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>The SET Index is expected to trade in a sideways-down range today, with the support at 1,250/1,230 and the resistance at 1,260/1,271.</li><li>The MPC unanimously voted to cut the policy rate to 1.25%, in line with market expectations, bringing the policy rate to its lowest level in four years.</li><li>The MPC stated that the latest policy rate cut was driven mainly by economic and inflation factors, namely: (i) export growth in 2026 is likely to slow due to a high base in 2025, with US tariffs further weighing on exports next year.</li></ul>

The SET Index is expected to trade in a sideways-down range today, with the support at 1,250/1,230 and the resistance at 1,260/1,271.The MPC unanimously voted to cut the policy rate to 1.25%, in line with market expectations, bringing the policy rate to its lowest level in four years.The MPC stated that the latest policy rate cut was driven mainly by economic and inflation factors, namely: (i) export growth in 2026 is likely to slow due to a high base in 2025, with US tariffs further weighing on exports next year.

Krungthai XSpring Zoom Eng. December 18, 2025

<ul><li>The US sets a 19% tariff rate on Thailand.</li><li>The US and Thailand issue a joint statement as a framework for the next stage of negotiations.</li><li>The US and Thailand conduct detailed negotiations in line with the joint statement.</li></ul>

The US sets a 19% tariff rate on Thailand.The US and Thailand issue a joint statement as a framework for the next stage of negotiations.The US and Thailand conduct detailed negotiations in line with the joint statement.

Krungthai XSpring Zoom Eng. December 15, 2025

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>2025 has proven a standout year for optical transceiver suppliers with high AIexposures, with key suppliers posting stellar revenue growth and material margin expansion.</li><li>We expect this outperformance to persist through 2026 and beyond, underpinned by an unabated AI infrastructure investment cycle and a sustained mix shift to higher-value solutions.</li><li>We reiterate the sector as one of our top picks. Reiterate our BUY rating on Innolight (300308 CH, BUY, TP: RMB591.00), the 2024 global optical transceiver market leader, positioned to benefit from surging overseas AI capex and 1.6T demand.</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>

2025 has proven a standout year for optical transceiver suppliers with high AIexposures, with key suppliers posting stellar revenue growth and material margin expansion.We expect this outperformance to persist through 2026 and beyond, underpinned by an unabated AI infrastructure investment cycle and a sustained mix shift to higher-value solutions.We reiterate the sector as one of our top picks. Reiterate our BUY rating on Innolight (300308 CH, BUY, TP: RMB591.00), the 2024 global optical transceiver market leader, positioned to benefit from surging overseas AI capex and 1.6T demand.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 - Optical transceivers – sustained AI-driven outperformance ahead

<ul><li>We recommend selling MITSU19 with a holding-period return of +1.95%, and adding PINGAN80 in its place.</li><li>The KTX DR Tactical Picks portfolio gained 0.55% yesterday, supported by continued strength in US technology stocks.</li><li>Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.</li></ul>

We recommend selling MITSU19 with a holding-period return of +1.95%, and adding PINGAN80 in its place.The KTX DR Tactical Picks portfolio gained 0.55% yesterday, supported by continued strength in US technology stocks.Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.

KTX Tactical DR Picks - November 12, 2025 (Eng.)

<ul><li>We recommend closing the AMZN80 position with a 0.7% gain after it dropped out of our scoring criteria and opening a new position in NVDA80, which tracks NVIDIA Corporation, a leading US technology stock.</li><li>The KTX DR Tactical Picks portfolio rose 0.51% from the previous day, supported by improved sentiment following easing concerns over the US government shutdown.</li><li>Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.</li></ul>

We recommend closing the AMZN80 position with a 0.7% gain after it dropped out of our scoring criteria and opening a new position in NVDA80, which tracks NVIDIA Corporation, a leading US technology stock.The KTX DR Tactical Picks portfolio rose 0.51% from the previous day, supported by improved sentiment following easing concerns over the US government shutdown.Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.

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

United States

Broadcom Inc. designs, develops, and supplies semiconductor and infrastructure software solutions. The Company offers storage adapters, controllers, networking processors, motion control encoders, and optical sensors, as well as infrastructure and security software to modernize, optimize, and secure the most complex hybrid environments. Broadcom serves customers worldwide.

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Broadcom (AVGO US)

Krungthai XSpring Zoom Eng. December 18, 2025

The SET Index is expected to trade in a sideways-down range today, with the support at 1,250/1,230 and the resistance at 1,260/1,271.

Krungthai XSpring

Krungthai XSpring Zoom Eng. December 15, 2025

The US and Thailand issue a joint statement as a framework for the next stage of negotiations.The US and Thailand conduct detailed negotiations in...

Krungthai XSpring

Semiconductors - Optical transceivers – sustained AI-driven outperformance ahead

2025 has proven a standout year for optical transceiver suppliers with high AIexposures, with key suppliers posting stellar revenue growth and...

CMB International

KTX Tactical DR Picks - November 12, 2025 (Eng.)

We recommend selling MITSU19 with a holding-period return of +1.95%, and adding PINGAN80 in its place.The KTX DR Tactical Picks portfolio gained...

Krungthai XSpring

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

he KTX DR Tactical Picks portfolio rose 0.51% from the previous day, supported by improved sentiment following easing concerns over the US...

Krungthai XSpring

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