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 Derivatives

<ul><li>We recommend initiating a position in ANET80, a DR linked to a leading provider of networking equipment for data centers.</li><li>Our KTX Tactical DR Portfolio's average total return declined 0.29%.</li><li>US technology stocks performed well, supported by strong earnings results and easing US inflation in July.</li></ul>

We recommend initiating a position in ANET80, a DR linked to a leading provider of networking equipment for data centers.Our KTX Tactical DR Portfolio's average total return declined 0.29%.US technology stocks performed well, supported by strong earnings results and easing US inflation in July.

KTX Tactical DR Picks - August 13, 2026 (Eng.)

Cross Asset Strategy

<ul><li>Technically, the SET Index is expected to move in a sideways-down pattern, with support levels at 1,477 and 1,470 points (10-day EMA) and the resistance levels at 1,494 and 1,500 points.</li><li>The CME FedWatch Tool anticipates that the Fed will continue its rate-cutting trajectory with an additional 25 bps reduction, bringing the fed funds rate to 4.75%, following a previous 50 bps cut.</li><li>The Bank of England (BoE) is anticipated to reduce its interest rate by 25 bps to 4.75% in the upcoming meeting, marking the second cut this year.</li></ul>

Technically, the SET Index is expected to move in a sideways-down pattern, with support levels at 1,477 and 1,470 points (10-day EMA) and the resistance levels at 1,494 and 1,500 points.The CME FedWatch Tool anticipates that the Fed will continue its rate-cutting trajectory with an additional 25 bps reduction, bringing the fed funds rate to 4.75%, following a previous 50 bps cut.The Bank of England (BoE) is anticipated to reduce its interest rate by 25 bps to 4.75% in the upcoming meeting, marking the second cut this year.

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>Nvidia became the world’s most valuable company on 18 June, with market cap topping US$3.34trn, though it has retreated by approx.16% from the peak.</li><li>AI demand remains strong, and Nvidia still dominates the AI chip market with over 90% market share, per GlobalData.</li><li>However, Nvidia’s QoQ revenue growth has slowed (2QFY24-1QFY25: 88%/34%/22%/18%) in the past few quarters given a high base (quarterly sales almost quadrupled to US$26bn in 1QFY25 from US$7bn in 1QFY24). </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.

Nvidia became the world’s most valuable company on 18 June, with market cap topping US$3.34trn, though it has retreated by approx.16% from the peak.AI demand remains strong, and Nvidia still dominates the AI chip market with over 90% market share, per GlobalData.However, Nvidia’s QoQ revenue growth has slowed (2QFY24-1QFY25: 88%/34%/22%/18%) in the past few quarters given a high base (quarterly sales almost quadrupled to US$26bn in 1QFY25 from US$7bn in 1QFY24). 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.

Semiconductors - Thematic Investing and Megatrends: AI Exposure Update

<ul><li>Nvidia announced (22 May) FY1Q25 results. Quarterly revenue was US$26.0bn, up 262% YoY and 17.8% QoQ (22.0% QoQ in FY4Q24).</li><li>FY1Q25 revenue beat Bloomberg consensus of US$24.7bn by 5.5%.</li><li>Data center revenue continued to soar and topped US$22.6bn, up 426.7% YoY and 22.6% QoQ (26.8% QoQ in FY4Q24).</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.

Nvidia announced (22 May) FY1Q25 results. Quarterly revenue was US$26.0bn, up 262% YoY and 17.8% QoQ (22.0% QoQ in FY4Q24).FY1Q25 revenue beat Bloomberg consensus of US$24.7bn by 5.5%.Data center revenue continued to soar and topped US$22.6bn, up 426.7% YoY and 22.6% QoQ (26.8% QoQ in FY4Q24).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.

Semi - Nvidia: To keep growing for longer

<ul><li>Technically, the SET Index is expected to move sideways, with the support at 1,385 points (10-day EMA)/1,379 points and the resistance at 1,396 points (50-day EMA)/1,400 points, after it was unable to create a higher high and higher low pattern in the last few days and instead formed a lower low pattern.</li><li>MSCI will announce newly added and removed stocks today (i.e., Tuesday morning Thai local time), which will have an impact on closing prices on February 29, 2024.</li><li>Consumers still anticipate 12M forward inflation to decline but remain higher than the Fed's target of 2%, suggesting a diminishing likelihood of the Fed cutting interest rates in the meeting in March.</li></ul>

Technically, the SET Index is expected to move sideways, with the support at 1,385 points (10-day EMA)/1,379 points and the resistance at 1,396 points (50-day EMA)/1,400 points, after it was unable to create a higher high and higher low pattern in the last few days and instead formed a lower low pattern.MSCI will announce newly added and removed stocks today (i.e., Tuesday morning Thai local time), which will have an impact on closing prices on February 29, 2024.Consumers still anticipate 12M forward inflation to decline but remain higher than the Fed's target of 2%, suggesting a diminishing likelihood of the Fed cutting interest rates in the meeting in March.

Wait for MSCI Rebalancing and US Inflation Tomorrow

United States

Arista Networks Inc. provides cloud networking solutions for data-centers and computer environments. The Company offers ethernet switches, pass-through cards, transceivers, cards, and enhanced operating systems. Arista also provides host adapter solutions and networking services and markets its products globally.

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Arista Networks (ANET US)

KTX Tactical DR Picks - August 13, 2026 (Eng.)

We recommend initiating a position in ANET80, a DR linked to a leading provider of networking equipment for data centers. Our KTX Tactical DR...

Krungthai XSpring

US FOMC & BoE Meetings

Technically, the SET Index is expected to move in a sideways-down pattern, with support levels at 1,477 and 1,470 points (10-day EMA) and the...

Krungthai XSpring

Semiconductors - Thematic Investing and Megatrends: AI Exposure Update

Nvidia became the world’s most valuable company on 18 June, with market cap topping US$3.34trn, though it has retreated by approx.16% from the peak.

CMB International

Semi - Nvidia: To keep growing for longer

Nvidia announced (22 May) FY1Q25 results. Quarterly revenue was US$26.0bn, up 262% YoY and 17.8% QoQ (22.0% QoQ in FY4Q24). FY1Q25 revenue beat. ...

CMB International

Wait for MSCI Rebalancing and US Inflation Tomorrow

Technically, the SET Index is expected to move sideways, with the support at 1,385 points (10-day EMA)/1,379 points and the resistance at 1,396...

Krungthai XSpring

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