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.

Thematic (Sector/Industry)

<ul><li>Nvidia (NVDA US, NR) released its 4QFY26 earnings, with revenue up 73% YoY/20% QoQ to US$68bn (beating BBG consensus by 2.6%), and EPS up 82% YoY/25% QoQ to US$1.62 (beating BBG consensus by 5.0%).</li><li>GPM was 75.2%, improving from 73.6% in 3Q and beating BBG consensus of 74.3%. Mgmt. guides 1QFY27 revenue to be US$78bn, implying ~US$10bn step-up (vs. US$11bn last quarter), while GPM is guided to be 75%.</li><li>Overall, Nvidia delivered another strong beat-and-raise 4Q, confirming the robust compute demand from hyperscalers, neo-clouds, sovereign AI, enterprises, etc. </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>

Nvidia (NVDA US, NR) released its 4QFY26 earnings, with revenue up 73% YoY/20% QoQ to US$68bn (beating BBG consensus by 2.6%), and EPS up 82% YoY/25% QoQ to US$1.62 (beating BBG consensus by 5.0%).GPM was 75.2%, improving from 73.6% in 3Q and beating BBG consensus of 74.3%. Mgmt. guides 1QFY27 revenue to be US$78bn, implying ~US$10bn step-up (vs. US$11bn last quarter), while GPM is guided to be 75%.Overall, Nvidia delivered another strong beat-and-raise 4Q, confirming the robust compute demand from hyperscalers, neo-clouds, sovereign AI, enterprises, etc. 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.

Semiconductors - Nvidia’s 4Q Earnings: Widening the Moat with Multi-Year Visibility

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

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Krungthai XSpring

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<ul><li>Nvidia (NVDA80) reported FY4Q26 results above expectations, extending its record-high performance.</li><li>The MPC unexpectedly cut the policy rate to 1.00%, the lowest in three years and four months.</li><li>The MPC also signaled that rates have likely bottomed out, assuming the economic outlook remains on track.</li></ul>

Nvidia (NVDA80) reported FY4Q26 results above expectations, extending its record-high performance.The MPC unexpectedly cut the policy rate to 1.00%, the lowest in three years and four months.The MPC also signaled that rates have likely bottomed out, assuming the economic outlook remains on track.

Krungthai XSpring Zoom Eng. February 26, 2026

<ul><li>The US: US equity markets rebounded (S&amp;P 500 +0.26%, NASDAQ +0.25%), led by gains in financial stocks after Goldman Sachs and Morgan Stanley reported better-than-expected earnings.</li><li>Tech: TSMC reported 4Q25 results with revenue up 20% YoY and net profit up 35% YoY, beating market expectations on both fronts.</li><li>Thailand: The Board of Investment (BOI) has approved investment promotion for seven data center projects with a total value of Bt96bn, including projects by True Internet Data Center, GSA Data Center 05—a joint venture between GULF, Singtel, and AIS—as well as Stellar DC, a project under the STECON group.</li></ul>

The US: US equity markets rebounded (S&amp;P 500 +0.26%, NASDAQ +0.25%), led by gains in financial stocks after Goldman Sachs and Morgan Stanley reported better-than-expected earnings.Tech: TSMC reported 4Q25 results with revenue up 20% YoY and net profit up 35% YoY, beating market expectations on both fronts.Thailand: The Board of Investment (BOI) has approved investment promotion for seven data center projects with a total value of Bt96bn, including projects by True Internet Data Center, GSA Data Center 05—a joint venture between GULF, Singtel, and AIS—as well as Stellar DC, a project under the STECON group.

Krungthai XSpring Zoom Eng. January 16, 2026

<ul><li>The SET Index is expected to move in a sideways-up range today, with the resistance at 1,280/1,300 points and the support at 1,270/1,260 points.</li><li>The US: US equities advanced (S&amp;P 500 +0.62%, NASDAQ +0.65%), led by materials, healthcare, and technology stocks.</li><li>Thailand: The baht appreciated by 8.22% in 2025, ranking as the second-strongest currency in Asia after the Malaysian ringgit, which gained 10.14%.</li></ul>

The SET Index is expected to move in a sideways-up range today, with the resistance at 1,280/1,300 points and the support at 1,270/1,260 points.The US: US equities advanced (S&amp;P 500 +0.62%, NASDAQ +0.65%), led by materials, healthcare, and technology stocks.Thailand: The baht appreciated by 8.22% in 2025, ranking as the second-strongest currency in Asia after the Malaysian ringgit, which gained 10.14%.

Krungthai XSpring Zoom Eng. January 7, 2026

<ul><li>The US 10-year bond yield edged up slightly from 4.12% to 4.15% after New York Fed President John Williams cautioned that the sharper-than-expected slowdown in November inflation may have been driven by practical data-collection factors, implying that the Fed does not need to rush into rate cuts.</li><li>The Bank of Japan (BoJ) raised its policy interest rate by 0.25% to 0.75%, the highest level in 30 years, and signaled further rate hikes in 2026, citing that real interest rates (adjusted for inflation) remain very low.</li><li>The passenger service charge (PSC) issue for AOT has returned as an overhang, after the Minister of Transport stated that although the Civil Aviation Board (CAB) has already approved the proposal, the process still requires the Transport Minister’s signature.</li></ul>

The US 10-year bond yield edged up slightly from 4.12% to 4.15% after New York Fed President John Williams cautioned that the sharper-than-expected slowdown in November inflation may have been driven by practical data-collection factors, implying that the Fed does not need to rush into rate cuts.The Bank of Japan (BoJ) raised its policy interest rate by 0.25% to 0.75%, the highest level in 30 years, and signaled further rate hikes in 2026, citing that real interest rates (adjusted for inflation) remain very low.The passenger service charge (PSC) issue for AOT has returned as an overhang, after the Minister of Transport stated that although the Civil Aviation Board (CAB) has already approved the proposal, the process still requires the Transport Minister’s signature.

Krungthai XSpring Zoom Eng. December 22, 2025

United States

NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software.  The Company's products provide interactive 3D graphics to the mainstream personal computer market.

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NVIDIA Corp (NVDA US)

Semiconductors - Nvidia’s 4Q Earnings: Widening the Moat with Multi-Year Visibility

Nvidia (NVDA US, NR) released its 4QFY26 earnings, with revenue up 73% YoY/20% QoQ to US$68bn (beating BBG consensus by 2.6%), and EPS up 82% YoY...

CMB International

Krungthai XSpring Zoom Eng. February 26, 2026

Nvidia (NVDA80) reported FY4Q26 results above expectations, extending its record-high performance.The MPC unexpectedly cut the policy rate to 1.00%

Krungthai XSpring

Krungthai XSpring Zoom Eng. January 16, 2026

The US: US equity markets rebounded (S&P 500 +0.26%, NASDAQ +0.25%), led by gains in financial stocks after Goldman Sachs and Morgan Stanley...

Krungthai XSpring

Krungthai XSpring Zoom Eng. January 7, 2026

The SET Index is expected to move in a sideways-up range today, with the resistance at 1,280/1,300 points and the support at 1,270/1,260 points.

Krungthai XSpring

Krungthai XSpring Zoom Eng. December 22, 2025

The Bank of Japan (BoJ) raised its policy interest rate by 0.25% to 0.75%, the highest level in 30 years, and signaled further rate hikes in 2026,...

Krungthai XSpring

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