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>Meta announced 4Q24 results: total revenue was up by 21% YoY to US$48.4bn, 3% ahead of Bloomberg consensus estimate, thanks to the solid ad impression and pricing growth on AI optimization.</li><li>Net income was up by 49% YoY to US$20.8bn, 18% ahead of consensus estimate, mainly reflecting c.US$3bn favourable impact from legal accrual reductions and lower restructuring costs. FY24 total revenue/net income grew by 22%/59% YoY to US$164.5/62.4bn.</li><li>Looking ahead, management guides total revenue to increase by 8-15% YoY to US$39.5-41.8bn in 1Q25E, and expects to step up investments to drive strong revenue growth throughout FY25E. </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>

Meta announced 4Q24 results: total revenue was up by 21% YoY to US$48.4bn, 3% ahead of Bloomberg consensus estimate, thanks to the solid ad impression and pricing growth on AI optimization.Net income was up by 49% YoY to US$20.8bn, 18% ahead of consensus estimate, mainly reflecting c.US$3bn favourable impact from legal accrual reductions and lower restructuring costs. FY24 total revenue/net income grew by 22%/59% YoY to US$164.5/62.4bn.Looking ahead, management guides total revenue to increase by 8-15% YoY to US$39.5-41.8bn in 1Q25E, and expects to step up investments to drive strong revenue growth throughout FY25E. 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.

Meta (META US) - Solid 4Q24 Results; Further Stepping up AI Investments in FY25