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>We analysed a sample of 83 Hong Kong- and US-listed software and related technology companies (49 software and 34 related technology companies) to identify the drivers of their recent share price recovery.</li><li>By comparing revenue growth, margin changes and AI commercialisation progress, we seek to quantify AI's tangible contribution to fundamentals and assess whether software has the potential to become a new major trading theme.</li><li>Our key findings are: 1) supported by continued economic resilience, revenue growth of software companies accelerated at a broader range in 2Q26 than a year earlier, although AI's tangible contribution to fundamentals still varies across subsectors; 2) the current US software share price rebound (25 Jun to 8 Oct, same below) has been driven mainly by valuation recovery, with stronger recoveries among stocks whose fundamentals benefit from AI; and 3) among all software subsectors, infrastructure software delivered the largest revenue growth acceleration and margin improvement in 2Q26, followed by cybersecurity.</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>

We analysed a sample of 83 Hong Kong- and US-listed software and related technology companies (49 software and 34 related technology companies) to identify the drivers of their recent share price recovery.By comparing revenue growth, margin changes and AI commercialisation progress, we seek to quantify AI's tangible contribution to fundamentals and assess whether software has the potential to become a new major trading theme.Our key findings are: 1) supported by continued economic resilience, revenue growth of software companies accelerated at a broader range in 2Q26 than a year earlier, although AI's tangible contribution to fundamentals still varies across subsectors; 2) the current US software share price rebound (25 Jun to 8 Oct, same below) has been driven mainly by valuation recovery, with stronger recoveries among stocks whose fundamentals benefit from AI; and 3) among all software subsectors, infrastructure software delivered the largest revenue growth acceleration and margin improvement in 2Q26, followed by cybersecurity.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.

Software & IT Services - Broad recovery, a selective opportunity

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 selling DDOG19 and NETO3 and selling BIREN23 at a loss, while opening positions in two DRs: SHOP06, supported by benefits from Muse Al and fund inflows into US software stocks, and WUXIAT80 in the healthcare sector.</li><li>Our KTX Tactical DR Port posted a return of -0.85% amid heightened US stock market volatility and rising US Treasury yields.</li><li>Our KTX Baht Tracker indicates that the THB is becoming excessively strong.</li></ul>

We recommend selling DDOG19 and NETO3 and selling BIREN23 at a loss, while opening positions in two DRs: SHOP06, supported by benefits from Muse Al and fund inflows into US software stocks, and WUXIAT80 in the healthcare sector.Our KTX Tactical DR Port posted a return of -0.85% amid heightened US stock market volatility and rising US Treasury yields.Our KTX Baht Tracker indicates that the THB is becoming excessively strong.

<ul><li>We recommend selling PLTR06 with a -2.2% holding-period return after it fell below our ranking threshold.</li><li>We also recommend opening positions in DDOG19, a DR on a US data analytics company, and LENOVO13, a DR on a leading computer and data-center equipment maker.</li><li>Our KTX Tactical DR Port's average return was broadly flat at +0.14%.</li></ul>

We recommend selling PLTR06 with a -2.2% holding-period return after it fell below our ranking threshold.We also recommend opening positions in DDOG19, a DR on a US data analytics company, and LENOVO13, a DR on a leading computer and data-center equipment maker.Our KTX Tactical DR Port's average return was broadly flat at +0.14%.

KTX Tactical DR Picks - October 1, 2026 (Eng.)

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Datadog reported strong financial and operational performance in the second quarter of fiscal 2026, with revenue reaching $1.12 billion, a 36% increase year-over-year, surpassing the high end of its guidance.</li><li>The company’s customer base expanded to approximately 33,400, including around 4,720 customers with annual recurring revenue (ARR) exceeding $100,000, who collectively account for about 91% of total ARR.</li><li>Free cash flow stood at $279 million, reflecting a 25% margin.</li></ul>

Datadog reported strong financial and operational performance in the second quarter of fiscal 2026, with revenue reaching $1.12 billion, a 36% increase year-over-year, surpassing the high end of its guidance.The company’s customer base expanded to approximately 33,400, including around 4,720 customers with annual recurring revenue (ARR) exceeding $100,000, who collectively account for about 91% of total ARR.Free cash flow stood at $279 million, reflecting a 25% margin.

Datadog’s $30 Million Enterprise Wins — Is Wall Street Underestimating AI Demand?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/avepoint-inc" target="_blank" data-smartkarma-citation="entities:37131:1" rel="noopener">AvePoint (AVPT US)</a> , a global provider of data security, governance, and resilience, aims to raise around US$300m in its Singapore secondary listing.</li>
<li>As of FY24, AP had over 25,000 customers who rely on its Confidence Platform to prepare, secure, and optimize their critical data across environments.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



AvePoint (AVPT US) , a global provider of data security, governance, and resilience, aims to raise around US$300m in its Singapore secondary listing.
As of FY24, AP had over 25,000 customers who rely on its Confidence Platform to prepare, secure, and optimize their critical data across environments.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


AvePoint SGX Secondary Listing - Strong Growth and Large Client Base but Unclear Metrics

United States

Datadog, Inc. provides software solutions. The Company offers cloud-based monitoring and analytics platform which integrates and automates infrastructure monitoring, application performance monitoring, and log management for real-time observability of customers. Datadog operates worldwide.

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Datadog (DDOG US)

Software & IT Services - Broad recovery, a selective opportunity

We analysed a sample of 83 Hong Kong- and US-listed software and related technology companies (49 software and 34 related technology companies)...

CMB International

KTX Tactical DR Picks

We recommend selling DDOG19 and NETO3 and selling BIREN23 at a loss, while opening positions in two DRs: SHOP06, supported by benefits from Muse...

Krungthai XSpring

KTX Tactical DR Picks - October 1, 2026 (Eng.)

We recommend selling PLTR06 with a -2.2% holding-period return after it fell below our ranking threshold. We also recommend opening positions in...

Krungthai XSpring

Datadog’s $30 Million Enterprise Wins — Is Wall Street Underestimating AI Demand?

Datadog reported strong financial and operational performance in the second quarter of fiscal 2026, with revenue reaching $1.12 billion, a 36%...

Baptista Research

AvePoint SGX Secondary Listing - Strong Growth and Large Client Base but Unclear Metrics

AvePoint (AVPT US) , a global provider of data security, governance, and resilience, aims to raise around US$300m in its Singapore secondary listing.

Sumeet Singh

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