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, with the resistance at 1,177/1,185 points and the support at 1,157/1,151 points (25-day/10-day EMA).</li><li>Regarding the MPC meeting, KTX expects the committee may choose to keep the policy rate unchanged at 2.0% to monitor the situation and preserve policy space for future use.</li><li>KTX expects MOSHI's sales to maintain growth momentum at a CAGR of 13% over the next three years (2024-27E), based on the assumption of +3% SSSG and average store expansion of 20%.</li></ul>

Technically, the SET Index is expected to move sideways, with the resistance at 1,177/1,185 points and the support at 1,157/1,151 points (25-day/10-day EMA).Regarding the MPC meeting, KTX expects the committee may choose to keep the policy rate unchanged at 2.0% to monitor the situation and preserve policy space for future use.KTX expects MOSHI's sales to maintain growth momentum at a CAGR of 13% over the next three years (2024-27E), based on the assumption of +3% SSSG and average store expansion of 20%.

MPC Meeting & 1Q25 GDP Growth for the EU and US

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>What’s new? On 16 Sep, Generac (GNRC US, NR) signed a long-term agreement with Amazon (AMZN US, BUY, covered by our Internet team) to supply backup generators for datacentres.</li><li>The initial deliveries are expected to be US$2.4bn in 2027-28, with a total value of up to US$8bn as Amazon expands its data centres.</li><li>Meanwhile, Generac gave Amazon a warrant to buy up to 1.69mn shares of Generac’s stock at US$200.93/share (14.7% above the closing price on 16 Sep).</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.

What’s new? On 16 Sep, Generac (GNRC US, NR) signed a long-term agreement with Amazon (AMZN US, BUY, covered by our Internet team) to supply backup generators for datacentres.The initial deliveries are expected to be US$2.4bn in 2027-28, with a total value of up to US$8bn as Amazon expands its data centres.Meanwhile, Generac gave Amazon a warrant to buy up to 1.69mn shares of Generac’s stock at US$200.93/share (14.7% above the closing price on 16 Sep).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.

Weichai Power (2338 HK/000338 CH) - Generac & Amazon Deal Positive to Weichai

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Thematic (Sector/Industry)

<ul><li>EXCL reported a 21% increase in data service traffic during the period of March 28–April 6, 2025, compared to regular days before Ramadan.</li><li>During the Ramadan and Eid period, service traffic was primarily driven by streaming, which rose by 17%, followed by file access with a 16% increase, web browsing up 12%, and gaming soaring by 46%.</li><li>The highest data traffic surge was recorded in Central Java, which saw a 44% rise compared to regular days. </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.

EXCL reported a 21% increase in data service traffic during the period of March 28–April 6, 2025, compared to regular days before Ramadan.During the Ramadan and Eid period, service traffic was primarily driven by streaming, which rose by 17%, followed by file access with a 16% increase, web browsing up 12%, and gaming soaring by 46%.The highest data traffic surge was recorded in Central Java, which saw a 44% rise compared to regular days. 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.

BRIDS TMT News - Thursday, April 10, 2025

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Eoptolink Technology   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eoptolink-technology-inc-ltd" target="_blank" data-smartkarma-citation="entities:29558:1" rel="noopener">Eoptolink Technology (300502 CH)</a> one of the world’s largest optical transceiver manufacturers, aims to raise over &gt;US$3bn in its H-share listing.</li>
<li>Eoptolink was one of the global leaders in 2025 in optical modules, with its products being in high demand for data centers.</li>
<li>We have looked at the company’s past performance and undertaken a peer comparison in our earlier note. In this note, we will talk about valuations.</li>
</ul>



Eoptolink Technology (300502 CH) one of the world’s largest optical transceiver manufacturers, aims to raise over &gt;US$3bn in its H-share listing.
Eoptolink was one of the global leaders in 2025 in optical modules, with its products being in high demand for data centers.
We have looked at the company’s past performance and undertaken a peer comparison in our earlier note. In this note, we will talk about valuations.


Aequitas: Eoptolink A/H Listing - Thoughts on Valuations

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>India boosts PLI outlay for steel sector to Rs. 305 cr to drive innovation, exports, and counter US import tariffs.</li>
<li>
<a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409:1" rel="noopener">Amazon.com Inc (AMZN US)</a> explores spinning off and listing its India arm locally to align with regulations and strengthen its position in the market.</li>
<li>UBS and HSBC expand wealth operations in India, leveraging the IPO boom to capture rising investor demand and economic momentum.</li>
</ul>


India boosts PLI outlay for steel sector to Rs. 305 cr to drive innovation, exports, and counter US import tariffs.

Amazon.com Inc (AMZN US) explores spinning off and listing its India arm locally to align with regulations and strengthen its position in the market.
UBS and HSBC expand wealth operations in India, leveraging the IPO boom to capture rising investor demand and economic momentum.


#122 India Insight: India Ups Steel PLI, Amazon Mulls Local IPO, UBS & HSBC Eye Wealth Boom

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)

MPC Meeting & 1Q25 GDP Growth for the EU and US

Technically, the SET Index is expected to move sideways, with the resistance at 1,177/1,185 points and the support at 1,157/1,151 points...

Krungthai XSpring

Weichai Power (2338 HK/000338 CH) - Generac & Amazon Deal Positive to Weichai

What’s new? On 16 Sep, Generac (GNRC US, NR) signed a long-term agreement with Amazon (AMZN US, BUY, covered by our Internet team) to supply backup...

CMB International

BRIDS TMT News - Thursday, April 10, 2025

EXCL reported a 21% increase in data service traffic during the period of March 28–April 6, 2025, compared to regular days before Ramadan.

BRI Danareksa Research

Aequitas: Eoptolink A/H Listing - Thoughts on Valuations

Eoptolink Technology (300502 CH) one of the world’s largest optical transceiver manufacturers, aims to raise over >US$3bn in its H-share listing....

Sumeet Singh

#122 India Insight: India Ups Steel PLI, Amazon Mulls Local IPO, UBS & HSBC Eye Wealth Boom

India boosts steel sector, Amazon considers local listing in India, UBS and HSBC expand wealth operations to capitalize on IPO boom and investor...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

MPC Meeting & 1Q25 GDP Growth for the EU and US

Technically, the SET Index is expected to move sideways, with the resistance at 1,177/1,185 points and the support at 1,157/1,151 points...

Krungthai XSpring

Weichai Power (2338 HK/000338 CH) - Generac & Amazon Deal Positive to Weichai

What’s new? On 16 Sep, Generac (GNRC US, NR) signed a long-term agreement with Amazon (AMZN US, BUY, covered by our Internet team) to supply backup...

CMB International

BRIDS TMT News - Thursday, April 10, 2025

EXCL reported a 21% increase in data service traffic during the period of March 28–April 6, 2025, compared to regular days before Ramadan.

BRI Danareksa Research

Aequitas: Eoptolink A/H Listing - Thoughts on Valuations

Eoptolink Technology (300502 CH) one of the world’s largest optical transceiver manufacturers, aims to raise over >US$3bn in its H-share listing....

Sumeet Singh

#122 India Insight: India Ups Steel PLI, Amazon Mulls Local IPO, UBS & HSBC Eye Wealth Boom

​India boosts steel sector, Amazon considers local listing in India, UBS and HSBC expand wealth operations to capitalize on IPO boom and investor...

Sudarshan Bhandari

India boosts steel sector, Amazon considers local listing in India, UBS and HSBC expand wealth operations to capitalize on IPO boom and investor...