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

Shanghai United Imaging Health / Equity Bottom-Up

Shanghai United Imaging Health (688271 CH)

<ul><li>United Imaging (UIH) reported strong 2025 results. Revenue rose 34.0% YoY to RMB13.8bn, 4% above our estimate, while attributable net profit increased 48.1% YoY to RMB1.9bn.</li><li>In 1Q26, revenue grew 17.3% YoY to RMB2.9bn, slightly missing our expectation, accounting for 17% of our full-year forecast (vs. the historical average of ~20%).</li><li>We therefore lower our 2026E revenue growth forecast from 25.7% to 22.5% YoY, although our absolute revenue estimate increases by 1.4% on a higher base in 2025.</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.

United Imaging (UIH) reported strong 2025 results. Revenue rose 34.0% YoY to RMB13.8bn, 4% above our estimate, while attributable net profit increased 48.1% YoY to RMB1.9bn.In 1Q26, revenue grew 17.3% YoY to RMB2.9bn, slightly missing our expectation, accounting for 17% of our full-year forecast (vs. the historical average of ~20%).We therefore lower our 2026E revenue growth forecast from 25.7% to 22.5% YoY, although our absolute revenue estimate increases by 1.4% on a higher base in 2025.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.

United Imaging (688271 CH) - Strong 2025 Results Driven by Overseas Expansion...

<ul><li>United Imaging (UIH) reported strong 9M25 results, with revenue of RMB8.9bn (+27% YoY), reaching 69% of our prior full-year estimate and exceeding the historical average of ~65%.</li><li>The sharp 75% YoY revenue growth in 3Q25 was driven by a significant recovery in domestic equipment procurement, sustained overseas growth momentum, and a low base in 3Q24.</li><li>Domestic demand remained solid, with the value of medical imaging tenders up by 55% YoY in 3Q25, according to Joinchain. </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.

United Imaging (UIH) reported strong 9M25 results, with revenue of RMB8.9bn (+27% YoY), reaching 69% of our prior full-year estimate and exceeding the historical average of ~65%.The sharp 75% YoY revenue growth in 3Q25 was driven by a significant recovery in domestic equipment procurement, sustained overseas growth momentum, and a low base in 3Q24.Domestic demand remained solid, with the value of medical imaging tenders up by 55% YoY in 3Q25, according to Joinchain. 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.

United Imaging (688271 CH) - Strong Recovery in Q3

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.

Macroeconomics

<ul><li>Technically, the SET Index is expected to move sideways with resistance at 1,462/1,471 points and support at 1,441 points (10-day EMA)/1,437 points (the previous gap).</li><li>A new buy signal will occur only if the index breaks through the resistance at 1,462 points; otherwise, the index may retreat to the key support levels at 1,433/1,421 points.</li><li>For investment strategy, we recommend taking profit if the index fails to break through the key resistance within 1-2 days.</li></ul>

Technically, the SET Index is expected to move sideways with resistance at 1,462/1,471 points and support at 1,441 points (10-day EMA)/1,437 points (the previous gap).A new buy signal will occur only if the index breaks through the resistance at 1,462 points; otherwise, the index may retreat to the key support levels at 1,433/1,421 points.For investment strategy, we recommend taking profit if the index fails to break through the key resistance within 1-2 days.

Cross Asset Strategy

<ul><li>Technically, the SET Index is expected to weaken, with the support at 1,462/1,457 points and the resistance at 1,475/1,482 points.</li><li>We therefore recommend underweighting Thai equities and waiting for an opportunity to buy back around the 1,371-1,422 point range (the level where the average MRP reaches -1 S.D. at 4.71-4.45%).</li><li>We therefore share the consensus view that the ECB is likely to cut the policy interest rate by 25 bps to 3.40% at its meeting on October 17.</li></ul>

Technically, the SET Index is expected to weaken, with the support at 1,462/1,457 points and the resistance at 1,475/1,482 points.We therefore recommend underweighting Thai equities and waiting for an opportunity to buy back around the 1,371-1,422 point range (the level where the average MRP reaches -1 S.D. at 4.71-4.45%).We therefore share the consensus view that the ECB is likely to cut the policy interest rate by 25 bps to 3.40% at its meeting on October 17.

Weekly Strategy: Outlook for the SET Index: Reduce Weighting of Thai Equities, While Increasing the Weighting of Thai Bonds

<ul><li>Technically, the SET Index is expected to move sideways down, with the support at 1,319 points (10-day EMA)/1,310 points, and the resistance at 1,331 points (50-day EMA) /1,340 points.</li><li>Therefore, we maintain our recommendation that investors gradually sell and take profit, waiting to buy back when there is a new uptrend signal.</li><li>Investment strategy: We recommend stocks with positive issues: TTB, KBANK and AAI.</li></ul>

Technically, the SET Index is expected to move sideways down, with the support at 1,319 points (10-day EMA)/1,310 points, and the resistance at 1,331 points (50-day EMA) /1,340 points.Therefore, we maintain our recommendation that investors gradually sell and take profit, waiting to buy back when there is a new uptrend signal.Investment strategy: We recommend stocks with positive issues: TTB, KBANK and AAI.

Keep a Close Watch on US Retail Sales and Corporate Earnings

China

Shanghai United Imaging Healthcare Co., Ltd. develops, manufactures, and distributes medical imaging systems and equipment. The Company produces computed tomography scanners, mobile medical devices, molecular imaging instruments, magnetic resonance equipment, and others. Shanghai United Imaging Healthcare also offers equipment leasing services.

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Shanghai United Imaging Health (688271 CH)

United Imaging (688271 CH) - Strong 2025 Results Driven by Overseas Expansion...

United Imaging (UIH) reported strong 2025 results. Revenue rose 34.0% YoY to RMB13.8bn, 4% above our estimate, while attributable net profit...

CMB International

United Imaging (688271 CH) - Strong Recovery in Q3

United Imaging (UIH) reported strong 9M25 results, with revenue of RMB8.9bn (+27% YoY), reaching 69% of our prior full-year estimate and exceeding...

CMB International

US Non-Farm Payrolls in November

Technically, the SET Index is expected to move sideways with resistance at 1,462/1,471 points and support at 1,441 points (10-day EMA)/1,437...

Krungthai XSpring

Weekly Strategy: Outlook for the SET Index: Reduce Weighting of Thai Equities, While Increasing the Weighting of Thai Bonds

Technically, the SET Index is expected to weaken, with the support at 1,462/1,457 points and the resistance at 1,475/1,482 points. We therefore...

Krungthai XSpring

Keep a Close Watch on US Retail Sales and Corporate Earnings

Technically, the SET Index is expected to move sideways down, with the support at 1,319 points (10-day EMA)/1,310 points, and the resistance at...

Krungthai XSpring

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