Mr. Koraphat Vorachet, Assistant Director and Division Head of Research at Krungsri Securities (KSS), stated in the “Kaohoon” program on December 18, 2025, that weak inflation in Thailand could prompt the Monetary Policy Committee to cut interest rates again. He noted that while such a move could generate positive impact, the market’s underperformance suggests any positive momentum may take time to materialize.
One factor currently weighing the Stock Exchange of Thailand (SET) Index is Delta Electronics (Thailand) PCL (SET: DELTA) as the stock is being pressured by its removal from the SETESG Index and the cap on its index weighting. Mr. Koraphat estimated that investors will switch to Gulf Development PCL (SET: GULF), Advanced Info Service PCL (SET: ADVANC), Krung Thai Bank Public Company Limited (SET: KTB) and Bangkok Dusit Medical Services PCL (SET: BDMS).
Mr. Koraphat also recommended the tourism sector, citing the growth of Chinese tourists. As for Airports of Thailand PCL (SET: AOT), he noted that the stock could lead the market and trend sideways up through the rest of 2026. However, if passenger volumes in the first quarter of 2026 fail to exceed levels seen in the first quarter of 2024 or 2019, the stock price may consolidate until the implementation of a higher passenger service charge (PSC).
Regarding the issuance of depositary receipts (DRs) and easier access to international markets, Mr. Koraphat said these initiatives allow investors to diversify their portfolios. However, he noted that they could lead to higher capital outflows and reduce domestic liquidity. Therefore, he recommended imposing certain limitations to help protect capital inflows.
