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>We recommend initiating a position in ASML01 following its strong 2Q26 results.</li><li>Our KTX Tactical DR Portfolio's average holding-period return declined 1.86%, as technology stocks remained under selling pressure, particularly MICRON80 and SNDK80.</li><li>Based on our KTX Baht Tracker, the baht has continued to weaken and is approaching an oversold level.</li></ul>

We recommend initiating a position in ASML01 following its strong 2Q26 results.Our KTX Tactical DR Portfolio's average holding-period return declined 1.86%, as technology stocks remained under selling pressure, particularly MICRON80 and SNDK80.Based on our KTX Baht Tracker, the baht has continued to weaken and is approaching an oversold level.

KTX Tactical DR Picks - July 17, 2026 (Eng.)

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Thematic (Sector/Industry)

<ul>
<li>On April 2, 2026, a bipartisan group of US lawmakers introduced H.R. 8170, the Multilateral Alignment of Technology Controls on Hardware Act, or the MATCH Act. </li>
<li>Three weeks later, on April 22, the House Foreign Affairs Committee advanced it in what lawmakers called ”the largest significant export control mark-up in the history of Congress.”</li>
<li>If enacted, the immersion DUV ban will deal a serious blow to China's semiconductor ambitions in the medium term. It will also greatly accelerate Chinese efforts to develop their own... </li>
</ul>


On April 2, 2026, a bipartisan group of US lawmakers introduced H.R. 8170, the Multilateral Alignment of Technology Controls on Hardware Act, or the MATCH Act. 
Three weeks later, on April 22, the House Foreign Affairs Committee advanced it in what lawmakers called ”the largest significant export control mark-up in the history of Congress.”
If enacted, the immersion DUV ban will deal a serious blow to China's semiconductor ambitions in the medium term. It will also greatly accelerate Chinese efforts to develop their own... 


US Semiconductor China Export Restrictions. Game, Set & Now Let's Try MATCH!

Equity Long-Short

Mo Aziz

<ul>
<li>Q2 2026 beat both guidance and consensus on revenue and margin; FY26 guidance was raised - second time this year, to €43-45bn / 54-56%, from €36-40bn / 51-53% at Q1.</li>
<li>The new guide sits above our own FY26E (€40.0bn / 53.8%) and above the Street — the estimate gap we flagged at initiation has closed, because management has overtaken both.</li>
<li>Memory revenue growth of +75% guided for FY26 is the clearest read-through to the wider Equipment coverage. TSMC's print tomorrow remains the swing factor for our FY27 logic assumption.</li>
</ul>


Q2 2026 beat both guidance and consensus on revenue and margin; FY26 guidance was raised - second time this year, to €43-45bn / 54-56%, from €36-40bn / 51-53% at Q1.
The new guide sits above our own FY26E (€40.0bn / 53.8%) and above the Street — the estimate gap we flagged at initiation has closed, because management has overtaken both.
Memory revenue growth of +75% guided for FY26 is the clearest read-through to the wider Equipment coverage. TSMC's print tomorrow remains the swing factor for our FY27 logic assumption.


Asml NA/US — Q2 2026 Results: Beat, Raise, Repeat

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>In 4Q25, ASML guidance for 2026 revenues was €36.5bn. In 1Q26, revised up to 38bn. In 2Q26 revised up to 44bn. ASML gross margins estimates up from 52% to 56%.</li>
<li>EUV capacity increase by 30% in 2027, possibly another 30% in 2028. DUV capacity up 30%. This suggest 20-25% revenue growth, 2028 revenue at ~€65bn above 2030 target (€44-60bn).</li>
<li>This tells us that AI capacity increase is accelerating, both Logic and DRAM. This means that the discussions from end-clients to toolmakers cover several years of increasing demand. </li>
</ul>


In 4Q25, ASML guidance for 2026 revenues was €36.5bn. In 1Q26, revised up to 38bn. In 2Q26 revised up to 44bn. ASML gross margins estimates up from 52% to 56%.
EUV capacity increase by 30% in 2027, possibly another 30% in 2028. DUV capacity up 30%. This suggest 20-25% revenue growth, 2028 revenue at ~€65bn above 2030 target (€44-60bn).
This tells us that AI capacity increase is accelerating, both Logic and DRAM. This means that the discussions from end-clients to toolmakers cover several years of increasing demand. 


