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 WUXI06 after its holding-period return reached 20.0%.</li><li>We also recommend opening positions in MICRON80, a memory-chip leader; ZAI23, a Chinese Al model developer, as the market rotates back into technology stocks; and GRAB80, a major Southeast Asian delivery platform.</li><li>Our KTX Tactical DR Port rose 1.62%, driven by gains in technology and Al stocks following META's development of the MUSE model.</li></ul>

We recommend taking profit on WUXI06 after its holding-period return reached 20.0%.We also recommend opening positions in MICRON80, a memory-chip leader; ZAI23, a Chinese Al model developer, as the market rotates back into technology stocks; and GRAB80, a major Southeast Asian delivery platform.Our KTX Tactical DR Port rose 1.62%, driven by gains in technology and Al stocks following META's development of the MUSE model.

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Our global intermediate-term outlook remains bullish on MSCI ACWI (in place since our 5/14/25 Compass). We also remain near-term bullish on MSCI ACWI since our 4/23/26 Int’l Compass.</li>
<li>Value areas of the market are underperforming while Technology and A.I. areas are starting to dominate again.</li>
<li>On ACWI-US, we want to see $156.50 support hold on any pullback (the breakout level) in order to remain near-term bullish, while major support is at $151.50.</li>
</ul>


Our global intermediate-term outlook remains bullish on MSCI ACWI (in place since our 5/14/25 Compass). We also remain near-term bullish on MSCI ACWI since our 4/23/26 Int’l Compass.
Value areas of the market are underperforming while Technology and A.I. areas are starting to dominate again.
On ACWI-US, we want to see $156.50 support hold on any pullback (the breakout level) in order to remain near-term bullish, while major support is at $151.50.


Concerns Mounting as MSCI ACWI Tests Base Support. Buys in Tech, Services, Financials, Healthcare

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 Bio reported strong 1H26 results, with revenue up 18.4% YoY to RMB11.8bn, and adj. attributable net profit rising 38.4% YoY to RMB3.3bn.</li><li>Revenue would grow by 23.4% YoY on a USD basis. Gross profit margin expanded 3.5ppts YoY to 46.2%, driven by operating leverage, improved capacity utilization and WBS, partly offset by ~3ppts FX drag.</li><li>Momentum was broadbased, with total backlog rising 23.4% YoY to US$25.1bn, led by the 30% YoY growth within three-year backlog. </li></ul><p><em>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.</em></p>

WuXi Bio reported strong 1H26 results, with revenue up 18.4% YoY to RMB11.8bn, and adj. attributable net profit rising 38.4% YoY to RMB3.3bn.Revenue would grow by 23.4% YoY on a USD basis. Gross profit margin expanded 3.5ppts YoY to 46.2%, driven by operating leverage, improved capacity utilization and WBS, partly offset by ~3ppts FX drag.Momentum was broadbased, with total backlog rising 23.4% YoY to US$25.1bn, led by the 30% YoY growth within three-year backlog. 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 Biologics (2269 HK) - Guidance Raised; Biosimilars to Be New Driver

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-biologics-cayman-inc" target="_blank" data-smartkarma-citation="entities:23679:1" rel="noopener">Wuxi Biologics (2269 HK)</a> announced 1H26 result, with double-digit revenue growth and improved profitability. Resilient U.S. business, China business rebound, and significant improvement in gross margin are the key highlights.</li>
<li>The company added 169 new integrated projects in 1H26, including a record-high 123 organically added projects (+43% YoY). Total backlog reached $25.1B (up 25% YoY) as of June 30, 2026.</li>
<li>Wuxi Biologics has raised 2026 revenue growth guidance to 20–23% YoY in constant currency (vs prior 16–20% YoY) and 15–18% YoY reported (vs prior 13–17% YoY).</li>
</ul>



Wuxi Biologics (2269 HK) announced 1H26 result, with double-digit revenue growth and improved profitability. Resilient U.S. business, China business rebound, and significant improvement in gross margin are the key highlights.
The company added 169 new integrated projects in 1H26, including a record-high 123 organically added projects (+43% YoY). Total backlog reached $25.1B (up 25% YoY) as of June 30, 2026.
Wuxi Biologics has raised 2026 revenue growth guidance to 20–23% YoY in constant currency (vs prior 16–20% YoY) and 15–18% YoY reported (vs prior 13–17% YoY).


Wuxi Biologics (2269 HK): Integrated Projects Drive Accelerated 1H Growth; FY Guidance Raised

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 Biologics' revenue increased by 18.4% y/y in 1H26</li><li>The company’s total backlog increased to US$25.1bn as of June 30, 2026, including US$12.6bn service backlog and US$12.4bn upcoming potential milestone fees, while the total backlog within three years increased to US$5.5bn as of June 30, 2026, showing strong growth potential in the future.</li><li>We expect Wuxi Biologics to benefit from the fast-growing market as the leading company in the CRO/CDMO industry.</li></ul>

Wuxi Biologics' revenue increased by 18.4% y/y in 1H26The company’s total backlog increased to US$25.1bn as of June 30, 2026, including US$12.6bn service backlog and US$12.4bn upcoming potential milestone fees, while the total backlog within three years increased to US$5.5bn as of June 30, 2026, showing strong growth potential in the future.We expect Wuxi Biologics to benefit from the fast-growing market as the leading company in the CRO/CDMO industry.

Quam Morning Note (26 Aug) - Wuxi Biologics

China

Wuxi Biologics is a global Contract Research, Development, and Manufacturing Organization (CRDMO) offering end-to-end solutions for biologics discovery, development, and manufacturing, including complex modalities like monoclonal antibodies and antibody-drug conjugates. The company provides comprehensive services from concept to commercialization, including vaccine CRDMO services. It was founded in 2010 and is headquartered in Wuxi, China.

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Wuxi Biologics (2269 HK)

Tactical Holdings

We recommend taking profit on WUXI06 after its holding-period return reached 20.0%. We also recommend opening positions in MICRON80, a memory-chip...

Krungthai XSpring

Concerns Mounting as MSCI ACWI Tests Base Support. Buys in Tech, Services, Financials, Healthcare

Concerns Mounting as MSCI $ACWI Tests Base Support. Actionable Themes: Technology, Services, Financials, and Health Care

Vermilion Research