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.

Cross Asset Strategy

<ul>
<li>There have been no changes to the KTX Tactical DR Portfolio today.</li>
<li>Our KTX Tactical DR Portfolio delivered an average return of +1.87%, driven by a rebound in technology stocks after META expanded its data center investment plans, easing concerns over a slowdown in investment growth.</li>
</ul>


There have been no changes to the KTX Tactical DR Portfolio today.
Our KTX Tactical DR Portfolio delivered an average return of +1.87%, driven by a rebound in technology stocks after META expanded its data center investment plans, easing concerns over a slowdown in investment growth.


KTX Tactical DR Picks - July 10, 2026 (Eng.)

Macroeconomics

<ul><li>We believe the recent rally in US equities, particularly Al-related stocks, has masked signs of tightening global liquidity.</li><li>Against this backdrop, we expect a significant rotation of global capital toward Asia, which we believe is better positioned to convert Al-related CAPEX into sustained earnings growth.</li><li>Together with Thai corporate earnings that appear to have bottomed out and continued foreign fund inflows, these factors should support a valuation re-rating of the Thai equity market, underpinning our 12-month forward SET Index target of 1,705, which we expect could be achieved in 3Q26.</li></ul>

We believe the recent rally in US equities, particularly Al-related stocks, has masked signs of tightening global liquidity.Against this backdrop, we expect a significant rotation of global capital toward Asia, which we believe is better positioned to convert Al-related CAPEX into sustained earnings growth.Together with Thai corporate earnings that appear to have bottomed out and continued foreign fund inflows, these factors should support a valuation re-rating of the Thai equity market, underpinning our 12-month forward SET Index target of 1,705, which we expect could be achieved in 3Q26.

KTX Investment Outlook 3Q26: The Broken Backbone of Global Liquidity

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Thematic (Sector/Industry)

<ul>
<li>In the AI takeover of global markets, enablers are beating hyperscalers by an ever-widening margin.  Hyperscalers' unprecedented capex is fueling revenue growth across the AI enabler ecosystem.</li>
<li>The semiconductor chip sector has gone parabolic with an unsustainable rise in share prices.  The SOX momentum and % increase far exceed its rise during the Dotcom bubble period</li>
<li>The AI Memory subsector is the only segment that has significantly outperformed hyperscalers in both returns and fundamentals, primarily due to a structural high-bandwidth memory (HBM) supercycle.</li>
</ul>


In the AI takeover of global markets, enablers are beating hyperscalers by an ever-widening margin.  Hyperscalers' unprecedented capex is fueling revenue growth across the AI enabler ecosystem.
The semiconductor chip sector has gone parabolic with an unsustainable rise in share prices.  The SOX momentum and % increase far exceed its rise during the Dotcom bubble period
The AI Memory subsector is the only segment that has significantly outperformed hyperscalers in both returns and fundamentals, primarily due to a structural high-bandwidth memory (HBM) supercycle.


THE AI GOLD RUSH: Hyperscalers and Enablers

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

<ul>
<li>We tracked AI models, infrastructure, and M&amp;A: Anthropic paired its Series H with Opus 4.8, while MiniMax pushed A-share plans.</li>
<li>MiniMax disclosed USD 300m ARR, previewed M3, and started CITIC Securities counselling. Xiaomi cut API pricing to match DeepSeek.</li>
<li>OpenRouter data showed Anthropic revenue dominance even as DeepSeek and Tencent topped token usage, while Cognition and Fireworks extended private-market comps.</li>
</ul>


We tracked AI models, infrastructure, and M&amp;A: Anthropic paired its Series H with Opus 4.8, while MiniMax pushed A-share plans.
MiniMax disclosed USD 300m ARR, previewed M3, and started CITIC Securities counselling. Xiaomi cut API pricing to match DeepSeek.
OpenRouter data showed Anthropic revenue dominance even as DeepSeek and Tencent topped token usage, while Cognition and Fireworks extended private-market comps.


This Week in AI (May 24-30): Anthropic Raises $65bn and Launches Opus 4.8; MiniMax's H+A and M3

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM). Bulls remain firmly in control</li>
<li>We want to buy pullbacks to the 20-day MA or 21-day EMA on the SPX, QQQ, and IWM, however infrequent they may be (expecting ~1 test per month)</li>
<li>We highlight several attractive semiconductors to buy on any pullbacks: NVDA, TSM, AVGO, MU, AMD, INTC, TXN, ADI, MRVL, IFNNY, MPWR, NXPI, ASX, MCHP, STM, ON, UMC, LSCC, and SWKS</li>
</ul>


We remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM). Bulls remain firmly in control
We want to buy pullbacks to the 20-day MA or 21-day EMA on the SPX, QQQ, and IWM, however infrequent they may be (expecting ~1 test per month)
We highlight several attractive semiconductors to buy on any pullbacks: NVDA, TSM, AVGO, MU, AMD, INTC, TXN, ADI, MRVL, IFNNY, MPWR, NXPI, ASX, MCHP, STM, ON, UMC, LSCC, and SWKS


Downgrading Manufacturing to Market Weight; Semiconductor Buys: NVDA, TSM, AVGO, MU, AMD, and More

United States

Advanced Micro Devices, Inc. (AMD) produces semiconductor products and devices. The Company offers products such as microprocessors, embedded microprocessors, chipsets, graphics, video and multimedia products and supplies it to third-party foundries, as well as provides assembling, testing, and packaging services. AMD serves customers worldwide.

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Advanced Micro Devices (AMD US)

KTX Tactical DR Picks - July 10, 2026 (Eng.)

There have been no changes to the KTX Tactical DR Portfolio today. Our KTX Tactical DR Portfolio delivered an average return of +1.87%, driven by...

Krungthai XSpring

KTX Investment Outlook 3Q26: The Broken Backbone of Global Liquidity

We believe the recent rally in US equities, particularly Al-related stocks, has masked signs of tightening global liquidity. Against this...

Krungthai XSpring

THE AI GOLD RUSH: Hyperscalers and Enablers

In the AI takeover of global markets, enablers are beating hyperscalers by an ever-widening margin. Hyperscalers' unprecedented capex is fueling...

David Mudd

This Week in AI (May 24-30): Anthropic Raises $65bn and Launches Opus 4.8; MiniMax's H+A and M3

This week in AI: Anthropic raised $65bn and launched Opus 4.8; MiniMax seeks A-share listing and previews M3; Huawei shows Tau roadmap.

Ke Yan, CFA, FRM

Downgrading Manufacturing to Market Weight; Semiconductor Buys: NVDA, TSM, AVGO, MU, AMD, and More

Downgrading Manufacturing $XLI to Market Weight; Buy $SPX and $QQQ Pullbacks to 20-Day MA. Semiconductor buy ideas on pullbacks (remain overweight)...

Vermilion Research

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