Mr. Chaiyot Jiwangkul, Assistant Director of Securities Analysis at Krungsri Securities (KSS), stated in the “Kaohoon” program on January 21, 2026, that the Thai equity market has seen renewed momentum as the recent establishment of an expected election timeline by the Election Commission has helped to support an “election rally” investment theme.
The analyst noted that, typically during election periods, sectors tied to domestic consumption and financial services—such as finance and retail—tend to outperform. This is attributed to political parties’ campaign strategies, which often prioritize policies to boost incomes and reduce household debt. These agendas are seen as supporting consumer purchasing power and strengthening economic activity within the country.
Despite the optimism, Mr. Chaiyot advised investors to remain vigilant regarding post-election risks, particularly the formation of the new government. Prolonged coalition talks or delays could create a policy vacuum, which may weigh on market sentiment. In contrast, a swift government formation could facilitate timely fiscal stimulus and economic measures, potentially providing a further uplift for equities.
Assessing recent corporate earnings trends, Mr. Chaiyot observed a mixed performance among listed companies. The energy sector was a drag on the market over the past year, due to declining oil prices and refinery margins. However, banks, ICT, and hospital operators managed to maintain positive earnings growth.
Mr. Chaiyot recommended focusing on deep value stocks—those with strong fundamentals but whose prices have undergone significant corrections. He identified Bangkok Dusit Medical Services (BDMS) as a preferred pick, with a target price of 29 baht, citing expected strong profit growth in the fourth quarter both year-on-year and quarter-on-quarter.
CP All (CPALL) was highlighted with a target price of 80 baht, underpinned by continued solid business fundamentals. In the power sector, Gulf Development (GULF) was viewed as a standout among utility stocks, partly due to its expansion into new growth areas such as data centers, which differentiates it from traditional power producers.
For energy and refining companies such as Thai Oil (TOP) and Bangchak Corporation (BCP), Mr. Chaiyot characterized the recent price recovery as a short-term rebound, expecting sideways movement rather than a clear upward trend for the sector at this stage.
