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>Nvidia’s share price rose in after-hours trading post earnings.</li><li>Q4 revenue was US$22.1bn, up 265% YoY and 22% QoQ, exceeding company’s guidance of US$20bn by 10% and beating Bloomberg consensus by 8%.</li><li>GPM was 76%, steadily increasing from 74% during the previous quarter and 63.3% from FY4Q23. </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>

Nvidia’s share price rose in after-hours trading post earnings.Q4 revenue was US$22.1bn, up 265% YoY and 22% QoQ, exceeding company’s guidance of US$20bn by 10% and beating Bloomberg consensus by 8%.GPM was 76%, steadily increasing from 74% during the previous quarter and 63.3% from FY4Q23. 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.

Global Multi-Asset Investment Strategist, True Insights

Jeroen Blokland

Global Multi-Asset Investment Strategist

Build Well-Diversified Multi-Asset Portfolios

True Insights

Our research helps investors build well-diversified multi-asset portfolios and profit from market developments. In addition, our unique and proven Macro – Sentiment – Valuation (MSV) investment framework ensures a consistent flow of new investment opportunities. Together with our market views, these opportunities will be reflected in our live ETF-based Global Multi-Asset Portfolios.

<ul>
<li>Nvidia's blowout earnings number is another example of how grasping exponential growth trends is extremely difficult for human investors.</li>
<li>Unlike what is often assumed, Nvidia, for now, qualifies as a quality stock, revealing relentless competitive power, low debt, and reasonable valuation.</li>
<li>Nvidia's weight with Quality ETFs is bigger than its weight in the MSCI World Index, adding to quality stock outperformance.</li>
</ul>


Nvidia's blowout earnings number is another example of how grasping exponential growth trends is extremely difficult for human investors.
Unlike what is often assumed, Nvidia, for now, qualifies as a quality stock, revealing relentless competitive power, low debt, and reasonable valuation.
Nvidia's weight with Quality ETFs is bigger than its weight in the MSCI World Index, adding to quality stock outperformance.


Nvidia: A Quality Stock that Shows Human Investors Are Unable to Discount Exponential Growth

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<li>One of the biggest trends impacting the fund flow in Korea this year has been the huge capital inflow into overseas equity ETFs. </li>
<li>The net asset value of the listed ETFs in Korea investing in overseas stocks surpassed the ETFs investing in domestic stocks for the first time in 17 years.</li>
<li>The ETFs that invest in overseas stocks were 35.8 trillion won on 12 November 2024, up 111% from 12 January 2024.</li>
</ul>


One of the biggest trends impacting the fund flow in Korea this year has been the huge capital inflow into overseas equity ETFs. 
The net asset value of the listed ETFs in Korea investing in overseas stocks surpassed the ETFs investing in domestic stocks for the first time in 17 years.
The ETFs that invest in overseas stocks were 35.8 trillion won on 12 November 2024, up 111% from 12 January 2024.


Overseas Equity ETFs Surpass Domestic Equity ETFs For the First Time in 17 Years

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>NVIDIA Corporation surpassed the revenue expectations as well as the earnings expectations of Wall Street, revealing a revenue surge to $18.1 billion, exceeding their outlook of $16 billion and marking a 34% sequential increase and a remarkable 200% YoY growth.</li><li>The data center segment primarily propelled the stellar performance, where the NVIDIA HGX platform, based on the innovative Hopper Tensor Core GPU architecture, combined with InfiniBand networking, achieved significant revenue of $14.5 billion.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

NVIDIA Corporation surpassed the revenue expectations as well as the earnings expectations of Wall Street, revealing a revenue surge to $18.1 billion, exceeding their outlook of $16 billion and marking a 34% sequential increase and a remarkable 200% YoY growth.The data center segment primarily propelled the stellar performance, where the NVIDIA HGX platform, based on the innovative Hopper Tensor Core GPU architecture, combined with InfiniBand networking, achieved significant revenue of $14.5 billion.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

NVIDIA Corporation: Progress In Generative AI & Transformative Computing Transition! - Major Drivers

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Event-Driven

<ul>
<li>The US election is the ultimate of known unknowns. The markets have endured both Trump and Biden/Harris so impactful policy surprises should be limited. </li>
<li>Hedging cost are running high for Asian equities post August unwind and September stimulus combined with election. </li>
<li>Markets have some momentum and in some cases mean reversion to the price move on the day after the election. </li>
</ul>


The US election is the ultimate of known unknowns. The markets have endured both Trump and Biden/Harris so impactful policy surprises should be limited. 
Hedging cost are running high for Asian equities post August unwind and September stimulus combined with election. 
Markets have some momentum and in some cases mean reversion to the price move on the day after the election. 


EQD | US Election -  Hedge Considerations

United States

NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software.  The Company's products provide interactive 3D graphics to the mainstream personal computer market.

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NVIDIA Corp (NVDA US)

Semi - Nvidia Continues to Impress

Q4 revenue was US$22.1bn, up 265% YoY and 22% QoQ, exceeding company’s guidance of US$20bn by 10% and beating Bloomberg consensus by 8%.

CMB International

Nvidia: A Quality Stock that Shows Human Investors Are Unable to Discount Exponential Growth

It's a myth that media-hyped stocks like Nvidia are unable to add to a quality stock-selection strategy. The latest blowout earnings numbers...

Jeroen Blokland

Overseas Equity ETFs Surpass Domestic Equity ETFs For the First Time in 17 Years

One of the biggest trends impacting the fund flow in Korea this year has been the huge capital inflow into overseas equity ETFs.

Douglas Kim

NVIDIA Corporation: Progress In Generative AI & Transformative Computing Transition! - Major Drivers

NVIDIA Corporation surpassed the revenue expectations as well as the earnings expectations of Wall Street, revealing a revenue surge to $18.1...

Baptista Research

EQD | US Election - Hedge Considerations

The US election brings uncertainty, but market impact should be limited due to enduring Trump and Biden/Harris policies. Asian equities face high...

John Ley

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Semi - Nvidia Continues to Impress

Q4 revenue was US$22.1bn, up 265% YoY and 22% QoQ, exceeding company’s guidance of US$20bn by 10% and beating Bloomberg consensus by 8%.

CMB International

Nvidia: A Quality Stock that Shows Human Investors Are Unable to Discount Exponential Growth

It's a myth that media-hyped stocks like Nvidia are unable to add to a quality stock-selection strategy. The latest blowout earnings numbers...

Jeroen Blokland

Overseas Equity ETFs Surpass Domestic Equity ETFs For the First Time in 17 Years

One of the biggest trends impacting the fund flow in Korea this year has been the huge capital inflow into overseas equity ETFs.

Douglas Kim

NVIDIA Corporation: Progress In Generative AI & Transformative Computing Transition! - Major Drivers

NVIDIA Corporation surpassed the revenue expectations as well as the earnings expectations of Wall Street, revealing a revenue surge to $18.1...

Baptista Research

EQD | US Election - Hedge Considerations

​The US election brings uncertainty, but market impact should be limited due to enduring Trump and Biden/Harris policies. Asian equities face high...

John Ley

The US election brings uncertainty, but market impact should be limited due to enduring Trump and Biden/Harris policies. Asian equities face high...