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    Alphabet (NASDAQ: GOOGL) and Charter Hall Deep Value Yield REIT (ASX: CDV)

    Hi Team, 1) What is MM's view on the yet to be listed Charter Hall Deep Value Yield REIT (CDV) as an investment? It is promoted that the Target discount to the net assets of the trusts it buys as 20%. Is that realistic? 2) How likely can Google make up its revenue loss in search ads when it is losing one million searches every week? Your view on buying Google on the dip. Many thanks

    Answer

    Hi Sidney,

    In terms of the Charter Hall Deep Value Yield REIT (CDV) we believe it’s too early to judge with theoretical goals very different to actual returns although we do like Charter Hall as a manager.

    As for Google, or Alphabet, it’s an interesting quandary – we covered their disappointing result last week here.

    Alphabet’s Cloud division continues to impress, with accelerating AI adoption translating into strong commercial momentum. However, we’re not yet convinced the returns will justify the enormous investment required, particularly given the growing risk that AI-driven alternatives could undermine Google’s highly profitable Search business, which remains the backbone of group earnings and cash flow.

    • The risk for Google is it could ultimately cannibalise its own search business as users increasingly turn to AI for answers rather than traditional search results.

    However, after falling more than 30% in 2026 we are now neutral with its valuation of 17x around 20% below its 2-year average we see decent risk/reward around US$280.

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