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>Nvidia became the world’s most valuable company on 18 June, with market cap topping US$3.34trn, though it has retreated by approx.16% from the peak.</li><li>AI demand remains strong, and Nvidia still dominates the AI chip market with over 90% market share, per GlobalData.</li><li>However, Nvidia’s QoQ revenue growth has slowed (2QFY24-1QFY25: 88%/34%/22%/18%) in the past few quarters given a high base (quarterly sales almost quadrupled to US$26bn in 1QFY25 from US$7bn in 1QFY24). </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.

Nvidia became the world’s most valuable company on 18 June, with market cap topping US$3.34trn, though it has retreated by approx.16% from the peak.AI demand remains strong, and Nvidia still dominates the AI chip market with over 90% market share, per GlobalData.However, Nvidia’s QoQ revenue growth has slowed (2QFY24-1QFY25: 88%/34%/22%/18%) in the past few quarters given a high base (quarterly sales almost quadrupled to US$26bn in 1QFY25 from US$7bn in 1QFY24). 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.

Semiconductors - Thematic Investing and Megatrends: AI Exposure Update

<ul><li>Nvidia released FY3Q24 results with quarterly revenue at US$18.1bn, up 34% QoQ and 206% YoY. GPM was 74.0%, up 3.9ppts QoQ.</li><li>Net profit was US$9.2bn, up 50% QoQ and 1,274% YoY.</li><li>According to the company’s guidance, 4Q24 revenue is expected to reach US$20bn (+/-2%), implying 10% QoQ and 231% YoY growth; GAAP GPM is expected to increase to 74.5% (+/- 50bps). </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.

Nvidia released FY3Q24 results with quarterly revenue at US$18.1bn, up 34% QoQ and 206% YoY. GPM was 74.0%, up 3.9ppts QoQ.Net profit was US$9.2bn, up 50% QoQ and 1,274% YoY.According to the company’s guidance, 4Q24 revenue is expected to reach US$20bn (+/-2%), implying 10% QoQ and 231% YoY growth; GAAP GPM is expected to increase to 74.5% (+/- 50bps). 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.

<ul><li>On 10 Nov, AI Start up Humane, founded by ex-Apple engineers, has officially launched the AI Pin, an OpenAI-powered wearable.</li><li>We believe this is a promising catalyst for the imminent surge in AI-driven consumer products.</li><li>Tech giants are increasingly positioned to discover new revenue streams through integrating AI tech into consumer products, services, or in any financially sustainable manner. </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.

On 10 Nov, AI Start up Humane, founded by ex-Apple engineers, has officially launched the AI Pin, an OpenAI-powered wearable.We believe this is a promising catalyst for the imminent surge in AI-driven consumer products.Tech giants are increasingly positioned to discover new revenue streams through integrating AI tech into consumer products, services, or in any financially sustainable manner. 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.

Will Humane’s AI-Powered Screenless Device Become the Successor to Smartphones?

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.

Macroeconomics

<ul><li>Technically, the SET Index is expected to increase, with the resistance at 1,540/1,546 points and the support at 1,527/1,520 points.</li><li>The Bloomberg consensus expects Thai GDP to growth slow down QoQ in 3Q23E and 4Q23E to +1.2% QoQ and +0.9% QoQ, respectively, vs. +1.9% QoQ in 1Q23 and +1.4% QoQ in 2Q23E – but it is expected to increase YoY due to the low base effect – on the back of an expected downturn in exports (1H23 at -5.3% YoY, with the BoT target at -0.1% YoY), the impact of MPC’s rate hikes (up by 175 bps in the past 12 months) and political uncertainty.</li><li>The US will report its retail sales in July – the consensus projects growth of +0.4%% (vs. +0.2% MoM in June).</li></ul>

Technically, the SET Index is expected to increase, with the resistance at 1,540/1,546 points and the support at 1,527/1,520 points.The Bloomberg consensus expects Thai GDP to growth slow down QoQ in 3Q23E and 4Q23E to +1.2% QoQ and +0.9% QoQ, respectively, vs. +1.9% QoQ in 1Q23 and +1.4% QoQ in 2Q23E – but it is expected to increase YoY due to the low base effect – on the back of an expected downturn in exports (1H23 at -5.3% YoY, with the BoT target at -0.1% YoY), the impact of MPC’s rate hikes (up by 175 bps in the past 12 months) and political uncertainty.The US will report its retail sales in July – the consensus projects growth of +0.4%% (vs. +0.2% MoM in June).

Equity Bottom-Up

<ul><li>We recommend initiating a position in ASML01 following its strong 2Q26 results.</li><li>Our KTX Tactical DR Portfolio's average holding-period return declined 1.86%, as technology stocks remained under selling pressure, particularly MICRON80 and SNDK80.</li><li>Based on our KTX Baht Tracker, the baht has continued to weaken and is approaching an oversold level.</li></ul>

We recommend initiating a position in ASML01 following its strong 2Q26 results.Our KTX Tactical DR Portfolio's average holding-period return declined 1.86%, as technology stocks remained under selling pressure, particularly MICRON80 and SNDK80.Based on our KTX Baht Tracker, the baht has continued to weaken and is approaching an oversold level.

KTX Tactical DR Picks - July 17, 2026 (Eng.)

United States

Micron Technology, Inc., through its subsidiaries, manufactures and markets dynamic random access memory chips (DRAMs), very fast static random access memory chips (SRAMs), Flash Memory, other semiconductor components, and memory modules.

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Micron Technology (MU US)

Semiconductors - Thematic Investing and Megatrends: AI Exposure Update

Nvidia became the world’s most valuable company on 18 June, with market cap topping US$3.34trn, though it has retreated by approx.16% from the peak.

CMB International

Technology (Hardware/Semi) - 23 Nov 2023

Nvidia released FY3Q24 results with quarterly revenue at US$18.1bn, up 34% QoQ and 206% YoY. GPM was 74.0%, up 3.9ppts QoQ. Net profit was...

CMB International

Will Humane’s AI-Powered Screenless Device Become the Successor to Smartphones?

On 10 Nov, AI Start up Humane, founded by ex-Apple engineers, has officially launched the AI Pin, an OpenAI-powered wearable.

CMB International

Today's Dominant Ideas

Technically, the SET Index is expected to increase, with the resistance at 1,540/1,546 points and the support at 1,527/1,520 points. The Bloomberg...

Krungthai XSpring

KTX Tactical DR Picks - July 17, 2026 (Eng.)

We recommend initiating a position in ASML01 following its strong 2Q26 results. Our KTX Tactical DR Portfolio's average holding-period return...

Krungthai XSpring

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