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 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><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 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

Mostly Borrowed Ideas Deep Dives, MBI Deep Dives

MBI Deep Dives

Mostly Borrowed Ideas Deep Dives

MBI is the abbreviation for “Mostly Borrowed Ideas”. Why “Mostly Borrowed Ideas?” As a generalist, I do not have a background in any particular sector. I enjoy navigating across industries, businesses, and countries to learn, understand, and connect the dots. In any case, most ideas and innovations are incremental in nature. Very few of us are smart enough to come up with truly original or groundbreaking ideas. I am Abdullah Al-Rezwan. I was born and brought up in Bangladesh. I went to University of Dhaka for my undergrad and majored in Finance. After working three and half years in Equity Research (Sell-side) covering Financial Sector in Bangladesh, I left Bangladesh to pursue my MBA in the US. I graduated within top 10% of the class from Cornell University's two-year MBA program and worked on the buy-side following my graduation. During my time at Cornell, I won two stock pitch competitions and also became finalists in four other competitions. I thoroughly enjoyed my stint as a generalist in the US large cap team at Madison Investments and covered a wide range of companies from UnitedHealth to Amazon and Boeing before US immigration reality paused my career in investment management. As my work authorization expired, I moved to Canada in January, 2021. Then in early 2022, I was able to return to the US.

<ul><li>Let’s start with not-so-good news. For the 9th consecutive quarters, Google Network revenue kept declining. Everything else is good news.</li><li>Despite all the disruption narrative, Search keeps humming along.</li><li>YouTube is doing okay. But the highlight from last quarter was Google Cloud.</li></ul>

Let’s start with not-so-good news. For the 9th consecutive quarters, Google Network revenue kept declining. Everything else is good news.Despite all the disruption narrative, Search keeps humming along.YouTube is doing okay. But the highlight from last quarter was Google Cloud.

AI and Global Deep Tech, Mint Finance

Uttkarsh Kohli

AI and Global Deep Tech

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>Google’s AI infrastructure spending remains a priority, with capex exceeding $12 billion per quarter, highlighting aggressive expansion in cloud and AI-driven services.</li>
<li>Competition from Meta and TikTok has pressured Google’s advertising, especially YouTube. Q3 performance will gauge its ability to maintain dominance in digital ads.</li>
<li>Ongoing antitrust trials pose a long-term risk to Google’s business operations, particularly in search and advertising. Potential regulatory action could impact future growth strategies.</li>
</ul>


Google’s AI infrastructure spending remains a priority, with capex exceeding $12 billion per quarter, highlighting aggressive expansion in cloud and AI-driven services.
Competition from Meta and TikTok has pressured Google’s advertising, especially YouTube. Q3 performance will gauge its ability to maintain dominance in digital ads.
Ongoing antitrust trials pose a long-term risk to Google’s business operations, particularly in search and advertising. Potential regulatory action could impact future growth strategies.


Google Q3 2024 Earnings Preview: AI Investments, Antitrust Battles, and Advertising in Focus

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

<ul>
<li>Alphabet’s revenue jumped 14% YoY to $84.74B, exceeding the $84.19B forecast, fueled by strong digital ad sales and cloud services demand.</li>
<li>Net income rose 28.6% to $23.6B, surpassing the $22.9B estimate, reflecting effective cost management and revenue growth despite margin concerns.</li>
<li>YouTube’s ad revenue fell short of expectations, growing slower than Q1 due to increased competition and tougher year-on-year comparisons, impacting overall share performance.</li>
</ul>


Alphabet’s revenue jumped 14% YoY to $84.74B, exceeding the $84.19B forecast, fueled by strong digital ad sales and cloud services demand.
Net income rose 28.6% to $23.6B, surpassing the $22.9B estimate, reflecting effective cost management and revenue growth despite margin concerns.
YouTube’s ad revenue fell short of expectations, growing slower than Q1 due to increased competition and tougher year-on-year comparisons, impacting overall share performance.


Alphabet Surges Past Q2 Expectations, Boosted by Digital Ads and Cloud Growth

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) - 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 3Q'24 Update

Let’s start with not-so-good news. For the 9th consecutive quarters, Google Network revenue kept declining. Everything else is good news.

MBI Deep Dives

Google Q3 2024 Earnings Preview: AI Investments, Antitrust Battles, and Advertising in Focus

Alphabet Q3 2024 earnings will feature AI investments, advertising revenue, and antitrust litigation at the forefront. Investors await key insights...

Mint Finance

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

Alphabet Surges Past Q2 Expectations, Boosted by Digital Ads and Cloud Growth

Alphabet’s Q2 earnings report reveals a 14% revenue increase to $84.74B and a 28.6% net income rise to $23.6B. Despite this, shares fell 2% post...

Mint Finance

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