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

Rikki Malik

Commodities

<ul>
<li>A review of recent events and data impacting our investment themes and outlook</li>
<li>Japan and US Central Banks continue to add fuel to the monetary fire</li>
<li>China consumption weakness is likely to spur a tangible response in the New Year</li>
</ul>


A review of recent events and data impacting our investment themes and outlook
Japan and US Central Banks continue to add fuel to the monetary fire
China consumption weakness is likely to spur a tangible response in the New Year


Overview #43 – Not Too Hot, Not Too Cold

Managing Partner, VRS (Valuation & Research Specialists)

VRS (Valuation & Research Specialists)

Managing Partner

Valuation & Research Specialists (VRS) is a boutique financial advisor with more than 17 years of experience in Corporate Valuation and Finance, and a diversified client base including some of the largest Companies in Greece.

Since 2002, VRS has completed more than 200 engagements in the areas of business valuation and financial analysis for more than 100 clients in a wide range of industries.

VRS has been honored to work with small and large private and publicly traded companies in Europe and overseas.

Boutique Financial Advisor

Equity Bottom-Up

<ul><li>Alphabet Inc. Class A is a leading global technology conglomerate headquartered in the United States, best known as the parent company of Google.</li><li>The company maintains a dominant international presence across key sectors such as online search, digital advertising, cloud computing, and artificial intelligence.</li><li>The Company's shares are listed οn the Nasdaq Composite stock market Ιndex since August 19, 2004 and are included among the companies with the higher market capitalization globally.</li></ul>

Alphabet Inc. Class A is a leading global technology conglomerate headquartered in the United States, best known as the parent company of Google.The company maintains a dominant international presence across key sectors such as online search, digital advertising, cloud computing, and artificial intelligence.The Company's shares are listed οn the Nasdaq Composite stock market Ιndex since August 19, 2004 and are included among the companies with the higher market capitalization globally.

ALPHABET INC. CLASS A Common Stock - July 2, 2025

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.

<ul><li>Alphabet reported 2Q25 financial results: total revenue was up by 14% YoY to US$96.4bn, 3% ahead of Bloomberg consensus estimate; net income grew by 19% YoY to US$28.2bn, beating consensus estimate by 5% thanks to the strong revenue growth and efficiencies in the expense base.</li><li>For 2H25E, we expect advertising revenues to face high-base impact due to strength in the financial vertical and US presidential election in 2H24, while Google Cloud revenue growth should remain robust as more compute resources will be deployed in 2H25 to address the strong demand.</li><li>Management has raised FY25 capex guidance to US$85bn (previously: US$75bn) and expect capex to further rise in FY26, given the strong demand for Google Cloud.</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 reported 2Q25 financial results: total revenue was up by 14% YoY to US$96.4bn, 3% ahead of Bloomberg consensus estimate; net income grew by 19% YoY to US$28.2bn, beating consensus estimate by 5% thanks to the strong revenue growth and efficiencies in the expense base.For 2H25E, we expect advertising revenues to face high-base impact due to strength in the financial vertical and US presidential election in 2H24, while Google Cloud revenue growth should remain robust as more compute resources will be deployed in 2H25 to address the strong demand.Management has raised FY25 capex guidance to US$85bn (previously: US$75bn) and expect capex to further rise in FY26, given the strong demand for Google Cloud.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) - 2Q25 Results Beat on Solid Search and Cloud Businesses

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/avepoint-inc" target="_blank" data-smartkarma-citation="entities:37131:1" rel="noopener">AvePoint (AVPT US)</a> , a global provider of data security, governance, and resilience, aims to raise around US$300m in its Singapore secondary listing.</li>
<li>As of FY24, AP had over 25,000 customers who rely on its Confidence Platform to prepare, secure, and optimize their critical data across environments.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



AvePoint (AVPT US) , a global provider of data security, governance, and resilience, aims to raise around US$300m in its Singapore secondary listing.
As of FY24, AP had over 25,000 customers who rely on its Confidence Platform to prepare, secure, and optimize their critical data across environments.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


AvePoint SGX Secondary Listing - Strong Growth and Large Client Base but Unclear Metrics

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

<ul><li>KLA had a rare miss. The guidance was a bit light for the inspection execution machine.</li><li>KLA rarely misses and is by far the best financially managed of the large-cap semicap companies.</li><li>KLA reports Q2 EPS $6.16 ex-items vs FactSet $5.91</li></ul>

KLA had a rare miss. The guidance was a bit light for the inspection execution machine.KLA rarely misses and is by far the best financially managed of the large-cap semicap companies.KLA reports Q2 EPS $6.16 ex-items vs FactSet $5.91

KLA & LaserTec, AMD, Hyperscaler Capex, SK Hynix, SWKS and QRVO, WOLF, MCHP

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Alphabet (GOOG US)

Overview #43 – Not Too Hot, Not Too Cold

A review of recent events/data impacting our investment themes and outlook. Central Banks continue to aid the commodity trade while China takes aim...

Rikki Malik

ALPHABET INC. CLASS A Common Stock - July 2, 2025

Alphabet Inc. Class A is a leading global technology conglomerate headquartered in the United States, best known as the parent company of Google.

VRS (Valuation & Research Specialists)

Alphabet (GOOG US) - 2Q25 Results Beat on Solid Search and Cloud Businesses

Alphabet reported 2Q25 financial results: total revenue was up by 14% YoY to US$96.4bn, 3% ahead of Bloomberg consensus estimate; net income grew...

CMB International

AvePoint SGX Secondary Listing - Strong Growth and Large Client Base but Unclear Metrics

AvePoint (AVPT US) , a global provider of data security, governance, and resilience, aims to raise around US$300m in its Singapore secondary listing.

Sumeet Singh

KLA & LaserTec, AMD, Hyperscaler Capex, SK Hynix, SWKS and QRVO, WOLF, MCHP

Another week of earnings, with KLA having a rare miss and the guidance being a bit light for the inspection execution machine.

Fabricated Knowledge

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)