External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

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

Equity Bottom-Up

<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><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 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