Mr. Pongpat Siripipat, Investment Analyst from InnovestX Securities, a securities company in the SCBX group, stated in “Kaohoon” program on December 1, 2025, that the momentum of Stock Exchange of Thailand (SET) Index could shift toward negativity if the index fails to surpass a key resistance level at 1,265 points.
Regarding Thailand’s Monetary Policy Committee (MTC) meeting and the U.S. Federal Reserve (Fed) meeting, InnovestX forecasted that each central bank will cut its respective interest rates, citing the weak overall economic performances. However, the market did not seem to respond positively from these developments. Mr. Pongpat pointed out that due to the structural outlook for the Thai economy that did not focus on the mid to long-term economy that weights on the market as the majority of companies are old economy.
However, this weakness comes with an advantage as it pushes the dividend payout ratio ahead of the region. Mr. Pongpat recommended Bangkok Commercial Asset Management PCL (SET: BAM), Kasikornbank PCL (SET: KBANK), Ratchthani Leasing PCL (SET: THANI), Thai Life Insurance PCL (SET: TLI), and Somboon Advance Technology PCL (SET: SAT) as InnovestX estimate that their dividend yields for the later half of the year will exceed 5%.
He also recommended Central Plaza Hotel PCL (SET: CENTEL), Global Power Synergy PCL (SET: GPSC), True Corporation (SET: TRUE), AP (Thailand) PCL (SET: AP), and Millennium Group Corporation (Asia) PCL (SET: MGC) as they benefit from the likelihood that MTC and Fed will cut their interest rates.
Mr. Pongpat added that Thailand’s weak inflows challenge is unlikely to improve soon due to frequent changes in government, which disrupt the continuity of stimulus measures that typically attract investment. However, he noted that recent initiatives by the SET and financial associations, together with the anticipated election, could provide short-term support for the SET Index.
