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’s Strong Q2: Solid Revenue and Earnings Growth Despite Cloud Concerns

Microsoft's Billion Dollar Bets on OpenAI & G42; Azure to Benefit from Industry Growth

Microsoft Eyes Strong Q1 FY2025 Earnings: Will AI Innovations Drive Performance?

Equity Bottom-Up

<ul><li>Microsoft reported (31 Jul HKT) inline 4QFY24 (June year-end) results: revenue was US$64.7bn, up 15% YoY (3QFY24: +17% YoY; 4QFY23: +8% YoY), in line with Bloomberg consensus, thanks to better-than-expected revenue generation from more personal computing (MPC) segment, which offsets the slightly lowerthan-expected intelligent cloud (IC) revenue due to slightly slower-thanexpected growth in a few European regions on non-AI consumption; quarterly net income was up 9.7% YoY to US$22.0bn, also in line with consensus estimates.</li><li>For the full year, total revenue reached US$245.1bn, up 16% YoY, and net income was RMB88.1bn, up 22% YoY.</li><li>Management highlighted that AI-related cloud services demand remained higher than Microsoft’s capacity, and it expects an increase in capex for FY25 compared to that in FY24. </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 (31 Jul HKT) inline 4QFY24 (June year-end) results: revenue was US$64.7bn, up 15% YoY (3QFY24: +17% YoY; 4QFY23: +8% YoY), in line with Bloomberg consensus, thanks to better-than-expected revenue generation from more personal computing (MPC) segment, which offsets the slightly lowerthan-expected intelligent cloud (IC) revenue due to slightly slower-thanexpected growth in a few European regions on non-AI consumption; quarterly net income was up 9.7% YoY to US$22.0bn, also in line with consensus estimates.For the full year, total revenue reached US$245.1bn, up 16% YoY, and net income was RMB88.1bn, up 22% YoY.Management highlighted that AI-related cloud services demand remained higher than Microsoft’s capacity, and it expects an increase in capex for FY25 compared to that in FY24. 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.

マイクロソフト（MSFT US） - 業績は予想通り。AI需要は依然として堅調だが、満たされていない。

Microsoft Corp

マイクロソフト（MSFT US） - 業績は予想通り。AI需要は依然として堅調だが、満たされていない。