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 selling SHOP06 at a loss, with a holding-period return of -8.1%, while opening a position in DUOL06, a DR linked to a leading US online language-learning platform.</li><li>Our KTX Tactical DR Portfolio's average return declined 0.81% amid a global equity-market consolidation, as escalating tensions involving Iran drove US Treasury yields sharply higher.</li></ul>

We recommend selling SHOP06 at a loss, with a holding-period return of -8.1%, while opening a position in DUOL06, a DR linked to a leading US online language-learning platform.Our KTX Tactical DR Portfolio's average return declined 0.81% amid a global equity-market consolidation, as escalating tensions involving Iran drove US Treasury yields sharply higher.

KTX Tactical DR Picks - September 2, 2026 (Eng.)

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Duolingo's second quarter results demonstrated a continuation of its focus on user growth and product improvement, with daily active users (DAUs) increasing 23% year-over-year, slightly above expectations, and retention metrics reaching all-time highs.</li><li>The company attributed this to its ongoing "Green Machine" process, which relies on high-frequency product experimentation to continuously refine user experience.</li><li>A notable feature introduced during the quarter, Streak Revival, allowed over 15 million learners to regain their streaks by completing a small number of lessons, resulting in better retention compared to typical reengaged cohorts.</li></ul>

Duolingo's second quarter results demonstrated a continuation of its focus on user growth and product improvement, with daily active users (DAUs) increasing 23% year-over-year, slightly above expectations, and retention metrics reaching all-time highs.The company attributed this to its ongoing "Green Machine" process, which relies on high-frequency product experimentation to continuously refine user experience.A notable feature introduced during the quarter, Streak Revival, allowed over 15 million learners to regain their streaks by completing a small number of lessons, resulting in better retention compared to typical reengaged cohorts.

Duolingo’s 100 Million User Ambition — Can The Green Machine Deliver?

<ul><li>We recommend opening a position in DUOL06, a DR linked to an online language-learning platform, following a strong recovery in daily active users, which grew more than 27% YoY in August.</li><li>Our KTX Tactical DR Port's average return was broadly flat (+0.01%).</li><li>Although technology names such as AMD80, DELL19, and LENOVO13 faced selling pressure, gains in healthcare and consumption-related stocks helped offset the weakness.</li></ul>

We recommend opening a position in DUOL06, a DR linked to an online language-learning platform, following a strong recovery in daily active users, which grew more than 27% YoY in August.Our KTX Tactical DR Port's average return was broadly flat (+0.01%).Although technology names such as AMD80, DELL19, and LENOVO13 faced selling pressure, gains in healthcare and consumption-related stocks helped offset the weakness.

KTX Tactical DR Picks - August 21, 2026 (Eng.)

<ul><li>Duolingo has added another layer to its product-led growth strategy with the acquisition of London-based animation and motion design studio Animade, strengthening a creative capability that increasingly sits at the center of the company’s user experience.</li><li>Animade is known for product storytelling, interactive experiences, character animation, and brand-focused motion design, capabilities that fit naturally with Duolingo’s highly visual, character-driven ecosystem.</li><li>The transaction comes as Duolingo is prioritizing daily active user growth, retention, and teaching effectiveness while deliberately avoiding monetization initiatives that create friction for learners.</li></ul>

Duolingo has added another layer to its product-led growth strategy with the acquisition of London-based animation and motion design studio Animade, strengthening a creative capability that increasingly sits at the center of the company’s user experience.Animade is known for product storytelling, interactive experiences, character animation, and brand-focused motion design, capabilities that fit naturally with Duolingo’s highly visual, character-driven ecosystem.The transaction comes as Duolingo is prioritizing daily active user growth, retention, and teaching effectiveness while deliberately avoiding monetization initiatives that create friction for learners.

Duolingo Buyout Of Animade: The Synergies Investors Should Watch!

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
  <li>
<a href="https://smartkarma.com/entities/duolingo-inc">Duolingo</a> is a dominant player in the digital language education market, leveraging a highly effective freemium model to build a massive user base and drive strong revenue growth.</li>
  <li>The company is demonstrating significant operating leverage, with profitability and free cash flow expanding rapidly as it scales, signaling a robust and sustainable financial model.</li>
  <li>Future growth is poised to be driven by continued user acquisition, higher conversion to paid subscriptions, and strategic expansion into new educational verticals such as Math and Music, diversifying its product portfolio.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Duolingo is a dominant player in the digital language education market, leveraging a highly effective freemium model to build a massive user base and drive strong revenue growth.
  The company is demonstrating significant operating leverage, with profitability and free cash flow expanding rapidly as it scales, signaling a robust and sustainable financial model.
  Future growth is poised to be driven by continued user acquisition, higher conversion to paid subscriptions, and strategic expansion into new educational verticals such as Math and Music, diversifying its product portfolio.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

United States

Duolingo, Inc. designs and develops mobile learning platform. The Company teaches students a foreign language while simultaneously contributing to translate real-world content from the web. Duolingo serves students worldwide.

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Duolingo (DUOL US)

KTX Tactical DR Picks - September 2, 2026 (Eng.)

We recommend selling SHOP06 at a loss, with a holding-period return of -8.1%, while opening a position in DUOL06, a DR linked to a leading US...

Krungthai XSpring

Duolingo’s 100 Million User Ambition — Can The Green Machine Deliver?

Duolingo's second quarter results demonstrated a continuation of its focus on user growth and product improvement, with daily active users (DAUs)...

Baptista Research

KTX Tactical DR Picks - August 21, 2026 (Eng.)

We recommend opening a position in DUOL06, a DR linked to an online language-learning platform, following a strong recovery in daily active users,...

Krungthai XSpring

Duolingo Buyout Of Animade: The Synergies Investors Should Watch!

Duolingo has added another layer to its product-led growth strategy with the acquisition of London-based animation and motion design studio...

Baptista Research

Primer: Duolingo (DUOL US) - Aug 2026

Duolingo is a dominant player in the digital language education market, leveraging a highly effective freemium model to build a massive user...

αSK Primers

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