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 taking profit on WUXIAT80 with a 15% holding-period return, while maintaining positions in the remaining 10 DRs.</li><li>Our KTX Tactical DR Port's average return edged down 0.31%, pressured by pullbacks in NETO3 and PANW80 despite gains in global equity markets.</li><li>Our KTX Baht Tracker indicates that the THB is becoming excessively strong.</li></ul>

We recommend taking profit on WUXIAT80 with a 15% holding-period return, while maintaining positions in the remaining 10 DRs.Our KTX Tactical DR Port's average return edged down 0.31%, pressured by pullbacks in NETO3 and PANW80 despite gains in global equity markets.Our KTX Baht Tracker indicates that the THB is becoming excessively strong.

KTX Tactical DR Picks - September 28, 2026 (Eng.)

<ul><li>We recommend taking profit on MUFG19, with a holding-period return of -4.8%, and initiating a position in WUXIAT80, a DR of a Chinese pharmaceutical R&D company.</li><li>Our KTX Tactical DR Portfolio delivered an average return of +0.63%, supported by improving global market sentiment amid progress in US-Iran peace negotiations.</li><li>According to our KTX Baht Tracker, the Thai baht has begun to rebound from previously oversold levels.</li></ul>

We recommend taking profit on MUFG19, with a holding-period return of -4.8%, and initiating a position in WUXIAT80, a DR of a Chinese pharmaceutical R&D company.Our KTX Tactical DR Portfolio delivered an average return of +0.63%, supported by improving global market sentiment amid progress in US-Iran peace negotiations.According to our KTX Baht Tracker, the Thai baht has begun to rebound from previously oversold levels.

KTX Tactical DR Picks - August 5, 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.

<ul><li>WuXi AppTec delivered exceptionally strong results in 1H26, with growth accelerating through the year despite meaningful FX headwinds.</li><li>In 1H26, total revenue rose 38.9% YoY to RMB28.9bn (2Q: +47.7% YoY), while revenue from continuing operations grew 48.0% YoY (2Q: +55.2% YoY).</li><li>Adj. net profit surged 83.2% YoY to RMB11.6bn (2Q: +91.7% YoY), driving the adj. net margin to a record 40.0%. </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.

WuXi AppTec delivered exceptionally strong results in 1H26, with growth accelerating through the year despite meaningful FX headwinds.In 1H26, total revenue rose 38.9% YoY to RMB28.9bn (2Q: +47.7% YoY), while revenue from continuing operations grew 48.0% YoY (2Q: +55.2% YoY).Adj. net profit surged 83.2% YoY to RMB11.6bn (2Q: +91.7% YoY), driving the adj. net margin to a record 40.0%. 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.

WuXi AppTec (603259 CH) - Guidance Raised After Exceptional 2Q26 Earnings

Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

<ul><li>Wuxi Apptec reported a revenue increase of 38.9% y/y in 2Q26</li><li>The company is targeting 2026 total revenue of RMB58.5-60.5bn (up from RMB51.3-53.0bn), with continuing operations revenue growing 35%-39% y/y (up from 18%-22%).</li><li>With continuous capacity expansion to better meet customer demand, the increasing backlog for continuing operations indicates stable growth for this company.</li></ul>

Wuxi Apptec reported a revenue increase of 38.9% y/y in 2Q26The company is targeting 2026 total revenue of RMB58.5-60.5bn (up from RMB51.3-53.0bn), with continuing operations revenue growing 35%-39% y/y (up from 18%-22%).With continuous capacity expansion to better meet customer demand, the increasing backlog for continuing operations indicates stable growth for this company.

<ul><li>WuXi AppTec released better-than-expected 1Q26 financial results.</li><li>Revenue grew by 28.8% YoY to RMB12.4bn with continuing operations revenue increasing by 39.4% YoY, while adj. non-IFRS attributable net profit surged 71.7% YoY to RMB4.6bn.</li><li>1Q26 revenue/ adj. net profit represent 24.1%/ 25.6% of our full-year forecasts, respectively, significantly higher than the historical average of 18-20%. </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.

WuXi AppTec released better-than-expected 1Q26 financial results.Revenue grew by 28.8% YoY to RMB12.4bn with continuing operations revenue increasing by 39.4% YoY, while adj. non-IFRS attributable net profit surged 71.7% YoY to RMB4.6bn.1Q26 revenue/ adj. net profit represent 24.1%/ 25.6% of our full-year forecasts, respectively, significantly higher than the historical average of 18-20%. 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.

WuXi AppTec (603259 CH) - 1Q26 results: small molecule D&M fuelling overall growth

China

WuXi AppTec Co., Ltd. manufactures medical products. The Company produces biological agents, antibodies, biological diagnostic reagents, and other products. WuXi AppTec also provides biological analysis, technical study, and other services.

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WuXi AppTec (603259 CH)

KTX Tactical DR Picks - September 28, 2026 (Eng.)

We recommend taking profit on WUXIAT80 with a 15% holding-period return, while maintaining positions in the remaining 10 DRs. Our KTX Tactical DR...

Krungthai XSpring

KTX Tactical DR Picks - August 5, 2026 (Eng.)

We recommend taking profit on MUFG19, with a holding-period return of -4.8%, and initiating a position in WUXIAT80, a DR of a Chinese...

Krungthai XSpring