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>Post 3Q earnings, investors have regained confidence in AI capital spending for the next few quarters. Amazon/Microsoft/Alphabet/Meta (“CSP3 &amp; Meta”) all announced QoQ increases in their 3Q capex.</li><li>The aggregate number topped US$37bn, representing the fourth highest quarterly spending in history.</li><li>These companies are committed to ramping up spending to remain competitive at the AI front line</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.

Post 3Q earnings, investors have regained confidence in AI capital spending for the next few quarters. Amazon/Microsoft/Alphabet/Meta (“CSP3 &amp; Meta”) all announced QoQ increases in their 3Q capex.The aggregate number topped US$37bn, representing the fourth highest quarterly spending in history.These companies are committed to ramping up spending to remain competitive at the AI front lineContent 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 (Hardware/Semi): CSP3 & Meta Ramp up Spending to Stay at the AI Front Line

<ul><li>The current market expectation of 800G transceivers shipment to reach 12mn in 2024 seems too optimistic.</li><li>Optical transceiver manufacturers are in the spotlight this year. As key beneficiaries of Generative AI enthusiasm, Innolight/Eoptolink grew 354.6%/200.2% YTD.</li><li>Admittedly, the surging demand for Nvidia (Not Rated) GPU will bring increasing orders for 800G transceivers in 2023/24. </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.

The current market expectation of 800G transceivers shipment to reach 12mn in 2024 seems too optimistic.Optical transceiver manufacturers are in the spotlight this year. As key beneficiaries of Generative AI enthusiasm, Innolight/Eoptolink grew 354.6%/200.2% YTD.Admittedly, the surging demand for Nvidia (Not Rated) GPU will bring increasing orders for 800G transceivers in 2023/24. 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.

Hardware – Investors Expect Spectacular Results in the AI Infrastructure Arms Race

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 down, with the resistance at 1,535/1,540 points (75-day EMA) and the support at 1,519/1,515 points (25-day EMA).</li><li>The key issue today is the US FOMC meeting.</li><li>We expect the Fed's hawkish stance to push up short-term bond yields and cause the USD to appreciate against the six major currency baskets (in contrast to the past three weeks).</li></ul>

Technically, the SET Index is expected to move sideways down, with the resistance at 1,535/1,540 points (75-day EMA) and the support at 1,519/1,515 points (25-day EMA).The key issue today is the US FOMC meeting.We expect the Fed's hawkish stance to push up short-term bond yields and cause the USD to appreciate against the six major currency baskets (in contrast to the past three weeks).

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

Vista Group International / Equity Bottom-Up

<ul><li>The June 2026 quarter was marked by a significant divergence in performance among major local names following the May reporting season.</li><li>The quarter saw consensus downgrades for both Serko (SKO) and Gentrack (GTK).</li><li>Our preferred large-cap technology exposures remain Vista Group (VGL: OUTPERFORM), Serko (SKO: OUTPERFORM), and Gentrack (GTK: OUTPERFORM).</li></ul>

The June 2026 quarter was marked by a significant divergence in performance among major local names following the May reporting season.The quarter saw consensus downgrades for both Serko (SKO) and Gentrack (GTK).Our preferred large-cap technology exposures remain Vista Group (VGL: OUTPERFORM), Serko (SKO: OUTPERFORM), and Gentrack (GTK: OUTPERFORM).

Forsyth Barr Technology Digest Edition 15—the Great Divide

<ul><li>The government is set to launch a Bt4.0bn rooftop solar program, covering approximately 440k households, funded under the Bt400bn emergency borrowing decree.</li><li>Spending under the Thai Chuay Thai Plus program reached Bt43.2bn in June 2026, with 25.7mn participants successfully making purchases.</li><li>US ADP employment increased by less than expected in June, with payrolls rising by 98k.</li></ul>

The government is set to launch a Bt4.0bn rooftop solar program, covering approximately 440k households, funded under the Bt400bn emergency borrowing decree.Spending under the Thai Chuay Thai Plus program reached Bt43.2bn in June 2026, with 25.7mn participants successfully making purchases.US ADP employment increased by less than expected in June, with payrolls rising by 98k.

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)

Technology (Hardware/Semi): CSP3 & Meta Ramp up Spending to Stay at the AI Front Line

Post 3Q earnings, investors have regained confidence in AI capital spending for the next few quarters. Amazon/Microsoft/Alphabet/Meta (“CSP3 &...

CMB International

Hardware – Investors Expect Spectacular Results in the AI Infrastructure Arms Race

Optical transceiver manufacturers are in the spotlight this year. As key beneficiaries of Generative AI enthusiasm, Innolight/Eoptolink grew 354.6%...

CMB International

Today's Dominant Ideas

Technically, the SET Index is expected to move sideways down, with the resistance at 1,535/1,540 points (75-day EMA) and the support at...

Krungthai XSpring

Forsyth Barr Technology Digest Edition 15—the Great Divide

The June 2026 quarter was marked by a significant divergence in performance among major local names following the May reporting season. The...

Forsyth Barr

Krungthai XSpring Zoom Eng. July 2, 2026

The government is set to launch a Bt4.0bn rooftop solar program, covering approximately 440k households, funded under the Bt400bn emergency...

Krungthai XSpring

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