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>Technically, the SET Index is expected to move sideways, with the resistance at 1,375/1,380 points and the support at 1,357/1,352 points.</li><li>The consensus expects the labor market to slacken amid potential declines in inflation.</li><li>We recommend dividend plays: ADVANC, INTUCH and WHAUP.</li></ul>

Technically, the SET Index is expected to move sideways, with the resistance at 1,375/1,380 points and the support at 1,357/1,352 points.The consensus expects the labor market to slacken amid potential declines in inflation.We recommend dividend plays: ADVANC, INTUCH and WHAUP.

Bangkok Dusit Medical Services / Equity Bottom-Up

<ul><li>Technically, the SET Index should move sideways up, with the resistance at 1,440/1,445 points and the support at 1,423 (5-day EMA)/1,418 points, based on the expected continuation of the uptrend.</li><li>US equity markets face a potentially significant correction as the yield curve undergoes a reversal from a downtrend to an uptrend, propelled by increasing US bond yields across the curve.</li><li>In this week's investment strategy, we have transitioned from speculative buying to a strategy of gradual profit taking.</li></ul>

Technically, the SET Index should move sideways up, with the resistance at 1,440/1,445 points and the support at 1,423 (5-day EMA)/1,418 points, based on the expected continuation of the uptrend.US equity markets face a potentially significant correction as the yield curve undergoes a reversal from a downtrend to an uptrend, propelled by increasing US bond yields across the curve.In this week's investment strategy, we have transitioned from speculative buying to a strategy of gradual profit taking.

<ul><li>Technically, the SET Index is expected to weaken, with the support at 1,380/1,375 points and the resistance at 1,404/1,415 points.</li><li>Today's key issues include the drop in the US 10Y bond yield from its 16-year high and the depreciation of the USD, triggered by Bill Ackman, a key US investor, signaling his intention to cover short positions in the bond market.</li><li>Analysts anticipate that 3Q23E EPS growth might surpass the market's projected 0.4% YoY figure (Factset), considering the expected 4.1-5.4% QoQ expansion in US 3Q23E GDP (Bloomberg/Atlanta Fed), translating to approximately 2.4-2.8% YoY growth.</li></ul>

Technically, the SET Index is expected to weaken, with the support at 1,380/1,375 points and the resistance at 1,404/1,415 points.Today's key issues include the drop in the US 10Y bond yield from its 16-year high and the depreciation of the USD, triggered by Bill Ackman, a key US investor, signaling his intention to cover short positions in the bond market.Analysts anticipate that 3Q23E EPS growth might surpass the market's projected 0.4% YoY figure (Factset), considering the expected 4.1-5.4% QoQ expansion in US 3Q23E GDP (Bloomberg/Atlanta Fed), translating to approximately 2.4-2.8% YoY growth.

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.

<ul><li>Since our downgrade report on 14 Aug, we have seen a continuous decline on Innolight’s share price by more than 23%.</li><li>Our current view on the stock is becoming increasingly favourable, driven by: 1) continuous strong momentum observed in building up AI infrastructure globally; and 2) quick uptake seen in downstream application market (e.g., AI-powered Ads adopted by Meta, Google and Amazon, GitHub copilot by Microsoft).</li><li>In addition, companies within the AI hardware value chain start to report strong earnings. </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>

Since our downgrade report on 14 Aug, we have seen a continuous decline on Innolight’s share price by more than 23%.Our current view on the stock is becoming increasingly favourable, driven by: 1) continuous strong momentum observed in building up AI infrastructure globally; and 2) quick uptake seen in downstream application market (e.g., AI-powered Ads adopted by Meta, Google and Amazon, GitHub copilot by Microsoft).In addition, companies within the AI hardware value chain start to report strong earnings. 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.

Innolight (300308 CH) – Expect Higher Contribution from AI Revenue in 3Q

<ul><li>Technically, the SET Index is expected to weaken, with the support at 1,529 points (the gap opened on August 22)/1,515 points and the resistance at 1,540/1,545 points, after it continued moving in a downtrend toward the support at 1,506 points.</li><li>The market expects the bank to maintain the policy interest rate for the first time after nine consecutive hikes.</li><li>In our view, even if inflation accelerates, the likelihood of the Fed raising the fed funds rate at its November meeting may diminish should there be indications of an economic slowdown.</li></ul>

Technically, the SET Index is expected to weaken, with the support at 1,529 points (the gap opened on August 22)/1,515 points and the resistance at 1,540/1,545 points, after it continued moving in a downtrend toward the support at 1,506 points.The market expects the bank to maintain the policy interest rate for the first time after nine consecutive hikes.In our view, even if inflation accelerates, the likelihood of the Fed raising the fed funds rate at its November meeting may diminish should there be indications of an economic slowdown.

United States

Meta Platforms Inc. operates as a social technology company. The Company builds applications and technologies that help people connect, find communities, and grow businesses. meta Platform is also involved in advertisements, augmented and virtual reality.

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Meta (META US)

Keep a Close Watch on US Employment Data

Technically, the SET Index is expected to move sideways, with the resistance at 1,375/1,380 points and the support at 1,357/1,352 points. The...

Krungthai XSpring

Today's Dominant Ideas

Technically, the SET Index should move sideways up, with the resistance at 1,440/1,445 points and the support at 1,423 (5-day EMA)/1,418 points,...

Krungthai XSpring

Krungthai XSpring Zoom

Technically, the SET Index is expected to weaken, with the support at 1,380/1,375 points and the resistance at 1,404/1,415 points. Today's key...

Krungthai XSpring

Innolight (300308 CH) – Expect Higher Contribution from AI Revenue in 3Q

Our current view on the stock is becoming increasingly favourable, driven by: 1) continuous strong momentum observed in building up AI...

CMB International

Today's Dominant Ideas

Technically, the SET Index is expected to weaken, with the support at 1,529 points (the gap opened on August 22)/1,515 points and the resistance...

Krungthai XSpring

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