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.

Equity Bottom-Up

<ul><li>Broadcom (AVGO US, NR) released its 3QFY24 results. Revenue went up by 47% YoY/5% QoQ to US$13.1bn, in-line with consensus (US$13.0bn).</li><li>By segment, semiconductor/ infrastructure software revenue attributed 56%/44% of revenue vs. 78%/22% in 3QFY23.</li><li>Semiconductor sales was US$7.3bn, up 5% YoY/1% QoQ. Infrastructure software sales was US$5.8bn, up 200% YoY/10% QoQ, of which VMware contributed US$3.8bn</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>

Broadcom (AVGO US, NR) released its 3QFY24 results. Revenue went up by 47% YoY/5% QoQ to US$13.1bn, in-line with consensus (US$13.0bn).By segment, semiconductor/ infrastructure software revenue attributed 56%/44% of revenue vs. 78%/22% in 3QFY23.Semiconductor sales was US$7.3bn, up 5% YoY/1% QoQ. Infrastructure software sales was US$5.8bn, up 200% YoY/10% QoQ, of which VMware contributed US$3.8bnContent 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 - Broadcom’s 3Q earnings summary; in-line results failed to impress investors

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

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Krungthai XSpring

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<ul><li>Technically, the SET Index is expected to be volatile, with the resistance at 1,332/1,338 points and the support at 1,319/1,315 points (25-day EMA).</li><li>Amid the negative sentiment generated by the latest comments from Fed Chairman Powell, the US economy is expected to add only 175k jobs in July 2024, considerably below the 206k added in June.</li><li>The business confidence indicator in Thailand is expected to be slightly lower at 48.4 in July 2024, compared to 48.7 in June.</li></ul>

Technically, the SET Index is expected to be volatile, with the resistance at 1,332/1,338 points and the support at 1,319/1,315 points (25-day EMA).Amid the negative sentiment generated by the latest comments from Fed Chairman Powell, the US economy is expected to add only 175k jobs in July 2024, considerably below the 206k added in June.The business confidence indicator in Thailand is expected to be slightly lower at 48.4 in July 2024, compared to 48.7 in June.

<ul><li>Technically, the SET Index is expected to move sideways up, with the resistance at 1,324/1,332 points and the support at 1,314/1,310 points.</li><li>The market assigns a 45% probability that the BoE will cut interest rates by 25 bps to 5.0%.</li><li>The ISM manufacturing PMI is expected to increase to 48.8 (vs. June at 48.5), while the S&P Global manufacturing PMI is expected to drop sharply to 49.5 (vs. June at 51.6).</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,324/1,332 points and the support at 1,314/1,310 points.The market assigns a 45% probability that the BoE will cut interest rates by 25 bps to 5.0%.The ISM manufacturing PMI is expected to increase to 48.8 (vs. June at 48.5), while the S&P Global manufacturing PMI is expected to drop sharply to 49.5 (vs. June at 51.6).

July's Manufacturing Figures in the US, EU and China and Earnings Results

<ul><li>Technically, the SET Index is expected to rise, with the resistance at 1,394 points (75-day EMA)/1,400 points and the support at 1,382 points (25-day EMA)/1,372 points.</li><li>A potential catalyst is the easing stances from the world's major central banks, which are positive for risky assets.</li><li>Any signals favoring an expedited pace of interest rate cuts this year would likely be viewed positively by the market.</li></ul>

Technically, the SET Index is expected to rise, with the resistance at 1,394 points (75-day EMA)/1,400 points and the support at 1,382 points (25-day EMA)/1,372 points.A potential catalyst is the easing stances from the world's major central banks, which are positive for risky assets.Any signals favoring an expedited pace of interest rate cuts this year would likely be viewed positively by the market.

<ul><li>Technically, the SET Index is expected to weaken, with the support at 1,380/1,376 points (25-day and 10-day EMA) and the resistance at 1,390/1,397 points (75-day EMA).</li><li>The SET Index may still be vulnerable to potential foreign capital outflows in the medium term, particularly if the USD appreciates due to accelerating inflation.</li><li>We recommend increasing the weighting of stocks with specific positive factors, namely: i) the increase in the price of rubber (NER); ii) speculation on XD (SIRI); and iii) the benefit from economic stimulus measures and the beginning of the peak sales season (SAPPE).</li></ul>

Technically, the SET Index is expected to weaken, with the support at 1,380/1,376 points (25-day and 10-day EMA) and the resistance at 1,390/1,397 points (75-day EMA).The SET Index may still be vulnerable to potential foreign capital outflows in the medium term, particularly if the USD appreciates due to accelerating inflation.We recommend increasing the weighting of stocks with specific positive factors, namely: i) the increase in the price of rubber (NER); ii) speculation on XD (SIRI); and iii) the benefit from economic stimulus measures and the beginning of the peak sales season (SAPPE).

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)

Semiconductors - Broadcom’s 3Q earnings summary; in-line results failed to impress investors

Broadcom (AVGO US, NR) released its 3QFY24 results. Revenue went up by 47% YoY/5% QoQ to US$13.1bn, in-line with consensus (US$13.0bn).

CMB International

US Employment Data & Earnings Results

Technically, the SET Index is expected to be volatile, with the resistance at 1,332/1,338 points and the support at 1,319/1,315 points (25-day...

Krungthai XSpring

July's Manufacturing Figures in the US, EU and China and Earnings Results

Technically, the SET Index is expected to move sideways up, with the resistance at 1,324/1,332 points and the support at 1,314/1,310 points. The...

Krungthai XSpring

Keep a Close Watch on UK Retail Sales

Technically, the SET Index is expected to rise, with the resistance at 1,394 points (75-day EMA)/1,400 points and the support at 1,382 points...

Krungthai XSpring

Keep a Close Watch on Foreign Fund Flows

Technically, the SET Index is expected to weaken, with the support at 1,380/1,376 points (25-day and 10-day EMA) and the resistance at 1,390/1,397...

Krungthai XSpring

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