ASML: The Clearest Signal of Increasing AI Semiconductor Demand

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

<ul>
<li>August's WSTS semiconductor revenues registered a record high of more than $53 billion</li>
<li>Nobody seemed to notice, including the organization making the announcement</li>
<li>There's valid concern that the market is on the verge of a collapse, and this may be overshadowing record sales</li>
</ul>


August's WSTS semiconductor revenues registered a record high of more than $53 billion
Nobody seemed to notice, including the organization making the announcement
There's valid concern that the market is on the verge of a collapse, and this may be overshadowing record sales


Semis Just Broke a Record.  Why Did Nobody Notice?

Netherlands

ASML Holding N.V. develops, produces, and markets semiconductor manufacturing equipment, specifically machines for the production of chips through lithography. The Company services clients world wide.

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ASML Holding NV (ASML NA)

KTX Tactical DR Picks - July 17, 2026 (Eng.)

We recommend initiating a position in ASML01 following its strong 2Q26 results. Our KTX Tactical DR Portfolio's average holding-period return...

Krungthai XSpring

US Semiconductor China Export Restrictions. Game, Set & Now Let's Try MATCH!

If enacted, the immersion DUV ban will deal a serious blow to China's semiconductor ambitions in the medium term. It will also greatly accelerate...

William Keating

Asml NA/US — Q2 2026 Results: Beat, Raise, Repeat

Q2 2026 results exceed expectations, leading to raised FY26 guidance; Memory revenue growth key for Equipment sector outlook.

Mo Aziz

ASML: The Clearest Signal of Increasing AI Semiconductor Demand

ASML revenue guidance for 2026 has been consistently revised upwards, with estimates now reaching €44bn. Increased EUV and DUV capacity suggests...

Nicolas Baratte

Semis Just Broke a Record. Why Did Nobody Notice?

August's semiconductor revenues hit a record high of over $53 billion, but concerns about a potential market collapse are overshadowing the...

Jim Handy

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KTX Tactical DR Picks - July 17, 2026 (Eng.)

We recommend initiating a position in ASML01 following its strong 2Q26 results. Our KTX Tactical DR Portfolio's average holding-period return...

Krungthai XSpring

US Semiconductor China Export Restrictions. Game, Set & Now Let's Try MATCH!

If enacted, the immersion DUV ban will deal a serious blow to China's semiconductor ambitions in the medium term. It will also greatly accelerate...

William Keating

Asml NA/US — Q2 2026 Results: Beat, Raise, Repeat

​Q2 2026 results exceed expectations, leading to raised FY26 guidance; Memory revenue growth key for Equipment sector outlook.

Mo Aziz

ASML: The Clearest Signal of Increasing AI Semiconductor Demand

​ASML revenue guidance for 2026 has been consistently revised upwards, with estimates now reaching €44bn. Increased EUV and DUV capacity suggests...

Nicolas Baratte

Semis Just Broke a Record. Why Did Nobody Notice?

​August's semiconductor revenues hit a record high of over $53 billion, but concerns about a potential market collapse are overshadowing the...

Jim Handy

Q2 2026 results exceed expectations, leading to raised FY26 guidance; Memory revenue growth key for Equipment sector outlook.

ASML revenue guidance for 2026 has been consistently revised upwards, with estimates now reaching €44bn. Increased EUV and DUV capacity suggests...

August's semiconductor revenues hit a record high of over $53 billion, but concerns about a potential market collapse are overshadowing the...