Mr. Chaiyot Jiwangkul, Assistant Director of Securities Analysis at Krungsri Securities (KSS), during the “Kaohoon” program on November 11, 2026, stated that the Thai stock market is likely to enter a short-term consolidation phase after its recent rebound priced in several positive catalysts.
The analyst noted that earlier gains reflected falling crude oil prices, lower U.S. Treasury yields and Cabinet-approved investment guidelines for data centers. These factors had supported buying in power producers, industrial estates and electronic component stocks.
However, slightly higher-than-expected U.S. inflation for October subsequently pushed the 10-year Treasury yield close to 5%, raising concerns about a possible Federal Reserve interest rate increase in December. Mr. Chaiyot said this could encourage investors to postpone allocations to risk assets.
Domestic third-quarter 2026 earnings have delivered mixed results, with both stronger-than-expected profits and earnings misses, limiting their ability to drive the broader SET Index higher.
Mr. Chaiyot highlighted CPAXT and BA as companies whose favorable quarterly results could attract investor interest. Some petrochemical companies, meanwhile, reported earnings below expectations and could face selling pressure. He therefore recommended a selective investment approach rather than broad market directional bets.
The analyst also highlighted four groups likely to benefit from the Cabinet’s data center investment guidelines, which he views as an important catalyst for large-scale investment in Thailand.
1) Construction contractors: Companies with specialized infrastructure and installation capabilities should benefit during initial project development. His picks include STECON and INSET, with the latter’s expertise in electrical systems and data center infrastructure providing a direct advantage in securing new work.
2) Power and utilities providers: Data centers require substantial electricity, water and backup capacity. Guidelines enabling Direct Power Purchase Agreements (Direct PPAs) should also expand opportunities for private power producers. GULF offers exposure through both electricity generation and its own data center investments. GPSC and BGRIM are also positioned to serve rising electricity demand and future Direct PPA opportunities.
3) Industrial estates: Requirements for projects consuming at least 20 megawatts of electricity to operate in designated industrial areas should support land demand and utility services. Mr. Chaiyot favored WHA, citing its available industrial land, established data center customer base and complementary water and power businesses. He said WHA’s data center client base was more prominent than that of AMATA.
4) Commercial banks: Financing for data center construction and related infrastructure should support corporate loan demand, particularly at banks serving large corporate clients. However, identifying the largest beneficiary remains difficult because individual project borrowers are not publicly disclosed.
Mr. Chaiyot said the investment cycle could support Thailand’s economy over the medium to long term, particularly companies with infrastructure ready to accommodate large international projects.
Nevertheless, he urged near-term caution toward energy and petrochemical stocks. He noted that crude oil prices had fallen nearly 20% from peaks reached over the preceding week as concerns about Middle East tensions eased, creating a headwind for both sectors.
