Pichet Sithi-Amnuai, Executive Director of Bualuang Securities (BLS), revealed that 17 securities companies have submitted proposals to the Securities and Exchange Commission (SEC) to address problems and increase transparency in short selling criteria.
The main point is the proposal to abolish the stock borrowing under the Locate method and to review and tighten transaction inspection processes, aiming to close loopholes that may lead to illegal naked short selling.
BLS itself has no stake in this matter, as it was not among the companies submitting such proposals. However, frequent regulatory changes may affect investor confidence and deter capital inflow into the stock market.
Piriyapon Kongvanich, Head of Equity Research at BLS, stated that the Stock Exchange of Thailand (SET) index target for 2025 is projected in the range of 1,280-1,300 points, and for 2026, the target is 1,440 points. He noted concerns regarding future political issues in the country, such as potential instability or delays in government formation after the election. There are also concerns about external factors, specifically the weakening U.S. employment figures.
For earnings per share (EPS), this year’s estimate stands at THB 82, lower than the market consensus of THB 89. The 2026 EPS is projected at THB 90, also below the market expectation of THB 94, mainly due to worries about funding for future economic stimulus and the possibility of lower oil prices as OPEC and non-OPEC groups accelerate production.
Regarding investment strategy, four sector groups are viewed as attractive for growth next year:
1) The data center investment sector, which will likely become clearer in early 2026. WHAUP, as an integrated utility and energy services provider, is expected to directly benefit.
2) Sectors benefiting from short-term economic stimulus measures, such as ICHI, which has shown continued growth due to new SKUs, and CPAXT, which benefits from the government’s co-payment scheme.
3) The tourism sector, expected to benefit in the high season during 4Q25, especially during Golden Week in early October. AOT is recommended, also noting its new CEO who is already well-versed with the company’s operations.
4) Global play sectors, with a particular focus on petrochemicals such as PTTGC and SCC.
Watcharaporn Kantaphayao, Head of Investment Analysis (Economist) at BLS, stated that this year’s GDP growth is forecasted at 1.8%, and next year’s at 1.6%. This is due to the Thai economy’s reliance on exports, accounting for 65-70% of GDP, with exports driven forward in 1H25 by concerns over U.S. tariffs.
However, if the market experiences a positive surprise and the court rules that Donald Trump cannot utilize tariffs, export performance may exceed expectations, possibly pushing GDP growth above 2% this year. The verdict is expected around November 2025.
Looking ahead to next year, private investment, foreign direct investment (FDI), and support from the Board of Investment (BOI)—which requires approved investment projects to commence within three years—will help bolster the economy from 2026 onward.
Additionally, it is estimated that the Monetary Policy Committee (MPC) will cut the benchmark interest rate by another 0.25 percentage point in December 2025.
