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

Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alphabet-inc-cl-c" target="_blank" data-smartkarma-citation="entities:11369:1" rel="noopener">Alphabet (GOOG US)</a> was down -7% on Thursday, post earnings, at the time of writing this insight.</li>
<li>Despite very positive earnings, investors seemed to react negatively to the widening gap between near-term ROIC and the massive capex trajectory required to maintain AI competitiveness</li>
<li>Our quantitative model has assessed GOOG is oversold and this could be an opportunity to buy the stock at discounted price.</li>
</ul>



Alphabet (GOOG US) was down -7% on Thursday, post earnings, at the time of writing this insight.
Despite very positive earnings, investors seemed to react negatively to the widening gap between near-term ROIC and the massive capex trajectory required to maintain AI competitiveness
Our quantitative model has assessed GOOG is oversold and this could be an opportunity to buy the stock at discounted price.


Alphabet (GOOG) Tactical Post-Earnings Outlook: AI Capex Fears Create Entry Point

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>Cloud revenue up 82% YoY, Cloud Operating Profit up 210% YoY. Cloud revenue Backlog reaching $514bn, up 375% YoY. That’s 5 years of Cloud revenues at the current run-rate.</li>
<li>2026 Capex guidance revised up to $200bn from previously $185bn. Significantly increase in 2027. Negative Free Cash Flow, or the 3rd quarter of FCF hovering around zero. </li>
<li>Total revenue up 24% YoY, Operating Profits up 30% YoY. This doesn’t beat expectations: Operating Profit is inline with Consensus expectations.</li>
</ul>


Cloud revenue up 82% YoY, Cloud Operating Profit up 210% YoY. Cloud revenue Backlog reaching $514bn, up 375% YoY. That’s 5 years of Cloud revenues at the current run-rate.
2026 Capex guidance revised up to $200bn from previously $185bn. Significantly increase in 2027. Negative Free Cash Flow, or the 3rd quarter of FCF hovering around zero. 
Total revenue up 24% YoY, Operating Profits up 30% YoY. This doesn’t beat expectations: Operating Profit is inline with Consensus expectations.


Google: Now You Can See AI’s Revenues, Profits, ROI

Quality-first, Business-perspective, Long-term, Urbem (HK) Limited

Urbem Capital

Quality-first, Business-perspective, Long-term

Quality-first, Business-perspective Strategy

Urbem (HK) Limited

<ul>
<li>Since our July 2021 Top Pick, Kaspi.kz more than tripled net income in US dollars and deepened engagement, confirming our view of the franchise.</li>
<li>Shareholders earned only about 1% a year because the multiple fell from 34x to 7.4x, a valuation risk our 2021 piece never quantified.</li>
<li>At today’s price, our base case returns about 16% a year in dollars, our tenge-risk hurdle; if Türkiye works, rates fall and the tenge holds, returns could exceed 30%.</li>
</ul>


Since our July 2021 Top Pick, Kaspi.kz more than tripled net income in US dollars and deepened engagement, confirming our view of the franchise.
Shareholders earned only about 1% a year because the multiple fell from 34x to 7.4x, a valuation risk our 2021 piece never quantified.
At today’s price, our base case returns about 16% a year in dollars, our tenge-risk hurdle; if Türkiye works, rates fall and the tenge holds, returns could exceed 30%.


Kaspi.kz Five Years On: We Overpaid in 2021; at 7.4x, the Price Now Works

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<li>Repatriation Investment Account (RIA) has surpassed 1 trillion won ($690 million) since its launch about a month ago in Korea. </li>
<li>Total amount of overseas listed investments by Korean investors increased from $27 billion at the end of 2020 to $131.7 billion as of 22 April 2026.</li>
<li>RIA account is aiming to slow down this aggressive growth of overseas stock investments by Korean investors and rather try to repatriate these overseas investments into the Korean stock market. </li>
</ul>


Repatriation Investment Account (RIA) has surpassed 1 trillion won ($690 million) since its launch about a month ago in Korea. 
Total amount of overseas listed investments by Korean investors increased from $27 billion at the end of 2020 to $131.7 billion as of 22 April 2026.
RIA account is aiming to slow down this aggressive growth of overseas stock investments by Korean investors and rather try to repatriate these overseas investments into the Korean stock market. 


Repatriation Investment Account (RIA) Surpasses 1 Trillion Won in One Month 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.

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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) Tactical Post-Earnings Outlook: AI Capex Fears Create Entry Point

Alphabet (GOOG US) down -7% post earnings due to concerns over capex trajectory and ROIC gap, but our model sees oversold opportunity to buy at...

Nico Rosti

Google: Now You Can See AI’s Revenues, Profits, ROI

Cloud revenue significant growth YoY, backlog reaching $514bn. Capex guidance revised up to $200bn Negative Free Cash Flow. Total revenue and...

Nicolas Baratte

Kaspi.kz Five Years On: We Overpaid in 2021; at 7.4x, the Price Now Works

Earnings more than tripled in dollars after our 2021 Top Pick, yet the stock barely moved. At 7.4x earnings, the next five years can look very...

Urbem Capital

Repatriation Investment Account (RIA) Surpasses 1 Trillion Won in One Month in Korea

Repatriation Investment Account (RIA) has surpassed 1 trillion won ($690 million) since its launch about a month ago in Korea.

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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) Tactical Post-Earnings Outlook: AI Capex Fears Create Entry Point

​Alphabet (GOOG US) down -7% post earnings due to concerns over capex trajectory and ROIC gap, but our model sees oversold opportunity to buy at...

Nico Rosti

Google: Now You Can See AI’s Revenues, Profits, ROI

​Cloud revenue significant growth YoY, backlog reaching $514bn. Capex guidance revised up to $200bn Negative Free Cash Flow. Total revenue and...

Nicolas Baratte

Kaspi.kz Five Years On: We Overpaid in 2021; at 7.4x, the Price Now Works

Earnings more than tripled in dollars after our 2021 Top Pick, yet the stock barely moved. At 7.4x earnings, the next five years can look very...

Urbem Capital

Repatriation Investment Account (RIA) Surpasses 1 Trillion Won in One Month in Korea

Repatriation Investment Account (RIA) has surpassed 1 trillion won ($690 million) since its launch about a month ago in Korea.

Douglas Kim

Alphabet (GOOG US) down -7% post earnings due to concerns over capex trajectory and ROIC gap, but our model sees oversold opportunity to buy at...

Cloud revenue significant growth YoY, backlog reaching $514bn. Capex guidance revised up to $200bn Negative Free Cash Flow. Total revenue and...