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.)

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>ServiceNow reported 4Q25 results: total revenue increased by 21% YoY to US$3.57bn, in line with Bloomberg consensus estimate; non-GAAP operating income grew by 26% YoY to US$1.10bn, 3% ahead of consensus estimate, thanks to AI-enhanced efficiencies and disciplined expense control.</li><li>For FY26E, management guided subscription revenue to increase by 20.5%-21% YoY to US$15.53-15.57bn, with further 100bps expansion of both non-GAAP OP/FCF margin to 32%/36%, underpinned by AI-enabled efficiency gains.</li><li>AI product momentum remains strong, with Now Assist ACV surpassing US$600mn in 4Q25. </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.

ServiceNow reported 4Q25 results: total revenue increased by 21% YoY to US$3.57bn, in line with Bloomberg consensus estimate; non-GAAP operating income grew by 26% YoY to US$1.10bn, 3% ahead of consensus estimate, thanks to AI-enhanced efficiencies and disciplined expense control.For FY26E, management guided subscription revenue to increase by 20.5%-21% YoY to US$15.53-15.57bn, with further 100bps expansion of both non-GAAP OP/FCF margin to 32%/36%, underpinned by AI-enabled efficiency gains.AI product momentum remains strong, with Now Assist ACV surpassing US$600mn in 4Q25. 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.

ServiceNow (NOW US) - 4Q25 Results: Solid AI Business and Margin Expansion

<ul><li>ServiceNow announced 3Q25 results: total revenue grew by 22% YoY to US$3.41bn, largely in line with consensus estimate; non-GAAP operating income increased by 31% YoY to US$1.14bn, 11% ahead of consensus estimate, mainly thanks to the AI-driven efficiency gains and prudent expense control.</li><li>During the period, cRPO increased by 21% YoY and beat the guidance by 250bps, driven by the better-than-expected performance across Now Assist, U.S Federal vertical, and Workflow Data Fabric etc.</li><li>Management raised FY25 subscription revenue growth guidance to +20.5% YoY and non-GAAP OPM guidance to 31% (previous: +20% YoY and 30.5%).</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.

ServiceNow announced 3Q25 results: total revenue grew by 22% YoY to US$3.41bn, largely in line with consensus estimate; non-GAAP operating income increased by 31% YoY to US$1.14bn, 11% ahead of consensus estimate, mainly thanks to the AI-driven efficiency gains and prudent expense control.During the period, cRPO increased by 21% YoY and beat the guidance by 250bps, driven by the better-than-expected performance across Now Assist, U.S Federal vertical, and Workflow Data Fabric etc.Management raised FY25 subscription revenue growth guidance to +20.5% YoY and non-GAAP OPM guidance to 31% (previous: +20% YoY and 30.5%).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.

ServiceNow (NOW US) - 3Q25 Results: Solid CRPO Growth and Margin Expansion on Positive AI Progress

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Thematic (Sector/Industry)

<ul><li>The pace of change across the tech sector is accelerating.</li><li>The global tech selloff reflects growing investor concern over the durability of software moats as AI reshapes the technology landscape.</li><li>Our ratings were unchanged over the March 2026 quarter, with Vista Group (VGL), Serko (SKO), and Gentrack (GTK) all rated OUTPERFORM.</li></ul>

The pace of change across the tech sector is accelerating.The global tech selloff reflects growing investor concern over the durability of software moats as AI reshapes the technology landscape.Our ratings were unchanged over the March 2026 quarter, with Vista Group (VGL), Serko (SKO), and Gentrack (GTK) all rated OUTPERFORM.

Forsyth Barr Technology Digest Edition 14—The Pace of Change Accelerates

<ul><li>The aggressive global sell-off across listed tech reflects a rapid change in how the market is thinking about AI risk for software companies, as large language models improve quickly.</li><li>If large model providers take over more of the interface and decision-making, some software vendors risk losing their grip on the customer relationship.</li><li>We remain OUTPERFORM on Vista Group (VGL), Gentrack (GTK) and Serko (SKO), which we continue to view constructively, underpinned by: (1) large proprietary data sets; (2) deep domain expertise across complex workflows; and (3) long-standing, trusted client relationships.</li></ul>

The aggressive global sell-off across listed tech reflects a rapid change in how the market is thinking about AI risk for software companies, as large language models improve quickly.If large model providers take over more of the interface and decision-making, some software vendors risk losing their grip on the customer relationship.We remain OUTPERFORM on Vista Group (VGL), Gentrack (GTK) and Serko (SKO), which we continue to view constructively, underpinned by: (1) large proprietary data sets; (2) deep domain expertise across complex workflows; and (3) long-standing, trusted client relationships.

Tech Sector: The Software Endgame Who Owns The Workflow

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 (NOW US) - 4Q25 Results: Solid AI Business and Margin Expansion

ServiceNow reported 4Q25 results: total revenue increased by 21% YoY to US$3.57bn, in line with Bloomberg consensus estimate; non-GAAP operating...

CMB International

ServiceNow (NOW US) - 3Q25 Results: Solid CRPO Growth and Margin Expansion on Positive AI Progress

ServiceNow announced 3Q25 results: total revenue grew by 22% YoY to US$3.41bn, largely in line with consensus estimate; non-GAAP operating income...

CMB International

Forsyth Barr Technology Digest Edition 14—The Pace of Change Accelerates

The pace of change across the tech sector is accelerating. The global tech selloff reflects growing investor concern over the durability of...

Forsyth Barr

Tech Sector: The Software Endgame Who Owns The Workflow

The aggressive global sell-off across listed tech reflects a rapid change in how the market is thinking about AI risk for software companies, as...

Forsyth Barr

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