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 3Q25 results: total revenue grew by 16% YoY to US$102.3bn, 3% ahead of consensus estimate; operating income excluding US$3.5bn European Commission fine was up by 22% YoY to US$34.7bn, 8% ahead of consensus estimate, primarily thanks to the enhanced overall efficiency and robust earnings growth of Google Cloud (+85% YoY).</li><li>Management raised FY25 capex guidance to US$91-93bn (previously: US$85bn), up by 73%-77% YoY.</li><li>The AI investments gradually bear fruit in both core search (&gt;2bn AI Overviews users) and cloud businesses (cloud backlog + 82% YoY to US$155bn), driving acceleration in revenue growth. </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 3Q25 results: total revenue grew by 16% YoY to US$102.3bn, 3% ahead of consensus estimate; operating income excluding US$3.5bn European Commission fine was up by 22% YoY to US$34.7bn, 8% ahead of consensus estimate, primarily thanks to the enhanced overall efficiency and robust earnings growth of Google Cloud (+85% YoY).Management raised FY25 capex guidance to US$91-93bn (previously: US$85bn), up by 73%-77% YoY.The AI investments gradually bear fruit in both core search (&gt;2bn AI Overviews users) and cloud businesses (cloud backlog + 82% YoY to US$155bn), driving acceleration in revenue 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) - 3Q25 Results Beat; Upbeat on AI and Cloud Business Momentum

Thematic (Sector/Industry)

<ul><li>Looking ahead to 2026, we believe competition in the large language model (LLM) industry will further intensify, while monetization of AI applications in niche segments should see continued momentum.</li><li>We are optimistic about the further monetization potential driven by improved AI agent capabilities, as well as increased paid user penetration and monetization from advanced image editing and video generation LLMs.</li><li>We currently do not anticipate overinvestment risks among cloud service providers, and expect 2026 earnings growth of US-listed leaders to support their valuations. </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.

Looking ahead to 2026, we believe competition in the large language model (LLM) industry will further intensify, while monetization of AI applications in niche segments should see continued momentum.We are optimistic about the further monetization potential driven by improved AI agent capabilities, as well as increased paid user penetration and monetization from advanced image editing and video generation LLMs.We currently do not anticipate overinvestment risks among cloud service providers, and expect 2026 earnings growth of US-listed leaders to support their valuations. 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.

US Internet & Software - 2026 outlook: AI applications to ramp up; eyes on AI investment return

<ul><li>Alphabet reported 2Q25 financial results: total revenue was up by 14% YoY to US$96.4bn, 3% ahead of Bloomberg consensus estimate; net income grew by 19% YoY to US$28.2bn, beating consensus estimate by 5% thanks to the strong revenue growth and efficiencies in the expense base.</li><li>For 2H25E, we expect advertising revenues to face high-base impact due to strength in the financial vertical and US presidential election in 2H24, while Google Cloud revenue growth should remain robust as more compute resources will be deployed in 2H25 to address the strong demand.</li><li>Management has raised FY25 capex guidance to US$85bn (previously: US$75bn) and expect capex to further rise in FY26, given the strong demand for Google Cloud.</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 2Q25 financial results: total revenue was up by 14% YoY to US$96.4bn, 3% ahead of Bloomberg consensus estimate; net income grew by 19% YoY to US$28.2bn, beating consensus estimate by 5% thanks to the strong revenue growth and efficiencies in the expense base.For 2H25E, we expect advertising revenues to face high-base impact due to strength in the financial vertical and US presidential election in 2H24, while Google Cloud revenue growth should remain robust as more compute resources will be deployed in 2H25 to address the strong demand.Management has raised FY25 capex guidance to US$85bn (previously: US$75bn) and expect capex to further rise in FY26, given the strong demand for Google Cloud.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) - 2Q25 Results Beat on Solid Search and Cloud Businesses

<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

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>The market lacked short-term momentum as investors awaited the Fed meeting outcome.</li><li>Today’s dominant ideas: The SET Index is expected to move sideways today, with the support at 1,314/1,300 and the resistance at 1,333/1,350.</li><li>External factors are slightly positive, supported by continued gains in the US stock market, though mostly driven by speculation in technology stocks.</li></ul>

The market lacked short-term momentum as investors awaited the Fed meeting outcome.Today’s dominant ideas: The SET Index is expected to move sideways today, with the support at 1,314/1,300 and the resistance at 1,333/1,350.External factors are slightly positive, supported by continued gains in the US stock market, though mostly driven by speculation in technology stocks.

Krungthai XSpring Zoom Eng. October 29, 2025

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) - 3Q25 Results Beat; Upbeat on AI and Cloud Business Momentum

We roll over our valuation window to FY26 and raise our target price to US$328.0 based on 30x FY26E PE (previous: US$221.0 based on 22x FY25E PE),...

CMB International

US Internet & Software - 2026 outlook: AI applications to ramp up; eyes on AI investment return

Looking ahead to 2026, we believe competition in the large language model (LLM) industry will further intensify, while monetization of AI...

CMB International

Alphabet (GOOG US) - 2Q25 Results Beat on Solid Search and Cloud Businesses

Alphabet reported 2Q25 financial results: total revenue was up by 14% YoY to US$96.4bn, 3% ahead of Bloomberg consensus estimate; net income grew...

CMB International

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

Krungthai XSpring Zoom Eng. October 29, 2025

Today’s dominant ideas: The SET Index is expected to move sideways today, with the support at 1,314/1,300 and the resistance at 1,333/1,350.

Krungthai XSpring

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