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 is expected to trade in a sideways-down range today, with the support at 1,250/1,230 and the resistance at 1,260/1,271.</li><li>The MPC unanimously voted to cut the policy rate to 1.25%, in line with market expectations, bringing the policy rate to its lowest level in four years.</li><li>The MPC stated that the latest policy rate cut was driven mainly by economic and inflation factors, namely: (i) export growth in 2026 is likely to slow due to a high base in 2025, with US tariffs further weighing on exports next year.</li></ul>

The SET Index is expected to trade in a sideways-down range today, with the support at 1,250/1,230 and the resistance at 1,260/1,271.The MPC unanimously voted to cut the policy rate to 1.25%, in line with market expectations, bringing the policy rate to its lowest level in four years.The MPC stated that the latest policy rate cut was driven mainly by economic and inflation factors, namely: (i) export growth in 2026 is likely to slow due to a high base in 2025, with US tariffs further weighing on exports next year.

Krungthai XSpring Zoom Eng. December 18, 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.

Equity Bottom-Up

<ul><li>Nvidia (NVDA US, NR) announced 1QFY26 results. Revenue was US$44.1bn, up 69.2% YoY/12.0% QoQ, 1.8%/2.5% above Bloomberg consensus of US$43.3bn and guidance of US$43bn.</li><li>Non-GAAP GPM came in at 61.0% or 71.3% if excluding US$4.5bn H20-related charges/tax impact (vs. consensus/guidance of 71.0%/71.0%).</li><li>Quarterly revenue increased by US$4.7bn (vs. US$4.2bn in 4Q). </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) announced 1QFY26 results. Revenue was US$44.1bn, up 69.2% YoY/12.0% QoQ, 1.8%/2.5% above Bloomberg consensus of US$43.3bn and guidance of US$43bn.Non-GAAP GPM came in at 61.0% or 71.3% if excluding US$4.5bn H20-related charges/tax impact (vs. consensus/guidance of 71.0%/71.0%).Quarterly revenue increased by US$4.7bn (vs. US$4.2bn in 4Q). 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 1Q Beat and Solid 2Q Guidance Confirm AI Demand Remains Resilient

<ul><li>Stronger-than-expected 3Q25 earnings and an upbeat 4Q25 revenue outlook from NVIDIA triggered a broad rally across global equity markets, including the SET.</li><li>The intraday rally followed by a pullback, which left a long upper shadow, serves as a warning signal that the index may correct further.</li><li>The index is expected to rebound, but the upside is likely limited with higher volatility.</li></ul>

Stronger-than-expected 3Q25 earnings and an upbeat 4Q25 revenue outlook from NVIDIA triggered a broad rally across global equity markets, including the SET.The intraday rally followed by a pullback, which left a long upper shadow, serves as a warning signal that the index may correct further.The index is expected to rebound, but the upside is likely limited with higher volatility.

Krungthai XSpring Technical Eng. November 21, 2025

<ul><li>Nvidia (NVDA US, NR) delivered another beat-and-raise quarter, with revenue surging to US$57bn, up 62%/22% YoY/QoQ, exceeding Bloomberg consensus/ guidance by 3%/6%.</li><li>The US$10bn sequential revenue increase significantly outpaced the typical historical quarterly run-rate of US$4-5bn.</li><li>Non-GAAP gross margin stood at 73.6%, slightly below consensus but above guidance. </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, with revenue surging to US$57bn, up 62%/22% YoY/QoQ, exceeding Bloomberg consensus/ guidance by 3%/6%.The US$10bn sequential revenue increase significantly outpaced the typical historical quarterly run-rate of US$4-5bn.Non-GAAP gross margin stood at 73.6%, slightly below consensus but above guidance. 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: Solid 3Q Results; 4Q Guidance Should Alleviate AI Bubble Concerns

<ul><li>The SET Index is expected to move higher or/sideways-up today, with the support at 1,263/1,250 points and the resistance at 1,276/1,289 points.</li><li>External factors are assessed as positive overall after Nvidia reported better-than-expected earnings, improving sentiment for global technology stocks and Thai electronics stocks.</li><li>The Board of Investment (BOI) reported that investment promotion applications in 9M25 totaled 2,622 projects (+23% YoY), representing Bt1.37trn in investment value (+94% YoY).</li></ul>

The SET Index is expected to move higher or/sideways-up today, with the support at 1,263/1,250 points and the resistance at 1,276/1,289 points.External factors are assessed as positive overall after Nvidia reported better-than-expected earnings, improving sentiment for global technology stocks and Thai electronics stocks.The Board of Investment (BOI) reported that investment promotion applications in 9M25 totaled 2,622 projects (+23% YoY), representing Bt1.37trn in investment value (+94% YoY).

Krungthai XSpring Zoom Eng. November 20, 2025

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)

Krungthai XSpring Zoom Eng. December 18, 2025

The SET Index is expected to trade in a sideways-down range today, with the support at 1,250/1,230 and the resistance at 1,260/1,271.

Krungthai XSpring

Semiconductors - Nvidia’s 1Q Beat and Solid 2Q Guidance Confirm AI Demand Remains Resilient

Nvidia (NVDA US, NR) announced 1QFY26 results. Revenue was US$44.1bn, up 69.2% YoY/12.0% QoQ, 1.8%/2.5% above Bloomberg consensus of US$43.3bn and...

CMB International

Krungthai XSpring Technical Eng. November 21, 2025

Stronger-than-expected 3Q25 earnings and an upbeat 4Q25 revenue outlook from NVIDIA triggered a broad rally across global equity markets, including...

Krungthai XSpring

Semiconductors - Nvidia: Solid 3Q Results; 4Q Guidance Should Alleviate AI Bubble Concerns

Nvidia (NVDA US, NR) delivered another beat-and-raise quarter, with revenue surging to US$57bn, up 62%/22% YoY/QoQ, exceeding Bloomberg consensus/...

CMB International

Krungthai XSpring Zoom Eng. November 20, 2025

The SET Index is expected to move higher or/sideways-up today, with the support at 1,263/1,250 points and the resistance at 1,276/1,289 points.

Krungthai XSpring

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