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>Looking ahead to 2026, we expect distinct divergence in global technology endmarkets.</li><li>While AI computing supply chain is set to continue strong momentum driven by rapid LLM upgrade and sustained CSP capex, we believe edge AI cycle (AI smartphones/PCs/glasses) is just beginning to accelerate.</li><li>However, we anticipate near-term pressure on low-end consumer electronics demand due to macro uncertainty, fading China subsidies and rising memory costs. </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>

Looking ahead to 2026, we expect distinct divergence in global technology endmarkets.While AI computing supply chain is set to continue strong momentum driven by rapid LLM upgrade and sustained CSP capex, we believe edge AI cycle (AI smartphones/PCs/glasses) is just beginning to accelerate.However, we anticipate near-term pressure on low-end consumer electronics demand due to macro uncertainty, fading China subsidies and rising memory costs. 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.

Technology - 2026 Outlook: AI compute momentum expands to edge AI revolution

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>SYNEX reported 1Q26 core profit of Bt177mn (+17% YoY, +10% QoQ), in line with both our and market expectations.</li><li>Near-term outlook may remain challenging due to weak consumer purchasing power. However, we believe the company can continue to sustain improved GPM, supporting our expectation for 2026 earnings growth of 16% to Bt760mn.</li><li>We maintain our Outperform rating with an unchanged fair value of Bt10.70, based on a required return of 6.82%.</li></ul>

SYNEX reported 1Q26 core profit of Bt177mn (+17% YoY, +10% QoQ), in line with both our and market expectations.Near-term outlook may remain challenging due to weak consumer purchasing power. However, we believe the company can continue to sustain improved GPM, supporting our expectation for 2026 earnings growth of 16% to Bt760mn.We maintain our Outperform rating with an unchanged fair value of Bt10.70, based on a required return of 6.82%.

SYNNEX (THAILAND) Plc. (SYNEX): 1Q26 Core Profit Came in As Expected

<ul><li>We expect SYNEX to report 1Q26E net profit of Bt173mn (+14% YoY, +7% QoQ).</li><li>Near-term outlook remains challenging, particularly for Apple, phone, and consumer segments (accounting for over 70% of total revenue), due to soft purchasing power, higher IT product prices, and the loss of HONOR-related revenue since 4Q25.</li><li>We still expect SYNEX to deliver earnings growth in 2026, but its catalysts may be less compelling than peers as the company remains in a transition phase toward more sustainable long-term growth.</li></ul>

We expect SYNEX to report 1Q26E net profit of Bt173mn (+14% YoY, +7% QoQ).Near-term outlook remains challenging, particularly for Apple, phone, and consumer segments (accounting for over 70% of total revenue), due to soft purchasing power, higher IT product prices, and the loss of HONOR-related revenue since 4Q25.We still expect SYNEX to deliver earnings growth in 2026, but its catalysts may be less compelling than peers as the company remains in a transition phase toward more sustainable long-term growth.

SYNNEX (THAILAND) Plc. (SYNEX): Earnings Growing, But Still Modest Amid Transition

<ul><li>SYNEX reported 4Q25 core profit of Bt161mn (+39% YoY, -10% QoQ), 19% below our and market estimates due to the lowest GPM in six years.</li><li>We maintain our 2026E profit forecast at Bt760mn (+16% YoY). Near term, earnings should remain solid, supported by strong iPhone 17 sales, though caution is warranted over margin pressure.</li><li>We reiterate Outperform with an unchanged fair value of Bt14, based on a 6.82% required return.</li></ul>

SYNEX reported 4Q25 core profit of Bt161mn (+39% YoY, -10% QoQ), 19% below our and market estimates due to the lowest GPM in six years.We maintain our 2026E profit forecast at Bt760mn (+16% YoY). Near term, earnings should remain solid, supported by strong iPhone 17 sales, though caution is warranted over margin pressure.We reiterate Outperform with an unchanged fair value of Bt14, based on a 6.82% required return.

SYNEX (THAILAND) Plc. (SYNEX): Earnings Miss On Six-Year Low GPM

Taiwan

Honor Seiki Co., Ltd. manufactures computer numerical control (CNC) machine tools. The Company develops CNC vertical lathe, CNC vertical grinding machine, CNC special purpose machines, and other products. Honor Seiki markets its products throughout Taiwan.

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Honor Seiki (7709 TT)

Technology - 2026 Outlook: AI compute momentum expands to edge AI revolution

We believe expansion of AI computing demand and edge AI innovation will become major growth drivers in 2026, and recommend two key structural...

CMB International

SYNNEX (THAILAND) Plc. (SYNEX): 1Q26 Core Profit Came in As Expected

Near-term outlook may remain challenging due to weak consumer purchasing power. However, we believe the company can continue to sustain improved...

Krungthai XSpring

SYNNEX (THAILAND) Plc. (SYNEX): Earnings Growing, But Still Modest Amid Transition

We expect GPM to improve to 3.91% (vs. 3.55% in 4Q25 and 3.81% in 1Q25), driven by a lower contribution from low-margin Apple products and a higher...

Krungthai XSpring

SYNEX (THAILAND) Plc. (SYNEX): Earnings Miss On Six-Year Low GPM

SYNEX reported 4Q25 core profit of Bt161mn (+39% YoY, -10% QoQ), 19% below our and market estimates due to the lowest GPM in six years.

Krungthai XSpring

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