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 reported 2Q26 results: total revenue grew by 24% YoY to US$119.8bn, 2% ahead of Visible Alpha (VA) consensus due to the strong growth of Google Cloud revenue; operating income was up by 30% YoY to US$40.8bn and in line with VA consensus.</li><li>Strong AI momentum drove acceleration in cloud revenue growth and AI investment.</li><li>Total capex was up by 100% YoY to US$44.9bn and led to negative free cash flow of US$5.9bn in 2Q26. </li></ul>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 reported 2Q26 results: total revenue grew by 24% YoY to US$119.8bn, 2% ahead of Visible Alpha (VA) consensus due to the strong growth of Google Cloud revenue; operating income was up by 30% YoY to US$40.8bn and in line with VA consensus.Strong AI momentum drove acceleration in cloud revenue growth and AI investment.Total capex was up by 100% YoY to US$44.9bn and led to negative free cash flow of US$5.9bn in 2Q26. 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) - Strong AI Demand Continues to Drive Cloud Acceleration and Solid Core Search

<ul><li>Alphabet announced 1Q26 results: total revenue was up by 22% YoY to US$109.9bn, 3% ahead of Bloomberg consensus due to the robust growth of revenue from Cloud and Search.</li><li>During the period, operating income grew by 30% YoY to US$39.7bn despite the step-up of AI investment, 10% ahead of the consensus thanks to the strong operating leverage and efficiency improvement.</li><li>AI continues to drive solid growth of core search and cloud businesses, and the company plans to further increase AI investment given the attractive ROIC. </li></ul>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 announced 1Q26 results: total revenue was up by 22% YoY to US$109.9bn, 3% ahead of Bloomberg consensus due to the robust growth of revenue from Cloud and Search.During the period, operating income grew by 30% YoY to US$39.7bn despite the step-up of AI investment, 10% ahead of the consensus thanks to the strong operating leverage and efficiency improvement.AI continues to drive solid growth of core search and cloud businesses, and the company plans to further increase AI investment given the attractive ROIC. 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) - 1Q26 Results Beat on Strong Search and Cloud Businesses; AI as the Key Driver

<ul><li>Alphabet reported 4Q25 results: total revenue grew by 18% YoY to US$113.8bn, 2% ahead of Bloomberg consensus estimate thanks to the strong growth of Google Search and Cloud revenue; operating income was up by 16% YoY to US$35.9bn, lower than consensus estimate of US$36.9bn, but mainly reflecting one-off US$2.1bn stock-based compensation charge related to an increase in Waymo's valuation.</li><li>For FY26E, management guided total capex to be US$175-185bn (+91%-102% YoY), significantly ahead of consensus estimate (US$117bn), and also expected meaningful acceleration in depreciation growth due to AI investment.</li><li>That said, we expect AI investment will continue to support the strong performance of Google Search and Cloud business in FY26, driving solid operating income growth in FY26E. </li></ul>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 reported 4Q25 results: total revenue grew by 18% YoY to US$113.8bn, 2% ahead of Bloomberg consensus estimate thanks to the strong growth of Google Search and Cloud revenue; operating income was up by 16% YoY to US$35.9bn, lower than consensus estimate of US$36.9bn, but mainly reflecting one-off US$2.1bn stock-based compensation charge related to an increase in Waymo's valuation.For FY26E, management guided total capex to be US$175-185bn (+91%-102% YoY), significantly ahead of consensus estimate (US$117bn), and also expected meaningful acceleration in depreciation growth due to AI investment.That said, we expect AI investment will continue to support the strong performance of Google Search and Cloud business in FY26, driving solid operating income growth in FY26E. 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) - AI Continues to Drive Strong Search and Cloud Business Performance

Thematic (Sector/Industry)

<ul><li>The latest 2Q26 results from major overseas cloud service providers (Amazon, Microsoft and Google) highlighted that ROI in AI-related investment showed continued improvement.</li><li>Despite unchanged CapEx guidance, or only modest increases due to higher memory costs and earlier capacity delivery, cloud revenue and OP growth came in materially ahead of expectations and prompted upgrades to group-level earnings outlooks.</li><li>Clear disclosure by mgmt. on cloud investment payback periods and backlog-implied demand, together with a stronger focus on cash flow and investment efficiency, was well received by the market. </li></ul>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.

