Mr. Kantara Ladawan na Ayutthaya, Executive Director of Finansia Syrus Securities, stated in the “Kaohoon” program on August 21, 2026, that the short-term outlook for the Thai stock market remains sideways due to ongoing volatility in overseas factors.
These include the resurgence in bond yields and rising tensions between the United States and Iran, which may put intermittent pressure on the market. However, the medium-to-long-term view remains positive, and he believed that the Thai benchmark still has a chance to move higher.
Meanwhile, the Brent crude oil price, hovering at $93.8 per barrel, serves as a support factor for energy stocks. The commercial banking sector may also benefit from Thailand’s improving economic outlook, as it remains a primary target for foreign capital. Should fund flows consistently return to the Thai bourse, the banking and energy sectors are likely to be key drivers, potentially pushing the SET Index to test the 1,700-point level.
For investment strategy, FSS recommends focusing on the value play theme, emphasizing stocks with strong fundamentals that are still undervalued or offer remaining upside. Stocks hitting new highs can also be monitored for investment, as such moves may reflect upward revisions in forecasts or fundamentals. Quality stocks that have declined due to short-term negative factors present an opportunity for gradual accumulation, as bullish periods typically see a rotation from fully valued stocks to those with growth potential.
Additionally, investments in AI and data centers are expected to drive the next investment cycle in Thailand. The industrial estate sector stands to benefit from increased demand for investment spaces, followed by banks through loan offerings, and utilities–power plants due to rising electricity and water consumption. This progression will further extend to employment, consumption, and the retail sector, supporting Thailand’s GDP and stock market in the long term.
In the value play theme, Mr. Kantara highlighted GULF, BBL, PR9, and PTTEP as attractive candidates, viewing them as fundamentally supported and likely to benefit from both fund inflows and the new investment cycle. PTTEP’s base value is estimated at THB 163. The analyst advised investors to wait for market or price corrections from short-term pressures to gradually accumulate these stocks, rather than chasing prices during strong market rallies.
