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>Adobe announced 4QFY25 results: total revenue increased by 10% YoY to US$6.19bn, and non-GAAP net income grew by 8% YoY to US$2.29bn, both in line with Bloomberg consensus estimates.</li><li>Total new AI-influenced ARR exceeds one-third of the overall business as Adobe continues to integrate AI into its solutions and launch AI-native products.</li><li>Looking ahead to FY26E, management guided 1) total revenue to increase by 9-10% YoY to US$25.9- 26.1bn; and 2) total Adobe ending ARR to grow by 10.2% YoY, with total net new ARR of c.US$2.6bn, which is Adobe’s highest beginning-of-year guide for total net new ARR. </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>

Adobe announced 4QFY25 results: total revenue increased by 10% YoY to US$6.19bn, and non-GAAP net income grew by 8% YoY to US$2.29bn, both in line with Bloomberg consensus estimates.Total new AI-influenced ARR exceeds one-third of the overall business as Adobe continues to integrate AI into its solutions and launch AI-native products.Looking ahead to FY26E, management guided 1) total revenue to increase by 9-10% YoY to US$25.9- 26.1bn; and 2) total Adobe ending ARR to grow by 10.2% YoY, with total net new ARR of c.US$2.6bn, which is Adobe’s highest beginning-of-year guide for total net new ARR. 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.

Adobe (ADBE US) - Inline 4QFY25 Results; Accelerating AI Integration to Drive Business Growth

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>Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,406 and 1,397 points (10-day EMA); the resistance is at 1,422/1,431 points.</li><li>The consensus expects the ECB to cut its policy rate by 25 bps to 4.0% (from 4.25%), the deposit facility rate to 3.5% (from 3.75%), and the marginal lending rate to 4.25% (from 4.5%) at its meeting on September 12.</li><li>We recommend stocks with positive outlooks: MINT, AP, and HMPRO.</li></ul>

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,406 and 1,397 points (10-day EMA); the resistance is at 1,422/1,431 points.The consensus expects the ECB to cut its policy rate by 25 bps to 4.0% (from 4.25%), the deposit facility rate to 3.5% (from 3.75%), and the marginal lending rate to 4.25% (from 4.5%) at its meeting on September 12.We recommend stocks with positive outlooks: MINT, AP, and HMPRO.

Technical Analysis

<ul><li>Technically, the SET Index is expected to move sideways down, with the support at 1,350/1,345 points (10-day EMA) and the resistance at 1,366/1,372 points (200-day EMA), in response to the MSCI Quarterly Review.</li><li>The delisting of stocks from the MSCI indices is expected to have a negative impact.</li><li>We recommend stocks with positive factors: SAWAD, SISB and MC.</li></ul>

Technically, the SET Index is expected to move sideways down, with the support at 1,350/1,345 points (10-day EMA) and the resistance at 1,366/1,372 points (200-day EMA), in response to the MSCI Quarterly Review.The delisting of stocks from the MSCI indices is expected to have a negative impact.We recommend stocks with positive factors: SAWAD, SISB and MC.

MSCI Quarterly Review to Impact Closing Prices Today

<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

<ul>
<li>The US increased its planned buybacks of longer-dated Treasuries to at least USD4bn during September-November 2026, putting downward pressure on bond yields and supporting renewed buying in technology stocks.</li>
<li>The baht strengthened to around Bt32.86/USD, which we expect to support continued foreign fund inflows (KBANK, ADVANC, CPALL, KCE).</li>
<li>Foreign investment in Thailand totaled Bt219bn in 7M26, up 37% from 2025, with investment concentrated in the EEC.</li>
</ul>


The US increased its planned buybacks of longer-dated Treasuries to at least USD4bn during September-November 2026, putting downward pressure on bond yields and supporting renewed buying in technology stocks.
The baht strengthened to around Bt32.86/USD, which we expect to support continued foreign fund inflows (KBANK, ADVANC, CPALL, KCE).
Foreign investment in Thailand totaled Bt219bn in 7M26, up 37% from 2025, with investment concentrated in the EEC.


Krungthai XSpring Zoom Eng. August 20, 2026

United States

Adobe Systems Incorporated develops, markets, and supports computer software products and technologies.  The Company's products allow users to express and use information across all print and electronic media.  Adobe offers a line of application software products, type products, and content for creating, distributing, and managing information.

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Adobe Systems (ADBE US)

Adobe (ADBE US) - Inline 4QFY25 Results; Accelerating AI Integration to Drive Business Growth

Adobe announced 4QFY25 results: total revenue increased by 10% YoY to US$6.19bn, and non-GAAP net income grew by 8% YoY to US$2.29bn, both in line...

CMB International

ECB Meeting

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,406 and 1,397 points (10-day EMA); the resistance...

Krungthai XSpring

MSCI Quarterly Review to Impact Closing Prices Today

Technically, the SET Index is expected to move sideways down, with the support at 1,350/1,345 points (10-day EMA) and the resistance at...

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

Krungthai XSpring Zoom Eng. August 20, 2026

The US increased its planned buybacks of longer-dated Treasuries to at least USD4bn during September-November 2026, putting downward pressure on...

Krungthai XSpring

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