Mr. Koraphat Vorachet, Assistant Director and Division Head of Research at Krungsri Securities (KSS), stated in the “Kaohoon” program on August 6, 2026, that the recent net selling of Thai stocks by foreign investors, particularly in the energy and telecom sectors, over the past few days should not be seen as a worrying sign. He attributed this selling to short-term position adjustments following significant foreign fund inflows in July.
In the energy sector, foreign investors had been speculating in line with rising oil prices. Now, with the easing of U.S.-Iran tensions and reduced concerns about oil supply, investors are scaling back to manage short-term risk. KSS remains optimistic on energy fundamentals, expecting crude oil prices to stay in the $70 – 90 per barrel range due to low stockpiles and steady demand, which should persist for at least another year and a half.
The securities firm also highlighted opportunities in refining and petrochemicals, with gross refining margins forecast to exceed the historical average at $10–12 per barrel over the next three years. Signs of recovery in petrochemical spreads are visible as well, due to restrained global capacity expansion.
Regarding PTT, Mr. Koraphat believes the company is attractive for both earnings and long-term growth. KSS projects 2Q26 net profit at THB 34 – 35 billion, up 57% year-on-year and 31% quarter-on-quarter, with added upside potential. PTT’s valuation and nearly 6% dividend yield remain appealing.
For TRUE, the recent selloff has been linked mainly to uncertainties over China Mobile’s stakeholding. However, KSS noted that China Mobile is committed to its long-term holding, with any potential reduction likely part of a positioning or funds management, and will be limited to 1% or less, keeping a 6 – 7% stake.
The drop in TRUE’s share price could present a buying opportunity as the company’s fundamentals are improving, with growth in subscribers and higher ARPU. The recovery in Chinese tourist arrivals, aided by a weaker baht, is also boosting TRUE’s outlook. The company’s adoption of quarterly dividend payments, with yield expected at 4% this year and potentially rising above 5% next year, reflects growing stability and confidence.
Finally, Mr. Koraphat recommends closely monitoring tourism stocks, which are entering a recovery phase, particularly as Chinese tourist arrivals rebound. The easing U.S.-Iran tensions and lower oil prices are reducing travel costs, which, along with the weak baht, could further stimulate tourism. This recovery could support a re-rating of the telecommunications, hospitality, hospitals, services, retail, and financial sectors that previously saw share price pressure.
