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.

Macroeconomics

<ul><li>We expect the SET Index to advance toward the 1,650 resistance level, supported by foreign fund inflows alongside the strengthening of the Japanese yen and Thai baht.</li><li>The sharp decline in crude oil prices, driven by prospects of renewed US-Iran negotiations, is negative for oil-related energy stocks.</li><li>KTX projects a 3Q26E SET Index target of 1,705, based on the view that Thailand will continue to benefit from foreign direct investment (FDI), particularly in the electronics and data center sectors.</li></ul>

We expect the SET Index to advance toward the 1,650 resistance level, supported by foreign fund inflows alongside the strengthening of the Japanese yen and Thai baht.The sharp decline in crude oil prices, driven by prospects of renewed US-Iran negotiations, is negative for oil-related energy stocks.KTX projects a 3Q26E SET Index target of 1,705, based on the view that Thailand will continue to benefit from foreign direct investment (FDI), particularly in the electronics and data center sectors.

Krungthai XSpring Zoom Eng. August 3, 2026

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Thematic (Sector/Industry)

<ul>
<li>We tracked AI models, infrastructure, and M&amp;A this week as OpenAI cut Luna pricing and Chinese models kept cost pressure visible.</li>
<li>Zhipu returned GLM Coding Plan at higher prices. DeepSeek V4 Flash, Kimi K3 and MiniMax H3 carried the model-launch week.</li>
<li>Anthropic logged safety incidents and open-weight policy. Nvidia backed SSI and discussed OpenAI data-center financing.</li>
</ul>


We tracked AI models, infrastructure, and M&amp;A this week as OpenAI cut Luna pricing and Chinese models kept cost pressure visible.
Zhipu returned GLM Coding Plan at higher prices. DeepSeek V4 Flash, Kimi K3 and MiniMax H3 carried the model-launch week.
Anthropic logged safety incidents and open-weight policy. Nvidia backed SSI and discussed OpenAI data-center financing.


This Week in AI (Jul 26-Aug 1): DeepSeek V4 Flash, OpenAI Cuts Luna Prices

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>Anthropic faces a potential "Down Round" in its IPO slated for later this year.  The dynamics of the AI sector have deteriorated substantially since the company announced its IPO filing.</li>
<li>The private market valuation, based on funding rounds, tripled between February and May this year, adding roughly $600 billion to its market value. The company participates in AI circular financing.</li>
<li>Valuation compression, competition from Chinese open-source models, regulatory challenges, slowing token usage, and market share loss are pre-IPO challenges for the company.</li>
</ul>


Anthropic faces a potential "Down Round" in its IPO slated for later this year.  The dynamics of the AI sector have deteriorated substantially since the company announced its IPO filing.
The private market valuation, based on funding rounds, tripled between February and May this year, adding roughly $600 billion to its market value. The company participates in AI circular financing.
Valuation compression, competition from Chinese open-source models, regulatory challenges, slowing token usage, and market share loss are pre-IPO challenges for the company.


ANTHROPIC IPO: Will Investors Accept a Down Round?

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Ecom Express has been absorbed by Delhivery, Meesho has shifted most fulfilment control to Valmo, and Shadowfax has emerged as the listed high-growth challenger.</li>
<li>Indian parcel demand is expanding rapidly, but the addressable pool for independent end-to-end carriers is being compressed by marketplace-owned orchestration.</li>
<li>Fewer 3PLs do not automatically mean pricing power. Investors must underwrite outsourced wallet share, network density, customer diversity and labour-adjusted margins.</li>
</ul>


Ecom Express has been absorbed by Delhivery, Meesho has shifted most fulfilment control to Valmo, and Shadowfax has emerged as the listed high-growth challenger.
Indian parcel demand is expanding rapidly, but the addressable pool for independent end-to-end carriers is being compressed by marketplace-owned orchestration.
Fewer 3PLs do not automatically mean pricing power. Investors must underwrite outsourced wallet share, network density, customer diversity and labour-adjusted margins.


