Mr. Chaiyot Jiwangkul, Assistant Director of Securities Analysis at Krungsri Securities (KSS), stated in the “Kaohoon” program on February 11, 2026, that the Stock Exchange of Thailand (SET) Index is being driven by the election results and MSCI’s possible reclassification of Indonesia from an “emerging” to a “frontier” market, which caused significant amount of fund flows to shift to the Philippines and Thailand.
Regarding the election outcome, the Bhumjaithai Party has secured a decisive number of votes, and is likely to form a stable government coalition. While concerns over vote counting may create short-term negative sentiment, Mr. Chaiyot noted that they are unlikely to alter the overall result. Furthermore, the SET Index is primarily focused on policy direction. If the Bhumjaithai Party implements its previously proposed stimulus measures, such as the Thailand Individual Savings Account (TISA), it could provide strong support to the index.
For recommended specific stocks, Mr. Chaiyot highlighted those with undervalued status, as the SET Index is currently in overbought territory. He recommended Bangkok Expressway and Metro PCL (SET: BEM), as its earnings are recovering from the COVID-19 period while its stock price has yet to reflect the improvement. KSS has set a target price of THB 8 per share. He also recommended Asset World Corp PCL (SET: AWC), citing the strong growth in Chinese tourist arrivals and a positive fourth-quarter outlook. KSS has set a target price of THB 2.75 per share.
Regarding CP Axtra PCL (SET: CPAXT)’s removal from the MSCI Global Standard Indexes, Mr. Chaiyot warned investors to remain cautious, as the company has yet to report its fourth-quarter earnings. If the results fall short of expectations, the stock could face further sell-off. Nonetheless, he estimated that CPAXT may benefit from stimulus measures the Bhumjaithai Party is expected to prioritize once parliament reconvenes.
