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>Amazon, Microsoft, Google and Meta, collectively known as Hyperscaler 3 &amp; Meta, have recently announced their CY4Q23 results, unanimously claiming to increase investments in AI-related infrastructure from the current levels.</li>
<li>Per Bloomberg consensus, the capex of Hyperscaler 3 &amp; Meta will grow 22.6% in 2024, higher than prior forecasts of 16.6%.</li>
<li>This capex boost further confirms our perspective on the ongoing AI momentum into 2024, driven by strong demand for building computing capacity.</li>
</ul>


Amazon, Microsoft, Google and Meta, collectively known as Hyperscaler 3 &amp; Meta, have recently announced their CY4Q23 results, unanimously claiming to increase investments in AI-related infrastructure from the current levels.
Per Bloomberg consensus, the capex of Hyperscaler 3 &amp; Meta will grow 22.6% in 2024, higher than prior forecasts of 16.6%.
This capex boost further confirms our perspective on the ongoing AI momentum into 2024, driven by strong demand for building computing capacity.


Semi - Hyperscalers’ FY23 Results Review

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>Alphabet reported stronger-than-expected 2Q26 earnings and raised its 2026 capital expenditure budget by 8%, signaling continued strength in AI-related spending and positive read-through for order flows to Asian technology stocks.</li><li>The ECB is expected to keep its policy rate unchanged at 2.25% as inflation eases, signaling that other major central banks are unlikely to resume rate hikes soon.</li><li>We expect the SET Index to rebound in line with other Asian markets and retest the 1,650 resistance level, led by technology stocks after Alphabet raised its 2026 capital expenditure budget.</li></ul>

Alphabet reported stronger-than-expected 2Q26 earnings and raised its 2026 capital expenditure budget by 8%, signaling continued strength in AI-related spending and positive read-through for order flows to Asian technology stocks.The ECB is expected to keep its policy rate unchanged at 2.25% as inflation eases, signaling that other major central banks are unlikely to resume rate hikes soon.We expect the SET Index to rebound in line with other Asian markets and retest the 1,650 resistance level, led by technology stocks after Alphabet raised its 2026 capital expenditure budget.

Krungthai XSpring Zoom Eng. July 23, 2026

<ul>
<li>There have been no changes to our KTX Tactical DR Portfolio today.</li>
<li>Our KTX Tactical DR Portfolio generated an average total return of +0.88%, driven by a rebound in semiconductor stocks ahead of earnings releases from major technology companies, including Alphabet.</li>
<li>Based on our KTX Baht Tracker, the baht has continued to weaken and is approaching an oversold level.</li>
</ul>


There have been no changes to our KTX Tactical DR Portfolio today.
Our KTX Tactical DR Portfolio generated an average total return of +0.88%, driven by a rebound in semiconductor stocks ahead of earnings releases from major technology companies, including Alphabet.
Based on our KTX Baht Tracker, the baht has continued to weaken and is approaching an oversold level.


KTX Tactical DR Picks - July 22, 2026 (Eng.)

<ul><li>(-) 2Q26 results from the major banks ranged from broadly in line with expectations (KBANK, SCB) to below expectations (BBL), providing limited scope for earnings upgrades to justify their stretched near-term valuations.</li><li>(+) Investors have rotated back into chip stocks (Nasdaq +1.29%) ahead of tonight's 2Q26 earnings releases from Google and Texas Instruments, supporting a continued recovery in Thailand's electronics sector.</li><li>(+) We expect PTTGC (Outperform; TP: Bt46.50) to report its strongest quarterly earnings of 2026, with 2Q26E core profit reaching Bt10.5bn (+2x QoQ), supported by improvements across all business segments.</li></ul>

(-) 2Q26 results from the major banks ranged from broadly in line with expectations (KBANK, SCB) to below expectations (BBL), providing limited scope for earnings upgrades to justify their stretched near-term valuations.(+) Investors have rotated back into chip stocks (Nasdaq +1.29%) ahead of tonight's 2Q26 earnings releases from Google and Texas Instruments, supporting a continued recovery in Thailand's electronics sector.(+) We expect PTTGC (Outperform; TP: Bt46.50) to report its strongest quarterly earnings of 2026, with 2Q26E core profit reaching Bt10.5bn (+2x QoQ), supported by improvements across all business segments.

Krungthai XSpring Zoom Eng. July 22, 2026

<ul><li>TTB and KKP reported stronger-than-expected 2Q26 earnings, a positive read-through for the large banks yet to report.</li><li>We upgrade AMATA to Outperform (TP: Bt32.00), supported by stronger presale momentum from high-tech customers and better-than-expected earnings from higher-margin land transfers.</li><li>The baht has continued to weaken, recently trading at Bt33.64/US$, providing a tailwind for service-sector stocks (AOT, CENTEL, ERW) and exporters (TU, ITC) ahead of the high season.</li></ul>

TTB and KKP reported stronger-than-expected 2Q26 earnings, a positive read-through for the large banks yet to report.We upgrade AMATA to Outperform (TP: Bt32.00), supported by stronger presale momentum from high-tech customers and better-than-expected earnings from higher-margin land transfers.The baht has continued to weaken, recently trading at Bt33.64/US$, providing a tailwind for service-sector stocks (AOT, CENTEL, ERW) and exporters (TU, ITC) ahead of the high season.

Krungthai XSpring Zoom Eng. July 21, 2026

United States

Alphabet, Inc. operates as a holding company. The Company, through its subsidiaries, provides web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce, and hardware products.

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Alphabet (GOOG US)

Semi - Hyperscalers’ FY23 Results Review

This capex boost further confirms our perspective on the ongoing AI momentum into 2024, driven by strong demand for building computing capacity.

CMB International

Krungthai XSpring Zoom Eng. July 23, 2026

Alphabet reported stronger-than-expected 2Q26 earnings and raised its 2026 capital expenditure budget by 8%, signaling continued strength in...

Krungthai XSpring

KTX Tactical DR Picks - July 22, 2026 (Eng.)

There have been no changes to our KTX Tactical DR Portfolio today. Our KTX Tactical DR Portfolio generated an average total return of +0.88%,...

Krungthai XSpring

Krungthai XSpring Zoom Eng. July 22, 2026

(-) 2Q26 results from the major banks ranged from broadly in line with expectations (KBANK, SCB) to below expectations (BBL), providing limited...

Krungthai XSpring

Krungthai XSpring Zoom Eng. July 21, 2026

TTB and KKP reported stronger-than-expected 2Q26 earnings, a positive read-through for the large banks yet to report. We upgrade AMATA to...

Krungthai XSpring

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