India’s E-Commerce Logistics Consolidation: Valmo Vs Delhivery Vs Shadowfax

Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

<ul>
<li>Middle East data center strikes in March 2026 are re-routing Gulf workloads to India. Gujarat's new policy targets US$62.9bn in investments and 7.5 GW of capacity.</li>
<li>Capital inflows are accelerating: CPP committed US$741 million to CtrlS, Amazon raised its India commitment to US$48 billion, and H1 2026 foreign investment reached US$738 million.</li>
<li>Demand is projected to grow from 1.3 GW (FY25) to 4.7-5.7 GW by FY30, a 30-35% CAGR. We see a multi-year structural upcycle with power as the binding constraint.</li>
</ul>


Middle East data center strikes in March 2026 are re-routing Gulf workloads to India. Gujarat's new policy targets US$62.9bn in investments and 7.5 GW of capacity.
Capital inflows are accelerating: CPP committed US$741 million to CtrlS, Amazon raised its India commitment to US$48 billion, and H1 2026 foreign investment reached US$738 million.
Demand is projected to grow from 1.3 GW (FY25) to 4.7-5.7 GW by FY30, a 30-35% CAGR. We see a multi-year structural upcycle with power as the binding constraint.


India Data Center Monthly: Geopolitics, Gujarat's 7.5 GW Bid, and a Capex Supercycle Taking Shape

United States

Amazon.com, Inc. is an online retailer that offers a wide range of products. The Company's products include books, music, videotapes, computers, electronics, home and garden, and numerous other products.  Amazon offers personalized shopping services, Web-based credit card payment, and direct shipping to customers.

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Amazon (AMZN US)

Krungthai XSpring Zoom Eng. August 3, 2026

We expect the SET Index to advance toward the 1,650 resistance level, supported by foreign fund inflows alongside the strengthening of the...

Krungthai XSpring

This Week in AI (Jul 26-Aug 1): DeepSeek V4 Flash, OpenAI Cuts Luna Prices

This week in AI: GPT-5.6 Luna price -80%; DeepSeek V4 Flash beta ships; Zhipu GLM returns at higher prices; Kimi K3 opens weights.

Ke Yan, CFA, FRM

ANTHROPIC IPO: Will Investors Accept a Down Round?

Anthropic faces a potential "Down Round" in its IPO slated for later this year. The dynamics of the AI sector have deteriorated substantially...

David Mudd

India’s E-Commerce Logistics Consolidation: Valmo Vs Delhivery Vs Shadowfax

Indian parcel delivery market sees consolidation and competition as major players like Delhivery, Meesho, and Shadowfax navigate marketplace-owned...

Nimish Maheshwari

India Data Center Monthly: Geopolitics, Gujarat's 7.5 GW Bid, and a Capex Supercycle Taking Shape

Middle East data center strikes in March 2026 are re-routing Gulf workloads to India, with Gujarat targeting US$62.9bn in investments and 7.5 GW...

GSBR Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Krungthai XSpring Zoom Eng. August 3, 2026

We expect the SET Index to advance toward the 1,650 resistance level, supported by foreign fund inflows alongside the strengthening of the...

Krungthai XSpring

This Week in AI (Jul 26-Aug 1): DeepSeek V4 Flash, OpenAI Cuts Luna Prices

This week in AI: GPT-5.6 Luna price -80%; DeepSeek V4 Flash beta ships; Zhipu GLM returns at higher prices; Kimi K3 opens weights.

Ke Yan, CFA, FRM

ANTHROPIC IPO: Will Investors Accept a Down Round?

Anthropic faces a potential "Down Round" in its IPO slated for later this year. The dynamics of the AI sector have deteriorated substantially...

David Mudd

India’s E-Commerce Logistics Consolidation: Valmo Vs Delhivery Vs Shadowfax

​Indian parcel delivery market sees consolidation and competition as major players like Delhivery, Meesho, and Shadowfax navigate marketplace-owned...

Nimish Maheshwari

India Data Center Monthly: Geopolitics, Gujarat's 7.5 GW Bid, and a Capex Supercycle Taking Shape

​Middle East data center strikes in March 2026 are re-routing Gulf workloads to India, with Gujarat targeting US$62.9bn in investments and 7.5 GW...

GSBR Research

Indian parcel delivery market sees consolidation and competition as major players like Delhivery, Meesho, and Shadowfax navigate marketplace-owned...

Middle East data center strikes in March 2026 are re-routing Gulf workloads to India, with Gujarat targeting US$62.9bn in investments and 7.5 GW...