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>Apple announced significant updates on iOS 18 and showcased its new personal intelligence system “Apple Intelligence” across iPhone, iPad and Mac.</li>
<li>The long-awaited updates focused on enhancing user experience, privacy and ecosystem integration, leveraging generative models for personalised interactions and integrating ChatGPT in Siri for content generation.</li>
<li>In addition, Apple released VisionOS 2 and announced international launch schedules (28 June for China/Japan/Singapore, 12 July for Australia/Canada/France/ Germany/UK).</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 announced significant updates on iOS 18 and showcased its new personal intelligence system “Apple Intelligence” across iPhone, iPad and Mac.
The long-awaited updates focused on enhancing user experience, privacy and ecosystem integration, leveraging generative models for personalised interactions and integrating ChatGPT in Siri for content generation.
In addition, Apple released VisionOS 2 and announced international launch schedules (28 June for China/Japan/Singapore, 12 July for Australia/Canada/France/ Germany/UK).

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 WWDC 2024: Apple Intelligence, iOS 18, Siri with ChatGPT and more

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

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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>Technically, we expect the SET Index to move sideways up, with the resistance at 1,376/1,384 points (50-day EMA and 75-day EMA) and the support at 1,365/1,355 points.</li><li>Overall, the index is moving in a downtrend pattern within the range of 1,320-1,410 points.</li><li>However, in the short term, there was an uptrend signal for the first time after a positive breakout signal occurred on Tuesday, due to the index managing to breach the resistance of 1,365 points for the first time in five trading days.</li></ul>

Technically, we expect the SET Index to move sideways up, with the resistance at 1,376/1,384 points (50-day EMA and 75-day EMA) and the support at 1,365/1,355 points.Overall, the index is moving in a downtrend pattern within the range of 1,320-1,410 points.However, in the short term, there was an uptrend signal for the first time after a positive breakout signal occurred on Tuesday, due to the index managing to breach the resistance of 1,365 points for the first time in five trading days.

EU's Manufacturing PMI in April and Earnings Results

<ul><li>Technically, the SET Index is expected to fluctuate, with resistance at 1,365/1,370 points (10-day/ 25-day EMA) and the support at 1,355/1,350 points.</li><li>The figure is expected to improve slightly at +0.1% QoQ and +0.2% YoY (vs. 4Q23 GDP at +0% QoQ and +0.1% YoY), and the inflation rate in April should continue to slow down, expected at +0.6% MoM and +2.4% YoY (vs. +0.8% MoM and +2.4% YoY in March).</li><li>KTX anticipates the Fed to signal a more tightening stance in its upcoming FOMC meeting.</li></ul>

Technically, the SET Index is expected to fluctuate, with resistance at 1,365/1,370 points (10-day/ 25-day EMA) and the support at 1,355/1,350 points.The figure is expected to improve slightly at +0.1% QoQ and +0.2% YoY (vs. 4Q23 GDP at +0% QoQ and +0.1% YoY), and the inflation rate in April should continue to slow down, expected at +0.6% MoM and +2.4% YoY (vs. +0.8% MoM and +2.4% YoY in March).KTX anticipates the Fed to signal a more tightening stance in its upcoming FOMC meeting.

<ul><li>Technically, the SET Index is expected to move sideways, with the support at 1,378/1,373 points and the resistance at 1,387/1,395 points (50-day and 75-day EMAs), pending clarity on the FOMC meeting (the result will be known tonight).</li><li>KTX anticipates the Fed to reduce the policy interest rate for the first time in 4Q24E and adjust the dot plot to indicate one rate cut (vs. three rate cuts previously).</li><li>KTX views that for China to achieve its 5% growth target this year, the authorities must employ more robust measures than those utilized last year.</li></ul>

Technically, the SET Index is expected to move sideways, with the support at 1,378/1,373 points and the resistance at 1,387/1,395 points (50-day and 75-day EMAs), pending clarity on the FOMC meeting (the result will be known tonight).KTX anticipates the Fed to reduce the policy interest rate for the first time in 4Q24E and adjust the dot plot to indicate one rate cut (vs. three rate cuts previously).KTX views that for China to achieve its 5% growth target this year, the authorities must employ more robust measures than those utilized last year.

Keep a Close Watch on FOMC Meeting and China's Policy Interest Rates

<ul><li>The February PPI report is anticipated to show a MoM rise of +0.3% and a YoY increase of +1.1% (compared to January's +0.3% MoM and +0.9% YoY).</li><li>The consensus expects better growth of +0.8% MoM and +1% YoY (vs. January at 0.8% MoM and +0.6% YoY).</li><li>We recommend stocks with positive news stories: TACC, ICHI, and BCP.</li></ul>

The February PPI report is anticipated to show a MoM rise of +0.3% and a YoY increase of +1.1% (compared to January's +0.3% MoM and +0.9% YoY).The consensus expects better growth of +0.8% MoM and +1% YoY (vs. January at 0.8% MoM and +0.6% YoY).We recommend stocks with positive news stories: TACC, ICHI, and BCP.

Keep a Close Watch on US PPI and Retail Sales

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)

Technology - Apple WWDC 2024: Apple Intelligence, iOS 18, Siri with ChatGPT and more

Apple announced significant updates on iOS 18 and showcased its new personal intelligence system “Apple Intelligence” across iPhone, iPad and Mac.

CMB International

EU's Manufacturing PMI in April and Earnings Results

Technically, we expect the SET Index to move sideways up, with the resistance at 1,376/1,384 points (50-day EMA and 75-day EMA) and the support at...

Krungthai XSpring

EU's 1Q24 GDP & China's PMIs

Technically, the SET Index is expected to fluctuate, with resistance at 1,365/1,370 points (10-day/ 25-day EMA) and the support at 1,355/1,350...

Krungthai XSpring

Keep a Close Watch on FOMC Meeting and China's Policy Interest Rates

Technically, the SET Index is expected to move sideways, with the support at 1,378/1,373 points and the resistance at 1,387/1,395 points (50-day...

Krungthai XSpring

Keep a Close Watch on US PPI and Retail Sales

The February PPI report is anticipated to show a MoM rise of +0.3% and a YoY increase of +1.1% (compared to January's +0.3% MoM and +0.9%...

Krungthai XSpring

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