Mr. Chaiyot Jiwangkul, Assistant Director of Securities Analysis at Krungsri Securities (KSS), during the “Kaohoon” program on April 29, 2026, expects the Thai market to move with volatility, with the petrochemical sector potentially benefit the most from the United Arab Emirates’ withdrawal from the OPEC group, which eased supply concerns. Furthermore, if UAE increases oil production, the oil price may decline in the medium-to-long term.
Mr. Chaiyot anticipated robust 1Q26 performances from the refinery and petrochemical sector, due to strong refining margin and excellent petroleum spread. The analyst reiterated that the sector still outperforms the market.
However, the analyst prefers the petrochemical over the refinery sector, as while the refineries may initially benefit from the Iran war due to soaring refinery margin, the easing war tension and the government intervention on the refining margin has decreased the war-related upside.
As such the analyst recommends the petrochemical sector for the earnings play theme, with highlights on SCC, which will announce the 1Q26 results today, and KSS has anticipated exceptional performance from its petrochemical segment.
The technology sector, along with Asian markets such as Japanese, South Korean, and Taiwanese markets faced profit-taking action today, as OpenAI reports a week-on-week decline in ChatGPT usage. This may potentially become a negative sentiment for the Thai electronic sector, Mr. Chaiyot noted.
Regarding KBANK outperforming the sector in NVDR, the analyst explained that the equity’s 1Q26 earnings has surpassed most of its sector peers, largely due to incomes from investment. Combined with attractive dividend yield, this factor made KBANK more appealing toward investors.
Mr. Chaiyot also added that the government’s electricity bill surcharge, which will increase electricity price for users that used more than 200 units of electricity, will heavily affect the small power producers (SPP) that have their electricity price tied to Ft charge. Furthermore, the government’s abolition of the ADDER contract to decrease the electricity price will also massively impact the solar farm group. As such, the analyst recommends investors either avoid or adopt the wait-and-see stance for the electricity sector, and monitor the government’s action for the time being.
