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 Derivatives

<ul><li>We recommend selling AMD80, DUOLO06, and EXPE06, with returns of -3.4%, -3.6%, and -5.3%, respectively.</li><li>Meanwhile, we recommend opening a position in NOW19, a DR linked to a leading enterprise cloud solutions provider.</li><li>Our KTX Tactical DR Port delivered an average total return of +0.79% amid a recovery in US technology stocks, led by Nvidia following better-than-expected results and an upbeat business outlook.</li></ul>

We recommend selling AMD80, DUOLO06, and EXPE06, with returns of -3.4%, -3.6%, and -5.3%, respectively.Meanwhile, we recommend opening a position in NOW19, a DR linked to a leading enterprise cloud solutions provider.Our KTX Tactical DR Port delivered an average total return of +0.79% amid a recovery in US technology stocks, led by Nvidia following better-than-expected results and an upbeat business outlook.

KTX Tactical DR Picks - August 28, 2026 (Eng.)

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Equity Bottom-Up

<ul>
<li>ServiceNow reported Q126 revenues of $3.67 billion, +3% QoQ and +22% YoY. Subscription revenue grew 19%, beating guidance. RPO came in at +21% CC, 100 basis points above guide.</li>
<li>Looking ahead, the company forecasted current quarter revenues marginally up QoQ to $3.8 billion, and up 22.5% YoY.</li>
<li>The share price tanked &gt;17% post-earnings. It's now down 48% over the past twelve months and trading roughly where it was at the trough of the 2022 rout. Interesting.. </li>
</ul>


ServiceNow reported Q126 revenues of $3.67 billion, +3% QoQ and +22% YoY. Subscription revenue grew 19%, beating guidance. RPO came in at +21% CC, 100 basis points above guide.
Looking ahead, the company forecasted current quarter revenues marginally up QoQ to $3.8 billion, and up 22.5% YoY.
The share price tanked &gt;17% post-earnings. It's now down 48% over the past twelve months and trading roughly where it was at the trough of the 2022 rout. Interesting.. 


ServiceNow Q126. Tanking On Not Very Much

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>ServiceNow delivered a strong second quarter of fiscal 2026, exceeding guidance across key financial and operational metrics.</li><li>Subscription revenues grew 23% year-over-year in constant currency to $3.877 billion, surpassing the high end of the company’s guidance by 150 basis points.</li><li>Remaining performance obligations (RPO) also showed robust growth, ending at approximately $29 billion, a 22% increase year-over-year on a constant currency basis, with current RPO rising 21.5%.</li></ul>

ServiceNow delivered a strong second quarter of fiscal 2026, exceeding guidance across key financial and operational metrics.Subscription revenues grew 23% year-over-year in constant currency to $3.877 billion, surpassing the high end of the company’s guidance by 150 basis points.Remaining performance obligations (RPO) also showed robust growth, ending at approximately $29 billion, a 22% increase year-over-year on a constant currency basis, with current RPO rising 21.5%.

ServiceNow Lifts 2026 Guidance to $15.77 Billion — Is AI Reacceleration Durable?

Managing Partner, VRS (Valuation & Research Specialists)

VRS (Valuation & Research Specialists)

Managing Partner

Valuation & Research Specialists (VRS) is a boutique financial advisor with more than 17 years of experience in Corporate Valuation and Finance, and a diversified client base including some of the largest Companies in Greece.

Since 2002, VRS has completed more than 200 engagements in the areas of business valuation and financial analysis for more than 100 clients in a wide range of industries.

VRS has been honored to work with small and large private and publicly traded companies in Europe and overseas.

Boutique Financial Advisor

<ul><li>ServiceNow’s investment profile reflects sustained premium valuation following a strong multi-year rally, with the stock recently showing consolidation amid cautious market sentiment and broader multiple normalization across the software sector.</li><li>The company remains focused on margin expansion, disciplined cost control, and durable free cash flow generation, supported by its subscription-based model and strong positioning within enterprise workflow automation.</li><li>Recent performance highlights resilient fundamentals, with consistent revenue growth and solid profitability driven by ServiceNow’s scalable platform. </li></ul>

ServiceNow’s investment profile reflects sustained premium valuation following a strong multi-year rally, with the stock recently showing consolidation amid cautious market sentiment and broader multiple normalization across the software sector.The company remains focused on margin expansion, disciplined cost control, and durable free cash flow generation, supported by its subscription-based model and strong positioning within enterprise workflow automation.Recent performance highlights resilient fundamentals, with consistent revenue growth and solid profitability driven by ServiceNow’s scalable platform. 

Servicenow Inc. - Investment Thesis - Valuation Summary: June 5, 2026

<ul>
<li>ServiceNow Inc. is a global enterprise software company that designs, develops and delivers the Now Platform, a cloud-based digital workflow platform used by organizations to automate and orchestrate work across IT, employee, customer and industry-specific workflows.</li>
<li>The company has progressively expanded the platform from its origins in IT service management into a much broader workflow automation, data and agentic AI architecture, marketed as an enterprise “AI control tower.”</li>
<li>ServiceNow generates the vast majority of its revenue from recurring subscription contracts.</li>
</ul>


ServiceNow Inc. is a global enterprise software company that designs, develops and delivers the Now Platform, a cloud-based digital workflow platform used by organizations to automate and orchestrate work across IT, employee, customer and industry-specific workflows.
The company has progressively expanded the platform from its origins in IT service management into a much broader workflow automation, data and agentic AI architecture, marketed as an enterprise “AI control tower.”
ServiceNow generates the vast majority of its revenue from recurring subscription contracts.


ServiceNow Inc. (NOW) M&A Activity & Strategy Review

United States

ServiceNow, Inc. provides enterprise information technology (IT) management software. The Company designs, develops, and produces prepackaged computer software, cloud services, and IT service management platform. ServiceNow serves customers throughout the United States.

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Servicenow Inc (NOW US)

KTX Tactical DR Picks - August 28, 2026 (Eng.)

We recommend selling AMD80, DUOLO06, and EXPE06, with returns of -3.4%, -3.6%, and -5.3%, respectively. Meanwhile, we recommend opening a position...

Krungthai XSpring

ServiceNow Q126. Tanking On Not Very Much

ServiceNow share price tanked >17% post-earnings. It's now down 48% over the past twelve months and trading roughly where it was at the trough of...

William Keating

ServiceNow Lifts 2026 Guidance to $15.77 Billion — Is AI Reacceleration Durable?

ServiceNow delivered a strong second quarter of fiscal 2026, exceeding guidance across key financial and operational metrics. Subscription...

Baptista Research

Servicenow Inc. - Investment Thesis - Valuation Summary: June 5, 2026

ServiceNow’s investment profile reflects sustained premium valuation following a strong multi-year rally, with the stock recently showing...

VRS (Valuation & Research Specialists)

ServiceNow Inc. (NOW) M&A Activity & Strategy Review

ServiceNow Inc. is a global enterprise software company that designs, develops and delivers the Now Platform, a cloud-based digital workflow...

VRS (Valuation & Research Specialists)

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