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.

Thematic (Sector/Industry)

<ul><li>For KTX Tactical DR Picks today, we recommend selling AAPL80 after a 3.6% loss, following its removal from our model.</li><li>Meanwhile, we initiate a position in TENCENT80, a DR referencing Tencent Holdings Limited, one of China’s leading technology companies.</li><li>The portfolio’s underlying securities gained 0.55% from the previous day, tracking the continued rally in global equities, supported by softer-than-expected US PPI data and stronger remaining purchase obligation reported by Oracle.</li></ul>

For KTX Tactical DR Picks today, we recommend selling AAPL80 after a 3.6% loss, following its removal from our model.Meanwhile, we initiate a position in TENCENT80, a DR referencing Tencent Holdings Limited, one of China’s leading technology companies.The portfolio’s underlying securities gained 0.55% from the previous day, tracking the continued rally in global equities, supported by softer-than-expected US PPI data and stronger remaining purchase obligation reported by Oracle.

KTX Tactical DR Picks - September 11, 2025 (Eng.)

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>Apple officially announced four iPhone 17 models (17/Pro/Pro Max, Air), three Watch updates (SE3/11/Ultra 3) and the AirPods Pro 3.</li><li>While new spec/ features are mostly in-line with market expectations, we have identified several major positives: 1) iPhone 17 Air: its first major redesign since 2017 with price at US$999, featuring ultra-thin design with single 48MP rear cam and A19 Pro chip; 2) AirPods Pro 3: live translation and impressive ANC improvements; 3) Watch Ultra 3: heart rate tracking, satellite connectivity and larger display; 4) Pricing: starting prices stay mostly the same despite tariffs, except a US$100 increase for iPhone Pro.</li><li>Overall, while we expect softer demand due to macro/tariffs, muted AI-driven upgrades and earlier pull-in orders will continue to weigh on 2H25E Apple supply chain outlook, we believe new iPhone form factor changes and no price hikes for most products are incrementally positive to consumer demand, and next year’s product launches (foldable iPhone, upgraded Siri, Vision Pro 2) will drive stronger upgrade cycles in 2026-27. </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>

Apple officially announced four iPhone 17 models (17/Pro/Pro Max, Air), three Watch updates (SE3/11/Ultra 3) and the AirPods Pro 3.While new spec/ features are mostly in-line with market expectations, we have identified several major positives: 1) iPhone 17 Air: its first major redesign since 2017 with price at US$999, featuring ultra-thin design with single 48MP rear cam and A19 Pro chip; 2) AirPods Pro 3: live translation and impressive ANC improvements; 3) Watch Ultra 3: heart rate tracking, satellite connectivity and larger display; 4) Pricing: starting prices stay mostly the same despite tariffs, except a US$100 increase for iPhone Pro.Overall, while we expect softer demand due to macro/tariffs, muted AI-driven upgrades and earlier pull-in orders will continue to weigh on 2H25E Apple supply chain outlook, we believe new iPhone form factor changes and no price hikes for most products are incrementally positive to consumer demand, and next year’s product launches (foldable iPhone, upgraded Siri, Vision Pro 2) will drive stronger upgrade cycles in 2026-27. 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.

Technology - Apple Launch Event: IPhone 17 Air/AirPods Pro 3 as Major Highlights...

Equity Bottom-Up

<ul><li>The launch of the iPhone 17 will spur consumer interest in upgrading, driven by improved features such as the increase in base storage from 128GB to 256GB.</li><li>As of 2Q25, SYNEX reported that iPhone 15 (N-1) sales accounted for as high as 56% of total iPhone sales, reflecting consumers’ continued price sensitivity in their purchasing decisions.</li><li>In Thailand, the iPhone 17 will be available from September 19, one day earlier than the iPhone 16 launch last year. This should enable SYNEX to capture slightly more iPhone sales revenue in 3Q25.</li></ul>

The launch of the iPhone 17 will spur consumer interest in upgrading, driven by improved features such as the increase in base storage from 128GB to 256GB.As of 2Q25, SYNEX reported that iPhone 15 (N-1) sales accounted for as high as 56% of total iPhone sales, reflecting consumers’ continued price sensitivity in their purchasing decisions.In Thailand, the iPhone 17 will be available from September 19, one day earlier than the iPhone 16 launch last year. This should enable SYNEX to capture slightly more iPhone sales revenue in 3Q25.

