.1% to factor in additional Kuiper expenses, and our target price is lowered by 8% to US$247.0 (was US$268.0), based on 18.3x EV/EBITDA (was 18.5x), inline with the two-year trading average. 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.

Amazon (AMZN US) - 1Q earnings beat; pace of earnings growth to enter a healthy stage