Mr. Chaiyot Jiwangkul, Assistant Director of Securities Analysis at Krungsri Securities (KSS), during the “Kaohoon” program on July 22, 2026, stated that the Thai stock market is likely to consolidate in the short term, even as regional equity markets show improvement following a rebound in global technology stocks. This may cause foreign fund inflows from the tech sector to slow down.
There is a possibility of fund rotation out of the banking sector—following a series of earnings announcements—into the energy, petrochemical, and telecommunications sector, which are receiving support from rising oil prices and the expectation of strong 2Q26 earnings. Meanwhile, there are renewed buying interests in ADVANC and TRUE.
For the banking sector, financial results have been both above and below expectations. As a result, stocks with underwhelming financial statements may continue to face selling pressure, especially BBL and SCB. Although SCB reported solid profits, the level of non-performing loans (NPL) has increased. Nevertheless, should stock prices fall significantly, buying interest is expected to return, as loans still have room to grow in the new investment cycle.
Mr. Chaiyot also mentioned the Thailand Individual Savings Account (TISA) scheme. If investors are able to allocate up to THB 600,000 of investment annually for tax reduction and investment is allowed directly in the Thai bourse, it would be a positive factor for liquidity and help reduce volatility, as investors must hold positions for the long term. The main investor base is expected to be salaried employees, resembling RMF and Thai ESG funds.
Regarding the BOI to IPO measure, details such as business type and company size must be followed closely. Should it attract large companies from new industries to list, it would increase the market’s value and enhance the appeal of the Thai benchmark index. However, if only small companies are involved, the overall market impact would be minimal.
As for investment strategies, KSS recommends a “Buy” on PTTGC with a target price of THB 45, expecting 2Q26 profits at around THB 9 billion due to improving product spreads and lower-than-expected stock losses. A “Buy” is also recommended for IVL, with a target price of THB 27 and anticipated 2Q26 profits of about THB 6 billion, driven by improved product price spreads.
