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.

Equity Bottom-Up

<ul><li>Nvidia (NVDA US, NR) delivered another beat-and-raise quarter, but the more important takeaway is that AI infrastructure economics are becoming more sustainable.</li><li>Revenue rose 85% YoY / 20% QoQ to US$82bn, ahead of BBG consensus, with non-GAAP GPM stable at 75%. Beyond the headline beat, mgmt. framed AI data centers as revenue-generating AI factories, where customers prioritize lifetime token cost-efficiency over initial hardware ASP.</li><li>We think this is key to Nvidia’s moat, as rapid cost-per-token reduction, faster deployment, and broad workload compatibility improve customer ROI and support sustained AI capex. </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 (NVDA US, NR) delivered another beat-and-raise quarter, but the more important takeaway is that AI infrastructure economics are becoming more sustainable.Revenue rose 85% YoY / 20% QoQ to US$82bn, ahead of BBG consensus, with non-GAAP GPM stable at 75%. Beyond the headline beat, mgmt. framed AI data centers as revenue-generating AI factories, where customers prioritize lifetime token cost-efficiency over initial hardware ASP.We think this is key to Nvidia’s moat, as rapid cost-per-token reduction, faster deployment, and broad workload compatibility improve customer ROI and support sustained AI capex. 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 - Nvidia 1QFY27 Earnings: AI Factory Economics Extends Growth Runway

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>Global tech stocks rallied in response to betterthan-expected 1QFY27 earnings from NVIDIA, with EPS surging 140% YoY, driven by strong growth in the data center business.</li><li>Crude oil prices dropped sharply by more than 5% after President Donald Trump revealed that negotiations with Iran are entering the final stage, in response to requests from Gulf allies.</li><li>SVI will trade for the last day before being delisted from the stock exchange.</li></ul>

Global tech stocks rallied in response to betterthan-expected 1QFY27 earnings from NVIDIA, with EPS surging 140% YoY, driven by strong growth in the data center business.Crude oil prices dropped sharply by more than 5% after President Donald Trump revealed that negotiations with Iran are entering the final stage, in response to requests from Gulf allies.SVI will trade for the last day before being delisted from the stock exchange.

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.

<ul><li>Hong Kong stocks elevated on the back of AI concepts, with the HSI opening 54 points higher.</li><li>Risk appetite was also supported by easing oil prices after Iraq reached a deal to resume exports via Turkey’s Ceyhan port.</li><li>The computing power concept and component sectors also rallied, with multiple stocks including Delton Technology (001389 CH) hitting the daily limit.</li></ul>

Hong Kong stocks elevated on the back of AI concepts, with the HSI opening 54 points higher.Risk appetite was also supported by easing oil prices after Iraq reached a deal to resume exports via Turkey’s Ceyhan port.The computing power concept and component sectors also rallied, with multiple stocks including Delton Technology (001389 CH) hitting the daily limit.

<ul><li>Asian stock markets rebounded on expectations of strong earnings from NVIDIA, while buying pressure flowed into large-cap stocks such as DELTA, ADVANC, SCC, PTTGC, KBANK, and GULF.</li><li>Foreign investors turned to net buying for the first time in nine days, as the market was awaiting the outcome of the Fed meeting.</li><li>Therefore, we expect the index to trend upward toward the 1,450-point resistance level, although global oil prices remain a key source of potential volatility.</li></ul>

Asian stock markets rebounded on expectations of strong earnings from NVIDIA, while buying pressure flowed into large-cap stocks such as DELTA, ADVANC, SCC, PTTGC, KBANK, and GULF.Foreign investors turned to net buying for the first time in nine days, as the market was awaiting the outcome of the Fed meeting.Therefore, we expect the index to trend upward toward the 1,450-point resistance level, although global oil prices remain a key source of potential volatility.

Krungthai XSpring Technical Eng. March 18, 2026

<ul><li>Nvidia (NVDA US, NR) released its 4QFY26 earnings, with revenue up 73% YoY/20% QoQ to US$68bn (beating BBG consensus by 2.6%), and EPS up 82% YoY/25% QoQ to US$1.62 (beating BBG consensus by 5.0%).</li><li>GPM was 75.2%, improving from 73.6% in 3Q and beating BBG consensus of 74.3%. Mgmt. guides 1QFY27 revenue to be US$78bn, implying ~US$10bn step-up (vs. US$11bn last quarter), while GPM is guided to be 75%.</li><li>Overall, Nvidia delivered another strong beat-and-raise 4Q, confirming the robust compute demand from hyperscalers, neo-clouds, sovereign AI, enterprises, etc. </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 (NVDA US, NR) released its 4QFY26 earnings, with revenue up 73% YoY/20% QoQ to US$68bn (beating BBG consensus by 2.6%), and EPS up 82% YoY/25% QoQ to US$1.62 (beating BBG consensus by 5.0%).GPM was 75.2%, improving from 73.6% in 3Q and beating BBG consensus of 74.3%. Mgmt. guides 1QFY27 revenue to be US$78bn, implying ~US$10bn step-up (vs. US$11bn last quarter), while GPM is guided to be 75%.Overall, Nvidia delivered another strong beat-and-raise 4Q, confirming the robust compute demand from hyperscalers, neo-clouds, sovereign AI, enterprises, etc. 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 - Nvidia’s 4Q Earnings: Widening the Moat with Multi-Year Visibility

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)

Semiconductors - Nvidia 1QFY27 Earnings: AI Factory Economics Extends Growth Runway

Nvidia (NVDA US, NR) delivered another beat-and-raise quarter, but the more important takeaway is that AI infrastructure economics are becoming...

CMB International

Krungthai XSpring Zoom Eng. May 21, 2026

Global tech stocks rallied in response to betterthan-expected 1QFY27 earnings from NVIDIA, with EPS surging 140% YoY, driven by strong growth in...

Krungthai XSpring

Quam Morning Note (19 Mar)

Hong Kong stocks elevated on the back of AI concepts, with the HSI opening 54 points higher. Risk appetite was also supported by easing oil prices...

Quam Securities

Krungthai XSpring Technical Eng. March 18, 2026

Asian stock markets rebounded on expectations of strong earnings from NVIDIA, while buying pressure flowed into large-cap stocks such as DELTA,...

Krungthai XSpring

Semiconductors - Nvidia’s 4Q Earnings: Widening the Moat with Multi-Year Visibility

Nvidia (NVDA US, NR) released its 4QFY26 earnings, with revenue up 73% YoY/20% QoQ to US$68bn (beating BBG consensus by 2.6%), and EPS up 82% YoY...

CMB International

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