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>Datadog (DDOG US) released (6 Nov HKT) its 3Q25 results: total revenue was US$886mn, up 28% YoY (3Q24: 26%; 2Q25: 28%), 4% better than both our forecast and Bloomberg consensus, driven by strong demand from AI-native customers, and acceleration in revenue growth from non-AI customers; nonGAAP net income after tax adjustment was US$197.4mn, up 19% YoY, and was 23/18% better than our forecast/consensus, driven by better-than-expected unleashing of operating leverage aided by solid revenue growth and ramp-up in sales efficiency.</li><li>We lift 2025-2027E revenue forecast by 2-3% to account for better-than-expected acceleration in revenue growth from non-AI native customers which in our view could sustain, and raise non-GAAP net profit forecast by 9-11% to factor in better-than-expected operating efficiency gains.</li><li>We roll over our valuation window to 2026E, and lift our TP by 26% to US$203.7 based on 16.6x 2026E EV/sales, inline with two-year average plus one s.d. (was 16.5x). </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>

Datadog (DDOG US) released (6 Nov HKT) its 3Q25 results: total revenue was US$886mn, up 28% YoY (3Q24: 26%; 2Q25: 28%), 4% better than both our forecast and Bloomberg consensus, driven by strong demand from AI-native customers, and acceleration in revenue growth from non-AI customers; nonGAAP net income after tax adjustment was US$197.4mn, up 19% YoY, and was 23/18% better than our forecast/consensus, driven by better-than-expected unleashing of operating leverage aided by solid revenue growth and ramp-up in sales efficiency.We lift 2025-2027E revenue forecast by 2-3% to account for better-than-expected acceleration in revenue growth from non-AI native customers which in our view could sustain, and raise non-GAAP net profit forecast by 9-11% to factor in better-than-expected operating efficiency gains.We roll over our valuation window to 2026E, and lift our TP by 26% to US$203.7 based on 16.6x 2026E EV/sales, inline with two-year average plus one s.d. (was 16.5x). 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.

Datadog (DDOG US) - Strong Results with Upbeat Outlook...