SYNNEX Plc. (SYNEX): The Launch Of The IPhone 17 Will Support 3Q25 Performance

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There are 3 constituent changes for the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a> in September. There are capping changes for the Select Sector indices and the Equal Weight Index too.</li>
<li>The round-trip trade is US$19.6bn with a big chunk from the Equal Weight Index, <a href="https://www.smartkarma.com/entities/technology-select-sector-spdr" target="_blank" data-smartkarma-citation="entities:27543:1" rel="noopener">Technology Select Sector SPDR (XLK US)</a> and <a href="https://www.smartkarma.com/entities/communication-services-select-sector-spdr-fund" target="_blank" data-smartkarma-citation="entities:27534:1" rel="noopener">Communication Services Select Sector SPDR Fund (XLC US)</a>. </li>
<li>The largest flows are expected in <a href="https://www.smartkarma.com/entities/applovin-corp" target="_blank" data-smartkarma-citation="entities:32989:1" rel="noopener">AppLovin (APP)</a>, <a href="https://www.smartkarma.com/entities/robinhood-markets-inc" target="_blank" data-smartkarma-citation="entities:33532:1" rel="noopener">Robinhood Markets (HOOD)</a>, <a href="https://www.smartkarma.com/entities/trade-desk-inc-the" target="_blank" data-smartkarma-citation="entities:26467:1" rel="noopener">Trade Desk (TTD)</a>, <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA (NVDA)</a>, <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL)</a>, <a href="https://www.smartkarma.com/entities/alphabet-inc" target="_blank" data-smartkarma-citation="entities:33361:1" rel="noopener">Alphabet (GOOGL)</a>, <a href="https://www.smartkarma.com/entities/microsoft-corp" target="_blank" data-smartkarma-citation="entities:15273:1" rel="noopener">Microsoft (MSFT US)</a>, <a href="https://www.smartkarma.com/entities/exxon-mobil-corp" target="_blank" data-smartkarma-citation="entities:811:1" rel="noopener">Exxon Mobil (XOM)</a> and <a href="https://www.smartkarma.com/entities/chevron-corp" target="_blank" data-smartkarma-citation="entities:11091:1" rel="noopener">Chevron (CVX)</a>.</li>
</ul>


There are 3 constituent changes for the S&amp;P 500 INDEX (SPX INDEX) in September. There are capping changes for the Select Sector indices and the Equal Weight Index too.
The round-trip trade is US$19.6bn with a big chunk from the Equal Weight Index, Technology Select Sector SPDR (XLK US) and Communication Services Select Sector SPDR Fund (XLC US). 
The largest flows are expected in AppLovin (APP), Robinhood Markets (HOOD), Trade Desk (TTD), NVIDIA (NVDA), Apple (AAPL), Alphabet (GOOGL), Microsoft (MSFT US), Exxon Mobil (XOM) and Chevron (CVX).


Select Sector Indices and S&P Equal Weight Rebalance: Changes to Drive US$19.6bn Flow

<ul><li>The SET Index is expected to trade with an upward bias today, with the support at 1,260/1,250 and the resistance at 1,276/1,291.</li><li>The outlook for 2H25 is positive as the technology sector enters its high season, supported by flagship products and AI-integrated smart devices.</li><li>The baht has continued to strengthen, recently appreciating below 32/USD to around 31.8/USD — its strongest level in three and a half years and the second-best performing Asian currency year-to-date, after the Taiwan dollar.</li></ul>

The SET Index is expected to trade with an upward bias today, with the support at 1,260/1,250 and the resistance at 1,276/1,291.The outlook for 2H25 is positive as the technology sector enters its high season, supported by flagship products and AI-integrated smart devices.The baht has continued to strengthen, recently appreciating below 32/USD to around 31.8/USD — its strongest level in three and a half years and the second-best performing Asian currency year-to-date, after the Taiwan dollar.

Krungthai XSpring Zoom Eng. September 9, 2025

United States

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related accessories. The Company also offers payment, digital content, cloud and advertising services. Apple Inc.'s customers are primarily in consumer, small & mid-sized business, education, enterprise and government markets worldwide.

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Apple (AAPL US)

KTX Tactical DR Picks - September 11, 2025 (Eng.)

Meanwhile, we initiate a position in TENCENT80, a DR referencing Tencent Holdings Limited, one of China’s leading technology companies.

Krungthai XSpring

Technology - Apple Launch Event: IPhone 17 Air/AirPods Pro 3 as Major Highlights...

Apple officially announced four iPhone 17 models (17/Pro/Pro Max, Air), three Watch updates (SE3/11/Ultra 3) and the AirPods Pro 3.

CMB International

SYNNEX Plc. (SYNEX): The Launch Of The IPhone 17 Will Support 3Q25 Performance

The launch of the iPhone 17 will spur consumer interest in upgrading, driven by improved features such as the increase in base storage from 128GB...

Krungthai XSpring

Select Sector Indices and S&P Equal Weight Rebalance: Changes to Drive US$19.6bn Flow

Constituent changes to the S&P500 Index and capping changes result in a round-trip trade of US$19.6bn. AppLovin, Robinhood and Emcor will have more...

Brian Freitas

Krungthai XSpring Zoom Eng. September 9, 2025

The SET Index is expected to trade with an upward bias today, with the support at 1,260/1,250 and the resistance at 1,276/1,291.

Krungthai XSpring

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