Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Macroeconomics

<ul><li>Let’s start with DeepSeek.</li><li>The trajectory toward singularity may be accelerating faster than previously forecasted.</li><li>With barriers to entry for AI development rapidly lowering and efficiency gains fueling greater demand rather than less, it seems inevitable that this trend will reshape the AI landscape.</li></ul>

Let’s start with DeepSeek.The trajectory toward singularity may be accelerating faster than previously forecasted.With barriers to entry for AI development rapidly lowering and efficiency gains fueling greater demand rather than less, it seems inevitable that this trend will reshape the AI landscape.

The Drill: The commoditization of AI is here

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.

Technical Analysis

Wha Industrial Development / Technical Analysis

<ul><li>The market lacked new catalysts to drive it higher, with DeepSeek continuing to weigh on tech stocks, and DELTA's decline contributing to the overall drop in the SET.</li><li>The index held above 1,340 points, forming a white candlestick within a downward triangle pattern, while the RSI showed a bullish divergence.</li><li>We believe that the index will move sideways or run up after being able to rebound from the support at 1,340 points frequently.</li></ul>

The market lacked new catalysts to drive it higher, with DeepSeek continuing to weigh on tech stocks, and DELTA's decline contributing to the overall drop in the SET.The index held above 1,340 points, forming a white candlestick within a downward triangle pattern, while the RSI showed a bullish divergence.We believe that the index will move sideways or run up after being able to rebound from the support at 1,340 points frequently.

<ul><li>The SET awaited the release of 4Q24 earnings and the results of the Fed meeting, but Dow Jones and Nasdaq futures dropped sharply amid concerns over DeepSeek, a popular Chinese Al company.</li><li>The index fell to the 1,340-point support, signaling a potential risk of further weakness toward the key support at 1,300 points.</li><li>Therefore, as long as the index remains above 1,340 points, we recommend buying on weakness and selling on strength.</li></ul>

The SET awaited the release of 4Q24 earnings and the results of the Fed meeting, but Dow Jones and Nasdaq futures dropped sharply amid concerns over DeepSeek, a popular Chinese Al company.The index fell to the 1,340-point support, signaling a potential risk of further weakness toward the key support at 1,300 points.Therefore, as long as the index remains above 1,340 points, we recommend buying on weakness and selling on strength.

Equity Bottom-Up

<ul><li>Crude oil prices rose more than 2% this morning amid concerns over tighter supply after the US revoked its waiver on Iranian crude oil exports following Iran's attack on a commercial vessel in the Strait of Hormuz, raising concerns over the stability of the ceasefire.</li><li>Negotiations on the Thailand-EU Free Trade Agreement (Thailand-EU FTA) have progressed by around two-thirds.</li><li>We expect SCGP (Outperform, TP: Bt33.75) to report a doubling of 2Q26E net profit YoY to Bt2.0bn, supported by revenue growth and improving business performance in Indonesia.</li></ul>

Crude oil prices rose more than 2% this morning amid concerns over tighter supply after the US revoked its waiver on Iranian crude oil exports following Iran's attack on a commercial vessel in the Strait of Hormuz, raising concerns over the stability of the ceasefire.Negotiations on the Thailand-EU Free Trade Agreement (Thailand-EU FTA) have progressed by around two-thirds.We expect SCGP (Outperform, TP: Bt33.75) to report a doubling of 2Q26E net profit YoY to Bt2.0bn, supported by revenue growth and improving business performance in Indonesia.

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/manycore-tech-inc" target="_blank" data-smartkarma-citation="entities:46412:1" rel="noopener"></a>As one of the "Hangzhou Six Little Dragons", <a href="https://www.smartkarma.com/entities/manycore-tech-inc" target="_blank" data-smartkarma-citation="entities:46412:1" rel="noopener">Manycore Tech (68 HK)</a> will attract "dream" value in its IPO, which targets to raise HK$1.0bn of net proceeds.</li>
<li>This leading provider of cloud-native spatial design software in China will see a 3-year adjusted EPS CAGR of 86.2%, pricing at 40.8-46.3x FY26 PER based on its price range. </li>
<li>It is not cheap enough relative to A-share peers, and is pricy against the global peers (15.6x average). We will only go for it at the low end, i.e. HK$6.72.</li>
</ul>



As one of the "Hangzhou Six Little Dragons", Manycore Tech (68 HK) will attract "dream" value in its IPO, which targets to raise HK$1.0bn of net proceeds.
This leading provider of cloud-native spatial design software in China will see a 3-year adjusted EPS CAGR of 86.2%, pricing at 40.8-46.3x FY26 PER based on its price range. 
It is not cheap enough relative to A-share peers, and is pricy against the global peers (15.6x average). We will only go for it at the low end, i.e. HK$6.72.


Manycore Tech (68 HK) IPO: What Valuation Is Right?

China

DeepSeek is a Chinese artificial intelligence company that develops open-source large language models (LLM)

Price Gauge
52-week Range	0.00 - 0.00
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DeepSeek (DPSK12 CH)

The Drill: The commoditization of AI is here

Let’s start with DeepSeek. The trajectory toward singularity may be accelerating faster than previously forecasted. With barriers to entry for AI...

Steno Research

Technical Analysis

The market lacked new catalysts to drive it higher, with DeepSeek continuing to weigh on tech stocks, and DELTA's decline contributing to the...

Krungthai XSpring

Technical Analysis

The SET awaited the release of 4Q24 earnings and the results of the Fed meeting, but Dow Jones and Nasdaq futures dropped sharply amid concerns...

Krungthai XSpring

Krungthai XSpring Zoom Eng. July 8, 2026

Crude oil prices rose more than 2% this morning amid concerns over tighter supply after the US revoked its waiver on Iranian crude oil exports...

Krungthai XSpring

Manycore Tech (68 HK) IPO: What Valuation Is Right?

Manycore's upcoming IPO targets to raise HK$1.0bn, with a 3-year adjusted EPS CAGR of 86.2%. Priced at 40.8-46.3x FY26 PER, it only looks...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Drill: The commoditization of AI is here

Let’s start with DeepSeek. The trajectory toward singularity may be accelerating faster than previously forecasted. With barriers to entry for AI...

Steno Research

Technical Analysis

The market lacked new catalysts to drive it higher, with DeepSeek continuing to weigh on tech stocks, and DELTA's decline contributing to the...

Krungthai XSpring

Technical Analysis

The SET awaited the release of 4Q24 earnings and the results of the Fed meeting, but Dow Jones and Nasdaq futures dropped sharply amid concerns...

Krungthai XSpring

Krungthai XSpring Zoom Eng. July 8, 2026

Crude oil prices rose more than 2% this morning amid concerns over tighter supply after the US revoked its waiver on Iranian crude oil exports...

Krungthai XSpring

Manycore Tech (68 HK) IPO: What Valuation Is Right?

​Manycore's upcoming IPO targets to raise HK$1.0bn, with a 3-year adjusted EPS CAGR of 86.2%. Priced at 40.8-46.3x FY26 PER, it only looks...

Osbert Tang, CFA

Manycore's upcoming IPO targets to raise HK$1.0bn, with a 3-year adjusted EPS CAGR of 86.2%. Priced at 40.8-46.3x FY26 PER, it only looks...