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.

Thematic (Sector/Industry)

<ul><li>Major global server brands/ODMs delivered strong 2Q/3Q24 sales and guided server revenue momentum will continue into 2H24E thanks to robust AI server demand and broad-based general server recovery.</li><li>Based on Counterpoint data, 2Q24 global server revenue climbed 35% YoY to US$45.4mn, with AI server reaching 30% of the sales mix.</li><li>For 4Q24E, we expect most AI server names will continue to benefit from improved CoWoS supply and Hopper H200 ramp, while Blackwell (B200/GB200) AI servers will see shipments in small volume in late 4Q24 and bigger ramp in 1Q25E.</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.

Major global server brands/ODMs delivered strong 2Q/3Q24 sales and guided server revenue momentum will continue into 2H24E thanks to robust AI server demand and broad-based general server recovery.Based on Counterpoint data, 2Q24 global server revenue climbed 35% YoY to US$45.4mn, with AI server reaching 30% of the sales mix.For 4Q24E, we expect most AI server names will continue to benefit from improved CoWoS supply and Hopper H200 ramp, while Blackwell (B200/GB200) AI servers will see shipments in small volume in late 4Q24 and bigger ramp in 1Q25E.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.

Technology - ODM/Brands Driven by H200/GB200 AI Server Ramp and General Sever Recovery

<ul><li>Nvidia announced (22 May) FY1Q25 results. Quarterly revenue was US$26.0bn, up 262% YoY and 17.8% QoQ (22.0% QoQ in FY4Q24).</li><li>FY1Q25 revenue beat Bloomberg consensus of US$24.7bn by 5.5%.</li><li>Data center revenue continued to soar and topped US$22.6bn, up 426.7% YoY and 22.6% QoQ (26.8% QoQ in FY4Q24).</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.

Nvidia announced (22 May) FY1Q25 results. Quarterly revenue was US$26.0bn, up 262% YoY and 17.8% QoQ (22.0% QoQ in FY4Q24).FY1Q25 revenue beat Bloomberg consensus of US$24.7bn by 5.5%.Data center revenue continued to soar and topped US$22.6bn, up 426.7% YoY and 22.6% QoQ (26.8% QoQ in FY4Q24).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.

Semi - Nvidia: To keep growing for longer

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>Technically, we expect the SET Index to move sideways up, with the resistance at 1,376/1,384 points (50-day EMA and 75-day EMA) and the support at 1,365/1,355 points.</li><li>Overall, the index is moving in a downtrend pattern within the range of 1,320-1,410 points.</li><li>However, in the short term, there was an uptrend signal for the first time after a positive breakout signal occurred on Tuesday, due to the index managing to breach the resistance of 1,365 points for the first time in five trading days.</li></ul>

Technically, we expect the SET Index to move sideways up, with the resistance at 1,376/1,384 points (50-day EMA and 75-day EMA) and the support at 1,365/1,355 points.Overall, the index is moving in a downtrend pattern within the range of 1,320-1,410 points.However, in the short term, there was an uptrend signal for the first time after a positive breakout signal occurred on Tuesday, due to the index managing to breach the resistance of 1,365 points for the first time in five trading days.

EU's Manufacturing PMI in April and Earnings Results

<ul><li>We reiterate our positive view on AI server and AI PC/Phone supply chain, as highlighted in our 2024 sector outlook.</li><li>In particular, we see AI server order /backlog/pipeline from major server ODM/brands (DELL/SMCI/Lenovo/HPE) are gaining strong momentum in CY4Q23, well ahead of our expectations.</li><li>For edge AI (PC/phones), we see more product launches and strong consumer interest of AI smartphones, esp. Samsung Galaxy S24 and new products in MWC (e.g. Honor Magic Pro, Xiaomi 14 Ultra). </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.

We reiterate our positive view on AI server and AI PC/Phone supply chain, as highlighted in our 2024 sector outlook.In particular, we see AI server order /backlog/pipeline from major server ODM/brands (DELL/SMCI/Lenovo/HPE) are gaining strong momentum in CY4Q23, well ahead of our expectations.For edge AI (PC/phones), we see more product launches and strong consumer interest of AI smartphones, esp. Samsung Galaxy S24 and new products in MWC (e.g. Honor Magic Pro, Xiaomi 14 Ultra). 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.

<ul><li>Technically, the SET Index is expected to move sideways down, with the support at 1,370/1,366 points and the resistance at 1,388/1,392 points, as it is still moving in a downward direction in accordance with the rounding-top pattern.</li><li>The Thai stock market has undergone a correction, prompting a 9 bps increase in the MRP to 4.4% due to external pressures.</li><li>As a result, the 12M SET Index movement is now anticipated in a lower range of 1,353-1,484 points (compared to the previous range of 1,378-1,504 points).</li></ul>

Technically, the SET Index is expected to move sideways down, with the support at 1,370/1,366 points and the resistance at 1,388/1,392 points, as it is still moving in a downward direction in accordance with the rounding-top pattern.The Thai stock market has undergone a correction, prompting a 9 bps increase in the MRP to 4.4% due to external pressures.As a result, the 12M SET Index movement is now anticipated in a lower range of 1,353-1,484 points (compared to the previous range of 1,378-1,504 points).

Krungthai XSpring Zoom Eng. January 22, 2024

United States

Super Micro Computer, Inc. designs, develops, manufactures and sells server solutions based on modular and open-standard x86 architecture. The Company's products include servers, motherboards, chassis, and accessories.

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Super Micro Computer (SMCI US)

Technology - ODM/Brands Driven by H200/GB200 AI Server Ramp and General Sever Recovery

Major global server brands/ODMs delivered strong 2Q/3Q24 sales and guided server revenue momentum will continue into 2H24E thanks to robust AI...

CMB International

Semi - Nvidia: To keep growing for longer

Nvidia announced (22 May) FY1Q25 results. Quarterly revenue was US$26.0bn, up 262% YoY and 17.8% QoQ (22.0% QoQ in FY4Q24). FY1Q25 revenue beat. ...

CMB International

EU's Manufacturing PMI in April and Earnings Results

Technically, we expect the SET Index to move sideways up, with the resistance at 1,376/1,384 points (50-day EMA and 75-day EMA) and the support at...

Krungthai XSpring

Technology - AI Server and AI PC...

In particular, we see AI server order /backlog/pipeline from major server ODM/brands (DELL/SMCI/Lenovo/HPE) are gaining strong momentum in CY4Q23

CMB International

Krungthai XSpring Zoom Eng. January 22, 2024

Technically, the SET Index is expected to move sideways down, with the support at 1,370/1,366 points and the resistance at 1,388/1,392 points, as...

Krungthai XSpring

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