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>Texas Instruments (TI) reported in-line 3Q23 results but weaker 4Q23 guidance.</li>
<li>3Q revenue declined 14% YoY to US$4.5bn and EPS dropped 25% YoY, mainly due to weakness across segments except auto business.</li>
<li>Looking into 4Q23E, mgmt. expects industrial segment weakness to broaden and post-pandemic recovery in China is weaker-than-expected, while automotive growth will continue. </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>


Texas Instruments (TI) reported in-line 3Q23 results but weaker 4Q23 guidance.
3Q revenue declined 14% YoY to US$4.5bn and EPS dropped 25% YoY, mainly due to weakness across segments except auto business.
Looking into 4Q23E, mgmt. expects industrial segment weakness to broaden and post-pandemic recovery in China is weaker-than-expected, while automotive growth will continue. 

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.

Implications of Texas Instruments 3Q23: Weaker Industrial, Destocking and Slower China Recovery

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

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Equity Bottom-Up

<ul><li>Although KCE has yet to generate revenue directly from AI — the key driver behind the sharp rally in electronics stocks recently — the market’s broad-based buying of the electronics sector (sector play) has allowed the company to benefit from the AI-valuation premium (AIP) theme as well, which we view as a risk.</li><li>Earnings are expected to recover strongly from 2H26 onward after the company raised PCB product prices, which should support both revenue and GPM.</li><li>As a result, we have revised our 2026E/27E earnings forecasts upward by 20% and 22%, respectively.</li></ul>

Although KCE has yet to generate revenue directly from AI — the key driver behind the sharp rally in electronics stocks recently — the market’s broad-based buying of the electronics sector (sector play) has allowed the company to benefit from the AI-valuation premium (AIP) theme as well, which we view as a risk.Earnings are expected to recover strongly from 2H26 onward after the company raised PCB product prices, which should support both revenue and GPM.As a result, we have revised our 2026E/27E earnings forecasts upward by 20% and 22%, respectively.

KCE ELECTRONICS Plc. (KCE): Benefiting From The AIP Theme Alongside The Sector

<ul><li>Technically, the SET Index is expected to move sideways, with resistance at 1,263/1,270 points and support at 1,252/1,244 points.</li><li>In the medium term, the index remains in a zig-zag down downtrend, searching for a bottom within a range of 1,220-1,506 points.</li><li>The minutes are expected to signal a policy rate hold.</li></ul>

Technically, the SET Index is expected to move sideways, with resistance at 1,263/1,270 points and support at 1,252/1,244 points.In the medium term, the index remains in a zig-zag down downtrend, searching for a bottom within a range of 1,220-1,506 points.The minutes are expected to signal a policy rate hold.

United States

Analog Devices, Inc. designs, manufactures, and markets integrated circuits used in analog and digital signal processing.  The Company's products are used in communications, computer, industrial, instrumentation, military/aerospace, automotive, and high-performance consumer electronics applications.  Analog Devices sells its products worldwide.

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Analog Devices (ADI US)

Implications of Texas Instruments 3Q23: Weaker Industrial, Destocking and Slower China Recovery

3Q revenue declined 14% YoY to US$4.5bn and EPS dropped 25% YoY, mainly due to weakness across segments except auto business.

CMB International

KCE ELECTRONICS Plc. (KCE): Benefiting From The AIP Theme Alongside The Sector

Earnings are expected to recover strongly from 2H26 onward after the company raised PCB product prices, which should support both revenue and GPM.

Krungthai XSpring

US FOMC Minutes

Technically, the SET Index is expected to move sideways, with resistance at 1,263/1,270 points and support at 1,252/1,244 points. In the medium...

Krungthai XSpring

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