Mr. Chaiyot Jiwangkul, Assistant Director of Securities Analysis at Krungsri Securities (KSS), stated in “Kaohoon” program on October 22, 2025, that investors are focusing on the earnings season of Thai-listed companies. So far, the banking sector has announced better-than-expected results.
The next sectors that are likely to announce their performances are the Information & Communication Technology (ICT) and the Energy sectors. Mr. Chaiyot estimated mixed results among these sectors, possibly leading to a volatility in the stock market index.
He also added that the retail and tourism sectors exhibited small gains in recent days due to the sector already pricing in the Thai government’s stimulus package prior to the official launch.
Regarding the performance of the banks, financial institutions have shown betternon-performing loan (NPL) management due to limited lending approval. Mr. Chaiyot clarified the loss from lower loan and margin will be offset by the non-interest income. Furthermore, he estimated that the institutes will release more loans in the future.
Among commercial banks, KSS recommended SCB X PCL (SET: SCB) and Kasikornbank PCL (SET: KBANK) for their stronger performance than anticipated. Their dividends are also higher than average ratio, with SCB’s dividend yield at 9% while KBANK’s at 7%.
As for the performance of ICT and Energy sectors, the companies that are likely to release their quarter performances soon are True Corporation PCL (SET: TRUE) and PTT Exploration and Production (SET: PTTEP). However, Mr. Chaiyot did not have high expectations from PTTEP, citing the oil prices that have been declining.
In contrast, KSS estimates strong performance from TRUE and Advanced Info Service PCL (SET: ADVANC). Furthermore, these companies have been able to increase their average revenues per user (ARPU) and reduce costs.
Regarding the tourism stimulus Thailand’s Cabinet recently approved, Mr. Chaiyot stated it is unlikely to contribute much to the Thai stock market due to small market capitalization in the sector. Still, these measures would boost the performance of the hotel companies in the fourth quarter this year and the next year’s first quarter.
KSS recommended Central Plaza Hotel (SET: CENTEL) as the company has several hotels in its network. Furthermore, its food business has shown a strong recovery from the second quarter. The securities company estimates further growth in the future.
Before the session ended, Mr. Chaiyot highlighted two key developments for investors to monitor. He pointed first to China’s Fourth Plenum, where officials will lay out the country’s next five-year plan, a decision that could have significant implications for trade with global partners.
Secondly, he flagged the trajectory of the U.S. economy, noting that while GDP growth remains robust, the ongoing government shutdown has disrupted access to employment data. This creates conflict in the overall outlook and should the shutdown persist, it risks dampening economic growth and disrupting capital flows.