The latest 2Q26 results from major overseas cloud service providers (Amazon, Microsoft and Google) highlighted that ROI in AI-related investment showed continued improvement.Despite unchanged CapEx guidance, or only modest increases due to higher memory costs and earlier capacity delivery, cloud revenue and OP growth came in materially ahead of expectations and prompted upgrades to group-level earnings outlooks.Clear disclosure by mgmt. on cloud investment payback periods and backlog-implied demand, together with a stronger focus on cash flow and investment efficiency, was well received by the market. 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.

Internet - Implications from Earnings Beats by North American Cloud Majors

<ul><li>Alphabet announced 3Q25 results: total revenue grew by 16% YoY to US$102.3bn, 3% ahead of consensus estimate; operating income excluding US$3.5bn European Commission fine was up by 22% YoY to US$34.7bn, 8% ahead of consensus estimate, primarily thanks to the enhanced overall efficiency and robust earnings growth of Google Cloud (+85% YoY).</li><li>Management raised FY25 capex guidance to US$91-93bn (previously: US$85bn), up by 73%-77% YoY.</li><li>The AI investments gradually bear fruit in both core search (&gt;2bn AI Overviews users) and cloud businesses (cloud backlog + 82% YoY to US$155bn), driving acceleration in revenue growth. </li></ul>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 announced 3Q25 results: total revenue grew by 16% YoY to US$102.3bn, 3% ahead of consensus estimate; operating income excluding US$3.5bn European Commission fine was up by 22% YoY to US$34.7bn, 8% ahead of consensus estimate, primarily thanks to the enhanced overall efficiency and robust earnings growth of Google Cloud (+85% YoY).Management raised FY25 capex guidance to US$91-93bn (previously: US$85bn), up by 73%-77% YoY.The AI investments gradually bear fruit in both core search (&gt;2bn AI Overviews users) and cloud businesses (cloud backlog + 82% YoY to US$155bn), driving acceleration in revenue 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) - 3Q25 Results Beat; Upbeat on AI and Cloud Business Momentum

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.

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Alphabet (GOOG US)

Alphabet (GOOG US) - Strong AI Demand Continues to Drive Cloud Acceleration and Solid Core Search

Alphabet reported 2Q26 results: total revenue grew by 24% YoY to US$119.8bn, 2% ahead of Visible Alpha (VA) consensus due to the strong growth of...

CMB International

Alphabet (GOOG US) - 1Q26 Results Beat on Strong Search and Cloud Businesses; AI as the Key Driver

Alphabet announced 1Q26 results: total revenue was up by 22% YoY to US$109.9bn, 3% ahead of Bloomberg consensus due to the robust growth of revenue...

CMB International

Alphabet (GOOG US) - AI Continues to Drive Strong Search and Cloud Business Performance

Alphabet reported 4Q25 results: total revenue grew by 18% YoY to US$113.8bn, 2% ahead of Bloomberg consensus estimate thanks to the strong growth...

CMB International

Internet - Implications from Earnings Beats by North American Cloud Majors

The latest 2Q26 results from major overseas cloud service providers (Amazon, Microsoft and Google) highlighted that ROI in AI-related investment...

CMB International

Alphabet (GOOG US) - 3Q25 Results Beat; Upbeat on AI and Cloud Business Momentum

We roll over our valuation window to FY26 and raise our target price to US$328.0 based on 30x FY26E PE (previous: US$221.0 based on 22x FY25E PE),...

CMB International

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