Mr. Chaiyot Jiwangkul, Assistant Director of Securities Analysis at Krungsri Securities (KSS), stated in “Kaohoon” program on November 12, 2025, that the low trading volume in the Stock Exchange of Thailand (SET) is due to the earnings season as investors adopt wait and see strategy.
In sectors with strong performance, such as Information and Communication Technology (ICT) and banking, trading volumes are expected to remain robust as investors engage in speculative trading. However, there are also sectors that show mixed performance as some companies report weaker outlook. As a result, investors choose to focus on specific individual stocks, leading to a lower overall trading activity in those sectors.
Another reason is due to the stimulus measures, such as Half – Half Plus, as the market has priced in the positive impact of the measure, pushing the SET Index to about 1,350 points. Investors are now monitoring the performance and impact of the measure to the Thai economy.
Mr. Chaiyot recommended investors to adopt a selective strategy and follow the market movement. He advised the finance sector as companies, such as Krungthai Card PCL (SET: KTC) and Muangthai Capital PCL (SET: MTC), reported strong quarter performance and lowered provisioning expenses due to stronger Non-Performing Loan (NPL) management.
Furthermore, the recent report of inflation being in the negative territory has increased the possibility of the Bank of Thailand (BOT)’s slashing interest this December. This development will benefit the sector as it encourages lending and investment.
KSS also recommended the ICT sector due the possible strong growth in the fourth quarter and next year. As for the banking sector, Mr. Chaiyot recommends investors to focus on the financial institutions with high dividend yield as the sector has shown mute core earnings from interest income and loan growth, while income from fee and bond investment surge.
Mr. Chaiyot also recommended the transportation sector as it is entering the travel high season. Recently, Bangkok Airways PCL (SET: BA) announced third quarter performance, showing a strong growth due to the travel high season at Samui island. However, KSS estimated a decline in the fourth quarter. As for Asia Aviation PCL (SET: AAV), the securities company estimated a rebound due to the growing number of foreign tourists.
In addition, Mr. Chaiyot advised Airports of Thailand PCL (SET: AOT) specifically as the company will benefit from the travel high season. Furthermore, on December 3, 2025, the Civil Aviation Board (CAB) will review the company’s proposal of increasing Passenger Service Charges (PSC).
The firm estimated AOT’s valuation at THB 45 per share based on the assumption of a new PSC at THB 1,000. In case that the Board approves a raise to THB 750, the valuation of AOT is estimated at THB 40 per share.
