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.

Equity Bottom-Up

<ul>
<li>Total revenue increased by 28% YoY to US$60.8bn, largely in line with Visible Alpha (VA) consensus estimate.</li>
<li>Operating income declined by 8% YoY to US$18.8bn, or grew by 4% YoY to US$21.2bn if excluding US$2.4bn of legal charges, vs. VA consensus of US$21.5bn.</li>
<li>For 3Q26E, management guided total revenue to grow by 19%- 25% YoY to US$61-64bn, also in line with the consensus (US$63.1bn).</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.


Total revenue increased by 28% YoY to US$60.8bn, largely in line with Visible Alpha (VA) consensus estimate.
Operating income declined by 8% YoY to US$18.8bn, or grew by 4% YoY to US$21.2bn if excluding US$2.4bn of legal charges, vs. VA consensus of US$21.5bn.
For 3Q26E, management guided total revenue to grow by 19%- 25% YoY to US$61-64bn, also in line with the consensus (US$63.1bn).

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) - 2Q26 results: Continue to step up AI investment to drive long-term growth

<ul><li>Meta announced 4Q25 results: total revenue increased by 24% YoY to US$59.9bn and net income grew by 9% YoY to US$22.8bn, 3% and 8% ahead of Bloomberg consensus estimates, as AI continues to drive solid ad revenue growth.</li><li>Management expected the strong momentum to sustain and guided total revenue to increase by 26-34% YoY to US$53.5-56.5bn in 1Q26, which is also ahead of consensus estimate (US$51.3bn).</li><li>Management guided FY26 total expenses to be US$162-169bn (+38-44% YoY) mainly due to the increase in infra costs and employee compensation, but still expected positive operating income growth in FY26. </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 4Q25 results: total revenue increased by 24% YoY to US$59.9bn and net income grew by 9% YoY to US$22.8bn, 3% and 8% ahead of Bloomberg consensus estimates, as AI continues to drive solid ad revenue growth.Management expected the strong momentum to sustain and guided total revenue to increase by 26-34% YoY to US$53.5-56.5bn in 1Q26, which is also ahead of consensus estimate (US$51.3bn).Management guided FY26 total expenses to be US$162-169bn (+38-44% YoY) mainly due to the increase in infra costs and employee compensation, but still expected positive operating income growth in FY26. 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) - 4Q25 Results Beat; AI Continues to Drive Ad Business Growth

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>There have been no changes to the KTX Tactical DR Portfolio today.</li>
<li>Our KTX Tactical DR Portfolio delivered an average return of +1.87%, driven by a rebound in technology stocks after META expanded its data center investment plans, easing concerns over a slowdown in investment growth.</li>
</ul>


There have been no changes to the KTX Tactical DR Portfolio today.
Our KTX Tactical DR Portfolio delivered an average return of +1.87%, driven by a rebound in technology stocks after META expanded its data center investment plans, easing concerns over a slowdown in investment growth.


KTX Tactical DR Picks - July 10, 2026 (Eng.)

Macroeconomics

<ul><li>We believe the recent rally in US equities, particularly Al-related stocks, has masked signs of tightening global liquidity.</li><li>Against this backdrop, we expect a significant rotation of global capital toward Asia, which we believe is better positioned to convert Al-related CAPEX into sustained earnings growth.</li><li>Together with Thai corporate earnings that appear to have bottomed out and continued foreign fund inflows, these factors should support a valuation re-rating of the Thai equity market, underpinning our 12-month forward SET Index target of 1,705, which we expect could be achieved in 3Q26.</li></ul>

We believe the recent rally in US equities, particularly Al-related stocks, has masked signs of tightening global liquidity.Against this backdrop, we expect a significant rotation of global capital toward Asia, which we believe is better positioned to convert Al-related CAPEX into sustained earnings growth.Together with Thai corporate earnings that appear to have bottomed out and continued foreign fund inflows, these factors should support a valuation re-rating of the Thai equity market, underpinning our 12-month forward SET Index target of 1,705, which we expect could be achieved in 3Q26.

KTX Investment Outlook 3Q26: The Broken Backbone of Global Liquidity

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.

<ul><li>The September 2026 quarter was mixed for NZX-listed technology.</li><li>On balance, the NZX IT Index finished the quarter broadly flat.</li><li>We remain constructive on NZ large cap tech, with VGL, SKO, and GTK all OUTPERFORM.</li></ul>

The September 2026 quarter was mixed for NZX-listed technology.On balance, the NZX IT Index finished the quarter broadly flat.We remain constructive on NZ large cap tech, with VGL, SKO, and GTK all OUTPERFORM.

Forsyth Barr Technology Digest Edition 16—Muse-ing on Markets

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)

Meta (META US) - 2Q26 results: Continue to step up AI investment to drive long-term growth

Operating income declined by 8% YoY to US$18.8bn, or grew by 4% YoY to US$21.2bn if excluding US$2.4bn of legal charges, vs. VA consensus of...

CMB International

Meta (META US) - 4Q25 Results Beat; AI Continues to Drive Ad Business Growth

Meta announced 4Q25 results: total revenue increased by 24% YoY to US$59.9bn and net income grew by 9% YoY to US$22.8bn, 3% and 8% ahead of...

CMB International

KTX Tactical DR Picks - July 10, 2026 (Eng.)

There have been no changes to the KTX Tactical DR Portfolio today. Our KTX Tactical DR Portfolio delivered an average return of +1.87%, driven by...

Krungthai XSpring

KTX Investment Outlook 3Q26: The Broken Backbone of Global Liquidity

We believe the recent rally in US equities, particularly Al-related stocks, has masked signs of tightening global liquidity. Against this...

Krungthai XSpring

Forsyth Barr Technology Digest Edition 16—Muse-ing on Markets

The September 2026 quarter was mixed for NZX-listed technology. On balance, the NZX IT Index finished the quarter broadly flat. We remain...

Forsyth Barr

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