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>TSMC (TSM US, NR) delivered strong FY25 earnings, with revenue at US$122bn (+35.9% YoY) and GPM at 59.9%.</li><li>In 4Q25, revenue reached US$33.7bn (+1.9% QoQ) and GPM rose to 62.3%, supported by cost improvements, FX tailwinds and sustained high utilization.</li><li>Looking ahead, mgmt. guided 1Q26 revenue at US$34.6–35.8bn with GPM of 63–65%, and raised 2026 revenue growth guidance to ~30% versus its Foundry 2.0 industry growth outlook of ~14%.</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.

TSMC (TSM US, NR) delivered strong FY25 earnings, with revenue at US$122bn (+35.9% YoY) and GPM at 59.9%.In 4Q25, revenue reached US$33.7bn (+1.9% QoQ) and GPM rose to 62.3%, supported by cost improvements, FX tailwinds and sustained high utilization.Looking ahead, mgmt. guided 1Q26 revenue at US$34.6–35.8bn with GPM of 63–65%, and raised 2026 revenue growth guidance to ~30% versus its Foundry 2.0 industry growth outlook of ~14%.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.

Semiconductors - TSMC earnings: Cautious optimism confirmed by AI profitability

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.

<ul><li>The US: US equity markets rebounded (S&amp;P 500 +0.26%, NASDAQ +0.25%), led by gains in financial stocks after Goldman Sachs and Morgan Stanley reported better-than-expected earnings.</li><li>Tech: TSMC reported 4Q25 results with revenue up 20% YoY and net profit up 35% YoY, beating market expectations on both fronts.</li><li>Thailand: The Board of Investment (BOI) has approved investment promotion for seven data center projects with a total value of Bt96bn, including projects by True Internet Data Center, GSA Data Center 05—a joint venture between GULF, Singtel, and AIS—as well as Stellar DC, a project under the STECON group.</li></ul>

The US: US equity markets rebounded (S&amp;P 500 +0.26%, NASDAQ +0.25%), led by gains in financial stocks after Goldman Sachs and Morgan Stanley reported better-than-expected earnings.Tech: TSMC reported 4Q25 results with revenue up 20% YoY and net profit up 35% YoY, beating market expectations on both fronts.Thailand: The Board of Investment (BOI) has approved investment promotion for seven data center projects with a total value of Bt96bn, including projects by True Internet Data Center, GSA Data Center 05—a joint venture between GULF, Singtel, and AIS—as well as Stellar DC, a project under the STECON group.

Krungthai XSpring Zoom Eng. January 16, 2026

<ul><li>The SET Index today is expected to rebound within a limited range, with the resistance at 1,270/1,280 points and the support at 1,252/1,239 points (200-day EMA).</li><li>External factors are slightly negative after the US July PPI rose more than expected, dampening hopes that the Fed will cut interest rates by 50 bps at its mid-September meeting, though there may be a positive surprise from tonight’s meeting between the US and Ukraine if Ukraine agrees to Russia’s proposal, contrary to market expectations.</li><li>Domestic factors are slightly positive, supported by: i) better-than-expected 2Q25 earnings from Thai listed companies (+8.6%), with 1H25 earnings accounting for 57.5% of full-year estimates, which could lead to upward earnings and target revisions, and ii) the House of Representatives passing the 2026 fiscal budget bill last Friday, while the NESDC signaled a more positive outlook for the second half of the year compared to earlier concerns over US tariff hikes, adding upside to 2025E GDP growth and reducing the risk of contraction if Prime Minister Paetongtarn is found guilty by the court and a new prime minister must be selected on August 29.</li></ul>

The SET Index today is expected to rebound within a limited range, with the resistance at 1,270/1,280 points and the support at 1,252/1,239 points (200-day EMA).External factors are slightly negative after the US July PPI rose more than expected, dampening hopes that the Fed will cut interest rates by 50 bps at its mid-September meeting, though there may be a positive surprise from tonight’s meeting between the US and Ukraine if Ukraine agrees to Russia’s proposal, contrary to market expectations.Domestic factors are slightly positive, supported by: i) better-than-expected 2Q25 earnings from Thai listed companies (+8.6%), with 1H25 earnings accounting for 57.5% of full-year estimates, which could lead to upward earnings and target revisions, and ii) the House of Representatives passing the 2026 fiscal budget bill last Friday, while the NESDC signaled a more positive outlook for the second half of the year compared to earlier concerns over US tariff hikes, adding upside to 2025E GDP growth and reducing the risk of contraction if Prime Minister Paetongtarn is found guilty by the court and a new prime minister must be selected on August 29.

