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 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><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 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

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>First 3 hyperscalers to report (GOOG, META, MSFT). GOOG and META increase 2025 Capex. GOOG and META mention “significant increase” or “larger increase” in 2026.</li>
<li>MSFT is in 1Q26, ending June-27. In FY25 Capex increased by 58% YoY. FY 26 capex will increase more than in FY25.</li>
<li>Altogether it looks like a ~50% Capex increase in 2026.</li>
</ul>


First 3 hyperscalers to report (GOOG, META, MSFT). GOOG and META increase 2025 Capex. GOOG and META mention “significant increase” or “larger increase” in 2026.
MSFT is in 1Q26, ending June-27. In FY25 Capex increased by 58% YoY. FY 26 capex will increase more than in FY25.
Altogether it looks like a ~50% Capex increase in 2026.


Hyperscalers’ Capex Update. Remember Jensen’s $500bn Yesterday ?

<ul>
<li>Google was the laggard, threatened by ChatGPT. A lot of ink was wasted predicting doomsday. Evidence of great management, Google stayed quiet and accelerated AI rollout.</li>
<li>Stellar 3Q25. Revenue up 16%, Operating Profit up 22%. 2025 Capex forecast was $75bn at the beginning of the year, now $92bn.</li>
<li>Consensus: not high. OP growth in 2026 15%, in 2027 13%. GOOG is trading at 25x 2026 EPS and 22x 2027. Not expensive.</li>
</ul>


Google was the laggard, threatened by ChatGPT. A lot of ink was wasted predicting doomsday. Evidence of great management, Google stayed quiet and accelerated AI rollout.
Stellar 3Q25. Revenue up 16%, Operating Profit up 22%. 2025 Capex forecast was $75bn at the beginning of the year, now $92bn.
Consensus: not high. OP growth in 2026 15%, in 2027 13%. GOOG is trading at 25x 2026 EPS and 22x 2027. Not expensive.


Google: Ad and Cloud Re-Accelerating. Large Impact of AI Tools. Stock Is Not Expensive.

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Commodities

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>Oil price rise is pushing government bond yields higher globally, signaling the next inflationary wave has started</li>
<li>Precious Metals and miners rally despite higher yields and a strong Dollar- a positive divergence</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
Oil price rise is pushing government bond yields higher globally, signaling the next inflationary wave has started
Precious Metals and miners rally despite higher yields and a strong Dollar- a positive divergence


Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

Thematic (Sector/Industry)

<ul>
<li>Global data center capacity to nearly double from 103 GW (2025) to 200 GW by 2030 per JLL. Capital expenditure to reach upto US$1.7 trillion by 2030.</li>
<li>Hyperscalers Microsoft, Amazon, Meta and Alphabet set to spend over US$700 billion on data centers in 2026.</li>
<li>Power is the binding constraint. Electricity demand nearly doubles to 1,587 TWh by 2030 (as per S&amp;P 451), with grid delays and rising local rates emerging as key risks.</li>
</ul>


Global data center capacity to nearly double from 103 GW (2025) to 200 GW by 2030 per JLL. Capital expenditure to reach upto US$1.7 trillion by 2030.
Hyperscalers Microsoft, Amazon, Meta and Alphabet set to spend over US$700 billion on data centers in 2026.
Power is the binding constraint. Electricity demand nearly doubles to 1,587 TWh by 2030 (as per S&amp;P 451), with grid delays and rising local rates emerging as key risks.


Data Centers: The Trillion-Dollar Build-Out Investors Can't Ignore

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) - 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

Hyperscalers’ Capex Update. Remember Jensen’s $500bn Yesterday ?

GOOG and META plan significant Capex increase in 2026, while MSFT saw a 58% YoY increase in FY25 and expects more in FY26. Overall, a ~50% Capex...

Nicolas Baratte

Google: Ad and Cloud Re-Accelerating. Large Impact of AI Tools. Stock Is Not Expensive.

Google stellar 3Q25 results with revenue up 16% YoY and Operating profit up 22%. Consensus predicts steady growth, with GOOG trading at reasonable...

Nicolas Baratte

Overview #70 - Choke Points

A review of recent events/data impacting our investment themes and outlook. We look at the recent evidence & mkt reaction to a second inflationary...

Rikki Malik

Data Centers: The Trillion-Dollar Build-Out Investors Can't Ignore

Global data center capacity set to nearly double by 2030, with power constraints posing key risks as electricity demand also doubles. Hyperscalers...

GSBR Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Hyperscalers’ Capex Update. Remember Jensen’s $500bn Yesterday ?

​GOOG and META plan significant Capex increase in 2026, while MSFT saw a 58% YoY increase in FY25 and expects more in FY26. Overall, a ~50% Capex...

Nicolas Baratte

Google: Ad and Cloud Re-Accelerating. Large Impact of AI Tools. Stock Is Not Expensive.

​Google stellar 3Q25 results with revenue up 16% YoY and Operating profit up 22%. Consensus predicts steady growth, with GOOG trading at reasonable...

Nicolas Baratte

Overview #70 - Choke Points

A review of recent events/data impacting our investment themes and outlook. We look at the recent evidence & mkt reaction to a second inflationary...

Rikki Malik

Data Centers: The Trillion-Dollar Build-Out Investors Can't Ignore

​Global data center capacity set to nearly double by 2030, with power constraints posing key risks as electricity demand also doubles. Hyperscalers...

GSBR Research

GOOG and META plan significant Capex increase in 2026, while MSFT saw a 58% YoY increase in FY25 and expects more in FY26. Overall, a ~50% Capex...

Google stellar 3Q25 results with revenue up 16% YoY and Operating profit up 22%. Consensus predicts steady growth, with GOOG trading at reasonable...

Global data center capacity set to nearly double by 2030, with power constraints posing key risks as electricity demand also doubles. Hyperscalers...