Mr. Chaiyot Jiwangkul, Assistant Director of Securities Analysis at Krungsri Securities (KSS), stated in “Kaohoon” program on November 26, 2025, that the Stock Exchange of Thailand (SET) Index is likely to grow, following the movement of foreign indices as they respond positively to the news that the Federal Reserve might cut the interest rate this December.
However, Mr. Chaiyot cautioned investors to adopt a selective strategy, as Thailand’s slow third-quarter GDP growth and lower-than-expected October export figures continue to weigh on sentiment. Furthermore, the recent flood has affected economic activities, pressuring GDP growth even further.
Regarding the development of political factors, as the Thai parliament is likely to dissolve soon, Mr. Chaiyot stated that investors are focusing on the stimulus measures and their continuity. If the new government continues the previous administration’s measures, it will create positive sentiment that could expand the GDP growth.
Mr. Chaiyot also added that the SET Index may increase before the election. However, it is unlikely to expand by around 10% as seen in past election periods. Notably, in the previous election, the leading political parties failed to form a government, which had led to uncertainty and weighed on investor sentiment. Therefore, the analyst noted that the trend seen in the past should not be the primary focus for future prospects.
Regarding the low trading volume, Mr. Chaiyot pointed to two key reasons. First, investors are waiting for the formation of a new government. As for the second, he pointed out the confidence level. Mr. Chaiyot explained that funds and foreign investors are factors that drive the stock market. So far, there has been no indication of strong, sustained foreign buying, and this has dampened the sentiment.
Mr. Chaiyot also added that currently, the AI and technology sectors are what are driving the markets around the world. Since the SET Index did not contain much of stocks from those sectors, investors did not feel attracted to the market.
Meanwhile, sectors that help bolster the Thai stock market include the electronics sector, especially Delta Electronics (Thailand) PCL (SET: DELTA), and the ICT sector, like Advanced Info Service PCL (SET: ADVANC) and True Corporation PCL (SET: TRUE). These sectors are benefiting from the AI trend. The banking sector is also included as well, as it has strong third-quarter earnings.
For recommended stocks, Mr. Chaiyot advised the investors to adopt an accumulation strategy on Minor International PCL (SET: MINT) and Bangkok Dusit Medical Services PCL (SET: BDMS). He forecasted that MINT will have strong growth as it is the tourism high season in the fourth quarter. Furthermore, the company and the hotel sector are benefiting from the tension between China and Japan as a number of Chinese tourists shift their travel destination to Thailand. KSS estimated MINT’s target price of THB 30 per share.
As for BDMS, Mr. Chaiyot stated that the company reported strong growth in the third quarter, even though its stock price remains low. He added that the company’s executives also expect further growth in the fourth quarter, driven by an increasing number of both foreign and domestic patients following the unusually long rainy season, which has contributed to a wider spread of diseases. KSS estimated the target price of THB 29 per share.
