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 sideways down, with the support at 1,292/1,286 points and the resistance at 1,306/1,313 points (10-day EMA).</li><li>In the short term, the index is still moving in a downward direction toward testing the support at 1,286/1,281 points, which is the neckline of the double-top (M-shaped) downtrend pattern.</li><li>We recommend waiting to buy when a reversal pattern becomes evident.</li></ul>

Technically, the SET Index is expected to move sideways down, with the support at 1,292/1,286 points and the resistance at 1,306/1,313 points (10-day EMA).In the short term, the index is still moving in a downward direction toward testing the support at 1,286/1,281 points, which is the neckline of the double-top (M-shaped) downtrend pattern.We recommend waiting to buy when a reversal pattern becomes evident.

<ul><li>Technically, the index is expected to move weakly, with the support at 1,317/1,311 points and the resistance at 1,325/1,332 points.</li><li>The European Central Bank is expected to maintain the policy interest rate at 4.25%.</li><li>Conclusions from the Central Committee of the Communist Party meeting are anticipated to be positive for the Chinese and broader Asian stock markets, particularly if there are indications of large-scale economic stimulus.</li></ul>

Technically, the index is expected to move weakly, with the support at 1,317/1,311 points and the resistance at 1,325/1,332 points.The European Central Bank is expected to maintain the policy interest rate at 4.25%.Conclusions from the Central Committee of the Communist Party meeting are anticipated to be positive for the Chinese and broader Asian stock markets, particularly if there are indications of large-scale economic stimulus.

Macroeconomics

<ul><li>On June 27, 2024, KTX was honored to host Ms. Uthaiwan Watanasuvakul, Director of the Competitiveness Enhancement Division at the Thailand Board of Investment (BOI), discussing the global minimum tax (GMT).</li><li>The Cabinet meeting on March 7, 2023, resolved to support a global minimum tax rate of 15% for large multinational enterprises (MNEs) with a minimum annual income of EUR750mn under the OECD framework.</li><li>On June 17, 2024, the OECD Council, comprising 38 member countries, unanimously approved the commencement of accession discussions with Thailand.</li></ul>

On June 27, 2024, KTX was honored to host Ms. Uthaiwan Watanasuvakul, Director of the Competitiveness Enhancement Division at the Thailand Board of Investment (BOI), discussing the global minimum tax (GMT).The Cabinet meeting on March 7, 2023, resolved to support a global minimum tax rate of 15% for large multinational enterprises (MNEs) with a minimum annual income of EUR750mn under the OECD framework.On June 17, 2024, the OECD Council, comprising 38 member countries, unanimously approved the commencement of accession discussions with Thailand.

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

<ul><li>Technically, the SET Index is expected to move sideways up, with the resistance at 1,383/1,391 points (25-day EMA) and the support at 1,366/1,354 points, after it maintained a narrow range for the third consecutive day following a more than 20-point jump last Wednesday.</li><li>Japan: Prime Minister Kishida's address on government policies during the opening of this year's parliamentary session is expected to generate a positive impact on the Japanese equity market.</li><li>Upbeat or downbeat earnings would have an impact on the related stocks and the overall sentiment in US markets.</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,383/1,391 points (25-day EMA) and the support at 1,366/1,354 points, after it maintained a narrow range for the third consecutive day following a more than 20-point jump last Wednesday.Japan: Prime Minister Kishida's address on government policies during the opening of this year's parliamentary session is expected to generate a positive impact on the Japanese equity market.Upbeat or downbeat earnings would have an impact on the related stocks and the overall sentiment in US markets.

Keep a Close Watch on US Earnings and the EU's 4Q23 GDP

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 (GOOGL US)

Today's Dominant Ideas

Technically, the SET Index is expected to move sideways down, with the support at 1,292/1,286 points and the resistance at 1,306/1,313 points...

Krungthai XSpring

Keep a Close Watch on the ECB Meeting

Technically, the index is expected to move weakly, with the support at 1,317/1,311 points and the resistance at 1,325/1,332 points. The European...

Krungthai XSpring

Special Report: Global Minimum Tax

On June 27, 2024, KTX was honored to host Ms. Uthaiwan Watanasuvakul, Director of the Competitiveness Enhancement Division at the Thailand Board...

Krungthai XSpring

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

Keep a Close Watch on US Earnings and the EU's 4Q23 GDP

Technically, the SET Index is expected to move sideways up, with the resistance at 1,383/1,391 points (25-day EMA) and the support at 1,366/1,354...

Krungthai XSpring

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