KGI Securities (Thailand) expects the Thai stock market to face renewed volatility in September 2026, with global uncertainties continuing to dampen foreign investor sentiment despite positive domestic fundamentals.
In August, KGI’s model portfolio delivered a modest 0.3% gain, marginally outperforming the overall market. The Thai economy remained resilient, supported by robust 2Q26 GDP growth, stronger corporate earnings, and government plans to stimulate private consumption and domestic tourism. However, persistent global concerns, especially the ongoing U.S.-Iran conflict and instability in U.S. bond markets—which prompted the U.S. Treasury to announce a special bond buyback—restricted foreign equity inflows.
Looking to September, KGI forecasts a potential pullback in the SET Index due to continued global risks. The resumption of U.S.-Iran hostilities and limited prospects for a swift reopening of the Strait of Hormuz are set to weigh on regional markets. Moreover, expectations of a U.S. Federal Reserve rate hike following Chair Kevin Warsh’s hawkish comments at the Jackson Hole symposium further cloud investor sentiment.
Nonetheless, KGI notes Thailand’s domestic economy remains broadly supportive, with ongoing strength in private investment and an approaching tourism high season.
For September, the brokerage recommends five stock picks:
- Kiatnakin Phatra Bank (KKP): Reported strong 2Q26 results, with THB 2.1 billion in earnings (+9% QoQ, +51% YoY), boosted by wealth management fees and improved asset quality.
- Gulf Development (GULF): Positive outlook driven by substantial data center demand, opportunities in Direct PPA capacity, and potential upside from lower renewable energy development costs.
- Stecon Group (STECON): Secured new projects worth THB 10 billion, increasing its backlog to THB 116.4 billion, and stands to benefit from data center-related FDI.
- Asset World Corp (AWC): Expected to post stronger earnings in 2H26, supported by a sharp recovery in the hotel segment and significant room capacity expansion through 2030.
- Central Pattana (CPN): Plans to open two major malls in 2027 and further expand net leasable area, targeting increased non-rental income and robust residential sales by 2030.
