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 Derivatives

Singapore Technologies Engineering / Equity Derivatives

Singapore Technologies Engineering (STE SP)

<ul><li>For the KTX Tactical DR Picks portfolio, we recommend taking profit on AMAZN80 and MITSU19, with returns of +1.9% and -2.9%, respectively, and initiating a position in STEG19, a DR referencing Singapore Technologies Engineering — a technology and engineering company specializing in aerospace and defense listed on the Singapore Exchange.</li><li>The launch of a cybersecurity service for SMEs serves as a short-term catalyst.</li><li>The average return of the underlying securities in the portfolio turned slightly positive at 0.004%, supported by the rebound in XIAOMI80's performance.</li></ul>

For the KTX Tactical DR Picks portfolio, we recommend taking profit on AMAZN80 and MITSU19, with returns of +1.9% and -2.9%, respectively, and initiating a position in STEG19, a DR referencing Singapore Technologies Engineering — a technology and engineering company specializing in aerospace and defense listed on the Singapore Exchange.The launch of a cybersecurity service for SMEs serves as a short-term catalyst.The average return of the underlying securities in the portfolio turned slightly positive at 0.004%, supported by the rebound in XIAOMI80's performance.

<ul><li>For the KTX Tactical DR Picks portfolio, we initiate a position in XIAOMI80, a DR linked to XIAOMI CORPORATION, which is listed on the Hong Kong Stock Exchange.</li><li>The average price of the underlying securities in the portfolio rose slightly by 0.36%, in line with the uptick in global equity markets following the release of stronger-than-expected US employment data.</li><li>Based on our analysis using the KTX USDTHB Carry Trade model, the baht has started to weaken to a moderate level, which is expected to result in sideways movement.</li></ul>

For the KTX Tactical DR Picks portfolio, we initiate a position in XIAOMI80, a DR linked to XIAOMI CORPORATION, which is listed on the Hong Kong Stock Exchange.The average price of the underlying securities in the portfolio rose slightly by 0.36%, in line with the uptick in global equity markets following the release of stronger-than-expected US employment data.Based on our analysis using the KTX USDTHB Carry Trade model, the baht has started to weaken to a moderate level, which is expected to result in sideways movement.

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.

Equity Bottom-Up

<ul><li>Xiaomi hosted its “Human x Car x Home” ecosystem launch event on 26 Jun, and officially unveiled three key products: Xiaomi YU7, foldable phone MIX Flip 2, and Xiaomi AI glasses.</li><li>We believe YU7’s starting price of RMB 253.5k is largely inline, and YU7’s 289k preorders within first hour is well ahead of SU7’s 89k preorders within first 24 hours in Mar 2024.</li><li>We are also positive about Xiaomi’s first AI glasses featuring 12MP camera, long battery life and built-in Hyper AI, and we expect its starting price at RMB1,999 will gain strong traction. </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.

Xiaomi hosted its “Human x Car x Home” ecosystem launch event on 26 Jun, and officially unveiled three key products: Xiaomi YU7, foldable phone MIX Flip 2, and Xiaomi AI glasses.We believe YU7’s starting price of RMB 253.5k is largely inline, and YU7’s 289k preorders within first hour is well ahead of SU7’s 89k preorders within first 24 hours in Mar 2024.We are also positive about Xiaomi’s first AI glasses featuring 12MP camera, long battery life and built-in Hyper AI, and we expect its starting price at RMB1,999 will gain strong traction. 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.

Xiaomi (1810 HK) - Launch Event Takeaways: YU7, AI Glasses, MIX Flip 2

<ul><li>We attended Xiaomi Investor Day 2025 on 3 Jun. Key takeaways include: 1) Smartphone: target to attain market share gain of 1ppt, 175-180mn shipment, ASP hike of 3-5% YoY and GPM of 12-12.5% in 2025;</li><li>2) Smart EV: target to turn profitable in 2H25E with 350,000 delivery target (unchanged);</li><li>3) IoT: 30% YoY sales growth target with GPM increase of 2.0-2.5ppts in 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.

We attended Xiaomi Investor Day 2025 on 3 Jun. Key takeaways include: 1) Smartphone: target to attain market share gain of 1ppt, 175-180mn shipment, ASP hike of 3-5% YoY and GPM of 12-12.5% in 2025;2) Smart EV: target to turn profitable in 2H25E with 350,000 delivery target (unchanged);3) IoT: 30% YoY sales growth target with GPM increase of 2.0-2.5ppts in 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.

Xiaomi (1810 HK) - Key Takeaways from Xiaomi Investor Day 2025

<ul><li>Xiaomi’s 1Q25 adjusted earnings at RMB 10.7bn (+28% QoQ, +64% YoY) beat CMBI/consensus expectations by 8/18%, thanks to strong sales across all segments and GPM improvement on better smartphone mix, IoT ASP hike and smart EV GPM improvement.</li><li>Looking into 2025, we expect smartphone/EV premiumization strategy, IoT/EV capacity ramp-up and in-house SoC chip to continue to boost better revenue mix and earnings growth.</li><li>We maintain our positive view on Xiaomi’s Human x Car x Home ecosystem expansion, premiumization strategy, SP/AIoT overseas markets and smart EV biz upside. </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.

Xiaomi’s 1Q25 adjusted earnings at RMB 10.7bn (+28% QoQ, +64% YoY) beat CMBI/consensus expectations by 8/18%, thanks to strong sales across all segments and GPM improvement on better smartphone mix, IoT ASP hike and smart EV GPM improvement.Looking into 2025, we expect smartphone/EV premiumization strategy, IoT/EV capacity ramp-up and in-house SoC chip to continue to boost better revenue mix and earnings growth.We maintain our positive view on Xiaomi’s Human x Car x Home ecosystem expansion, premiumization strategy, SP/AIoT overseas markets and smart EV biz upside. 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.

Xiaomi (1810 HK) - Positive on Premiumization, YU7 Ramp-Up and SoC Breakthrough in 2H25E

China

Xiaomi is a Chinese multinational corporation specializing in consumer electronics and technology, primarily known for its smartphones (Mi, Redmi, POCO series) and a wide range of AIoT (Artificial Intelligence of Things) devices, including smart home products, wearables, and laptops. The company also provides internet services, including its MIUI operating system. Xiaomi was founded in 2010 and is headquartered in Beijing, China.

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Xiaomi (1810 HK)

KTX Tactical DR Picks

For the KTX Tactical DR Picks portfolio, we recommend taking profit on AMAZN80 and MITSU19, with returns of +1.9% and -2.9%, respectively, and...

Krungthai XSpring

KTX Tactical DR Picks

For the KTX Tactical DR Picks portfolio, we initiate a position in XIAOMI80, a DR linked to XIAOMI CORPORATION, which is listed on the Hong Kong...

Krungthai XSpring

Xiaomi (1810 HK) - Launch Event Takeaways: YU7, AI Glasses, MIX Flip 2

Xiaomi hosted its “Human x Car x Home” ecosystem launch event on 26 Jun, and officially unveiled three key products: Xiaomi YU7, foldable phone MIX...

CMB International

Xiaomi (1810 HK) - Key Takeaways from Xiaomi Investor Day 2025

We attended Xiaomi Investor Day 2025 on 3 Jun. Key takeaways include: 1) Smartphone: target to attain market share gain of 1ppt, 175-180mn...

CMB International

Xiaomi (1810 HK) - Positive on Premiumization, YU7 Ramp-Up and SoC Breakthrough in 2H25E

We maintain our positive view on Xiaomi’s Human x Car x Home ecosystem expansion, premiumization strategy, SP/AIoT overseas markets and smart EV...

CMB International

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