Mr. Pobchai Phatrawit, Equity and Digital Asset Strategist at InnovestX Securities, stated on the ‘Kaohoon’ program on August 17, 2026, that the Thai stock market is expected to move sideways within range this week. This is due to the fact that most major factors have already been priced in, particularly the second quarter 2026 financial results of listed companies. Meanwhile, several big-cap stocks are set to reach the ex-dividend (XD) date this week, which may introduce volatility to the index.
International factors to watch include ongoing tensions in the Middle East, specifically between the United States and Iran near the Strait of Hormuz, for which no clear progress has been made. This uncertainty keeps crude oil prices high and continues to weigh on investment sentiment. InnovestX projects the short-term SET Index level at 1,600 – 1,635 points.
For today, the Thai bourse is likely to trend sideways-up in response to positive news from Thailand’s 2Q26 GDP, which grew by 1.9% year-on-year—higher than the market’s 1.7% forecast, although it slowed from 2.8% in Q1.
Additionally, the National Economic and Social Development Council revised its 2026 Thai GDP forecast up to 2.0 – 2.5% from 1.5 – 2.5%, reflecting improved economic sentiment and supporting the stock market outlook going forward.
Mr. Pobchai stated that listed companies’ 2Q26 earnings have significantly outperformed market expectations, with approximately 670 companies having reported, accounting for over 90% of total market capitalization. Combined net profit is nearly THB 390 billion, a 13% year-on-year increase, and well above prior estimates of about THB 250 billion.
The strong performance has lifted the 2026 market earnings per share (market EPS) estimate to THB 108.9, from last week’s THB 104 – 105, while the 2027 market EPS estimate has climbed to approximately THB 115 from the previous THB 114. This signifies a meaningful upward revision in market earnings forecasts.
Sectors with outstanding 2Q26 performance include energy, power plants, refineries, and petrochemicals, with some companies returning to profitability. The telecommunications group also posted strong results, with upward earnings revisions as well.
Based on a market EPS of around THB 108 and a price-to-earnings (P/E) ratio of 16x, the SET Index target would be about 1,730 points. If the benchmark trades at a P/E of 16.5x, the index could reach 1,780, suggesting nearly 10% upside from current levels, making the market’s current valuation attractive.
In the electronics sector, HANA, KCE, and DELTA stood out, driven by robust earnings and renewed global tech buying, along with expectations of lower interest rates and government support for data centers, cloud, and AI. InnovestX highlights HANA, which is closely linked to the AI trend, as the sector’s top pick. DELTA, while still benefiting from the tech theme, has limited upside due to its higher current valuation.
Banking stocks remain attractive due to their dividend yields. KKP offers an expected dividend yield of 6 – 6.5%, TISCO around 6.1%, KTB about 6.3%, and KBANK roughly 6.4%. TTB also provides a high dividend yield.
BAY is noteworthy for its significant dividend policy adjustment, increasing from a previous yield of about 3% to approximately 5.8% this year, enhancing its appeal as a dividend stock.
