External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>Alphabet announced 1Q24 results: total revenue grew by 15% YoY to US$80.5bn, in line with consensus estimate; GAAP net income was up 57% YoY to US$23.7bn, 21% ahead of consensus estimate, thanks to Alphabet’s organization optimization which leads to greater velocity and efficiency.</li><li>The company further raised its shareholder return, announcing a quarterly dividend of US$0.20 per share and a new US$70bn share repurchase program (c.4% of market cap).</li><li>We remain upbeat on FY24-26 earnings growth outlook, underpinned by resilient core search business, AI monetization opportunities, and efforts to moderate the pace of expense growth. </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>

Alphabet announced 1Q24 results: total revenue grew by 15% YoY to US$80.5bn, in line with consensus estimate; GAAP net income was up 57% YoY to US$23.7bn, 21% ahead of consensus estimate, thanks to Alphabet’s organization optimization which leads to greater velocity and efficiency.The company further raised its shareholder return, announcing a quarterly dividend of US$0.20 per share and a new US$70bn share repurchase program (c.4% of market cap).We remain upbeat on FY24-26 earnings growth outlook, underpinned by resilient core search business, AI monetization opportunities, and efforts to moderate the pace of expense growth. 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.

Alphabet (GOOG US) - 1Q24 Earnings Beat on Efficiency Gain; GenAI Development on Track

Mostly Borrowed Ideas Deep Dives, MBI Deep Dives

MBI Deep Dives

Mostly Borrowed Ideas Deep Dives

MBI is the abbreviation for “Mostly Borrowed Ideas”. Why “Mostly Borrowed Ideas?” As a generalist, I do not have a background in any particular sector. I enjoy navigating across industries, businesses, and countries to learn, understand, and connect the dots. In any case, most ideas and innovations are incremental in nature. Very few of us are smart enough to come up with truly original or groundbreaking ideas. I am Abdullah Al-Rezwan. I was born and brought up in Bangladesh. I went to University of Dhaka for my undergrad and majored in Finance. After working three and half years in Equity Research (Sell-side) covering Financial Sector in Bangladesh, I left Bangladesh to pursue my MBA in the US. I graduated within top 10% of the class from Cornell University's two-year MBA program and worked on the buy-side following my graduation. During my time at Cornell, I won two stock pitch competitions and also became finalists in four other competitions. I thoroughly enjoyed my stint as a generalist in the US large cap team at Madison Investments and covered a wide range of companies from UnitedHealth to Amazon and Boeing before US immigration reality paused my career in investment management. As my work authorization expired, I moved to Canada in January, 2021. Then in early 2022, I was able to return to the US.

<ul><li>Despite following Big Tech closely for the last 5 years, this sentence from today's call still somewhat surprised me!</li><li>The scale and the height of success of Google truly boggles my mind.</li><li>Over the last year or so, Google has had its fair share of skeptics, including yours truly. </li></ul>

Despite following Big Tech closely for the last 5 years, this sentence from today's call still somewhat surprised me!The scale and the height of success of Google truly boggles my mind.Over the last year or so, Google has had its fair share of skeptics, including yours truly. 

<ul>
<li>While I have sold my shares in Alphabet last month, I remain a very curious observer.</li>
<li>Here’s my highlights from today’s earnings.  While almost every single revenue segment grew by double digits, Google Network was down ~2% YoY and ~10% from 4Q’21.</li>
<li>The Network business may not be terribly important given it’s a relatively lower margin segment compared to Search, but it may be indicative of the general direction of where the open web is heading.</li>
</ul>


While I have sold my shares in Alphabet last month, I remain a very curious observer.
Here’s my highlights from today’s earnings.  While almost every single revenue segment grew by double digits, Google Network was down ~2% YoY and ~10% from 4Q’21.
The Network business may not be terribly important given it’s a relatively lower margin segment compared to Search, but it may be indicative of the general direction of where the open web is heading.


