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.

Equity Bottom-Up

<ul><li>Thai equities continue to benefit from fund rotation into value stocks, offsetting selling pressure on technology shares amid concerns over the returns on Al investment and South Korea's plans to tighten measures against excessive stock market speculation.</li><li>We maintain our Overweight rating on the commerce IT sector, as we believe higher IT product prices will drive the sector into a new upcycle, while valuations remain below their historical average.</li><li>We expect the SET Index to remain volatile with an upward bias, trading within a range of 1,631–1,642.</li></ul>

Thai equities continue to benefit from fund rotation into value stocks, offsetting selling pressure on technology shares amid concerns over the returns on Al investment and South Korea's plans to tighten measures against excessive stock market speculation.We maintain our Overweight rating on the commerce IT sector, as we believe higher IT product prices will drive the sector into a new upcycle, while valuations remain below their historical average.We expect the SET Index to remain volatile with an upward bias, trading within a range of 1,631–1,642.

Krungthai XSpring Zoom Eng. July 17, 2026

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.

<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

<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>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 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

<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>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 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

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)

Krungthai XSpring Zoom Eng. July 17, 2026

Thai equities continue to benefit from fund rotation into value stocks, offsetting selling pressure on technology shares amid concerns over the...

Krungthai XSpring

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

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 (GOOG US) - Inline 2Q24 Results; GenAI Gains Traction

Alphabet reported 2Q24 financial results: total revenue increased by 14% YoY to US$84.7bn, in line with Bloomberg consensus estimate

CMB International

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