Strong Buy Recommendation for Alphabet Driven by Robust Growth in Core Segments and Cloud ExpansionWe maintain a BUY rating with a reduced DCF target price of US$235 (previously US$250) due to short-term valuation pressure on higher CAPEX, but increase FY25e revenue by 3.5%, reflecting strength in the ad and subscription business with improved cloud service delivery. We expect GOOGL to continue benefitting from AI-driven product enhancement and operational efficiencies, boosting Cloud capacity and strengthening ad targeting capabilities. In addition, we view the current share price as attractive, trading at a discount with a P/E ratio of 20.5x, which is below its 5-year historical average of ~25x. The Positives + Solid performance in Search, with YouTube showing quick acceleration in growth. Search advertising growth slowed but remained resilient at 12% 14% YoY), led by retail and financial services.