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.

Cross Asset Strategy

<ul><li>(+) Chipmakers rebound, led by Broadcom, after Apple announced a USD30bn chip purchase agreement.</li><li>(±) Crude oil prices surged more than 5% after shipping through the Strait of Hormuz was disrupted.</li><li>(+) The BOI approved nine investment projects worth more than Bt66bn, spanning the food, aviation, and renewable energy industries.</li></ul>

(+) Chipmakers rebound, led by Broadcom, after Apple announced a USD30bn chip purchase agreement.(±) Crude oil prices surged more than 5% after shipping through the Strait of Hormuz was disrupted.(+) The BOI approved nine investment projects worth more than Bt66bn, spanning the food, aviation, and renewable energy industries.

<ul><li>Technically, the SET Index is expected to weaken, with the resistance at 1,432/1,440 points (10-day EMA) and the support at 1,413/1,400 points.</li><li>China's 1Y and 5Y loan prime rates are expected to remain unchanged at 3.45% and 4.2%, respectively.</li><li>We recommend stocks expected to report 3Q23E earnings growth YoY: ERW, SPRC and ILM.</li></ul>

Technically, the SET Index is expected to weaken, with the resistance at 1,432/1,440 points (10-day EMA) and the support at 1,413/1,400 points.China's 1Y and 5Y loan prime rates are expected to remain unchanged at 3.45% and 4.2%, respectively.We recommend stocks expected to report 3Q23E earnings growth YoY: ERW, SPRC and ILM.

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

<ul><li>The a2 Milk Company (ATM) has announced the voluntary recall of three batches of a2 Platinum infant formula sold into the United States (US) due to the detection of cereulide.</li><li>The direct financial impacts of the recall are immaterial.</li><li>It is difficult to assess what impact (if any) the recall will have for ATM's sales in China, but we see Danone's January recall as the most relevant precedent given the shared root cause (cereulide) and the absence of direct product withdrawals in China.</li></ul>

The a2 Milk Company (ATM) has announced the voluntary recall of three batches of a2 Platinum infant formula sold into the United States (US) due to the detection of cereulide.The direct financial impacts of the recall are immaterial.It is difficult to assess what impact (if any) the recall will have for ATM's sales in China, but we see Danone's January recall as the most relevant precedent given the shared root cause (cereulide) and the absence of direct product withdrawals in China.

The a2 Milk Company US Infant Formula Recall

<ul><li>The a2 Milk Company (ATM) has announced the voluntary recall of three batches of a2 Platinum infant formula sold into the USA.</li><li>No confirmed incidents of illness or harm have been reported at this stage, but ATM is communicating with US consumers around recommended actions if they have purchased the product.</li><li>The direct financial impact of the recall is immaterial to ATM, with total US infant formula sales ~0.1% of revenue in 1H26.</li></ul>

The a2 Milk Company (ATM) has announced the voluntary recall of three batches of a2 Platinum infant formula sold into the USA.No confirmed incidents of illness or harm have been reported at this stage, but ATM is communicating with US consumers around recommended actions if they have purchased the product.The direct financial impact of the recall is immaterial to ATM, with total US infant formula sales ~0.1% of revenue in 1H26.

The a2 Milk Company (ATM): US Infant Formula Recall

<ul><li>Newsflow has continued to increase on the global infant formula recall, and we are receiving many questions from investors.</li><li>Our broad thoughts at this stage are: (1) we think The a2 Milk Company (ATM) is in the clear from any negative impacts, although we recognise why some investors are cautious; and (2) the possible China upside is hard to assess, given Danone’s China products source the problem ARA ingredient from another supplier and Nestlé’s China recall exposure is very limited.</li><li>This is clearly a sensitive situation, with newsflow (and our view) likely to evolve.</li></ul>

Newsflow has continued to increase on the global infant formula recall, and we are receiving many questions from investors.Our broad thoughts at this stage are: (1) we think The a2 Milk Company (ATM) is in the clear from any negative impacts, although we recognise why some investors are cautious; and (2) the possible China upside is hard to assess, given Danone’s China products source the problem ARA ingredient from another supplier and Nestlé’s China recall exposure is very limited.This is clearly a sensitive situation, with newsflow (and our view) likely to evolve.

The A2 Milk Company Infant Formula Recall What We Know So Far

United States

Nestle S.A. is a multinational packaged food company, that manufactures and markets a wide range of food products. The Company's product line includes milk, chocolate, confectionery, bottled water, coffee, creamer, food seasoning and pet foods.

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Nestle (NESN SW)

Krungthai XSpring Zoom Eng. July 9, 2026

(+) Chipmakers rebound, led by Broadcom, after Apple announced a USD30bn chip purchase agreement. (±) Crude oil prices surged more than 5% after...

Krungthai XSpring

Today's Dominant Ideas

Technically, the SET Index is expected to weaken, with the resistance at 1,432/1,440 points (10-day EMA) and the support at 1,413/1,400...

Krungthai XSpring

The a2 Milk Company US Infant Formula Recall

The a2 Milk Company (ATM) has announced the voluntary recall of three batches of a2 Platinum infant formula sold into the United States (US) due...

Forsyth Barr

The a2 Milk Company (ATM): US Infant Formula Recall

The a2 Milk Company (ATM) has announced the voluntary recall of three batches of a2 Platinum infant formula sold into the USA. No confirmed...

Forsyth Barr

The A2 Milk Company Infant Formula Recall What We Know So Far

Our broad thoughts at this stage are: (1) we think The a2 Milk Company (ATM) is in the clear from any negative impacts, although we recognise why...

Forsyth Barr

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