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 opening positions in DELL19, a DR linked to a leading computer hardware and data-center systems company, and HOOD80, a DR linked to a leading online investment-trading platform.</li><li>Our KTX Tactical DR Portfolio's average return recovered by 0.33%, reflecting the rebound in US equities as US Treasury yields halted their rise.</li><li>According to our KTX Baht Tracker, the Thai baht has begun to rebound from previously oversold levels.</li></ul>

We recommend opening positions in DELL19, a DR linked to a leading computer hardware and data-center systems company, and HOOD80, a DR linked to a leading online investment-trading platform.Our KTX Tactical DR Portfolio's average return recovered by 0.33%, reflecting the rebound in US equities as US Treasury yields halted their rise.According to our KTX Baht Tracker, the Thai baht has begun to rebound from previously oversold levels.

KTX Tactical DR Picks - September 4, 2026 (Eng.)

<ul><li>We recommend taking profit on DELL19 with a holding-period return of +14.5% and opening positions in two DRs, HORIZON23 and UBTECH23, both linked to Chinese technology companies.</li><li>Our KTX Tactical DR Port delivered an average return of +0.82% as US technology stocks continued to advance.</li><li>At Marvell Technology's Investor Day, management provided a very strong outlook for future revenue.</li></ul>

We recommend taking profit on DELL19 with a holding-period return of +14.5% and opening positions in two DRs, HORIZON23 and UBTECH23, both linked to Chinese technology companies.Our KTX Tactical DR Port delivered an average return of +0.82% as US technology stocks continued to advance.At Marvell Technology's Investor Day, management provided a very strong outlook for future revenue.

Ktx Tactical DR Picks - October 7, 2026 (Eng.)

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>Major global server brands/ODMs delivered strong 2Q/3Q24 sales and guided server revenue momentum will continue into 2H24E thanks to robust AI server demand and broad-based general server recovery.</li><li>Based on Counterpoint data, 2Q24 global server revenue climbed 35% YoY to US$45.4mn, with AI server reaching 30% of the sales mix.</li><li>For 4Q24E, we expect most AI server names will continue to benefit from improved CoWoS supply and Hopper H200 ramp, while Blackwell (B200/GB200) AI servers will see shipments in small volume in late 4Q24 and bigger ramp in 1Q25E.</li></ul>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.

Major global server brands/ODMs delivered strong 2Q/3Q24 sales and guided server revenue momentum will continue into 2H24E thanks to robust AI server demand and broad-based general server recovery.Based on Counterpoint data, 2Q24 global server revenue climbed 35% YoY to US$45.4mn, with AI server reaching 30% of the sales mix.For 4Q24E, we expect most AI server names will continue to benefit from improved CoWoS supply and Hopper H200 ramp, while Blackwell (B200/GB200) AI servers will see shipments in small volume in late 4Q24 and bigger ramp in 1Q25E.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.

Technology - ODM/Brands Driven by H200/GB200 AI Server Ramp and General Sever Recovery

<ul><li>We reiterate our positive view on AI server and AI PC/Phone supply chain, as highlighted in our 2024 sector outlook.</li><li>In particular, we see AI server order /backlog/pipeline from major server ODM/brands (DELL/SMCI/Lenovo/HPE) are gaining strong momentum in CY4Q23, well ahead of our expectations.</li><li>For edge AI (PC/phones), we see more product launches and strong consumer interest of AI smartphones, esp. Samsung Galaxy S24 and new products in MWC (e.g. Honor Magic Pro, Xiaomi 14 Ultra). </li></ul>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.

We reiterate our positive view on AI server and AI PC/Phone supply chain, as highlighted in our 2024 sector outlook.In particular, we see AI server order /backlog/pipeline from major server ODM/brands (DELL/SMCI/Lenovo/HPE) are gaining strong momentum in CY4Q23, well ahead of our expectations.For edge AI (PC/phones), we see more product launches and strong consumer interest of AI smartphones, esp. Samsung Galaxy S24 and new products in MWC (e.g. Honor Magic Pro, Xiaomi 14 Ultra). 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.

Equity Derivatives

China Northern Rare Earth (Group) High-Tech / Equity Derivatives

China Northern Rare Earth (Group) High-Tech (CNRE80 TB)

China Northern Rare Earth (Group) High-Tech

<ul>
<li>We recommend selling CNRE80, with a return of +0.7%, and DELL19 at a loss of 6.7%. Meanwhile, we recommend opening a position in ABNB06, a DR linked to shares of a leading global accommodation-booking platform.</li>
<li>Our KTX Tactical DR Portfolio recorded an average return of -0.69%, weighed down by declines in US technology stocks amid concerns over sanctions against Iran and their potential extension to the country's trading partners, particularly China.</li>
<li>According to our KTX Baht Tracker, the Thai baht has begun to rebound from previously oversold levels.</li>
</ul>


We recommend selling CNRE80, with a return of +0.7%, and DELL19 at a loss of 6.7%. Meanwhile, we recommend opening a position in ABNB06, a DR linked to shares of a leading global accommodation-booking platform.
Our KTX Tactical DR Portfolio recorded an average return of -0.69%, weighed down by declines in US technology stocks amid concerns over sanctions against Iran and their potential extension to the country's trading partners, particularly China.
According to our KTX Baht Tracker, the Thai baht has begun to rebound from previously oversold levels.


KTX Tactical DR Picks - August 25, 2026 (Eng.)

United States

Dell Technologies Inc. provides computer products. The Company offers laptops, desktops, tablets, workstations, servers, monitors, printers, gateways, software, storage, and networking products. Dell Technologies serves customers worldwide.

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Dell Technologies (DELL US)

KTX Tactical DR Picks - September 4, 2026 (Eng.)

We recommend opening positions in DELL19, a DR linked to a leading computer hardware and data-center systems company, and HOOD80, a DR linked to a...

Krungthai XSpring

Ktx Tactical DR Picks - October 7, 2026 (Eng.)

We recommend taking profit on DELL19 with a holding-period return of +14.5% and opening positions in two DRs, HORIZON23 and UBTECH23, both linked...

Krungthai XSpring

Technology - ODM/Brands Driven by H200/GB200 AI Server Ramp and General Sever Recovery

Major global server brands/ODMs delivered strong 2Q/3Q24 sales and guided server revenue momentum will continue into 2H24E thanks to robust AI...

CMB International

Technology - AI Server and AI PC...

In particular, we see AI server order /backlog/pipeline from major server ODM/brands (DELL/SMCI/Lenovo/HPE) are gaining strong momentum in CY4Q23

CMB International

KTX Tactical DR Picks - August 25, 2026 (Eng.)

We recommend selling CNRE80, with a return of +0.7%, and DELL19 at a loss of 6.7%. Meanwhile, we recommend opening a position in ABNB06, a DR...

Krungthai XSpring

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