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

Thematic (Sector/Industry)

<ul><li>We expect the market size of ADAS/AD solutions in China to grow from RMB33bn in 2024E to RMB101bn by 2028E, representing a 32% CAGR over 2024-28E.</li><li>Looking ahead, we believe Chinese suppliers of ADAS/AD solutions are well-positioned to gain market share. I</li><li>n particular, we see meaningful upside for local players such as Horizon Robotics (9660 HK) and Black Sesame (2533 HK), who are ready to scale along the market. Initiate coverage on H</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.

We expect the market size of ADAS/AD solutions in China to grow from RMB33bn in 2024E to RMB101bn by 2028E, representing a 32% CAGR over 2024-28E.Looking ahead, we believe Chinese suppliers of ADAS/AD solutions are well-positioned to gain market share. In particular, we see meaningful upside for local players such as Horizon Robotics (9660 HK) and Black Sesame (2533 HK), who are ready to scale along the market. Initiate coverage on HContent 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.

Semiconductors - China’s ADAS/AD Players Are Set to Gain Ground at Accelerated Pace

<ul><li>Horizon Robotics delivered strong 1H25 results, with revenue surging 68% YoY to RMB1.57bn, propelled by a 250% YoY growth in auto product solutions.</li><li>The company reinforced its leadership in China’s auto tech segment, capturing 45.8% share in ADAS solutions market and 32.4% in overall intelligent assisted driving solutions among Chinese OEMs, per mgmt..</li><li>Despite a 13.7ppt YoY contraction due to product mix shifts, GPM remained elevated at 65.4%. </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.

Horizon Robotics delivered strong 1H25 results, with revenue surging 68% YoY to RMB1.57bn, propelled by a 250% YoY growth in auto product solutions.The company reinforced its leadership in China’s auto tech segment, capturing 45.8% share in ADAS solutions market and 32.4% in overall intelligent assisted driving solutions among Chinese OEMs, per mgmt..Despite a 13.7ppt YoY contraction due to product mix shifts, GPM remained elevated at 65.4%. 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) - 1H25 Results: ASP and Volume Surged, Driving 68% Sales Growth

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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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

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

Horizon is positioned to become China’s No.1 high-end autonomous driving (AD) chip provider by 2027 while maintaining 60%+ GPM through FY28E.

CMB International

Semiconductors - China’s ADAS/AD Players Are Set to Gain Ground at Accelerated Pace

We expect the market size of ADAS/AD solutions in China to grow from RMB33bn in 2024E to RMB101bn by 2028E, representing a 32% CAGR over 2024-28E.

CMB International

Horizon Robotics (9660 HK) - 1H25 Results: ASP and Volume Surged, Driving 68% Sales Growth

Horizon Robotics delivered strong 1H25 results, with revenue surging 68% YoY to RMB1.57bn, propelled by a 250% YoY growth in auto product solutions.

CMB International