Maybank Securities (Thailand) continues to hold a positive view on the Thai stock market, maintaining its year-end 2026 SET Index target at 1,370 amid expectations of a sustained election rally. The broker cites strengthening poll numbers for the Bhumjaithai Party (BJT), whose popularity has surged to 22% of likely voters, up from less than 10% in December.
With support for the People’s Party (PP) also rising to 30%, though still below its peaks earlier in 2025 (33-46%), and Pheu Thai (PT) inching up to 15%, Maybank anticipates a coalition led by BJT with PT support, with Mr. Anutin predicted to return as Prime Minister. This came as the analyst foresees the People’s Party to win the most member of parliament seats but not enough for the formation of its own government.
Despite ongoing policy debates, Maybank does not expect a significant near-term economic impact from new government policies. Many proposals are either reiterations of existing ones, limited by coalition politics, or already being undertaken by the private sector, while impractical measures are also noted.
The most likely immediate actions are cost-of-living assistance, debt relief, investment, and tourism incentives. Over the medium term, the brokerage firm identifies infrastructure projects and economic agreements as more significant drivers for economic growth and corporate earnings.
On the stock front, Maybank removes BBL from its recommendations due to disappointing 4Q25 results. For election plays, the broker recommends MTC (Buy, TP 47.00), TRUE (Buy, TP 15.00), MINT (Buy, TP 34.50), and AP (Buy, TP 10.50). For 2026 investment themes centered on FDI, data centers, and trade, favored stocks are WHA (Buy, TP 4.80), AMATA (Buy, TP 25.00), CCET (Buy, TP 7.20), ITC (Buy, TP 18.60), and GULF (Buy, TP 50.00).
Sector-wise, the analyst is positive on Telecom, Utilities, Industrial Estate, Finance, and Tourism; neutral on Residential Property, Food & Beverage, Healthcare, Life Insurance, Transportation, Energy, Construction Material, and Banks; and negative on Petrochemicals, Commerce, and Electronics.
