Win Phromphaet, Executive Chairman of Kasikorn Asset Management (KAsset), stated at the “FUTURE READY Beyond 2025 An Exclusive Luncheon Event to Navigate You and Your Portfolio in a Changing World” that the overall Thai stock market has begun to show more positive signs after a period of economic and external volatility.
He sees that dividend stocks are becoming more distinct and could become the main group attracting investment capital from both domestic and foreign investors, replacing value stocks that currently have limited growth potential. Meanwhile, Delta Electronics (Thailand) Public Company Limited (SET: DELTA) continues to be a critical stabilizing force in the market, although its price has become quite tight.
As for sectors with enough potential and weighting to attract investment flows in this round, he points out commercial bank stocks, which remain important, even as policy interest rates begin to decline. This could pressure banks’ net interest margin (NIM), but financial institutions are now shifting portfolios towards businesses generating more fee income, especially in wealth management services, which helps offset margin pressure.
At the same time, energy stocks remain outstanding amidst persistently high oil prices, supporting dividend payment capability. For the property sector, although the Thai economy remains fragile, many companies are delaying new projects and focusing on selling existing ones, while adjusting business plans to align with market conditions in each period. This allows continuous dividend payments.
He recommends investors select securities with strong fundamentals, consistent growth, and regular dividend policies to create stable long-term returns.
Yunyong Thaicharoen, Chief Economist and Sustainability Officer of Siam Commercial Bank Public Company Limited (SCB), revealed that the Thai economic growth forecast for 2025 stands at 1.8%, and 1.5% for 2026, a rather low level compared to the past. Fourth quarter 2025 growth is expected to be less than 1%.
The economy faces several headwinds, particularly from slowing exports following earlier acceleration, and a stronger baht. While household debt has subsided somewhat, it remains high, and vulnerable SMEs are causing continued sluggishness in the consumer sector.
