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)

<div><div><div><div><ul><li>Golden week data missed market’s already low expectation for all three major categories - property sales, domestic tourism spending and auto sales.</li><li>4Q is unlikely to be a big surprise as property and its supply chain (20-30% of GDP) will still be the major drag that could neutralize the still resilient auto and gradually recovering consumption.</li><li>Together with more market volatility from pandemic and CPC meeting, we recommend investors to avoid one-sided long or short, but focus on pair trade opportunities to play the difference of BtoC over BtoB as BtoB is more vulnerable in terms of bad debts and pricing power than BtoC amid weak macro.</li></ul></div></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>

Golden week data missed market’s already low expectation for all three major categories - property sales, domestic tourism spending and auto sales.4Q is unlikely to be a big surprise as property and its supply chain (20-30% of GDP) will still be the major drag that could neutralize the still resilient auto and gradually recovering consumption.Together with more market volatility from pandemic and CPC meeting, we recommend investors to avoid one-sided long or short, but focus on pair trade opportunities to play the difference of BtoC over BtoB as BtoB is more vulnerable in terms of bad debts and pricing power than BtoC amid weak macro.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.

Cross sector report – Post-Golden Week: More positive on BToC recovery potential; Cautious on BToB

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>The SET Index is expected to move sideways, with the resistance at 1,650/1,660 points and the support at 1,630/1,617 points.</li><li>We recommend trading buy on BH, AS and IVL.</li><li>Yesterday, foreign investors continued to be net buyers in the SET at Bt6,141.06mn, raising the cumulative buying in August to Bt41,177.63mn and the YTD buying to Bt158,528.42mn.</li></ul>

The SET Index is expected to move sideways, with the resistance at 1,650/1,660 points and the support at 1,630/1,617 points.We recommend trading buy on BH, AS and IVL.Yesterday, foreign investors continued to be net buyers in the SET at Bt6,141.06mn, raising the cumulative buying in August to Bt41,177.63mn and the YTD buying to Bt158,528.42mn.

Equity Bottom-Up

Somboon Advance Technology / Equity Bottom-Up

<ul><li>We view SAT as the most exposed to the US–Iran conflict, given its key customers (Toyota, Mitsubishi) have the highest export exposure to the Middle East.</li><li>If the situation in the Middle East is prolonged, we expect SAT's profit to have a downside of approximately 4%, to Bt775mn (+6% YoY).</li><li>SAT is a safe stock for investors seeking high dividend returns, with a yield of up to 11% per year. As the share price has corrected after the Bt1.20/share dividend payout, it has begun to offer attractive upside. We therefore upgrade our recommendation from Neutral to Outperform with an unchanged fair value of Bt16.</li></ul>

We view SAT as the most exposed to the US–Iran conflict, given its key customers (Toyota, Mitsubishi) have the highest export exposure to the Middle East.If the situation in the Middle East is prolonged, we expect SAT's profit to have a downside of approximately 4%, to Bt775mn (+6% YoY).SAT is a safe stock for investors seeking high dividend returns, with a yield of up to 11% per year. As the share price has corrected after the Bt1.20/share dividend payout, it has begun to offer attractive upside. We therefore upgrade our recommendation from Neutral to Outperform with an unchanged fair value of Bt16.

SOMBOON ADVANCE TECHNOLOGY Plc. (SAT): Short-Term Risks, Long-Term Appeal Driven by Dividends

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.

<ul><li>INDU announced its 1QFY26 result, wherein the company recorded profit of Rs6.7bn (EPS of Rs85.49), up 32% YoY and 4% QoQ.</li><li>The company reported gross margins of 17.1% in 1QFY26 (vs. our expectation of 15%), as compared to 13.4% in 1QFY25 and 13.3% in 4QFY25.</li><li>Alongside the results, the company announced a dividend of Rs51/share in 1QFY26 (Payout ratio: 60%).</li></ul>

INDU announced its 1QFY26 result, wherein the company recorded profit of Rs6.7bn (EPS of Rs85.49), up 32% YoY and 4% QoQ.The company reported gross margins of 17.1% in 1QFY26 (vs. our expectation of 15%), as compared to 13.4% in 1QFY25 and 13.3% in 4QFY25.Alongside the results, the company announced a dividend of Rs51/share in 1QFY26 (Payout ratio: 60%).

