Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Macroeconomics

<ul><li>The HSI added 2 pts at the opening bell before trending downward.</li><li>SSEC/SZSE/GEI moved by +0.07%/+1.91%/+3.41%, led by gains in technology shares.</li><li>The technology rally mirrored strong gains in US tech stocks on Friday, with enthusiasm over the newest artificial intelligence model lifting global sentiment toward chipmakers and AI-related companies.</li></ul>

The HSI added 2 pts at the opening bell before trending downward.SSEC/SZSE/GEI moved by +0.07%/+1.91%/+3.41%, led by gains in technology shares.The technology rally mirrored strong gains in US tech stocks on Friday, with enthusiasm over the newest artificial intelligence model lifting global sentiment toward chipmakers and AI-related companies.

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.

Equity Bottom-Up

<ul><li>Apple’s (AAPL US, NR) FY4Q25 (CY3Q25) results were solid, with revenue growth of 8% YoY and adjusted EPS growth of 13% YoY, driven by iPhone/Mac sales (+6%/13% YoY) and record Service revenue (+15% YoY), offsetting weakness in Greater China (-4% YoY) due to supply constraints on strong iPhone 16/17 demand.</li><li>For FY1Q26E (CY4Q25E), mgmt. guided for 10-12% YoY revenue growth, double-digit iPhone revenue growth and resilient GPM of 47-48%, which includes US$1.4bn tariff impact (vs US$1.1bn in 4Q).</li><li>We believe this set of robust guidance should alleviate market concerns, especially given ongoing supply constraints for iPhone 17 and reduction in channel inventories QoQ. </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>

Apple’s (AAPL US, NR) FY4Q25 (CY3Q25) results were solid, with revenue growth of 8% YoY and adjusted EPS growth of 13% YoY, driven by iPhone/Mac sales (+6%/13% YoY) and record Service revenue (+15% YoY), offsetting weakness in Greater China (-4% YoY) due to supply constraints on strong iPhone 16/17 demand.For FY1Q26E (CY4Q25E), mgmt. guided for 10-12% YoY revenue growth, double-digit iPhone revenue growth and resilient GPM of 47-48%, which includes US$1.4bn tariff impact (vs US$1.1bn in 4Q).We believe this set of robust guidance should alleviate market concerns, especially given ongoing supply constraints for iPhone 17 and reduction in channel inventories QoQ. 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.

Technology - Apple FY4Q25 Read-Through: Resilient IPhone/Services Momentum...

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.

<ul><li>We expect the SET Index to advance toward the 1,650 resistance level, supported by foreign fund inflows alongside the strengthening of the Japanese yen and Thai baht.</li><li>The sharp decline in crude oil prices, driven by prospects of renewed US-Iran negotiations, is negative for oil-related energy stocks.</li><li>KTX projects a 3Q26E SET Index target of 1,705, based on the view that Thailand will continue to benefit from foreign direct investment (FDI), particularly in the electronics and data center sectors.</li></ul>

We expect the SET Index to advance toward the 1,650 resistance level, supported by foreign fund inflows alongside the strengthening of the Japanese yen and Thai baht.The sharp decline in crude oil prices, driven by prospects of renewed US-Iran negotiations, is negative for oil-related energy stocks.KTX projects a 3Q26E SET Index target of 1,705, based on the view that Thailand will continue to benefit from foreign direct investment (FDI), particularly in the electronics and data center sectors.

Krungthai XSpring Zoom Eng. August 3, 2026

External broker reports(aggregated public sources), Topline Securities

Topline Securities

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 1.93mn units in Jun 2026, down 12% YoY and 4% MoM.</li><li>Cumulatively, local manufacturing/assembly declined by 8% YoY with 13.10mn units in 6M2026, compared to 14.24mn units in 6M2025.</li><li>Mobile phone imports during the month surged 6x YoY and more than doubled MoM, likely due to pre-budget buying and the launch of AIRLINK’s Apple mono store.</li></ul>

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 1.93mn units in Jun 2026, down 12% YoY and 4% MoM.Cumulatively, local manufacturing/assembly declined by 8% YoY with 13.10mn units in 6M2026, compared to 14.24mn units in 6M2025.Mobile phone imports during the month surged 6x YoY and more than doubled MoM, likely due to pre-budget buying and the launch of AIRLINK’s Apple mono store.

Pakistan Telecom: Local Manufacturing/Assembly of Cell Phones Down 12% YoY in Jun-26

Cross Asset Strategy

<ul><li>(+) Chipmakers rebound, led by Broadcom, after Apple announced a USD30bn chip purchase agreement.</li><li>(±) Crude oil prices surged more than 5% after shipping through the Strait of Hormuz was disrupted.</li><li>(+) The BOI approved nine investment projects worth more than Bt66bn, spanning the food, aviation, and renewable energy industries.</li></ul>

(+) Chipmakers rebound, led by Broadcom, after Apple announced a USD30bn chip purchase agreement.(±) Crude oil prices surged more than 5% after shipping through the Strait of Hormuz was disrupted.(+) The BOI approved nine investment projects worth more than Bt66bn, spanning the food, aviation, and renewable energy industries.

United States

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related accessories. The Company also offers payment, digital content, cloud and advertising services. Apple Inc.'s customers are primarily in consumer, small & mid-sized business, education, enterprise and government markets worldwide.

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Apple (AAPL US)

Quam Morning Note (8 Sep)

The HSI added 2 pts at the opening bell before trending downward. SSEC/SZSE/GEI moved by +0.07%/+1.91%/+3.41%, led by gains in technology...

Quam Securities

Technology - Apple FY4Q25 Read-Through: Resilient IPhone/Services Momentum...

Apple’s (AAPL US, NR) FY4Q25 (CY3Q25) results were solid, with revenue growth of 8% YoY and adjusted EPS growth of 13% YoY, driven by iPhone/Mac...

CMB International

Krungthai XSpring Zoom Eng. August 3, 2026

We expect the SET Index to advance toward the 1,650 resistance level, supported by foreign fund inflows alongside the strengthening of the...

Krungthai XSpring

Pakistan Telecom: Local Manufacturing/Assembly of Cell Phones Down 12% YoY in Jun-26

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 1.93mn...

Topline Securities

Krungthai XSpring Zoom Eng. July 9, 2026

(+) Chipmakers rebound, led by Broadcom, after Apple announced a USD30bn chip purchase agreement. (±) Crude oil prices surged more than 5% after...

Krungthai XSpring

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