Mr. Suwat Wattanapornprom, head of the research division at Krungsri Securities (KSS), stated during the “Kaohoon” program on February 4, 2026, that the latest developments in the Thai equity market reflect strength in the telecom and digital infrastructure segments, helping the index advance despite selling pressure in Thai Airways (THAI) after its silent period ended.
The dividend declaration by Advanced Info Service (ADVANC) has proved attractive to short-term investors and is expected to increase cash flows to major shareholder Gulf Development (GULF), which has plans to channel those funds into new investments, notably in the data center business.
The medium-to-long-term investment outlook for data centers has grown more defined, following international assessments projecting a significant rise in capital deployment to this sector within the next three to four years—particularly in Southeast Asia, where Thailand is a key destination. This trend continues to generate positive sentiment for both ADVANC and GULF, which are jointly participating in this area.
True Corporation (TRUE) is seen as correlated with ADVANC for two main reasons. First, TRUE’s financial performance is expected to benefit from a steady increase in average revenue per user. Second, shareholder restructuring signals an intention to expedite investment in digital infrastructure, particularly in data centers, aligning it with sector-wide trends and fueling speculative interest around both dividends and value creation opportunities.
Additionally, with ADVANC’s total cash dividend payout of approximately 80 billion baht—against on-hand cash of about 20 billion baht—demand for external funding from the banking sector is likely to grow. This could result in increased lending and project finance, especially for the capital-intensive data center space, providing an indirect benefit to commercial banks.
Assessing all factors, Mr. Suwat finds that the market’s positive momentum from major telecom, energy, and banking stocks is sufficient to offset the drag from Thai Airways shares over the near term, suggesting further upside for the overall market.
He also commented on the political outlook, noting various polls anticipate a coalition government composed of two of the three largest parties. Though not expected to result in a highly stable government, capital markets regard such an arrangement as adequate to implement short-term economic measures, including household debt relief and demand stimulus. However, broader structural or legal reforms may be more limited under this scenario.
This political landscape stands in favorable contrast to past minority governments and is seen as supporting ongoing recoveries in tourism, technology, and services.
For investment strategy, Krungsri Securities continues to focus on stocks positioned to benefit from dividend payouts and the data center theme, specifically ADVANC, GULF, and TRUE, as the sector’s average revenue per number rises.
Meanwhile, retail players like CPALL present accumulation opportunities as the return of Chinese tourists pushes visitor numbers to five-month highs. While the retail group has lagged behind the tourism and airport sectors, there is potential for momentum as consumption and travel continue to recover.
