Mr. Kantara Ladawan na Ayutthaya, Executive Director of Finansia Syrus Securities, stated in the “Kaohoon” program on August 14, 2026, that the Thai stock market may potentially move sideways, despite most Asian stock markets trending in positive territory, particularly the Japanese and South Korean markets, which mirrored gains in the U.S. market.
Overall, investment sentiment remains positive as concerns over Federal Reserve rate hike in the September meeting have eased, due to the slowdown in U.S. inflation and declining oil prices, reducing inflationary pressure. Additionally, the majority of listed Thai companies have reported favorable earnings, further supporting investment sentiment.
Foreign investor buying has also returned as the Thai benchmark has softened, reflecting continued interest in the Thai market. The upcoming Thailand Focus event, taking place from August 26 – 28, 2026, is another opportunity to attract foreign investors by giving them clearer information about Thai listed companies, which could further enhance market sentiment towards the end of the month.
Noteworthy sectors include tourism, power plants, hospitals, and banking. Power plants are supported by opportunities to bid for new projects, while commercial banks, though somewhat affected by low bond yields, still offer attractive entry points should prices decline.
Despite the overall positive sentiment, Mr. Kantara advises that when the SET Index exceeds 1,600 points, investors should avoid aggressive buying as returns may be limited. Instead, he recommends waiting for market corrections for price dips and considering both fundamental and technical factors when making decisions.
He noted that while the Thai bourse has room to move higher, volatility may persist due to various factors such as tensions between Iran and the United States, concerns over a potential bubble in the AI sector, and the risk of oil prices rebounding—each of which could change the investment climate.
Dividend stocks remain attractive as interest rates are low, and investors continue to seek income-generating assets. However, Mr. Kantara recommends investors monitor the sustainability of earnings growth, especially for the energy sector, as it plays a significant role in overall market profit this year, influenced by oil prices and geopolitical events.
Currently, the market’s earnings per share, previously in the range of THB 96-100, has now increased to around THB 106-107. However, if energy sector earnings next year are not as robust as this year, market EPS may decrease by about THB 4 – 5, potentially impacting dividend payment capacity moving forward.
Nevertheless, FSS sees potential in various undervalued stocks still offering returns. For example, GULF, as FSS has set a target price at around THB 76, while some analysts estimate as high as THB 90, suggesting upside potential from the current price.
Regarding hospital stocks, while some saw flat or weaker earnings in 2Q26—partly due to geopolitical tensions impacting international patient numbers—they remain fundamentally strong and attractive for long-term investment. Should the geopolitical situation improve and foreign patients return, hospital earnings could recover. Therefore, declines in hospital stock prices could be considered good accumulation opportunities.
