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>Broadcom (AVGO US, NR) released its 3QFY24 results. Revenue went up by 47% YoY/5% QoQ to US$13.1bn, in-line with consensus (US$13.0bn).</li><li>By segment, semiconductor/ infrastructure software revenue attributed 56%/44% of revenue vs. 78%/22% in 3QFY23.</li><li>Semiconductor sales was US$7.3bn, up 5% YoY/1% QoQ. Infrastructure software sales was US$5.8bn, up 200% YoY/10% QoQ, of which VMware contributed US$3.8bn</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.

Broadcom (AVGO US, NR) released its 3QFY24 results. Revenue went up by 47% YoY/5% QoQ to US$13.1bn, in-line with consensus (US$13.0bn).By segment, semiconductor/ infrastructure software revenue attributed 56%/44% of revenue vs. 78%/22% in 3QFY23.Semiconductor sales was US$7.3bn, up 5% YoY/1% QoQ. Infrastructure software sales was US$5.8bn, up 200% YoY/10% QoQ, of which VMware contributed US$3.8bnContent 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 - Broadcom’s 3Q earnings summary; in-line results failed to impress investors

Thematic (Sector/Industry)

<ul><li>Broadcom (AVGO, NR) delivered another record-setting quarter in 2QFY25, with revenue reaching US$15bn, up 20.2% YoY / flat QoQ and 0.3%/0.7% above Bloomberg consensus and mgmt.’s guidance.</li><li>Gross margin was 79.4% for the quarter (vs. 79.1%/76.2% in 1QFY25/2QFY24), 0.51ppt higher than Bloomberg consensus.</li><li>The company’s revenue continued to be powered by strength in AI semiconductor and infrastructure software segments during the quarter.</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.

Broadcom (AVGO, NR) delivered another record-setting quarter in 2QFY25, with revenue reaching US$15bn, up 20.2% YoY / flat QoQ and 0.3%/0.7% above Bloomberg consensus and mgmt.’s guidance.Gross margin was 79.4% for the quarter (vs. 79.1%/76.2% in 1QFY25/2QFY24), 0.51ppt higher than Bloomberg consensus.The company’s revenue continued to be powered by strength in AI semiconductor and infrastructure software segments during the quarter.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 - Solid 2Q Results for Broadcom; Eyes on the Development of AI Inference

<ul><li>After two years of significant investments in AI infrastructure, investors are counting 2025 to be a transformational year for AI.</li><li>As market leaders will continue to deploy a large amount of capital in AI infrastructure buildout to widen their competitive moats, new themes in the downstream are rising, including AI agents, humanoid robots, robotaxi, etc.</li><li>We remain bullish on AI demand. We continue to rank AI theme as our top pick for 2025. Market leaders will continue to enjoy the AI tailwind beyond 2025.</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.

After two years of significant investments in AI infrastructure, investors are counting 2025 to be a transformational year for AI.As market leaders will continue to deploy a large amount of capital in AI infrastructure buildout to widen their competitive moats, new themes in the downstream are rising, including AI agents, humanoid robots, robotaxi, etc.We remain bullish on AI demand. We continue to rank AI theme as our top pick for 2025. Market leaders will continue to enjoy the AI tailwind beyond 2025.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 -Stargate Poised to Accelerate Global AI Arms Race

<ul><li>Nvidia announced (22 May) FY1Q25 results. Quarterly revenue was US$26.0bn, up 262% YoY and 17.8% QoQ (22.0% QoQ in FY4Q24).</li><li>FY1Q25 revenue beat Bloomberg consensus of US$24.7bn by 5.5%.</li><li>Data center revenue continued to soar and topped US$22.6bn, up 426.7% YoY and 22.6% QoQ (26.8% QoQ in FY4Q24).</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.

Nvidia announced (22 May) FY1Q25 results. Quarterly revenue was US$26.0bn, up 262% YoY and 17.8% QoQ (22.0% QoQ in FY4Q24).FY1Q25 revenue beat Bloomberg consensus of US$24.7bn by 5.5%.Data center revenue continued to soar and topped US$22.6bn, up 426.7% YoY and 22.6% QoQ (26.8% QoQ in FY4Q24).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.

Semi - Nvidia: To keep growing for longer

<ul>
<li>Amazon, Microsoft, Google and Meta, collectively known as Hyperscaler 3 &amp; Meta, have recently announced their CY4Q23 results, unanimously claiming to increase investments in AI-related infrastructure from the current levels.</li>
<li>Per Bloomberg consensus, the capex of Hyperscaler 3 &amp; Meta will grow 22.6% in 2024, higher than prior forecasts of 16.6%.</li>
<li>This capex boost further confirms our perspective on the ongoing AI momentum into 2024, driven by strong demand for building computing capacity.</li>
</ul>


Amazon, Microsoft, Google and Meta, collectively known as Hyperscaler 3 &amp; Meta, have recently announced their CY4Q23 results, unanimously claiming to increase investments in AI-related infrastructure from the current levels.
Per Bloomberg consensus, the capex of Hyperscaler 3 &amp; Meta will grow 22.6% in 2024, higher than prior forecasts of 16.6%.
This capex boost further confirms our perspective on the ongoing AI momentum into 2024, driven by strong demand for building computing capacity.


Semi - Hyperscalers’ FY23 Results Review

United States

Broadcom Inc. designs, develops, and supplies semiconductor and infrastructure software solutions. The Company offers storage adapters, controllers, networking processors, motion control encoders, and optical sensors, as well as infrastructure and security software to modernize, optimize, and secure the most complex hybrid environments. Broadcom serves customers worldwide.

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Broadcom (AVGO US)

Semiconductors - Broadcom’s 3Q earnings summary; in-line results failed to impress investors

Broadcom (AVGO US, NR) released its 3QFY24 results. Revenue went up by 47% YoY/5% QoQ to US$13.1bn, in-line with consensus (US$13.0bn).

CMB International

Semiconductors - Solid 2Q Results for Broadcom; Eyes on the Development of AI Inference

Broadcom (AVGO, NR) delivered another record-setting quarter in 2QFY25, with revenue reaching US$15bn, up 20.2% YoY / flat QoQ and 0.3%/0.7% above...

CMB International

Semiconductors -Stargate Poised to Accelerate Global AI Arms Race

We remain bullish on AI demand. We continue to rank AI theme as our top pick for 2025. Market leaders will continue to enjoy the AI tailwind beyond...

CMB International

Semi - Nvidia: To keep growing for longer

Nvidia announced (22 May) FY1Q25 results. Quarterly revenue was US$26.0bn, up 262% YoY and 17.8% QoQ (22.0% QoQ in FY4Q24). FY1Q25 revenue beat. ...

CMB International

Semi - Hyperscalers’ FY23 Results Review

This capex boost further confirms our perspective on the ongoing AI momentum into 2024, driven by strong demand for building computing capacity.

CMB International

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