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.

Thematic (Sector/Industry)

<ul><li>The SET climbed quickly and traded in positive territory throughout the session, as political concerns eased and investors awaited Jerome Powell's speech at Jackson Hole.</li><li>The index has formed a higher price pattern, signaling a potential reversal, supported by its ability to stay above all the short-term EMA lines.</li><li>We recommend buying on dips and selling on rises, as trading volume remains weak and sector rotation among blue-chip stocks has alternately supported and weighed on the index.</li></ul>

The SET climbed quickly and traded in positive territory throughout the session, as political concerns eased and investors awaited Jerome Powell's speech at Jackson Hole.The index has formed a higher price pattern, signaling a potential reversal, supported by its ability to stay above all the short-term EMA lines.We recommend buying on dips and selling on rises, as trading volume remains weak and sector rotation among blue-chip stocks has alternately supported and weighed on the index.

Krungthai XSpring Technical Eng. August 25, 2025

<ul><li>The SET’s upward momentum was disrupted by political uncertainties and the market’s wait-and-see stance ahead of the Fed’s Jackson Hole meeting.</li><li>Although the index retreated, no clear bearish signals have emerged.</li><li>We recommend buying on dips, selling on strength, as we still expect the index to be able to have a swift rebound.</li></ul>

The SET’s upward momentum was disrupted by political uncertainties and the market’s wait-and-see stance ahead of the Fed’s Jackson Hole meeting.Although the index retreated, no clear bearish signals have emerged.We recommend buying on dips, selling on strength, as we still expect the index to be able to have a swift rebound.

Krungthai XSpring Technical Eng. August 22, 2025

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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

Equity Bottom-Up

<ul>
<li>The Lok Sabha passed the Online Gaming Bill, 2025, banning all RMG platforms and putting Nazara’s PokerBaazi investment at significant risk.</li>
<li>While Nazara has no direct RMG exposure, its INR 805 crore PokerBaazi bet could turn worthless, raising concerns over capital allocation and valuation pressure. </li>
<li>Core businesses remain strong, but regulatory uncertainty warrants caution. Near-term downside risks persist; long-term clarity hinges on execution and policy direction. </li>
</ul>


The Lok Sabha passed the Online Gaming Bill, 2025, banning all RMG platforms and putting Nazara’s PokerBaazi investment at significant risk.
While Nazara has no direct RMG exposure, its INR 805 crore PokerBaazi bet could turn worthless, raising concerns over capital allocation and valuation pressure. 
Core businesses remain strong, but regulatory uncertainty warrants caution. Near-term downside risks persist; long-term clarity hinges on execution and policy direction. 


Nazara Technologies in Turbulence: Temporary Setback or Lasting Damage?

<ul><li>The SET opened in a narrow range as THAI and DELTA extended their declines, but buying interest gradually picked up.</li><li>The index's rebound, accompanied by a bullish engulfing signal, suggests a potential trend reversal with further upside momentum.</li><li>We recommend buying on dips, selling on strength, as the market awaits clearer signals regarding political issues and the upcoming Fed meeting this week.</li></ul>

The SET opened in a narrow range as THAI and DELTA extended their declines, but buying interest gradually picked up.The index's rebound, accompanied by a bullish engulfing signal, suggests a potential trend reversal with further upside momentum.We recommend buying on dips, selling on strength, as the market awaits clearer signals regarding political issues and the upcoming Fed meeting this week.

Krungthai XSpring Technical Eng. August 21, 2025

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>The Lok Sabha has passed the "Promotion and Regulation of Online Gaming Bill, 2025," which imposes a blanket ban on all online games involving money, regardless of skill or chance.</li>
<li>This legislation, combined with the earlier 28% GST on the full face value, signals a clear stance against the RMG sector, A INR 2 lakh crore industry.</li>
<li>The regulatory and tax changes have put the future of India's real money gaming industry at a critical stage, forcing companies to pivot or face potential collapse.</li>
</ul>


The Lok Sabha has passed the "Promotion and Regulation of Online Gaming Bill, 2025," which imposes a blanket ban on all online games involving money, regardless of skill or chance.
This legislation, combined with the earlier 28% GST on the full face value, signals a clear stance against the RMG sector, A INR 2 lakh crore industry.
The regulatory and tax changes have put the future of India's real money gaming industry at a critical stage, forcing companies to pivot or face potential collapse.


GAME OVER: Inside India’s Real Money Gaming Ban

India

Delta Corp Limited a diversified business group having a presence in the entertainment and gaming, real estate business in India and Kenya. The Company's business includes offshore casinos, and real estate consulting & development.

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Delta Corp Ltd (DELTA IN)

Krungthai XSpring Technical Eng. August 25, 2025

The SET climbed quickly and traded in positive territory throughout the session, as political concerns eased and investors awaited Jerome Powell's...

Krungthai XSpring

Krungthai XSpring Technical Eng. August 22, 2025

The SET’s upward momentum was disrupted by political uncertainties and the market’s wait-and-see stance ahead of the Fed’s Jackson Hole meeting.

Krungthai XSpring

Nazara Technologies in Turbulence: Temporary Setback or Lasting Damage?

The Lok Sabha passes Online Gaming Bill, putting Nazara's PokerBaazi investment at risk; regulatory uncertainty raises concerns over capital...

Sudarshan Bhandari

Krungthai XSpring Technical Eng. August 21, 2025

We recommend buying on dips, selling on strength, as the market awaits clearer signals regarding political issues and the upcoming Fed meeting this...

Krungthai XSpring

GAME OVER: Inside India’s Real Money Gaming Ban

The Lok Sabha passes bill banning online games involving money, threatening India's INR 2 lakh crore real money gaming industry.

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Krungthai XSpring Technical Eng. August 25, 2025

The SET climbed quickly and traded in positive territory throughout the session, as political concerns eased and investors awaited Jerome Powell's...

Krungthai XSpring

Krungthai XSpring Technical Eng. August 22, 2025

The SET’s upward momentum was disrupted by political uncertainties and the market’s wait-and-see stance ahead of the Fed’s Jackson Hole meeting.

Krungthai XSpring

Nazara Technologies in Turbulence: Temporary Setback or Lasting Damage?

​The Lok Sabha passes Online Gaming Bill, putting Nazara's PokerBaazi investment at risk; regulatory uncertainty raises concerns over capital...

Sudarshan Bhandari

Krungthai XSpring Technical Eng. August 21, 2025

We recommend buying on dips, selling on strength, as the market awaits clearer signals regarding political issues and the upcoming Fed meeting this...

Krungthai XSpring

GAME OVER: Inside India’s Real Money Gaming Ban

​The Lok Sabha passes bill banning online games involving money, threatening India's INR 2 lakh crore real money gaming industry.

Nimish Maheshwari

The Lok Sabha passes Online Gaming Bill, putting Nazara's PokerBaazi investment at risk; regulatory uncertainty raises concerns over capital...

The Lok Sabha passes bill banning online games involving money, threatening India's INR 2 lakh crore real money gaming industry.