Mr. Kantara Ladawan na Ayutthaya, Executive Director of Finansia Syrus Securities, stated in “Kaohoon” program on November 21, 2025, that since the U.S. labor market data for September came in better than expected, the likelihood of an interest-rate cut in December is low, estimated probability of around 40% for a cut. As for the labor data for November and December, he noted that those figures will be released after the Federal Reserve’s December meeting. Therefore, they are unlikely to influence the policy decision in December. Still, he sees a probability for a cut in January next year.
Regarding the downward trend among Asia indices, Mr. Kantara anticipated that the Stock Exchange of Thailand (SET) Index would not face a huge impact due to insignificant gains during the bull run in other markets. Moreover, SET Index has been building its base level, currently at 1,265 points. Mr. Kantara anticipated that it could reach 1,270 – 1,280 points, with the testing level at 1,300 points.
For recommending stocks, Mr. Kantara advised those with low P/E ratios or strong fundamentals, such as Advanced Info Service PCL (SET: ADVANC) and Gulf Development PCL (SET: GULF) with target prices of THB 340 and THB 60 per share, respectively. He also advised Muangthai Capital PCL (SET: MTC), which is benefiting from the interest rate cut trend. For the banking sector in the SET50, he recommended focusing on dividend stocks.
Mr. Kantara also noted that although Delta Electronics (Thailand) PCL (SET: DELTA) is no longer subject to the Cash Balance measure, its stock price may track the Asian indices, which are heading downward and could weigh on the SET Index. Nevertheless, given the company’s positive outlook, its stock price is expected to rise in the future, providing support to the overall index.
Regarding the possibility of the Thai parliament dissolving on December 12, which is earlier than the previous timeline at the end of January 2026. This stems from a potential vote of no confidence in the current government, which would be an imminent loss due to minority seats in the parliament for the PM. Mr. Kantara noted a high likelihood but viewed it as positive for the market. He explained that the current administration has been implementing stimulus measures, and after dissolution, the interim government is also expected to introduce new measures. The incoming government is likely to continue this approach, and the continuity of stimulus policies should benefit the market.
Mr. Kantara also forecast that the SET Index will make a significant gain ahead of the election. This scenario did not occur in the previous election because the leading political parties did not receive majority support from the Senate, resulting in the failure to appoint their candidate as prime minister. This time, however, the Senate is no longer part of the selection process, meaning the most popular party is likely to form the government. This allows investors to better anticipate the election outcome and the policies the winning party is expected to implement.
