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 4Q24 results: net revenue (excl. TAC) grew by 13% YoY to US$81.6bn, and net income increased by 28% YoY to US$26.5bn, both in line with Bloomberg consensus estimate.</li><li>FY24 net income was up by 36% YoY to US$100.1bn, primarily due to the enhanced operating efficiency and savings of exit charges related to the global office space optimization.</li><li>Looking ahead, management guided total capex to reach c.US$75bn in FY25E (+43% YoY) and expected headcount growth in key areas such as AI and cloud, which will impact the margin outlook in FY25E. </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 4Q24 results: net revenue (excl. TAC) grew by 13% YoY to US$81.6bn, and net income increased by 28% YoY to US$26.5bn, both in line with Bloomberg consensus estimate.FY24 net income was up by 36% YoY to US$100.1bn, primarily due to the enhanced operating efficiency and savings of exit charges related to the global office space optimization.Looking ahead, management guided total capex to reach c.US$75bn in FY25E (+43% YoY) and expected headcount growth in key areas such as AI and cloud, which will impact the margin outlook in FY25E. 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) - Increase AI Investment to Unlock Growth Opportunities in FY25

<ul><li>Alphabet announced 3Q24 results: total revenue was up by 15% YoY to US$88.3bn, largely in line with Bloomberg consensus estimate (US$86.5bn); net income grew by 34% YoY to US$26.3bn, 15% ahead of consensus estimate, primarily attributable to effective headcount &amp; facilities management.</li><li>Google Cloud was a solid beat this quarter thanks to the increasing adoption of GenAI offerings, with revenue up by 35% YoY (consensus: +28% YoY) and OPM expanding by 14ppts YoY.</li><li>Underpinned by the solid efficiency gains for Google Cloud and the group level, we raise FY24-26E earnings forecast by 6-8%. </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 3Q24 results: total revenue was up by 15% YoY to US$88.3bn, largely in line with Bloomberg consensus estimate (US$86.5bn); net income grew by 34% YoY to US$26.3bn, 15% ahead of consensus estimate, primarily attributable to effective headcount &amp; facilities management.Google Cloud was a solid beat this quarter thanks to the increasing adoption of GenAI offerings, with revenue up by 35% YoY (consensus: +28% YoY) and OPM expanding by 14ppts YoY.Underpinned by the solid efficiency gains for Google Cloud and the group level, we raise FY24-26E earnings forecast by 6-8%. 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) - 3Q24 Results Beat; Google Cloud Maintains Strong Momentum

<ul><li>Alphabet reported 2Q24 financial results: total revenue increased by 14% YoY to US$84.7bn, in line with Bloomberg consensus estimate; net income grew by 29% YoY to US$23.6bn, 3% ahead of the consensus estimate, mainly due to management’s effort to moderate expenses growth and slow down the pace of hiring.</li><li>Looking ahead to 3Q24, we expect the high base to take a toll on revenue growth rate.</li><li>We also expect 3Q24 OPM to start reflecting the increase in depreciation and expenses related to tech infrastructure investment, as noted by management. </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 2Q24 financial results: total revenue increased by 14% YoY to US$84.7bn, in line with Bloomberg consensus estimate; net income grew by 29% YoY to US$23.6bn, 3% ahead of the consensus estimate, mainly due to management’s effort to moderate expenses growth and slow down the pace of hiring.Looking ahead to 3Q24, we expect the high base to take a toll on revenue growth rate.We also expect 3Q24 OPM to start reflecting the increase in depreciation and expenses related to tech infrastructure investment, as noted by management. 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) - Inline 2Q24 Results; GenAI Gains Traction

Thematic (Sector/Industry)

<ul><li>Overseas hyperscalers (Amazon, Google, Meta, and Microsoft, covered by our internet team) have all released their CY1Q25 earnings.</li><li>During the quarter, the aggregated capex of the Big Four held strong at US$73bn, up 63% YoY and flattish QoQ, after hitting a record of US$72.8bn in CY4Q24 (up 68% YoY / 22% QoQ).</li><li>The outlook for the rest of 2025 remains optimistic. Amazon, Google and Microsoft doubled down on their spending plans, while Meta revised up its capex target by 7%-11% from its previous plan. </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.

Overseas hyperscalers (Amazon, Google, Meta, and Microsoft, covered by our internet team) have all released their CY1Q25 earnings.During the quarter, the aggregated capex of the Big Four held strong at US$73bn, up 63% YoY and flattish QoQ, after hitting a record of US$72.8bn in CY4Q24 (up 68% YoY / 22% QoQ).The outlook for the rest of 2025 remains optimistic. Amazon, Google and Microsoft doubled down on their spending plans, while Meta revised up its capex target by 7%-11% from its previous plan. 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.

Semiconductors - Thematic Investing and Megatrends: Resilient 1Q25 Capex Among Hyperscalers

<ul><li>Year to date, the internet sector has pulled back after rapid rallies buoyed by improved sentiment and short-term fund inflows, in line with our previous expectation.</li><li>From a full-year perspective, given the rate cut cycle has not yet started and liquidity remains tight, we suggest focusing on: 1) companies capable of boosting shareholder returns or maintaining decent returns, supported by solid fundamentals (strong competitive advantages, steady growth in core business, and stable profitability) and committed to enhancing shareholder returns (also depends on management's willingness), such as Alibaba, Tencent, and NetEase;</li><li>2) companies whose new businesses have significant market potential and are poised to bring considerable capital gains in the long run, particularly from overseas expansion and AI-related initiatives, such as Pinduoduo, Tencent, Alibaba, and Trip.com</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.

Year to date, the internet sector has pulled back after rapid rallies buoyed by improved sentiment and short-term fund inflows, in line with our previous expectation.From a full-year perspective, given the rate cut cycle has not yet started and liquidity remains tight, we suggest focusing on: 1) companies capable of boosting shareholder returns or maintaining decent returns, supported by solid fundamentals (strong competitive advantages, steady growth in core business, and stable profitability) and committed to enhancing shareholder returns (also depends on management's willingness), such as Alibaba, Tencent, and NetEase;2) companies whose new businesses have significant market potential and are poised to bring considerable capital gains in the long run, particularly from overseas expansion and AI-related initiatives, such as Pinduoduo, Tencent, Alibaba, and Trip.comContent 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 - 1Q24 recap & our three stock-picking ideas

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) - Increase AI Investment to Unlock Growth Opportunities in FY25

Alphabet reported 4Q24 results: net revenue (excl. TAC) grew by 13% YoY to US$81.6bn, and net income increased by 28% YoY to US$26.5bn, both in...

CMB International

Alphabet (GOOG US) - 3Q24 Results Beat; Google Cloud Maintains Strong Momentum

total revenue was up by 15% YoY to US$88.3bn, largely in line with Bloomberg consensus estimate (US$86.5bn); net income grew by 34% YoY to...

CMB International

Alphabet (GOOG US) - Inline 2Q24 Results; GenAI Gains Traction

Alphabet reported 2Q24 financial results: total revenue increased by 14% YoY to US$84.7bn, in line with Bloomberg consensus estimate

CMB International

Semiconductors - Thematic Investing and Megatrends: Resilient 1Q25 Capex Among Hyperscalers

Bloomberg consensus projects the Big Four’s capex to increase by 48% YoY / 8% QoQ to ~US$78.6bn in CY2Q25E, and full-year capex to top US$319bn...

CMB International

Internet - 1Q24 recap & our three stock-picking ideas

Year to date, the internet sector has pulled back after rapid rallies buoyed by improved sentiment and short-term fund inflows, in line with our...

CMB International

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