Mr. Chaiyot Jiwangkul, Assistant Director of Securities Analysis at Krungsri Securities (KSS), stated in “Kaohoon” program on October 29, 2025, that last week was a period when the banking sector announced the third-quarter performance.
The results are higher than estimations, leading to significant capital inflows. However, following the developments, he noted that the flow could head to other sectors ahead of the release of financial performances.
Regarding the bank performance, interest income only shows a sign of stability or decline. Meanwhile, non-interest income, especially from investments, has led to a strong outlook. Another factor includes non-performing loans (NPL), as Mr. Chaiyot pointed out that most banks have shown better management this year.
Mr. Chaiyot recommends shares in the Information and Communication Technology (ICT) sector, especially Advanced Info Service PCL (SET: ADVANC) and True Corporation PCL (SET: TRUE), as KSS estimated strong outlooks in their third quarter performance reports. The securities company expects ADVANC to post a net profit of approximately THB 11 billion, while TRUE is expected to achieve around THB 3 billion, reflecting growth in both year-on-year and quarter-on-quarter terms.
As for other sectors, Mr. Chaiyot recommended, the refinery sector is showing signs of recovery as the gross refining margin has been increasing. However, cautions remain as OPEC+ has announced a production increase, affecting supply and putting pressure on oil prices. Therefore, Mr. Chaiyot advised investors to take speculative positions in this sector, particularly pointing to Bangchak Corporation PCL (SET: BCP) as the company showed signs of the highest recovery among peers.
For the power plant, Mr. Chaiyot stated that the sector could potentially be subject to a rebound due to the downward trend of natural gas prices, leading to lower costs. He anticipates a strong performance in the fourth quarter if the trend continues.
As for real estate, Mr. Chaiyot stated that the overall sector is still in a slowdown period. However, AP (Thailand) PCL (SET: AP) has shown signs of growth due to its flexible product mix. KSS estimates its third-quarter growth in both year-on-year and quarter-on-quarter terms.
Mr. Chaiyot also noted that reports regarding the Chinese government’s directive for its petrochemical producers to reduce output are positive for Thailand. The prospects of lower supply in the region could help improve petrochemical spreads. However, he warned that the impact will not be immediate, as producers cannot significantly cut production within a single quarter. It may take a year or longer.
