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 DELL19 with a holding-period return of +14.5% and opening positions in two DRs, HORIZON23 and UBTECH23, both linked to Chinese technology companies.</li><li>Our KTX Tactical DR Port delivered an average return of +0.82% as US technology stocks continued to advance.</li><li>At Marvell Technology's Investor Day, management provided a very strong outlook for future revenue.</li></ul>

We recommend taking profit on DELL19 with a holding-period return of +14.5% and opening positions in two DRs, HORIZON23 and UBTECH23, both linked to Chinese technology companies.Our KTX Tactical DR Port delivered an average return of +0.82% as US technology stocks continued to advance.At Marvell Technology's Investor Day, management provided a very strong outlook for future revenue.

Ktx Tactical DR Picks - October 7, 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>Maintain BUY. Horizon’s shipment rose 12.1% YoY in 1H26 despite a 20.2% YoY decline for the overall auto sales.</li><li>Revenue missed by 9% on lower ASP, but GPM beat on high-margin licensing strength. Top-line growth is set to reaccelerate above 60% YoY in 2H26E, as Horizon SuperDrive (HSD) ramps up production across BYD’s high-end portfolio, lifting product ASP to RMB712, based on our estimates.</li><li>Horizon is positioned to become China’s No.1 high-end autonomous driving (AD) chip provider by 2027 while maintaining 60%+ GPM through FY28E. </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.

Maintain BUY. Horizon’s shipment rose 12.1% YoY in 1H26 despite a 20.2% YoY decline for the overall auto sales.Revenue missed by 9% on lower ASP, but GPM beat on high-margin licensing strength. Top-line growth is set to reaccelerate above 60% YoY in 2H26E, as Horizon SuperDrive (HSD) ramps up production across BYD’s high-end portfolio, lifting product ASP to RMB712, based on our estimates.Horizon is positioned to become China’s No.1 high-end autonomous driving (AD) chip provider by 2027 while maintaining 60%+ GPM through FY28E. 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.

Horizon Robotics (9660 HK) - Re-Acceleration on HSD Expansion, Overseas

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Macroeconomics

<ul>
<li>China will roll out its 2026 - 2030 five-year plan this month, which outline the economic and social roadmap until the end of the decade.  </li>
<li>Historically the five-year plans have been a roadmap for investors to look for tailwinds for economic sector performance.  We believe the high-tech industries will remain the main focus for investment.</li>
<li>Exporters of high-end equipment and machinery will continue to benefit with the consumption sector being a focus for international investors.</li>
</ul>


China will roll out its 2026 - 2030 five-year plan this month, which outline the economic and social roadmap until the end of the decade.  
Historically the five-year plans have been a roadmap for investors to look for tailwinds for economic sector performance.  We believe the high-tech industries will remain the main focus for investment.
Exporters of high-end equipment and machinery will continue to benefit with the consumption sector being a focus for international investors.


EMERGING THEMES: China's Next 5 Year Plan

Thematic (Sector/Industry)

<ul>
<li>The global robotics industry is experiencing rapid growth as the combination of AI and manufacturing efficiency feed demand for robotic products. As a global robotics leader China's companies are benefiting.</li>
<li>Global robotics industry is projected to double over the next few years to over $150 billion by 2030.  China is the world's largest market for industrial robots.</li>
<li>China's leading robotics companies serve industrial industries like auto, equipment, and electronics, as well as service industries like healthcare, biotech, logistics, and hospitality.</li>
</ul>


The global robotics industry is experiencing rapid growth as the combination of AI and manufacturing efficiency feed demand for robotic products. As a global robotics leader China's companies are benefiting.
Global robotics industry is projected to double over the next few years to over $150 billion by 2030.  China is the world's largest market for industrial robots.
China's leading robotics companies serve industrial industries like auto, equipment, and electronics, as well as service industries like healthcare, biotech, logistics, and hospitality.


China Robotics: EVOLUTION OF THE HUMANOID RACE

<ul>
<li>
<a href="https://www.smartkarma.com/entities/robosense-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:39903:1" rel="noopener">Robosense Technology (2498 HK)</a> has seen its sales of LiDAR solution systems grow substantially as it achieved the ability to mass produce for its customers.
</li>
<li>The company integrates proprietary hardware and software, creating a barrier to entry for most LiDAR competitors, who produce only the hardware system.</li>
<li>Robosense announced a strong set of results for 3Q24 and expects to be profitable at some time in 2025.  The company has been actively buying back shares. </li>
</ul>



Robosense Technology (2498 HK) has seen its sales of LiDAR solution systems grow substantially as it achieved the ability to mass produce for its customers.

The company integrates proprietary hardware and software, creating a barrier to entry for most LiDAR competitors, who produce only the hardware system.
Robosense announced a strong set of results for 3Q24 and expects to be profitable at some time in 2025.  The company has been actively buying back shares. 


Robosense Technology, Driving in the Fast Lane While No One Is Looking

China

Horizon Robotics develops artificial intelligence (AI) chips and software platforms for intelligent vehicles, focusing on self-driving cars and advanced driver assistance systems (ADAS). The company offers integrated solutions, including its Journey™ series AI processors and Brain Processing Unit (BPU) architecture. Horizon Robotics is headquartered in Beijing, China, and was founded in 2015.

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Horizon Robotics (9660 HK)

Ktx Tactical DR Picks - October 7, 2026 (Eng.)

We recommend taking profit on DELL19 with a holding-period return of +14.5% and opening positions in two DRs, HORIZON23 and UBTECH23, both linked...

Krungthai XSpring