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)

Microsoft Down ~10% Despite Earnings Beat, Raises & CapEx Growth. What Gives?

Microsoft and OpenAI Relationship Transitions From Next Chapter To Next Phase

Microsoft Q3 FY2026. The $190 Billion CapEx Bombshell

Equity Bottom-Up

<ul><li>Microsoft reported (29 Jan HKT) 2QFY26 (June year-end) results: revenue was US$81.3bn, up 16.7% YoY (1QFY26: +18.4% YoY), 1.5%/1.2% better than both our forecast/Bloomberg consensus estimates, driven by better-than-expected revenue generation in Productivity and Business Processes (PBP) and Intelligent Cloud (IC) segment.</li><li>Operating income was up 20.9% YoY to US$38.3bn, 3.8%/4.8% ahead of our forecast/consensus, also driven by the beat in PBP and IC segments.</li><li>Azure and other cloud services revenue growth of 38% on a constant currency basis was inline with consensus, while the capex including financial leases of US$37.5bn was 3% higher. </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 (29 Jan HKT) 2QFY26 (June year-end) results: revenue was US$81.3bn, up 16.7% YoY (1QFY26: +18.4% YoY), 1.5%/1.2% better than both our forecast/Bloomberg consensus estimates, driven by better-than-expected revenue generation in Productivity and Business Processes (PBP) and Intelligent Cloud (IC) segment.Operating income was up 20.9% YoY to US$38.3bn, 3.8%/4.8% ahead of our forecast/consensus, also driven by the beat in PBP and IC segments.Azure and other cloud services revenue growth of 38% on a constant currency basis was inline with consensus, while the capex including financial leases of US$37.5bn was 3% higher. 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) - Results Beat; Long-Term Structural Growth Story Remains Unchanged

Microsoft Corp

Microsoft (MSFT US) - Results Beat; Long-Term Structural Growth Story Remains Unchanged