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>Looking ahead to 2026, we believe competition in the large language model (LLM) industry will further intensify, while monetization of AI applications in niche segments should see continued momentum.</li><li>We are optimistic about the further monetization potential driven by improved AI agent capabilities, as well as increased paid user penetration and monetization from advanced image editing and video generation LLMs.</li><li>We currently do not anticipate overinvestment risks among cloud service providers, and expect 2026 earnings growth of US-listed leaders to support their valuations. </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>

Looking ahead to 2026, we believe competition in the large language model (LLM) industry will further intensify, while monetization of AI applications in niche segments should see continued momentum.We are optimistic about the further monetization potential driven by improved AI agent capabilities, as well as increased paid user penetration and monetization from advanced image editing and video generation LLMs.We currently do not anticipate overinvestment risks among cloud service providers, and expect 2026 earnings growth of US-listed leaders to support their valuations. 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.

US Internet & Software - 2026 outlook: AI applications to ramp up; eyes on AI investment return

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 up, with the resistance at 1,296 and 1,304 points and the support at 1,281/1,274 points.</li><li>If there are signals supporting rate cuts in the September FOMC meeting, it will be positive for the market.</li><li>This increase may raise market concerns about the risk of a recession in the US once again.</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,296 and 1,304 points and the support at 1,281/1,274 points.If there are signals supporting rate cuts in the September FOMC meeting, it will be positive for the market.This increase may raise market concerns about the risk of a recession in the US once again.

Keep a Close Watch on US Employment Figures

Equity Bottom-Up

<ul><li>We recommend cutting loss on DDOG19 at a holding-period return of -15.2% and initiating a position in SHOP06, a DR linked to a leading e-commerce platform that provides website-building and online store management solutions.</li><li>Our KTX Tactical DR Portfolio delivered an average total return of -1.55%, weighed down by the decline in DDOG19 after its earnings came in below market expectations.</li><li>According to our KTX Baht Tracker, the Thai baht has begun to rebound from previously oversold levels.</li></ul>

We recommend cutting loss on DDOG19 at a holding-period return of -15.2% and initiating a position in SHOP06, a DR linked to a leading e-commerce platform that provides website-building and online store management solutions.Our KTX Tactical DR Portfolio delivered an average total return of -1.55%, weighed down by the decline in DDOG19 after its earnings came in below market expectations.According to our KTX Baht Tracker, the Thai baht has begun to rebound from previously oversold levels.

KTX Tactical DR Picks - August 7, 2026 (Eng.)

<ul>
<li>There have been no changes to the KTX Tactical DR portfolio today.</li>
<li>Our KTX Tactical DR Portfolio delivered an average return of +0.15 %.</li>
<li>The rebound in semiconductor and infrastructure names, led by MICRON80 and DELL19, was partly offset by weakness in software stocks such as DDOG19 and PANW80.</li>
</ul>


There have been no changes to the KTX Tactical DR portfolio today.
Our KTX Tactical DR Portfolio delivered an average return of +0.15 %.
The rebound in semiconductor and infrastructure names, led by MICRON80 and DELL19, was partly offset by weakness in software stocks such as DDOG19 and PANW80.


KTX Tactical DR Picks - July 23, 2026 (Eng.)

<ul>
<li>We recommend cutting loss on TEL80, with a holding-period loss of 7.0%, after the stock breached our predetermined stop-loss level.</li>
<li>Meanwhile, we add DDOG19 to the portfolio, a DR referencing a leading cloud observability and security software company.</li>
<li>Our KTX Tactical DR Portfolio posted an average total return of -0.11%, weighed down by declines in cybersecurity names, particularly PANW80 and NET03, despite a modest gain in the broader market.</li>
</ul>


We recommend cutting loss on TEL80, with a holding-period loss of 7.0%, after the stock breached our predetermined stop-loss level.
Meanwhile, we add DDOG19 to the portfolio, a DR referencing a leading cloud observability and security software company.
Our KTX Tactical DR Portfolio posted an average total return of -0.11%, weighed down by declines in cybersecurity names, particularly PANW80 and NET03, despite a modest gain in the broader market.


KTX Tactical DR Picks - July 21, 2026 (Eng.)

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)

US Internet & Software - 2026 outlook: AI applications to ramp up; eyes on AI investment return

Looking ahead to 2026, we believe competition in the large language model (LLM) industry will further intensify, while monetization of AI...

CMB International

Keep a Close Watch on US Employment Figures

Technically, the SET Index is expected to move sideways up, with the resistance at 1,296 and 1,304 points and the support at 1,281/1,274...

Krungthai XSpring

KTX Tactical DR Picks - August 7, 2026 (Eng.)

We recommend cutting loss on DDOG19 at a holding-period return of -15.2% and initiating a position in SHOP06, a DR linked to a leading e-commerce...

Krungthai XSpring

KTX Tactical DR Picks - July 23, 2026 (Eng.)

There have been no changes to the KTX Tactical DR portfolio today. Our KTX Tactical DR Portfolio delivered an average return of +0.15 %. The...

Krungthai XSpring

KTX Tactical DR Picks - July 21, 2026 (Eng.)

We recommend cutting loss on TEL80, with a holding-period loss of 7.0%, after the stock breached our predetermined stop-loss level. Meanwhile, we...

Krungthai XSpring

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