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>Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Xiaomi, Zeekr, Aion, Deepal, Leap, Neta and HIMA etc reported their Jun 2024 sales volumes on 1 Jul.</li><li>Total sales volume combined rose 42% YoY (ranging from - 22% to +739%) and 8% MoM (ranging from -13% to +51%).</li><li>The NEV trio slightly beat. Li Auto delivered about 48,000 units (+36% MoM) in Jun. The L6’s deliveries surpassed 20,000 units in Jun, in line with our prior forecast. </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>

Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Xiaomi, Zeekr, Aion, Deepal, Leap, Neta and HIMA etc reported their Jun 2024 sales volumes on 1 Jul.Total sales volume combined rose 42% YoY (ranging from - 22% to +739%) and 8% MoM (ranging from -13% to +51%).The NEV trio slightly beat. Li Auto delivered about 48,000 units (+36% MoM) in Jun. The L6’s deliveries surpassed 20,000 units in Jun, in line with our prior forecast. 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.

Auto - Six NEV Brands Hit a Record-High in Jun

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.

Cross Asset Strategy

<ul><li>Technically, the SET Index is expected to move sideways down, with the support at 1,293/1,288 points and the resistance at 1,310 points (10-day EMA)/1,316 points.</li><li>The upcoming general elections in Europe this week, specifically in France on July 7 and the UK on July 4, are expected to raise concerns about fiscal crises in both countries due to anticipated high policy expenditures.</li><li>We recommend focusing on stocks poised to benefit from the baht's depreciation, with a trading buy approach.</li></ul>

Technically, the SET Index is expected to move sideways down, with the support at 1,293/1,288 points and the resistance at 1,310 points (10-day EMA)/1,316 points.The upcoming general elections in Europe this week, specifically in France on July 7 and the UK on July 4, are expected to raise concerns about fiscal crises in both countries due to anticipated high policy expenditures.We recommend focusing on stocks poised to benefit from the baht's depreciation, with a trading buy approach.

Keep a Close Watch on Manufacturing PMIs in June for Japan, China, the EU and the US

<ul><li>Technically, the SET Index is expected to move sideways up, with the resistance at 1,315/1,320 points and the support at 1,297/1,288 points.</li><li>We maintain our recommendation that investors do trading buy, with the profit-taking target at the resistance at 1,330 points.</li><li>Moreover, the Thai economy shows signs of ongoing recovery from the 2Q24 to 4Q24, supported by increased government budget disbursement, improved exports, and industrial production.</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,315/1,320 points and the support at 1,297/1,288 points.We maintain our recommendation that investors do trading buy, with the profit-taking target at the resistance at 1,330 points.Moreover, the Thai economy shows signs of ongoing recovery from the 2Q24 to 4Q24, supported by increased government budget disbursement, improved exports, and industrial production.

Weekly Strategy (Trading Buy; Expect Window Dressing)

<ul><li>Technically, the SET Index is expected to move sideways as investors are waiting for clarity regarding the FOMC meeting results, the MPC meeting results, and inflation in the US and China in May, along with the Constitutional Court's consideration of the dissolution of the Move Forward Party.</li><li>As for the short-term and long-term outlook, the index has remained in a downtrend as it continued to make lower highs and lower lows after hitting a new low at 1,313.26 points last Monday (the previous low was 1,325.71 points on June 6, 2024).</li><li>The Fed is expected to maintain the fed funds rate at 5.5%, but the new dot plot may reflect a more hawkish stance (vs. three rate cuts estimated previously).</li></ul>

Technically, the SET Index is expected to move sideways as investors are waiting for clarity regarding the FOMC meeting results, the MPC meeting results, and inflation in the US and China in May, along with the Constitutional Court's consideration of the dissolution of the Move Forward Party.As for the short-term and long-term outlook, the index has remained in a downtrend as it continued to make lower highs and lower lows after hitting a new low at 1,313.26 points last Monday (the previous low was 1,325.71 points on June 6, 2024).The Fed is expected to maintain the fed funds rate at 5.5%, but the new dot plot may reflect a more hawkish stance (vs. three rate cuts estimated previously).

External broker reports(aggregated public sources), Topline Securities

Topline Securities

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Hub Power Company (HUBC) held its corporate briefing today to discuss FY26 financial result and outlook.</li><li>On dividends from subsidiaries, management said subsidiaries are declaring healthy dividends, which will be recorded in 2H, when received.</li><li>We maintain our buy stance on HUBC.</li></ul>

Hub Power Company (HUBC) held its corporate briefing today to discuss FY26 financial result and outlook.On dividends from subsidiaries, management said subsidiaries are declaring healthy dividends, which will be recorded in 2H, when received.We maintain our buy stance on HUBC.

Topline Flash Note: Hub Power Company (HUBC) - Corporate Briefing Key Takeaways

China

BYD Company Limited manufactures automotive products. The Company produces ordinary passenger cars, commercial vehicles, and other products. BYD also operates battery making, rail transportation construction, and other businesses.

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BYD (002594 CH)

Auto - Six NEV Brands Hit a Record-High in Jun

Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Xiaomi, Zeekr, Aion, Deepal, Leap, Neta and HIMA etc reported their Jun 2024...

CMB International

Keep a Close Watch on Manufacturing PMIs in June for Japan, China, the EU and the US

Technically, the SET Index is expected to move sideways down, with the support at 1,293/1,288 points and the resistance at 1,310 points (10-day...

Krungthai XSpring

Weekly Strategy (Trading Buy; Expect Window Dressing)

Technically, the SET Index is expected to move sideways up, with the resistance at 1,315/1,320 points and the support at 1,297/1,288 points. We...

Krungthai XSpring

US FOMC Meeting

Technically, the SET Index is expected to move sideways as investors are waiting for clarity regarding the FOMC meeting results, the MPC meeting...

Krungthai XSpring

Topline Flash Note: Hub Power Company (HUBC) - Corporate Briefing Key Takeaways

Hub Power Company (HUBC) held its corporate briefing today to discuss FY26 financial result and outlook. On dividends from subsidiaries,...

Topline Securities

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