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 unveiled an in-line 2Q23 results but guided slow 3Q recovery due to longer inventory correction and China weakness despite stronger AI demand.</li><li>Mgmt. guided down FY23E revenue to 10% YoY decline from prior low to mid-single digit decline on macro headwinds, slower China recovery and demand weakness.</li><li>As such, we believe market will turn more conservative on 3Q inventory correction and 4Q demand recovery. </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 unveiled an in-line 2Q23 results but guided slow 3Q recovery due to longer inventory correction and China weakness despite stronger AI demand.Mgmt. guided down FY23E revenue to 10% YoY decline from prior low to mid-single digit decline on macro headwinds, slower China recovery and demand weakness.As such, we believe market will turn more conservative on 3Q inventory correction and 4Q demand recovery. 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.

China Technology – Implications of TSMC 2Q23: Slower 3Q and China Recovery

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 Bottom-Up

<ul><li>We recommend cutting loss on SNDK80 and AMD80, with holding-period losses of 28.0% and 5.3%, respectively, after both breached our predetermined stop-loss levels, while also reducing portfolio risk amid heightened market volatility.</li><li>Our KTX Tactical DR Portfolio's average holding-period return declined 0.69%, pressured by the sell-off in Asian technology stocks, particularly TEL80 and LENOVO13.</li><li>Based on our KTX Baht Tracker, the baht has continued to weaken and is approaching an oversold level.</li></ul>

We recommend cutting loss on SNDK80 and AMD80, with holding-period losses of 28.0% and 5.3%, respectively, after both breached our predetermined stop-loss levels, while also reducing portfolio risk amid heightened market volatility.Our KTX Tactical DR Portfolio's average holding-period return declined 0.69%, pressured by the sell-off in Asian technology stocks, particularly TEL80 and LENOVO13.Based on our KTX Baht Tracker, the baht has continued to weaken and is approaching an oversold level.

KTX Tactical DR Picks - July 20, 2026 (Eng.)

<ul><li>Thai equities continue to benefit from fund rotation into value stocks, offsetting selling pressure on technology shares amid concerns over the returns on Al investment and South Korea's plans to tighten measures against excessive stock market speculation.</li><li>We maintain our Overweight rating on the commerce IT sector, as we believe higher IT product prices will drive the sector into a new upcycle, while valuations remain below their historical average.</li><li>We expect the SET Index to remain volatile with an upward bias, trading within a range of 1,631–1,642.</li></ul>

Thai equities continue to benefit from fund rotation into value stocks, offsetting selling pressure on technology shares amid concerns over the returns on Al investment and South Korea's plans to tighten measures against excessive stock market speculation.We maintain our Overweight rating on the commerce IT sector, as we believe higher IT product prices will drive the sector into a new upcycle, while valuations remain below their historical average.We expect the SET Index to remain volatile with an upward bias, trading within a range of 1,631–1,642.

Krungthai XSpring Zoom Eng. July 17, 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.

Poised For A Rebound On The Back Of Thailand's Better Economic Prospects And The Outcome Of US-Ukraine Talks

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul><li>TSMC (TSM US, NR) reported a very solid 4Q24 result. Revenue was US$26.8bn (up 36.5% YoY/14.1% QoQ), beating BBG consensus/guidance by 3.9%/1.3%, driven by strong 3nm/5nm sales.</li><li>GPM expanded to 59.0%, surpassing BBG consensus/guidance of 58.5%/ 58.0%, due to higher utilization and productivity gains, partially offset by dilution of 3nm ramp-up.</li><li>By technology nodes, 3nm accounted for 26% of revenue in 4Q (vs. 20%/15% in 3Q24/4Q23). </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) reported a very solid 4Q24 result. Revenue was US$26.8bn (up 36.5% YoY/14.1% QoQ), beating BBG consensus/guidance by 3.9%/1.3%, driven by strong 3nm/5nm sales.GPM expanded to 59.0%, surpassing BBG consensus/guidance of 58.5%/ 58.0%, due to higher utilization and productivity gains, partially offset by dilution of 3nm ramp-up.By technology nodes, 3nm accounted for 26% of revenue in 4Q (vs. 20%/15% in 3Q24/4Q23). 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: Surging AI Demands Propelled Strong Results and Guidance

Taiwan

Taiwan Semiconductor Manufacturing Company Ltd. manufactures integrated circuits based on its proprietary designs.  The Company offers a comprehensive set of integrated circuit fabrication processes to manufacture CMOS logic, mixed-mode, volatile and non-volatile memory and BiCMOS chips.  Taiwan Semiconductor is an affiliate of Philips Electronics N.V.

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TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

China Technology – Implications of TSMC 2Q23: Slower 3Q and China Recovery

TSMC unveiled an in-line 2Q23 results but guided slow 3Q recovery due to longer inventory correction and China weakness despite stronger AI demand.

CMB International

KTX Tactical DR Picks - July 20, 2026 (Eng.)

We recommend cutting loss on SNDK80 and AMD80, with holding-period losses of 28.0% and 5.3%, respectively, after both breached our predetermined...

Krungthai XSpring

Krungthai XSpring Zoom Eng. July 17, 2026

Thai equities continue to benefit from fund rotation into value stocks, offsetting selling pressure on technology shares amid concerns over the...

Krungthai XSpring

Poised For A Rebound On The Back Of Thailand's Better Economic Prospects And The Outcome Of US-Ukraine Talks

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 - TSMC: Surging AI Demands Propelled Strong Results and Guidance

TSMC (TSM US, NR) reported a very solid 4Q24 result. Revenue was US$26.8bn (up 36.5% YoY/14.1% QoQ), beating BBG consensus/guidance by 3.9%/1.3%,...

CMB International

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