Mr. Chaiyot Jiwangkul, Assistant Director of Securities Analysis at Krungsri Securities (KSS), stated in the “Kaohoon” program on December 3, 2025, that inflows from foreign investors have been supporting the Stock Exchange of Thailand (SET) Index over the past two days.
Their buying was driven by news of the potential implementation of the Thailand Individual Savings Account (TISA), which would allow investors to claim tax deductions, as well as growing expectations that the U.S. Federal Reserve will cut interest rates. Mr. Chaiyot also noted that rising in the proprietary trading (Prop Trade) activities in the past few days is unlikely to drive the market further as the activity is designed to be a short term strategy.
The news regarding TISA has been a catalyst for the banking sector, particularly for banks with high dividend payout ratios. Regarding the possibility of an interest rate cut by the Monetary Policy Committee (MPC) this month, Mr. Chaiyot noted that it would have only a moderate impact on the sector’s growth, citing the strong third-quarter performance that was supported by non-interest income.
As for Thailand’s cabinet approving the Climate Change Act, KSS considered it as a positive sentiment for the Thai market as the nation’s industries are generally focused on clean energy. However, this act is unlikely to attract fundflow significantly as the topic is not the main focus of foreign investors in the past 2 – 3 years.
Regarding the finalization of the duty-free business operation agreement between Airports of Thailand Public Company Limited (SET: AOT) and King Power Duty Free Co., Ltd. (KPD), KSS viewed this development in line with its base case and a positive sentiment for the company. The securities company also recommends a target price of THB 40–41 per share if AOT receives approval from the Civil Aviation Authority of Thailand (CAAT) to raise the passenger service charge (PSC) for international routes to THB 750 per passenger.
Additionally, Mr. Chaiyot warned investors to engage in speculative strategy with caution as these sentiments may already be reflected on the stock price.
