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>Major global semi fabless/IDM companies (AMD/Intel/Qualcomm/TI/Infineon/ STM/MTK/OnSemi) reported in-line 2Q23 but mixed 3Q23 outlook on diversified exposure on AI applications, slower consumer electronics demand recovery, continued inventory digestion and margin pressure.</li><li>Overall, inventory digestion is below expectation in 2Q23, leading to rising DOI for most fabless players.</li><li>Demand recovery is expected to remain weak in 2H23E with planned production cut for most companies especially for those with limited exposure to AI.</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>

Major global semi fabless/IDM companies (AMD/Intel/Qualcomm/TI/Infineon/ STM/MTK/OnSemi) reported in-line 2Q23 but mixed 3Q23 outlook on diversified exposure on AI applications, slower consumer electronics demand recovery, continued inventory digestion and margin pressure.Overall, inventory digestion is below expectation in 2Q23, leading to rising DOI for most fabless players.Demand recovery is expected to remain weak in 2H23E with planned production cut for most companies especially for those with limited exposure to AI.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.

China Technology – Global Fabless/IDM 2Q23 Wrap

<div><div><div><ul><li>On 31 Aug, Nvidia said in a regulatory filing that the U.S. has imposed new <span style="font-size: var(--content-font-size);">licensing requirements on shipments of certain advanced server GPU (A100 and </span><span style="font-size: var(--content-font-size);">H100) to China (including Hong Kong) and Russia. </span></li><li><span style="font-size: var(--content-font-size);">Nvidia may lose as much as </span><span style="font-size: var(--content-font-size);">US$400mn sales to China in FY3Q22 as a result. </span></li><li><span style="font-size: var(--content-font-size);">Nvidia’s GPU dominates the AI </span><span style="font-size: var(--content-font-size);">processor market with 80.6% market share in 2020, according to Omdia. </span></li></ul></div></div></div><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>

On 31 Aug, Nvidia said in a regulatory filing that the U.S. has imposed new licensing requirements on shipments of certain advanced server GPU (A100 and H100) to China (including Hong Kong) and Russia. Nvidia may lose as much as US$400mn sales to China in FY3Q22 as a result. Nvidia’s GPU dominates the AI processor market with 80.6% market share in 2020, according to Omdia. 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.

China AI – U.S. is restricting advanced GPU sales to China

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>Although KCE has yet to generate revenue directly from AI — the key driver behind the sharp rally in electronics stocks recently — the market’s broad-based buying of the electronics sector (sector play) has allowed the company to benefit from the AI-valuation premium (AIP) theme as well, which we view as a risk.</li><li>Earnings are expected to recover strongly from 2H26 onward after the company raised PCB product prices, which should support both revenue and GPM.</li><li>As a result, we have revised our 2026E/27E earnings forecasts upward by 20% and 22%, respectively.</li></ul>

Although KCE has yet to generate revenue directly from AI — the key driver behind the sharp rally in electronics stocks recently — the market’s broad-based buying of the electronics sector (sector play) has allowed the company to benefit from the AI-valuation premium (AIP) theme as well, which we view as a risk.Earnings are expected to recover strongly from 2H26 onward after the company raised PCB product prices, which should support both revenue and GPM.As a result, we have revised our 2026E/27E earnings forecasts upward by 20% and 22%, respectively.

KCE ELECTRONICS Plc. (KCE): Benefiting From The AIP Theme Alongside The Sector

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

<ul><li>Infratil (IFT) announced that CDC has secured what could be a significant partnership with neo-cloud provider Firmus Technologies and NVIDIA.</li><li>With this 40MW contract being in addition to the 100MW of contracts announced in September 2025, we estimate CDC is now &gt;100% contracted on its FY27 EBITDA target.</li><li>In the past 48 hours, Aligned Data Centres, a large US-based data centre company, sold for US$40bn (enterprise value).</li></ul>

Infratil (IFT) announced that CDC has secured what could be a significant partnership with neo-cloud provider Firmus Technologies and NVIDIA.With this 40MW contract being in addition to the 100MW of contracts announced in September 2025, we estimate CDC is now &gt;100% contracted on its FY27 EBITDA target.In the past 48 hours, Aligned Data Centres, a large US-based data centre company, sold for US$40bn (enterprise value).

<ul><li>For the KTX Tactical DR Picks portfolio today, we recommend initiating a position in UOB19, which is based on United Overseas Bank (UOB) listed on the Singapore Exchange.</li><li>The stock is seen as an attractive value play among peers</li><li>The average price of the underlying securities in the portfolio declined by 0.27%, pressured by the drop in US-listed stocks, such as META and NVDA.</li></ul>

For the KTX Tactical DR Picks portfolio today, we recommend initiating a position in UOB19, which is based on United Overseas Bank (UOB) listed on the Singapore Exchange.The stock is seen as an attractive value play among peersThe average price of the underlying securities in the portfolio declined by 0.27%, pressured by the drop in US-listed stocks, such as META and NVDA.

KTX Tactical DR Picks - July 21, 2025 (Eng.)

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)

China Technology – Global Fabless/IDM 2Q23 Wrap

Demand recovery is expected to remain weak in 2H23E with planned production cut for most companies especially for those with limited exposure to AI.

CMB International

China AI – U.S. is restricting advanced GPU sales to China

Nvidia may lose as much as US$400mn sales to China in FY3Q22 as a result. Nvidia’s GPU dominates the AI processor market with 80.6% market share in...

CMB International

KCE ELECTRONICS Plc. (KCE): Benefiting From The AIP Theme Alongside The Sector

Earnings are expected to recover strongly from 2H26 onward after the company raised PCB product prices, which should support both revenue and GPM.

Krungthai XSpring

Infratil Plugging Into The AI Surge

Infratil (IFT) announced that CDC has secured what could be a significant partnership with neo-cloud provider Firmus Technologies and NVIDIA.

Forsyth Barr

KTX Tactical DR Picks - July 21, 2025 (Eng.)

For the KTX Tactical DR Picks portfolio today, we recommend initiating a position in UOB19, which is based on United Overseas Bank (UOB) listed on...

Krungthai XSpring

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