Mr. Chaiyot Jiwangkul, Assistant Director of Securities Analysis at Krungsri Securities (KSS), stated in “Kaohoon” program on November 5, 2025, that Asia stock market indexes are heading toward negative territory due to Wall Street CEOs’ warning of high market valuations. This remark has prompted investors to pull back their investment, affecting the Asia tech sectors.
As for the Stock Exchange of Thailand (SET), the index is also expected to decline, though not as sharply as those of Japan, South Korea, or Taiwan. Still, Mr. Chaiyot warned that the shares of Delta Electronics (Thailand) PCL (SET: DELTA) are likely to drop as well, further weighing down the SET Index. He recommended the investor to focus on specific stocks instead, as companies are releasing their quarterly performance reports in this period. Their share prices may align with the outlook instead of the SET index.
KSS recommended the shares from the Information and Communication Technology (ICT) sector, especially Advanced Info Service PCL (SET: ADVANC) and True Corporation PCL (SET: TRUE), citing their strong core profits, especially TRUE that also announced an interim dividend. The securities company advised investors to accumulate these shares, setting target prices at THB 360 per share for ADVANC and THB 13.20 per share for TRUE.
As for the banking sector, their third quarter performance reports have shown strong growth driven by non-interest incomes and bond investments, as news of the Bank of Thailand’s Monetary Policy Committee lowering the interest rate boosted bond prices. However, this effect is expected to be short-lived. Therefore, KSS recommended investors focus on the banks with high dividend yield, such as SCB X PCL (SET: SCB), Kasikornbank PCL (SET: KBANK), and TISCO Financial Group PCL (SET: TISCO).
Mr. Chaiyot also added that Krungthai Bank PCL (SET: KTB)’s loan portfolio is more attractive than its peers, as about 10% of its loans are with the government sector. Given Thailand’s current economic situation, which requires stimulus measures from the government segment to drive growth, this segment is expected to support KTB’s lending. As for other financial institutes, their focus is with private sector loans and thus do not benefit as much from these measures.
Regarding reports of KTB’s potential share repurchase, Mr. Chaiyot noted that the bank’s management likely views the current situation as favorable and expects the move to enhance its return on equity (ROE) and valuation. However, KSS has not yet guaranteed whether KTB will proceed with the buyback.
