Mr. Chaiyot Jiwangkul, Assistant Director of Securities Analysis at Krungsri Securities (KSS), stated in the “Kaohoon” program on January 28, 2026, that the Stock Exchange of Thailand (SET) Index could benefit from MSCI’s possible revision of Indonesia’s free-float criteria, as a significant amount of capital, likely about USD 2 billion may flow from Indonesia to other markets.
Mr. Chaiyot noted that a significant amount of capital inflows has been moving into Thailand’s large-cap stocks, particularly in the energy sector. With this support, stock prices are unlikely to decline even if companies report weak 4Q outlooks. He therefore recommended stocks that benefit from strong fund flows, such as Gulf Development PCL (SET: GULF) and Indorama Ventures PCL (SET: IVL).
Moreover, KSS estimated that GULF is likely to post strong 4Q growth and gain additional upside from supporting factors throughout the year, and therefore set its target price at THB 59.00 per share. As for IVL, the securities firm estimated that the company will benefit from the India–Europe trade deal, with a target price of THB 24.00 per share.
Mr. Chaiyot also recommended undervalued stocks such as CP All PCL (SET: CPALL) and Home Product Center PCL (SET: HMPRO) from the retail sector, and Bangkok Dusit Medical Services PCL (SET: BDMS) from the hospital sector. Regarding the election period, he estimated that it will provide support to retail and financial stocks.