Krungthai XSpring Zoom Eng. August 18, 2025

<ul><li>After two years of significant investments in AI infrastructure, investors are counting 2025 to be a transformational year for AI.</li><li>As market leaders will continue to deploy a large amount of capital in AI infrastructure buildout to widen their competitive moats, new themes in the downstream are rising, including AI agents, humanoid robots, robotaxi, etc.</li><li>We remain bullish on AI demand. We continue to rank AI theme as our top pick for 2025. Market leaders will continue to enjoy the AI tailwind beyond 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.

After two years of significant investments in AI infrastructure, investors are counting 2025 to be a transformational year for AI.As market leaders will continue to deploy a large amount of capital in AI infrastructure buildout to widen their competitive moats, new themes in the downstream are rising, including AI agents, humanoid robots, robotaxi, etc.We remain bullish on AI demand. We continue to rank AI theme as our top pick for 2025. Market leaders will continue to enjoy the AI tailwind beyond 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.

Semiconductors -Stargate Poised to Accelerate Global AI Arms Race

Macroeconomics

<ul><li>Technically, the SET Index is expected to move sideways with the resistance at 1,364/1,370 points and the support at 1,346/1,340 points.</li><li>KTX expects China's 4Q24 GDP to show signs of recovery, with consensus estimating GDP growth of 5.0% YoY and 1.6% QoQ (compared to 4.6% YoY and 0.9% QoQ in 3Q24).</li><li>The Easy e-Receipt 2.0 tax reduction measure (from January 16 to February 28, 2025) is expected to generate cash flow of Bt70bn and boost the economy by approximately 0.38%, benefiting the commerce sector.</li></ul>

Technically, the SET Index is expected to move sideways with the resistance at 1,364/1,370 points and the support at 1,346/1,340 points.KTX expects China's 4Q24 GDP to show signs of recovery, with consensus estimating GDP growth of 5.0% YoY and 1.6% QoQ (compared to 4.6% YoY and 0.9% QoQ in 3Q24).The Easy e-Receipt 2.0 tax reduction measure (from January 16 to February 28, 2025) is expected to generate cash flow of Bt70bn and boost the economy by approximately 0.38%, benefiting the commerce sector.

Taiwan

Taiwan Semiconductor Manufacturing Company, Ltd. manufactures and markets integrated circuits. The Company provides the following services: wafer manufacturing, wafer probing, assembly and testing, mask production, and design services. TSMC's ICs are used in computer, communication, consumer electronics, automotive, and industrial equipment industries.

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

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TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

Semiconductors - TSMC earnings: Cautious optimism confirmed by AI profitability

In 4Q25, revenue reached US$33.7bn (+1.9% QoQ) and GPM rose to 62.3%, supported by cost improvements, FX tailwinds and sustained high utilization.

CMB International

Krungthai XSpring Zoom Eng. January 16, 2026

The US: US equity markets rebounded (S&P 500 +0.26%, NASDAQ +0.25%), led by gains in financial stocks after Goldman Sachs and Morgan Stanley...

Krungthai XSpring

Krungthai XSpring Zoom Eng. August 18, 2025

The SET Index today is expected to rebound within a limited range, with the resistance at 1,270/1,280 points and the support at 1,252/1,239 points...

Krungthai XSpring

Semiconductors -Stargate Poised to Accelerate Global AI Arms Race

We remain bullish on AI demand. We continue to rank AI theme as our top pick for 2025. Market leaders will continue to enjoy the AI tailwind beyond...

CMB International

China's Retail Sales and 4Q24 GDP

Technically, the SET Index is expected to move sideways with the resistance at 1,364/1,370 points and the support at 1,346/1,340 points. KTX...

Krungthai XSpring

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