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 cutting loss on DELL19 with a holding-period return of -0.2%.</li><li>Meanwhile, we recommend initiating positions in DDOG19 and SNOW06.</li><li>The KTX Tactical DR Portfolio delivered an average return of -1.11%, pressured by the continued decline in Al semiconductor stocks.</li></ul>

We recommend cutting loss on DELL19 with a holding-period return of -0.2%.Meanwhile, we recommend initiating positions in DDOG19 and SNOW06.The KTX Tactical DR Portfolio delivered an average return of -1.11%, pressured by the continued decline in Al semiconductor stocks.

KTX Tactical DR Picks - July 3, 2026 (Eng.)

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Hewlett Packard Enterprise  / Equity Bottom-Up

<ul>
<li>Hewlett Packard Enterprise (HPE) reported Q2FY26 record revenue of $10.68 billion, up 40% YoY, up 14.8% QoQ and coming in above the high end of the company’s own guided range.</li>
<li>For Q3FY26, HPE estimates revenue to be in the range of $11.5 billion to $12.1 billion &amp; GAAP diluted net EPS to be in the range of $0.84 to $0.89</li>
<li>HPE’s updated FY26 non-GAAP EPS and free-cash-flow guidance are now higher than the FY28 targets it set at its October 2025 Securities Analyst Meeting. Oh my!</li>
</ul>


Hewlett Packard Enterprise (HPE) reported Q2FY26 record revenue of $10.68 billion, up 40% YoY, up 14.8% QoQ and coming in above the high end of the company’s own guided range.
For Q3FY26, HPE estimates revenue to be in the range of $11.5 billion to $12.1 billion &amp; GAAP diluted net EPS to be in the range of $0.84 to $0.89
HPE’s updated FY26 non-GAAP EPS and free-cash-flow guidance are now higher than the FY28 targets it set at its October 2025 Securities Analyst Meeting. Oh my!


HPE Q2 FY26. Two Years Ahead Of Fiscal Plan!

<ul>
<li>Lenovo (0992.HK) reported full-year FY2025/26 revenues of a record US$83.1 billion, up 20% YoY, with net profit attributable to shareholders of US$1.9 billion, up 38%.</li>
<li>Lenovo reported Q4 revenues of US$21.6 billion, +27% YoY, its fastest growth in five years. AI-related revenue hit 38% of group revenue in the quarter and grew 84% YoY.</li>
<li>Lenovo’s Infrastructure Solutions Group turned full-year profitable, delivering record revenue of US$19.2 billion, up 32%, and an operating profit of US$73 million, a roughly US$140 million year-on-year swing</li>
</ul>


Lenovo (0992.HK) reported full-year FY2025/26 revenues of a record US$83.1 billion, up 20% YoY, with net profit attributable to shareholders of US$1.9 billion, up 38%.
Lenovo reported Q4 revenues of US$21.6 billion, +27% YoY, its fastest growth in five years. AI-related revenue hit 38% of group revenue in the quarter and grew 84% YoY.
Lenovo’s Infrastructure Solutions Group turned full-year profitable, delivering record revenue of US$19.2 billion, up 32%, and an operating profit of US$73 million, a roughly US$140 million year-on-year swing


Lenovo’s Q4 FY25/26. Record Quarter, Record Year, ISG Inflection Point

Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul>
<li>In a data center, hundreds of thousands of GPUs need constant shared access to training data, checkpoints, embeddings, model outputs, and agent memory, pushing AI labs (xAI), neoclouds (CoreWeave, Lambda, Crusoe), and hyperscalers (Microsoft, Google) toward VAST Data’s separated compute/shared flash architecture—which maps well to GPU clusters with many machines reading and writing to one data pool—versus high-speed storage systems designed for supercomputing (Weka, DDN) and reliable storage for basic IT (Pure, Dell, NetApp).</li>
<li>As AI shifts from chatbots to agents, massive amounts of unsupervised tool calls, generated code, and persistent agent memory require multimodal filesystems that handle PDFs, audios, and video rather than just structured data, and these compounding amounts of data must be stored and accessible via fast access, driving storage demand up and flash memory prices up 8x, a tailwind behind infrastructure that makes storage more efficient and works with low-cost or retrofitted flash.</li>
<li>The upside opportunity is to serve as the unifying AI software operating system that powers the infrastructure layer of NVIDIA CEO Jensen Huang’s AI five-layer cake, abstracting away the GPUs &amp; hardware underneath for the developers building models &amp; applications above, expanding the market from model companies &amp; neoclouds into the long tail of enterprises building their own secure, access-controlled agentic applications.</li>
</ul>


