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>Infratil (IFT) announced that CDC has secured what could be a significant partnership with neo-cloud provider Firmus Technologies and NVIDIA.</li><li>With this 40MW contract being in addition to the 100MW of contracts announced in September 2025, we estimate CDC is now &gt;100% contracted on its FY27 EBITDA target.</li><li>In the past 48 hours, Aligned Data Centres, a large US-based data centre company, sold for US$40bn (enterprise value).</li></ul>

Infratil (IFT) announced that CDC has secured what could be a significant partnership with neo-cloud provider Firmus Technologies and NVIDIA.With this 40MW contract being in addition to the 100MW of contracts announced in September 2025, we estimate CDC is now &gt;100% contracted on its FY27 EBITDA target.In the past 48 hours, Aligned Data Centres, a large US-based data centre company, sold for US$40bn (enterprise value).

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>We recommend selling MUFG19 and cutting losses on SONY80, with returns of –2.7% and –6.6%, respectively, while opening a new position in AMD80, a DR linked to Advanced Micro Devices (AMD) listed on the NASDAQ.</li><li>The return of KTX DR Tactical Picks portfolio fell 1.66% from the previous day, pressured by weakness in Asian equities amid concerns over rising bad-debt risks among US regional banks.</li><li>Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.</li></ul>

We recommend selling MUFG19 and cutting losses on SONY80, with returns of –2.7% and –6.6%, respectively, while opening a new position in AMD80, a DR linked to Advanced Micro Devices (AMD) listed on the NASDAQ.The return of KTX DR Tactical Picks portfolio fell 1.66% from the previous day, pressured by weakness in Asian equities amid concerns over rising bad-debt risks among US regional banks.Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.

KTX TACTICAL DR PICKS - October 20, 2025 (Eng.)

<ul><li>We expect the SET Index to trade sideways up today, with the resistance at 1,313/1,333 and the support at 1,300/1,285.</li><li>Although the MPC’s decision to hold rates against market expectations may pressure financial stocks, it should support banks and stocks benefiting from government stimulus measures.</li><li>The MPC voted 5–2 to maintain the policy rate at 1.5%, with two members supporting a cut to 1.25%.</li></ul>

We expect the SET Index to trade sideways up today, with the resistance at 1,313/1,333 and the support at 1,300/1,285.Although the MPC’s decision to hold rates against market expectations may pressure financial stocks, it should support banks and stocks benefiting from government stimulus measures.The MPC voted 5–2 to maintain the policy rate at 1.5%, with two members supporting a cut to 1.25%.

Krungthai XSpring Zoom Eng. October 9, 2025

<ul><li>The SET Index today is expected to consolidate within a sideways range, with the support at 1,272/1,264 points and the resistance at 1,284/1,296 points.</li><li>Nvidia rose 3.9% after announcing a USD100bn investment in OpenAI and a deal to supply chips for its data centers.</li><li>The iPhone 17 series has set another record for pre-orders, with deliveries made through more than 1,300 branches nationwide.</li></ul>

The SET Index today is expected to consolidate within a sideways range, with the support at 1,272/1,264 points and the resistance at 1,284/1,296 points.Nvidia rose 3.9% after announcing a USD100bn investment in OpenAI and a deal to supply chips for its data centers.The iPhone 17 series has set another record for pre-orders, with deliveries made through more than 1,300 branches nationwide.

Krungthai XSpring Zoom Eng. September 23, 2025

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>Nvidia (NVDA US, NR) reported robust F2Q26 results, with revenue reaching US$46.7bn, up 56%/6% YoY/QoQ, exceeding BBG consensus/company guidance by 1%/3%.</li><li>Non-GAAP GPM came in at 72.7%, up 1.4ppt from 1Q, on track to achieve its target of mid-70s by year-end.</li><li>2Q net profit was US$25.8bn, up 52%/30% YoY/QoQ. Mgmt. guided 3Q revenue to be US$54bn (no H20 contribution), up 16% QoQ, slightly beating BBG consensus by 1%. </li></ul><p><em>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.</em></p>

Nvidia (NVDA US, NR) reported robust F2Q26 results, with revenue reaching US$46.7bn, up 56%/6% YoY/QoQ, exceeding BBG consensus/company guidance by 1%/3%.Non-GAAP GPM came in at 72.7%, up 1.4ppt from 1Q, on track to achieve its target of mid-70s by year-end.2Q net profit was US$25.8bn, up 52%/30% YoY/QoQ. Mgmt. guided 3Q revenue to be US$54bn (no H20 contribution), up 16% QoQ, slightly beating BBG consensus by 1%. 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 - AI infra. spending continues to rise; Nvidia’s outlook points to robust demand

United States

NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software.  The Company's products provide interactive 3D graphics to the mainstream personal computer market.

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NVIDIA Corp (NVDA US)

Infratil Plugging Into The AI Surge

Infratil (IFT) announced that CDC has secured what could be a significant partnership with neo-cloud provider Firmus Technologies and NVIDIA.

Forsyth Barr

KTX TACTICAL DR PICKS - October 20, 2025 (Eng.)

The return of KTX DR Tactical Picks portfolio fell 1.66% from the previous day, pressured by weakness in Asian equities amid concerns over rising...

Krungthai XSpring

Krungthai XSpring Zoom Eng. October 9, 2025

Although the MPC’s decision to hold rates against market expectations may pressure financial stocks, it should support banks and stocks benefiting...

Krungthai XSpring

Krungthai XSpring Zoom Eng. September 23, 2025

The SET Index today is expected to consolidate within a sideways range, with the support at 1,272/1,264 points and the resistance at 1,284/1,296...

Krungthai XSpring

Semiconductors - AI infra. spending continues to rise; Nvidia’s outlook points to robust demand

Nvidia (NVDA US, NR) reported robust F2Q26 results, with revenue reaching US$46.7bn, up 56%/6% YoY/QoQ, exceeding BBG consensus/company guidance by...

CMB International

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