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

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) - 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