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>ดัชนี CSI 300 และ HSI ปรับตัวในกรอบแคบก่อนปิดลดลง โดยหุ้นปรับขึ้นลงตามปัจจัยเฉพาะตัว</li><li>เรามองผลประกอบการ 2025 มีแนวโน้มเติบโตตามกระแสการลงทุน Data center ในจีน ซึ่งสอดคล้องกับแผนการลงทุนของ Alibaba และ ByteDance</li><li>คาดตลาดปรับตัว sideway เพื่อติดตามผลประกอบการ NVDA (26 ก.พ.) และรายงานเงินเฟ้อ PCE (28 ก.พ.) ทั้งนี้กลุ่ม Al อาจได้รับจิตวิทยาลบจากการยกเลิกสัญญาเช่า Datacenter ของ MSFT ตามรายงานของ TD Cowen</li></ul>

ดัชนี CSI 300 และ HSI ปรับตัวในกรอบแคบก่อนปิดลดลง โดยหุ้นปรับขึ้นลงตามปัจจัยเฉพาะตัวเรามองผลประกอบการ 2025 มีแนวโน้มเติบโตตามกระแสการลงทุน Data center ในจีน ซึ่งสอดคล้องกับแผนการลงทุนของ Alibaba และ ByteDanceคาดตลาดปรับตัว sideway เพื่อติดตามผลประกอบการ NVDA (26 ก.พ.) และรายงานเงินเฟ้อ PCE (28 ก.พ.) ทั้งนี้กลุ่ม Al อาจได้รับจิตวิทยาลบจากการยกเลิกสัญญาเช่า Datacenter ของ MSFT ตามรายงานของ TD Cowen

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 4Q24 results: total revenue was up by 21% YoY to US$48.4bn, 3% ahead of Bloomberg consensus estimate, thanks to the solid ad impression and pricing growth on AI optimization.</li><li>Net income was up by 49% YoY to US$20.8bn, 18% ahead of consensus estimate, mainly reflecting c.US$3bn favourable impact from legal accrual reductions and lower restructuring costs. FY24 total revenue/net income grew by 22%/59% YoY to US$164.5/62.4bn.</li><li>Looking ahead, management guides total revenue to increase by 8-15% YoY to US$39.5-41.8bn in 1Q25E, and expects to step up investments to drive strong revenue growth throughout FY25E. </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 4Q24 results: total revenue was up by 21% YoY to US$48.4bn, 3% ahead of Bloomberg consensus estimate, thanks to the solid ad impression and pricing growth on AI optimization.Net income was up by 49% YoY to US$20.8bn, 18% ahead of consensus estimate, mainly reflecting c.US$3bn favourable impact from legal accrual reductions and lower restructuring costs. FY24 total revenue/net income grew by 22%/59% YoY to US$164.5/62.4bn.Looking ahead, management guides total revenue to increase by 8-15% YoY to US$39.5-41.8bn in 1Q25E, and expects to step up investments to drive strong revenue growth throughout FY25E. 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) - Solid 4Q24 Results; Further Stepping up AI Investments in FY25

<ul><li>From a tactical perspective, the SET Index is expected to rise, with the resistance at 1,354/1,360 points and the support at 1,340/1,334 points.</li><li>In the medium term, the index remains in a bearish trend, forming a rounding-top pattern within the range of 1,273-1,506 points.</li><li>In the short term, it continues to move in a zig-zag down pattern, searching for a bottom to signal a new upward trend (bottoming out).</li></ul>

From a tactical perspective, the SET Index is expected to rise, with the resistance at 1,354/1,360 points and the support at 1,340/1,334 points.In the medium term, the index remains in a bearish trend, forming a rounding-top pattern within the range of 1,273-1,506 points.In the short term, it continues to move in a zig-zag down pattern, searching for a bottom to signal a new upward trend (bottoming out).

<ul><li>Meta reported 3Q24 results: total revenue grew by 19% YoY to US$40.6bn, in line with Bloomberg consensus estimate; net income was up by 35% YoY to US$15.7bn, 15% ahead of the consensus estimate thanks to effective control of S&amp;M and G&amp;A expenses.</li><li>For 4Q24E, management guides total revenue to grow by 12-20% YoY to US$45-48bn, the midpoint of which is in line with consensus (US$46.1bn).</li><li>Looking ahead, management will continue to step up investment in strategic priorities such as GenAI, infrastructure, and monetization, and expects significant capex growth and acceleration in infra-related expense growth in 2025E. </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 3Q24 results: total revenue grew by 19% YoY to US$40.6bn, in line with Bloomberg consensus estimate; net income was up by 35% YoY to US$15.7bn, 15% ahead of the consensus estimate thanks to effective control of S&amp;M and G&amp;A expenses.For 4Q24E, management guides total revenue to grow by 12-20% YoY to US$45-48bn, the midpoint of which is in line with consensus (US$46.1bn).Looking ahead, management will continue to step up investment in strategic priorities such as GenAI, infrastructure, and monetization, and expects significant capex growth and acceleration in infra-related expense growth in 2025E. 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) - AI Development on Track; Stepped-Up Investment to Drag Margin Expansion Pace

<ul><li>Technically, the SET Index is expected to move in a sideways-up trend, with the resistance at 1,476/1,482 points and the support at 1,462/1,455 points (EMA 10/25 days).</li><li>The medium-term outlook remains in a sideways pattern within a broad range of 1,273-1,716 points.</li><li>In the short term, a buy signal has emerged for the first time in nine trading days, indicating the occurrence of a higher high and higher low for the first time, along with a breakout above the 10-day moving average.</li></ul>

Technically, the SET Index is expected to move in a sideways-up trend, with the resistance at 1,476/1,482 points and the support at 1,462/1,455 points (EMA 10/25 days).The medium-term outlook remains in a sideways pattern within a broad range of 1,273-1,716 points.In the short term, a buy signal has emerged for the first time in nine trading days, indicating the occurrence of a higher high and higher low for the first time, along with a breakout above the 10-day moving average.

Krungthai XSpring Zoom Eng. November 1, 2024

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)

Global Market Update: February 24, 2025

Krungthai XSpring

Meta (META US) - Solid 4Q24 Results; Further Stepping up AI Investments in FY25

Meta announced 4Q24 results: total revenue was up by 21% YoY to US$48.4bn, 3% ahead of Bloomberg consensus estimate, thanks to the solid ad...

CMB International

US Earnings & FOMC Meeting

From a tactical perspective, the SET Index is expected to rise, with the resistance at 1,354/1,360 points and the support at 1,340/1,334...

Krungthai XSpring

Meta (META US) - AI Development on Track; Stepped-Up Investment to Drag Margin Expansion Pace

Meta reported 3Q24 results: total revenue grew by 19% YoY to US$40.6bn, in line with Bloomberg consensus estimate; net income was up by 35% YoY to...

CMB International

Krungthai XSpring Zoom Eng. November 1, 2024

Technically, the SET Index is expected to move in a sideways-up trend, with the resistance at 1,476/1,482 points and the support at 1,462/1,455...

Krungthai XSpring

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