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>Microsoft reported (1 May HKT) 3QFY25 (June year-end) results: revenue was US$70.1bn, up 13.3% YoY (2QFY25: +12.3% YoY), 2% better than both our forecast and consensus estimates, mainly driven by a 3/6% beat in Intelligent Cloud / More Personal Computing (MPC) segment.</li><li>Net profit was up 17.7% YoY to US$25.8bn, 7% better than our forecast and consensus, driven by better-than-expected operating efficiency gains across business segments.</li><li>The improved execution and acceleration in revenue growth of largest customers, combined with ongoing strong demand in AI related cloud services drove a reacceleration in overall cloud revenue growth in 3QFY25, and such growth is likely to sustain in 4QFY25. </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>

Microsoft reported (1 May HKT) 3QFY25 (June year-end) results: revenue was US$70.1bn, up 13.3% YoY (2QFY25: +12.3% YoY), 2% better than both our forecast and consensus estimates, mainly driven by a 3/6% beat in Intelligent Cloud / More Personal Computing (MPC) segment.Net profit was up 17.7% YoY to US$25.8bn, 7% better than our forecast and consensus, driven by better-than-expected operating efficiency gains across business segments.The improved execution and acceleration in revenue growth of largest customers, combined with ongoing strong demand in AI related cloud services drove a reacceleration in overall cloud revenue growth in 3QFY25, and such growth is likely to sustain in 4QFY25. 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.

Microsoft (MSFT US) - Cloud revenue growth reaccelerated

Microsoft Corp

Microsoft (MSFT US) - Cloud revenue growth reaccelerated