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>Datadog (DDOG US) released (13 Feb HKT) its 4Q24 financial results: total revenue was US$737.7mn, up 25% YoY (4Q23: 27%; 3Q24: 26%), 3% better than Bloomberg consensus forecast; non-GAAP net income after tax adjustment was US$177.5mn, up 14% YoY and 10% better than consensus, driven by better-than-expected operating leverage aided by solid revenue growth.</li><li>For 2024, total revenue grew 26% YoY to US$2.68bn, and non-GAAP net income grew 41% YoY to US$653.8mn.</li><li>With strong confidence in future business development, and an intent to invest for long-term growth opportunities, management guided to grow investment in both S&amp;M and R&amp;D in 2025, and guided for high-20s YoY growth in operating expenses (vs revenue growth guidance of 18-19% 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>

Datadog (DDOG US) released (13 Feb HKT) its 4Q24 financial results: total revenue was US$737.7mn, up 25% YoY (4Q23: 27%; 3Q24: 26%), 3% better than Bloomberg consensus forecast; non-GAAP net income after tax adjustment was US$177.5mn, up 14% YoY and 10% better than consensus, driven by better-than-expected operating leverage aided by solid revenue growth.For 2024, total revenue grew 26% YoY to US$2.68bn, and non-GAAP net income grew 41% YoY to US$653.8mn.With strong confidence in future business development, and an intent to invest for long-term growth opportunities, management guided to grow investment in both S&amp;M and R&amp;D in 2025, and guided for high-20s YoY growth in operating expenses (vs revenue growth guidance of 18-19% 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.

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