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.

Thematic (Sector/Industry)

<ul><li>The SET Index today is expected to remain volatile with a downside bias, though losses should be limited.</li><li>Thailand’s exports rose 24.4% YoY in January, marking the strongest growth in four years and far exceeding market expectations of +8% YoY.</li><li>The continued expansion of exports was driven primarily by the electronics sector (computers +68.2%, mobile phones +195.4%, and integrated circuits +10.9%).</li></ul>

The SET Index today is expected to remain volatile with a downside bias, though losses should be limited.Thailand’s exports rose 24.4% YoY in January, marking the strongest growth in four years and far exceeding market expectations of +8% YoY.The continued expansion of exports was driven primarily by the electronics sector (computers +68.2%, mobile phones +195.4%, and integrated circuits +10.9%).

Krungthai XSpring Zoom Eng. February 24, 2026

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>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>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.

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

<ul><li>Huawei's role in offering alternatives to foreign tech’s is prominent, but it's important to highlight the contribution of other smaller yet significant players in the development of home-grown solutions in China. </li><li>Nvidia faces significant revenue decline in China in the upcoming year to comply with US export curbs. The company is determined to protect its substantial revenue from the China market and expand its global presence aggressively to make up for the potential revenue loss from the China market.</li><li>Nvidia CFO said “China and other affected destinations consistently contributed approximately 2025% of data center revenue over the past few quarters”.</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.

Huawei's role in offering alternatives to foreign tech’s is prominent, but it's important to highlight the contribution of other smaller yet significant players in the development of home-grown solutions in China. Nvidia faces significant revenue decline in China in the upcoming year to comply with US export curbs. The company is determined to protect its substantial revenue from the China market and expand its global presence aggressively to make up for the potential revenue loss from the China market.Nvidia CFO said “China and other affected destinations consistently contributed approximately 2025% of data center revenue over the past few quarters”.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.

China Semiconductor – Domestic AI Chip Makers Accelerating Their Push as Nvidia’s Alternatives

Equity Bottom-Up

<ul>
<li>SYNEX reported 2Q26 net profit of Bt223mn and core profit of Bt197mn (+19% YoY, +11% QoQ), in line with our forecast and marking a new record high.</li>
<li>While revenue growth remained modest, GPM continued to expand to its highest level in six quarters, supported by a favorable product mix.</li>
<li>We expect earnings momentum to remain strong in 2H26 as the company enters the high season, with core profit likely to continue reaching new record highs.</li>
</ul>


SYNEX reported 2Q26 net profit of Bt223mn and core profit of Bt197mn (+19% YoY, +11% QoQ), in line with our forecast and marking a new record high.
While revenue growth remained modest, GPM continued to expand to its highest level in six quarters, supported by a favorable product mix.
We expect earnings momentum to remain strong in 2H26 as the company enters the high season, with core profit likely to continue reaching new record highs.


SYNNEX (THAILAND) Plc.: 2Q26 Core Profit In Line; GPM Expanded Strongly - Outperform

Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Hua Hong Semiconductor / Equity Bottom-Up

<ul><li>The HSI finished at 25,606, up 219 points or 0.86%, with total turnover at HKD281.3bn, recovering from the previous session’s losses and tracking overnight gains on Wall Street and boosted sentiment amid hopes for a potential US-Iran agreement to end the conflict.</li><li>Huawei Technologies said its advanced chips could achieve transistor densities comparable to 1.4-nanometre technology within five years, highlighting Beijing’s push to strengthen its semiconductor capabilities.</li><li>On the market, Huawei released its semiconductor strategy, triggering a surge in the semiconductor and memory chip sectors, with multiple stocks, including Hua Hong Semiconductor (688347 CH), hitting their daily limit.</li></ul>

The HSI finished at 25,606, up 219 points or 0.86%, with total turnover at HKD281.3bn, recovering from the previous session’s losses and tracking overnight gains on Wall Street and boosted sentiment amid hopes for a potential US-Iran agreement to end the conflict.Huawei Technologies said its advanced chips could achieve transistor densities comparable to 1.4-nanometre technology within five years, highlighting Beijing’s push to strengthen its semiconductor capabilities.On the market, Huawei released its semiconductor strategy, triggering a surge in the semiconductor and memory chip sectors, with multiple stocks, including Hua Hong Semiconductor (688347 CH), hitting their daily limit.

China

Huawei Technologies Co., Ltd. provides networking products and telecommunication solutions. The Company researches and develops internet access, transmission network, servers, storage, security, and other networking products. Huawei Technologies also offers business consulting, network integration, assurance, managed, learning, and global delivery services.

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Huawei Technology (40978Z CH)

Krungthai XSpring Zoom Eng. February 24, 2026

The continued expansion of exports was driven primarily by the electronics sector (computers +68.2%, mobile phones +195.4%, and integrated circuits...

Krungthai XSpring

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

China Semiconductor – Domestic AI Chip Makers Accelerating Their Push as Nvidia’s Alternatives

As the US tightens China’s access to advanced chips, we maintain our earlier view that domestic companies will look for Nvidia’s alternatives at a...

CMB International

SYNNEX (THAILAND) Plc.: 2Q26 Core Profit In Line; GPM Expanded Strongly - Outperform

SYNEX reported 2Q26 net profit of Bt223mn and core profit of Bt197mn (+19% YoY, +11% QoQ), in line with our forecast and marking a new record...

Krungthai XSpring

Quam Morning Note (26 May)

The HSI finished at 25,606, up 219 points or 0.86%, with total turnover at HKD281.3bn, recovering from the previous session’s losses and tracking...

Quam Securities

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