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

<ul><li>We recommend opening positions in PANW80, a DR linked to a leading cybersecurity company, and SNOW06, a DR linked to a leading data analytics company.</li><li>Our KTX Tactical DR Portfolio's average return rose by 1.06%, supported by gains in DELL19, WUXI06, and WUXIAT80, despite pressure on global equities from persistently elevated bond yields.</li><li>According to our KTX Baht Tracker, the Thai baht has begun to rebound from previously oversold levels.</li></ul>

We recommend opening positions in PANW80, a DR linked to a leading cybersecurity company, and SNOW06, a DR linked to a leading data analytics company.Our KTX Tactical DR Portfolio's average return rose by 1.06%, supported by gains in DELL19, WUXI06, and WUXIAT80, despite pressure on global equities from persistently elevated bond yields.According to our KTX Baht Tracker, the Thai baht has begun to rebound from previously oversold levels.

KTX Tactical DR Picks - September 15, 2026 (Eng.)

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>Palo Alto Networks (PANW) announced 4QFY26 (year-end Jul) results: revenue rose 34% YoY to US$3.41bn, 2% ahead of Bloomberg consensus; non-GAAP net income reached US$853mn, up 27% YoY and 5% above consensus.</li><li>For FY26, PANW recorded revenue growth of 24% with FCF margin of 38.4%.</li><li>The company added net new Next-Generation Security (NGS) ARR of c.US$970mn in 4QFY26 (+98% YoY), taking NGS ARR to US$9.1bn (+63% YoY). </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 4QFY26 (year-end Jul) results: revenue rose 34% YoY to US$3.41bn, 2% ahead of Bloomberg consensus; non-GAAP net income reached US$853mn, up 27% YoY and 5% above consensus.For FY26, PANW recorded revenue growth of 24% with FCF margin of 38.4%.The company added net new Next-Generation Security (NGS) ARR of c.US$970mn in 4QFY26 (+98% YoY), taking NGS ARR to US$9.1bn (+63% YoY). 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) - Net New ARR Inflects; Platformization Compounds

<ul><li>We recommend selling ADVANT23 with a holding-period return of -2.7%, while opening a position in PANW80, a DR linked to a leading cybersecurity company.</li><li>Our KTX Tactical DR Port's average return was broadly flat (+0.13%), amid modest gains in US technology stocks led by the Mag 7, while Al-related stocks generally consolidated.</li><li>According to our KTX Baht Tracker, the Thai baht has begun to rebound from previously oversold levels.</li></ul>

We recommend selling ADVANT23 with a holding-period return of -2.7%, while opening a position in PANW80, a DR linked to a leading cybersecurity company.Our KTX Tactical DR Port's average return was broadly flat (+0.13%), amid modest gains in US technology stocks led by the Mag 7, while Al-related stocks generally consolidated.According to our KTX Baht Tracker, the Thai baht has begun to rebound from previously oversold levels.

KTX Tactical DR Picks - August 24, 2026 (Eng.)

<ul><li>Palo Alto Networks (PANW) announced 3QFY26 (year-end Jul) results: revenue rose 31% YoY to US$3.0bn (or 14% YoY excluding the consolidation impact of CyberArk and Chronosphere), 2.0% ahead of Bloomberg consensus; nonGAAP net income reached US$684mn, up 22% YoY and 5% above consensus.</li><li>AI-driven demand is extending PANW's growth runway, in our view, as evidenced by early-stage results: 1) over US$200mn ARR from a leading frontier AI lab that relies on PANW for observability across training and inference; and 2) over 300 Prisma AIRS customers in 3QFY26 (up from ~30/&gt;100 in 1Q/2QFY26).</li><li>Meanwhile, PANW's ~40% YoY growth in SASE (Secure Access Service Edge) ARR in 3QFY26 (accelerated from 36% in 3QFY25)—propelled by customers prioritizing unified protection across hybrid workforces and AI applications—was more than 2x average market growth, demonstrating PANW's strong market positioning. </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 3QFY26 (year-end Jul) results: revenue rose 31% YoY to US$3.0bn (or 14% YoY excluding the consolidation impact of CyberArk and Chronosphere), 2.0% ahead of Bloomberg consensus; nonGAAP net income reached US$684mn, up 22% YoY and 5% above consensus.AI-driven demand is extending PANW's growth runway, in our view, as evidenced by early-stage results: 1) over US$200mn ARR from a leading frontier AI lab that relies on PANW for observability across training and inference; and 2) over 300 Prisma AIRS customers in 3QFY26 (up from ~30/&gt;100 in 1Q/2QFY26).Meanwhile, PANW's ~40% YoY growth in SASE (Secure Access Service Edge) ARR in 3QFY26 (accelerated from 36% in 3QFY25)—propelled by customers prioritizing unified protection across hybrid workforces and AI applications—was more than 2x average market growth, demonstrating PANW's strong market positioning. 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) - AI-Driven Demand Extends Growth Runway

<ul><li>Palo Alto Networks (PANW) announced 2QFY26 (year-end Jul) results: revenue was up 14.9% YoY to US$2.59bn, 1% ahead of Bloomberg consensus, and non-GAAP net income reached US$732mn, up 29.4% YoY and 9% better than consensus.</li><li>Management highlighted that PANW has completed the acquisitions of Chronosphere and CyberArk, respectively, on 29 Jan and 11 Feb (UST), which in our view should help enhance PANW’s product deployment in the AI era.</li><li>We remain positive that PANW is one of the key beneficiaries in the Gen-AI era as demand for security should grow steadily with an increasing scale in AI-related deployment. </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 2QFY26 (year-end Jul) results: revenue was up 14.9% YoY to US$2.59bn, 1% ahead of Bloomberg consensus, and non-GAAP net income reached US$732mn, up 29.4% YoY and 9% better than consensus.Management highlighted that PANW has completed the acquisitions of Chronosphere and CyberArk, respectively, on 29 Jan and 11 Feb (UST), which in our view should help enhance PANW’s product deployment in the AI era.We remain positive that PANW is one of the key beneficiaries in the Gen-AI era as demand for security should grow steadily with an increasing scale in AI-related deployment. 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) - AI-Related Security Brings New Waves of Growth Opportunity

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)

KTX Tactical DR Picks - September 15, 2026 (Eng.)

We recommend opening positions in PANW80, a DR linked to a leading cybersecurity company, and SNOW06, a DR linked to a leading data analytics...

Krungthai XSpring