Indus Motor (INDU): 1QFY26 EPS At Rs85.49, Up 32% YoY And 4% QoQ - Higher Than Industry Expectations

Sazgar Engineering Works Limited / Equity Bottom-Up

Sazgar Engineering Works Limited (SAZEW PK)

<ul><li>Sazgar Engineering Works Limited (SAZEW) has announced the official launch of its Plug-in Hybrid Electric Vehicle (PHEV) lineup of its existing H6 model and two more variants namely Tank 500 and Cannon Alpha.</li><li>In a notice to exchange today, the company has confirmed the commencement of pre-bookings for ‘HAVAL H6 Hi4 1.5L AT AWD Turbo PHEV’, with vehicle roll out from Aug 2025. The company has set price of Haval H6 PHEV at Rs12.895mn, which is 9.7% higher than its HEV version price of Rs11.75mn.</li><li>The H6 is already an established and growing model in Pakistan, and the upcoming PHEV variant will further boost its appeal and sales momentum, in our view.</li></ul>

Sazgar Engineering Works Limited (SAZEW) has announced the official launch of its Plug-in Hybrid Electric Vehicle (PHEV) lineup of its existing H6 model and two more variants namely Tank 500 and Cannon Alpha.In a notice to exchange today, the company has confirmed the commencement of pre-bookings for ‘HAVAL H6 Hi4 1.5L AT AWD Turbo PHEV’, with vehicle roll out from Aug 2025. The company has set price of Haval H6 PHEV at Rs12.895mn, which is 9.7% higher than its HEV version price of Rs11.75mn.The H6 is already an established and growing model in Pakistan, and the upcoming PHEV variant will further boost its appeal and sales momentum, in our view.

Topline Flash Note: Sazgar Engineering Works Limited (SAZEW): Sazgar Launches PHEV Lineup, H6 PHEV Pre Booking Started

Japan

Toyota Motor Corporation manufactures, sells, leases, and repairs passenger cars, trucks, buses, and their related parts worldwide. The Company also operates financing services through their subsidiaries. Toyota Motor builds homes, produces pleasure boats, and develops intelligent transportation systems including radar cruise control and electronic toll collection systems.

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Toyota Motor (7203 JP)

Cross sector report – Post-Golden Week: More positive on BToC recovery potential; Cautious on BToB

Golden week data missed market’s already low expectation for all three major categories - property sales, domestic tourism spending and auto sales.

CMB International

Market Outlook

The SET Index is expected to move sideways, with the resistance at 1,650/1,660 points and the support at 1,630/1,617 points. We recommend trading...

Krungthai XSpring

SOMBOON ADVANCE TECHNOLOGY Plc. (SAT): Short-Term Risks, Long-Term Appeal Driven by Dividends

We view SAT as the most exposed to the US–Iran conflict, given its key customers (Toyota, Mitsubishi) have the highest export exposure to the...

Krungthai XSpring

Indus Motor (INDU): 1QFY26 EPS At Rs85.49, Up 32% YoY And 4% QoQ - Higher Than Industry Expectations

INDU announced its 1QFY26 result, wherein the company recorded profit of Rs6.7bn (EPS of Rs85.49), up 32% YoY and 4% QoQ. The company reported...

Topline Securities

Topline Flash Note: Sazgar Engineering Works Limited (SAZEW): Sazgar Launches PHEV Lineup, H6 PHEV Pre Booking Started

Sazgar Engineering Works Limited (SAZEW) has announced the official launch of its Plug-in Hybrid Electric Vehicle (PHEV) lineup of its existing H6...

Topline Securities

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