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>ServiceNow reported 4Q24 results: total revenue increased by 21% YoY to US$2.96bn, and non-GAAP operating profit grew by 22% YoY to US$872mn, both in line with consensus estimates.</li><li>FY24 total revenue was up by 22% YoY to US$10.98bn, with non-GAAP OPM up by 1.9ppts YoY to 29.6%, driven by operating leverage and efficiency gains.</li><li>For FY25, management guides subscription revenue to increase by 19.5-20% YoY on a constant currency basis, which is slightly below consensus estimate (+20.5% YoY). </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>

ServiceNow reported 4Q24 results: total revenue increased by 21% YoY to US$2.96bn, and non-GAAP operating profit grew by 22% YoY to US$872mn, both in line with consensus estimates.FY24 total revenue was up by 22% YoY to US$10.98bn, with non-GAAP OPM up by 1.9ppts YoY to 29.6%, driven by operating leverage and efficiency gains.For FY25, management guides subscription revenue to increase by 19.5-20% YoY on a constant currency basis, which is slightly below consensus estimate (+20.5% YoY). 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.

ServiceNow (NOW US) - Inline 4Q24 Results; Upbeat on AI Development

Servicenow Inc

ServiceNow (NOW US) - Inline 4Q24 Results; Upbeat on AI Development