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>Palo Alto Networks (PANW) announced 1QFY26 (Jul year-end) results: revenue was up 15.7% YoY to US$2.5bn, 0.5% ahead of Bloomberg consensus, and non-GAAP net income reached US$662mn, up 21.5% YoY and 4% better than consensus.</li><li>Post results, we lift FY26-28E revenue/non-GAAP net profit by 0- 1%/2% each to factor in better-than-expected product revenue growth and operating efficiency improvement.</li><li>For FY26E, we are anticipating 14/18% growth in revenue/non-GAAP NP (was 14/15%), and an unchanged FCF margin at 38.4%. </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.

Palo Alto Networks (PANW) announced 1QFY26 (Jul year-end) results: revenue was up 15.7% YoY to US$2.5bn, 0.5% ahead of Bloomberg consensus, and non-GAAP net income reached US$662mn, up 21.5% YoY and 4% better than consensus.Post results, we lift FY26-28E revenue/non-GAAP net profit by 0- 1%/2% each to factor in better-than-expected product revenue growth and operating efficiency improvement.For FY26E, we are anticipating 14/18% growth in revenue/non-GAAP NP (was 14/15%), and an unchanged FCF margin at 38.4%. 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.

Palo Alto Networks (PANW US) - Results Beat; Announced Acquisition of Chronosphere...

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>There have been no changes to the KTX Tactical DR Portfolio today.</li>
<li>Our KTX Tactical DR Portfolio delivered an average return of +1.87%, driven by a rebound in technology stocks after META expanded its data center investment plans, easing concerns over a slowdown in investment growth.</li>
</ul>


There have been no changes to the KTX Tactical DR Portfolio today.
Our KTX Tactical DR Portfolio delivered an average return of +1.87%, driven by a rebound in technology stocks after META expanded its data center investment plans, easing concerns over a slowdown in investment growth.


KTX Tactical DR Picks - July 10, 2026 (Eng.)

Thematic (Sector/Industry)

<ul><li>Looking ahead to 2026, we believe competition in the large language model (LLM) industry will further intensify, while monetization of AI applications in niche segments should see continued momentum.</li><li>We are optimistic about the further monetization potential driven by improved AI agent capabilities, as well as increased paid user penetration and monetization from advanced image editing and video generation LLMs.</li><li>We currently do not anticipate overinvestment risks among cloud service providers, and expect 2026 earnings growth of US-listed leaders to support their valuations. </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.

Looking ahead to 2026, we believe competition in the large language model (LLM) industry will further intensify, while monetization of AI applications in niche segments should see continued momentum.We are optimistic about the further monetization potential driven by improved AI agent capabilities, as well as increased paid user penetration and monetization from advanced image editing and video generation LLMs.We currently do not anticipate overinvestment risks among cloud service providers, and expect 2026 earnings growth of US-listed leaders to support their valuations. 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.

US Internet & Software - 2026 outlook: AI applications to ramp up; eyes on AI investment return

<ul><li>We recommend selling PANW80, PLTR06, and SNOW06 at losses, with holding-period returns of -7.0%, -2.4%, and -6.5%, respectively.</li><li>Meanwhile, we recommend opening positions in DBS19, a DR linked to a leading Singapore financial institution, and ZAI23, a DR linked to a Chinese AI model provider.</li><li>Our KTX Tactical DR Portfolio's average return declined 1.46%, reflecting weakness in software stocks despite a modest recovery in the broader US equity market.</li></ul>

We recommend selling PANW80, PLTR06, and SNOW06 at losses, with holding-period returns of -7.0%, -2.4%, and -6.5%, respectively.Meanwhile, we recommend opening positions in DBS19, a DR linked to a leading Singapore financial institution, and ZAI23, a DR linked to a Chinese AI model provider.Our KTX Tactical DR Portfolio's average return declined 1.46%, reflecting weakness in software stocks despite a modest recovery in the broader US equity market.

KTX Tactical DR Picks - September 3, 2026 (Eng.)

Advanced Micro Devices / Equity Bottom-Up

<ul><li>We recommend taking profit on PANW80 with a holding-period return of +14.4% and selling AMD80 with a holding-period return of -3.4%. We recommend adding DELL19 and NETO3 to the portfolio as replacements.</li><li>Our KTX Tactical DR Portfolio's average return rose 0.51% despite renewed tensions between the US and Iran.</li><li>According to our KTX Baht Tracker, the Thai baht has begun to rebound from previously oversold levels.</li></ul>

We recommend taking profit on PANW80 with a holding-period return of +14.4% and selling AMD80 with a holding-period return of -3.4%. We recommend adding DELL19 and NETO3 to the portfolio as replacements.Our KTX Tactical DR Portfolio's average return rose 0.51% despite renewed tensions between the US and Iran.According to our KTX Baht Tracker, the Thai baht has begun to rebound from previously oversold levels.

KTX Tactical DR Picks - August 11, 2026 (Eng.)

United States

Palo Alto Networks, Inc. provides network security solutions. The Company offers firewalls that identify and control applications, scan content to stop threats, prevent data leakage, integrated application, user, and content visibility. Palo Alto Networks serves customers worldwide.

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Palo Alto Networks (PANW US)