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>CIS market revenue was US$21.3bn in 2022, stagnated with 0.2% YoY decline, according to Yole.</li><li>The sales from mobile segment (US$13.5bn) remained flat. Auto CIS sales grew 13.7% YoY to US$2.2bn, surpassing Security CIS, which experienced significant decline (42.8% YoY) in the past year.</li><li>Domestic CIS players took a strong hit by 1) the weak mobile/security demand, 2) slower-thanexpected inventory digestion and 3) intensified competition among overseas and domestic peers. </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>

CIS market revenue was US$21.3bn in 2022, stagnated with 0.2% YoY decline, according to Yole.The sales from mobile segment (US$13.5bn) remained flat. Auto CIS sales grew 13.7% YoY to US$2.2bn, surpassing Security CIS, which experienced significant decline (42.8% YoY) in the past year.Domestic CIS players took a strong hit by 1) the weak mobile/security demand, 2) slower-thanexpected inventory digestion and 3) intensified competition among overseas and domestic peers. 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.

Semi – China CIS sector – Solid auto CIS growth offset by weak mobile CIS demand

<div><div><div><div><ul><li>We expect global CIS sales to decline 5.1% YoY in 2022, mainly dragged by the weak performance in mobile CIS market.</li><li>We expect CIS market to recover in 2H23, as mobile CIS inventory level returns to a normal level.</li><li>However, challenges remain given high uncertainties in economy and geopolitical issues.</li></ul></div></div></div></div><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>

We expect global CIS sales to decline 5.1% YoY in 2022, mainly dragged by the weak performance in mobile CIS market.We expect CIS market to recover in 2H23, as mobile CIS inventory level returns to a normal level.However, challenges remain given high uncertainties in economy and geopolitical issues.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.

China CIS Sector – Maintain long-term positive outlook; near-term challenges persist

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.

Equity Bottom-Up

Bangkok Dusit Medical Services / Equity Bottom-Up

<ul><li>Technically, the SET Index is expected to move sideways up, with the resistance at 1,470 points (10-day EMA) and 1,478 points and the support at 1,456 points (25-day EMA) and 1,450 points.</li><li>We remain cautious of the risk of continued foreign fund outflows, as indicated by the KTX USD/THB Carry Trade, which suggests that although the baht has depreciated by 4.2% MTD, it still has potential to weaken further, possibly returning to its normal range at Bt34.60/USD.</li><li>This implies that the Thai stock market index is nearing a level where investors may return to do trading buy.</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,470 points (10-day EMA) and 1,478 points and the support at 1,456 points (25-day EMA) and 1,450 points.We remain cautious of the risk of continued foreign fund outflows, as indicated by the KTX USD/THB Carry Trade, which suggests that although the baht has depreciated by 4.2% MTD, it still has potential to weaken further, possibly returning to its normal range at Bt34.60/USD.This implies that the Thai stock market index is nearing a level where investors may return to do trading buy.

<ul><li>Technically, the SET Index is expected to weaken, with the support at 1,350/1,345 points and the resistance at 1,365/1,371 points (10-day EMA/25-day EMA).</li><li>However, despite this positive movement, the SET still faces potential external risk factors this week.</li><li>Investors are advised to be more cautious about investment in the Thai equity market amid risks of foreign fund outflows in case the Fed signals the tightening of monetary policies this week.</li></ul>

Technically, the SET Index is expected to weaken, with the support at 1,350/1,345 points and the resistance at 1,365/1,371 points (10-day EMA/25-day EMA).However, despite this positive movement, the SET still faces potential external risk factors this week.Investors are advised to be more cautious about investment in the Thai equity market amid risks of foreign fund outflows in case the Fed signals the tightening of monetary policies this week.

United States

ON Semiconductor Corporation supplies analog, standard logic, and discrete semiconductors for data and power management. The Company's products include integrated circuits, and analog ICs. ON also offers discrete semiconductors in a variety of surface mount and standard packages.

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On Semiconductor (ON US)

Semi – China CIS sector – Solid auto CIS growth offset by weak mobile CIS demand

The sales from mobile segment (US$13.5bn) remained flat. Auto CIS sales grew 13.7% YoY to US$2.2bn, surpassing Security CIS, which experienced...

CMB International

China CIS Sector – Maintain long-term positive outlook; near-term challenges persist

We expect CIS market to recover in 2H23, as mobile CIS inventory level returns to a normal level.However, challenges remain given high...

CMB International

Weekly Strategy & 3Q24 Earnings Results

Technically, the SET Index is expected to move sideways up, with the resistance at 1,470 points (10-day EMA) and 1,478 points and the support at...

Krungthai XSpring

Weekly View & Earnings Results

Technically, the SET Index is expected to weaken, with the support at 1,350/1,345 points and the resistance at 1,365/1,371 points (10-day...

Krungthai XSpring

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