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)

Amazon Q1 2026. FCF Disappearing As CapEx Soars But Otherwise Things Are Going Great

Equity Bottom-Up

<ul><li>Amazon announced (6 Feb BJT) 4Q25 results: revenue was US$213.4bn, up 14% YoY, or 12% YoY on constant currency basis (4Q24: 11% on constant currency basis), 1% better than both our forecast/Bloomberg consensus estimate.</li><li>During the period, total operating profit was US$25.0bn, up 18% YoY, 2%/1% ahead of our forecast/Bloomberg consensus.</li><li>Excluding three one-off special charges totalling US$2.4bn, operating profit would be 10% ahead of consensus. 4Q25 AWS YoY revenue growth accelerated to 23.6% (3Q25: 20.2%; 4Q24: 18.9%), 2ppts above consensus, driven by eased (yet still existing) supply constraints. </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 (6 Feb BJT) 4Q25 results: revenue was US$213.4bn, up 14% YoY, or 12% YoY on constant currency basis (4Q24: 11% on constant currency basis), 1% better than both our forecast/Bloomberg consensus estimate.During the period, total operating profit was US$25.0bn, up 18% YoY, 2%/1% ahead of our forecast/Bloomberg consensus.Excluding three one-off special charges totalling US$2.4bn, operating profit would be 10% ahead of consensus. 4Q25 AWS YoY revenue growth accelerated to 23.6% (3Q25: 20.2%; 4Q24: 18.9%), 2ppts above consensus, driven by eased (yet still existing) supply constraints. 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) - Growth Story Unchanged with Acceleration in AWS Revenue Growth...