In a data center, hundreds of thousands of GPUs need constant shared access to training data, checkpoints, embeddings, model outputs, and agent memory, pushing AI labs (xAI), neoclouds (CoreWeave, Lambda, Crusoe), and hyperscalers (Microsoft, Google) toward VAST Data’s separated compute/shared flash architecture—which maps well to GPU clusters with many machines reading and writing to one data pool—versus high-speed storage systems designed for supercomputing (Weka, DDN) and reliable storage for basic IT (Pure, Dell, NetApp).
As AI shifts from chatbots to agents, massive amounts of unsupervised tool calls, generated code, and persistent agent memory require multimodal filesystems that handle PDFs, audios, and video rather than just structured data, and these compounding amounts of data must be stored and accessible via fast access, driving storage demand up and flash memory prices up 8x, a tailwind behind infrastructure that makes storage more efficient and works with low-cost or retrofitted flash.
The upside opportunity is to serve as the unifying AI software operating system that powers the infrastructure layer of NVIDIA CEO Jensen Huang’s AI five-layer cake, abstracting away the GPUs &amp; hardware underneath for the developers building models &amp; applications above, expanding the market from model companies &amp; neoclouds into the long tail of enterprises building their own secure, access-controlled agentic applications.


Renen Hallak, CEO Of VAST Data, On AI Agents Creating Infinite Storage Demand

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>Smartphones. 6 months ago, most forecasts were expecting +2% unit growth in 2026. Now -13% YoY. Memory’s share of component costs (BOM) has surged from ~15% to ~35%. </li>
<li>Computers. 6 months ago, very rosy forecasts expecting +8% unit growth in 2026 because Win10 end-of-life. Now -11% YoY. Memory share of notebook BOM up from 10% to above 20%. </li>
<li>Game consoles. 6 months ago flat. Now -4% YoY. Expect Consumer Electronics to be hit, in general. </li>
</ul>


Smartphones. 6 months ago, most forecasts were expecting +2% unit growth in 2026. Now -13% YoY. Memory’s share of component costs (BOM) has surged from ~15% to ~35%. 
Computers. 6 months ago, very rosy forecasts expecting +8% unit growth in 2026 because Win10 end-of-life. Now -11% YoY. Memory share of notebook BOM up from 10% to above 20%. 
Game consoles. 6 months ago flat. Now -4% YoY. Expect Consumer Electronics to be hit, in general. 


Demand Destruction – when Massive Memory Price Hikes Kill Demand

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 - July 3, 2026 (Eng.)

We recommend cutting loss on DELL19 with a holding-period return of -0.2%. Meanwhile, we recommend initiating positions in DDOG19 and SNOW06. The...

Krungthai XSpring

HPE Q2 FY26. Two Years Ahead Of Fiscal Plan!

HPE’s updated FY26 non-GAAP EPS and free-cash-flow guidance are now higher than the FY28 targets it set at its October 2025 Securities Analyst...

William Keating

Lenovo’s Q4 FY25/26. Record Quarter, Record Year, ISG Inflection Point

Lenovo’s ISG division turned full-year profitable, delivering record revenue of US$19.2 billion, up 32%, and an operating profit of US$73 million,...

William Keating

Renen Hallak, CEO Of VAST Data, On AI Agents Creating Infinite Storage Demand

You founded VAST Data in 2016. What was the founding insight behind the company...

Sacra

Demand Destruction – when Massive Memory Price Hikes Kill Demand

Forecasts for smartphones, computers, and game consoles have drastically shifted in the past 6 months, with memory costs surging and unit growth...

Nicolas Baratte

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

KTX Tactical DR Picks - July 3, 2026 (Eng.)

We recommend cutting loss on DELL19 with a holding-period return of -0.2%. Meanwhile, we recommend initiating positions in DDOG19 and SNOW06. The...

Krungthai XSpring

HPE Q2 FY26. Two Years Ahead Of Fiscal Plan!

HPE’s updated FY26 non-GAAP EPS and free-cash-flow guidance are now higher than the FY28 targets it set at its October 2025 Securities Analyst...

William Keating

Lenovo’s Q4 FY25/26. Record Quarter, Record Year, ISG Inflection Point

Lenovo’s ISG division turned full-year profitable, delivering record revenue of US$19.2 billion, up 32%, and an operating profit of US$73 million,...

William Keating

Renen Hallak, CEO Of VAST Data, On AI Agents Creating Infinite Storage Demand

You founded VAST Data in 2016. What was the founding insight behind the company...

Sacra

Demand Destruction – when Massive Memory Price Hikes Kill Demand

​Forecasts for smartphones, computers, and game consoles have drastically shifted in the past 6 months, with memory costs surging and unit growth...

Nicolas Baratte

Forecasts for smartphones, computers, and game consoles have drastically shifted in the past 6 months, with memory costs surging and unit growth...