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>Technically, the SET Index is expected to move sideways down, with the support at 1,443/1,432 points and the resistance at 1,454/1,461 points (25/10-day EMA).</li><li>In the medium term, the index remains in a large sideways range of 1,273-1,716 points.</li><li>The short-term trend continues to decline, with the index seeking a major support level, with a pattern of lower highs and lower lows for the eighth consecutive day.</li></ul>

Technically, the SET Index is expected to move sideways down, with the support at 1,443/1,432 points and the resistance at 1,454/1,461 points (25/10-day EMA).In the medium term, the index remains in a large sideways range of 1,273-1,716 points.The short-term trend continues to decline, with the index seeking a major support level, with a pattern of lower highs and lower lows for the eighth consecutive day.

BoJ Meeting; US Earnings From Apple and Amazon

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.

<ul><li>Amazon released (2 Aug HKT) 2Q24 results: revenue was US$148.0bn, up 10% YoY, and was largely inline with Bloomberg consensus, and total operating profit was US$14.7bn, up 70% YoY, 7% better than consensus, driven by OPM margin beat for AWS aided by efficient cost control.</li><li>In view of this, customers are more careful with their spending.</li><li>Management also turns more cautious, and guided for revenue of US$154.0bn-158.5bn for 3Q24E, the mid-point of which is 1% lower than consensus. </li></ul>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.

Amazon released (2 Aug HKT) 2Q24 results: revenue was US$148.0bn, up 10% YoY, and was largely inline with Bloomberg consensus, and total operating profit was US$14.7bn, up 70% YoY, 7% better than consensus, driven by OPM margin beat for AWS aided by efficient cost control.In view of this, customers are more careful with their spending.Management also turns more cautious, and guided for revenue of US$154.0bn-158.5bn for 3Q24E, the mid-point of which is 1% lower than consensus. 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.

<ul><li>Technically, the SET Index is expected to move sideways up, with the resistance at 1,324/1,332 points and the support at 1,314/1,310 points.</li><li>The market assigns a 45% probability that the BoE will cut interest rates by 25 bps to 5.0%.</li><li>The ISM manufacturing PMI is expected to increase to 48.8 (vs. June at 48.5), while the S&P Global manufacturing PMI is expected to drop sharply to 49.5 (vs. June at 51.6).</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,324/1,332 points and the support at 1,314/1,310 points.The market assigns a 45% probability that the BoE will cut interest rates by 25 bps to 5.0%.The ISM manufacturing PMI is expected to increase to 48.8 (vs. June at 48.5), while the S&P Global manufacturing PMI is expected to drop sharply to 49.5 (vs. June at 51.6).

July's Manufacturing Figures in the US, EU and China and Earnings Results

Equity Derivatives

<ul><li>Technically, the SET Index is expected to weaken, with the support at 1,314 points/1,305 points and the resistance at 1,330 points/1,335 points, due to risks associated with the expiry of derivatives contracts today.</li><li>Investors are recommended to gradually sell to lock in profits at the resistance and wait to buy back when the index weakens.</li><li>The S50M24 SET50 contracts are set to expire today, potentially affecting the volatility of the SET.</li></ul>

Technically, the SET Index is expected to weaken, with the support at 1,314 points/1,305 points and the resistance at 1,330 points/1,335 points, due to risks associated with the expiry of derivatives contracts today.Investors are recommended to gradually sell to lock in profits at the resistance and wait to buy back when the index weakens.The S50M24 SET50 contracts are set to expire today, potentially affecting the volatility of the SET.

<ul><li>Amazon reported (1 May BJT) better-than-expected 1Q24 results: revenue was US$143.3bn, up 12.5% YoY, and was 1% ahead of consensus, mainly driven by 4% beat in AWS revenue as impact from cloud optimization is milder than expectation, and total operating profit was US$15.3bn, up 221% YoY, better than consensus at US$11.0bn, driven by OPM margin beat across all three business segments (North America, International, and AWS).</li><li>We trim 2024-26E revenue forecast by 1% each but lifted OP forecast by 11-15% to account for better-than-expected margin expansion.</li><li>Our TP was largely unchanged at US$211.0 (was US$213.0) based on unchanged 18.8x EV/EBITDA, as we accounted for the incremental investment in capex that Amazon will incur to fulfil the reaccelerating cloud demand. </li></ul>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.

Amazon reported (1 May BJT) better-than-expected 1Q24 results: revenue was US$143.3bn, up 12.5% YoY, and was 1% ahead of consensus, mainly driven by 4% beat in AWS revenue as impact from cloud optimization is milder than expectation, and total operating profit was US$15.3bn, up 221% YoY, better than consensus at US$11.0bn, driven by OPM margin beat across all three business segments (North America, International, and AWS).We trim 2024-26E revenue forecast by 1% each but lifted OP forecast by 11-15% to account for better-than-expected margin expansion.Our TP was largely unchanged at US$211.0 (was US$213.0) based on unchanged 18.8x EV/EBITDA, as we accounted for the incremental investment in capex that Amazon will incur to fulfil the reaccelerating cloud demand. 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.

Amazon (AMZN US) - Steady Margin Expansion Ongoing

United States

Amazon.com, Inc. is an online retailer that offers a wide range of products. The Company's products include books, music, videotapes, computers, electronics, home and garden, and numerous other products.  Amazon offers personalized shopping services, Web-based credit card payment, and direct shipping to customers.

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Amazon (AMZN US)

BoJ Meeting; US Earnings From Apple and Amazon

Technically, the SET Index is expected to move sideways down, with the support at 1,443/1,432 points and the resistance at 1,454/1,461 points...

Krungthai XSpring

Amazon (AMZN US) - 2Q Earnings Beat

Amazon released (2 Aug HKT) 2Q24 results: revenue was US$148.0bn, up 10% YoY, and was largely inline with Bloomberg consensus, and total operating...

CMB International

July's Manufacturing Figures in the US, EU and China and Earnings Results

Technically, the SET Index is expected to move sideways up, with the resistance at 1,324/1,332 points and the support at 1,314/1,310 points. The...

Krungthai XSpring

Expiry of S50M24; US 1Q24E GDP/PCE

Technically, the SET Index is expected to weaken, with the support at 1,314 points/1,305 points and the resistance at 1,330 points/1,335 points,...

Krungthai XSpring

Amazon (AMZN US) - Steady Margin Expansion Ongoing

Amazon reported (1 May BJT) better-than-expected 1Q24 results: revenue was US$143.3bn, up 12.5% YoY, and was 1% ahead of consensus, mainly driven...

CMB International

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