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zeekr-intelligent-technology-holding" target="_blank" data-smartkarma-citation="entities:36785:1" rel="noopener">ZEEKR (ZK US)</a>, a premium EV brand by <a href="https://www.smartkarma.com/entities/geely-automobile-holdings-ltd" target="_blank" data-smartkarma-citation="entities:127:1" rel="noopener">Geely Auto (175 HK)</a>, aims to raise around US$370m in its US listing.</li>
<li>Zeekr was formed in Mar 2021 as a JV between Geely and its founder. Its first model was launched in Apr 21 with deliveries starting in Oct 21.</li>
<li>We have looked at the company’s past performance in our earlier notes. In this note, we talk about the updates from its recent filings and have a relook at valuations.</li>
</ul>



ZEEKR (ZK US), a premium EV brand by Geely Auto (175 HK), aims to raise around US$370m in its US listing.
Zeekr was formed in Mar 2021 as a JV between Geely and its founder. Its first model was launched in Apr 21 with deliveries starting in Oct 21.
We have looked at the company’s past performance in our earlier notes. In this note, we talk about the updates from its recent filings and have a relook at valuations.


Zeekr IPO - Missed Targets and Related Party Deals - We Would Stick to the Bottom-End

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>In this insight, we provided the most recent ranking of the top 100 most popular YouTube channels in Korea (according to Socialblade website).</li>
<li>The top 100 YouTube channels in Korea have received 390.7 billion in total views as of June 2023. Of these total views, K-Pop channels views accounted for 46.4% share.</li>
<li>YouTube has been meaningfully taking away market share from Kakao and Naver in the past three years. KakaoTalk's MAU was 41.5 million in May 2023. YouTube was a close second.</li>
</ul>


In this insight, we provided the most recent ranking of the top 100 most popular YouTube channels in Korea (according to Socialblade website).
The top 100 YouTube channels in Korea have received 390.7 billion in total views as of June 2023. Of these total views, K-Pop channels views accounted for 46.4% share.
YouTube has been meaningfully taking away market share from Kakao and Naver in the past three years. KakaoTalk's MAU was 41.5 million in May 2023. YouTube was a close second.


Analysis of Top 100 Korean YouTube Channels + Significant Market Share Gains for YouTube in Korea

United States

Alphabet, Inc. operates as a holding company. The Company, through its subsidiaries, provides web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce, and hardware products.

Alphabet (GOOG US)

Alphabet (GOOG US) - 1Q24 Earnings Beat on Efficiency Gain; GenAI Development on Track

We raise our FY24-26 earnings forecast by 2-7% and our target price to US$185.5 on 27x FY24E PE (previous: US$172.2 on 26x FY24E PE). Maintain BUY.

CMB International

Alphabet 1Q'24 Update

Despite following Big Tech closely for the last 5 years, this sentence from today's call still somewhat surprised me! The scale and the height of...

MBI Deep Dives

Alphabet 4Q'23 Update

Here’s my highlights from today’s earnings. While almost every single revenue segment grew by double digits, Google Network was down ~2% YoY and...

MBI Deep Dives

Alphabet (GOOG US) - 1Q24 Earnings Beat on Efficiency Gain; GenAI Development on Track

We raise our FY24-26 earnings forecast by 2-7% and our target price to US$185.5 on 27x FY24E PE (previous: US$172.2 on 26x FY24E PE). Maintain BUY.

CMB International

Alphabet 1Q'24 Update

Despite following Big Tech closely for the last 5 years, this sentence from today's call still somewhat surprised me! The scale and the height of...

MBI Deep Dives

Alphabet 4Q'23 Update

Here’s my highlights from today’s earnings. While almost every single revenue segment grew by double digits, Google Network was down ~2% YoY and...

MBI Deep Dives

Zeekr IPO - Missed Targets and Related Party Deals - We Would Stick to the Bottom-End

ZEEKR (ZK US), a premium EV brand by Geely Auto (175 HK), aims to raise around US$370m in its US listing. In this note, we look at the recent...

Sumeet Singh

Analysis of Top 100 Korean YouTube Channels + Significant Market Share Gains for YouTube in Korea

In this insight, we analyze the most recent ranking of the top 100 most popular YouTube channels in Korea (according to Socialblade website).

Douglas Kim