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 taking profit on MICRON80, generating a holding-period return of 1.2%.</li><li>The average return of the KTX Tactical DR Portfolio declined by 1.04%, pressured by a broad sell-off in Al semiconductor stocks after META announced plans to monetize its excess cloud capacity.</li><li>The move suggests an oversupply of cloud infrastructure and has raised concerns that hyperscalers may slow their investment spending.</li></ul>

We recommend taking profit on MICRON80, generating a holding-period return of 1.2%.The average return of the KTX Tactical DR Portfolio declined by 1.04%, pressured by a broad sell-off in Al semiconductor stocks after META announced plans to monetize its excess cloud capacity.The move suggests an oversupply of cloud infrastructure and has raised concerns that hyperscalers may slow their investment spending.

KTX Tactical DR Picks - July 2, 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.

<ul><li>Meta announced better-than-expected 2Q25 results: total revenue was up by 22% YoY to US$47.5bn, 6% ahead of Bloomberg consensus estimate as AI drove solid growth of both ad impressions and pricing; net income grew by 36% YoY to US$18.3bn, beating consensus estimate by 21% thanks to the control in non-core investment.</li><li>Management also guides a strong 3Q25 total revenue of US$47.5-50.5bn (+17%-24% YoY), the mid-point of which is 6% ahead of consensus estimate.</li><li>The company has narrowed FY25 capex guidance from US$64-72bn to US$66-72bn (+68-84% YoY), and currently expects FY26 capex to maintain a similar level of dollar growth (+c.US$30bn YoY), in order to meet the needs of its core &amp; GenAI initiatives.</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.

Meta announced better-than-expected 2Q25 results: total revenue was up by 22% YoY to US$47.5bn, 6% ahead of Bloomberg consensus estimate as AI drove solid growth of both ad impressions and pricing; net income grew by 36% YoY to US$18.3bn, beating consensus estimate by 21% thanks to the control in non-core investment.Management also guides a strong 3Q25 total revenue of US$47.5-50.5bn (+17%-24% YoY), the mid-point of which is 6% ahead of consensus estimate.The company has narrowed FY25 capex guidance from US$64-72bn to US$66-72bn (+68-84% YoY), and currently expects FY26 capex to maintain a similar level of dollar growth (+c.US$30bn YoY), in order to meet the needs of its core &amp; GenAI initiatives.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.

Meta (META US) - 2Q25 Results Beat; AI Drives Core Business Growth

<ul><li>For the KTX Tactical DR Picks portfolio today, we recommend initiating a position in UOB19, which is based on United Overseas Bank (UOB) listed on the Singapore Exchange.</li><li>The stock is seen as an attractive value play among peers</li><li>The average price of the underlying securities in the portfolio declined by 0.27%, pressured by the drop in US-listed stocks, such as META and NVDA.</li></ul>

For the KTX Tactical DR Picks portfolio today, we recommend initiating a position in UOB19, which is based on United Overseas Bank (UOB) listed on the Singapore Exchange.The stock is seen as an attractive value play among peersThe average price of the underlying securities in the portfolio declined by 0.27%, pressured by the drop in US-listed stocks, such as META and NVDA.

KTX Tactical DR Picks - July 21, 2025 (Eng.)

<ul><li>For the KTX Tactical DR Picks portfolio, we recommend selling SBUX80, which has delivered a return of +4.4%, and initiating positions in META80 a DR referencing META PLATFORMS, INC., the parent company of Facebook and Instagram listed on the US stock exchange - and SINGTEL80, a DR referencing SINGAPORE TELECOMMUNICATIONS LIMITED, a telecommunications company based in Singapore.</li><li>The average price of the referenced securities in the portfolio was relatively flat at -0.02%.</li><li>Global equity markets remained stable while awaiting new catalysts, after they had already priced in the impact of Trump's tariff announcements previously.</li></ul>

For the KTX Tactical DR Picks portfolio, we recommend selling SBUX80, which has delivered a return of +4.4%, and initiating positions in META80 a DR referencing META PLATFORMS, INC., the parent company of Facebook and Instagram listed on the US stock exchange - and SINGTEL80, a DR referencing SINGAPORE TELECOMMUNICATIONS LIMITED, a telecommunications company based in Singapore.The average price of the referenced securities in the portfolio was relatively flat at -0.02%.Global equity markets remained stable while awaiting new catalysts, after they had already priced in the impact of Trump's tariff announcements previously.

KTX Tactical DR Picks - July 11, 2025 (Eng.)

<ul><li>Meta reported 1Q25 results: total revenue grew by 16% YoY to US$42.3bn, largely in line with consensus estimate; operating income grew by 27% YoY to US$17.6bn, 13% ahead of consensus estimate, mainly due to control in certain non-headcount-related opex.</li><li>As a result, management lowered FY25 total expenses guidance by US$1bn to US$113-118bn (+19-24% YoY); but raised FY25 capex guidance to US$64-72bn (+63-84%, previous: US$60-65bn) reflecting additional data centre investment and increased hardware costs.</li><li>For 2Q25E, management expects total revenue to grow by 9-16% YoY to US$42.5- 45.5bn, with decelerating growth which factors in the macro uncertainty and reduced ad spending from Asia-based e-commerce exporters. </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.

Meta reported 1Q25 results: total revenue grew by 16% YoY to US$42.3bn, largely in line with consensus estimate; operating income grew by 27% YoY to US$17.6bn, 13% ahead of consensus estimate, mainly due to control in certain non-headcount-related opex.As a result, management lowered FY25 total expenses guidance by US$1bn to US$113-118bn (+19-24% YoY); but raised FY25 capex guidance to US$64-72bn (+63-84%, previous: US$60-65bn) reflecting additional data centre investment and increased hardware costs.For 2Q25E, management expects total revenue to grow by 9-16% YoY to US$42.5- 45.5bn, with decelerating growth which factors in the macro uncertainty and reduced ad spending from Asia-based e-commerce exporters. 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.

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)

KTX Tactical DR Picks - July 2, 2026 (Eng.)

We recommend taking profit on MICRON80, generating a holding-period return of 1.2%. The average return of the KTX Tactical DR Portfolio declined...

Krungthai XSpring

Meta (META US) - 2Q25 Results Beat; AI Drives Core Business Growth

Management also guides a strong 3Q25 total revenue of US$47.5-50.5bn (+17%-24% YoY), the mid-point of which is 6% ahead of consensus estimate.

CMB International

KTX Tactical DR Picks - July 21, 2025 (Eng.)

For the KTX Tactical DR Picks portfolio today, we recommend initiating a position in UOB19, which is based on United Overseas Bank (UOB) listed on...

Krungthai XSpring

KTX Tactical DR Picks - July 11, 2025 (Eng.)

For the KTX Tactical DR Picks portfolio, we recommend selling SBUX80, which has delivered a return of +4.4%, and initiating positions in META80 a...

Krungthai XSpring

Meta (META US) - 1Q25 Results Beat

We lower our FY25-27 total revenue forecast by 0-1%, and trim our target price to US$760 based on 30x FY25E PE (previous: US$835 on 32x FY25E PE)....

CMB International

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