Asia Plus Securities noted that, according to a five-year monthly average heatmap, the Thai stock market (SET Index) demonstrates a clear seasonal pattern.
Historically, the SET Index tends to deliver negative returns between January and June, averaging losses of around 1% to 3%. Conversely, during the second half of the year (July to December), the market typically posts average gains of 0.5% to 3%.
Given the current period, the brokerage recommends accumulating shares whose 2026 earnings are expected to see robust growth, breaking them down by sector:
- Petrochemicals: The segment is forecast to recover and return to profit, driven by Indorama Ventures (IVL). This turnaround is attributed to the rebound in the petrochemical cycle and improved margins.
- Electronics Components: Expected sectoral growth is approximately 35%, reflecting increasing technology demand, with Delta Electronics (Thailand) (DELTA) leading the sector.
- Packaging: Projected to expand by 26.7%, led by SCG Packaging (SCGP), which is set for 27% growth, supported by recovering consumer goods demand and regional business expansion.
- Transportation: The sector is forecast to add 15%, with Airports of Thailand (AOT) driving growth at an expected 27%, in line with the post-pandemic recovery in the aviation and tourism sectors.
- Tourism: Predicted to grow 11.6%, Central Plaza Hotel (CENTEL) is seen as a key contributor, with anticipated growth of 18% as economic activities and tourism rebound.
- Information and Communication Technology (ICT): The sector could see 11.5% growth, spearheaded by Jaymart Group Holdings (JMART), expected to grow 34% thanks to business expansion and digital transformation efforts.
SET 2025 Year-End Recap
According to data from the Stock Exchange of Thailand (SET), the Thai capital markets remained resilient throughout 2025 despite global economic volatility. A total of 18 companies made their debut via IPOs—six on the main SET Index and 12 on the Market for Alternative Investment (mai).
By the end of 2025, there were 639 listed companies on the SET Index and 230 on the mai, reflecting a diverse range of business sizes and industries turning to capital markets for funding.
As of November 28, 2025, the cumulative number of securities trading accounts reached 3,853,530, indicating sustained retail investor participation despite market fluctuations over the year.
The SET Index closed at 1,259.67 points, compared with 1,400.21 at the end of 2024—a drop of 140.54 points, or 10.03%.
Institutional investors recorded net sales of THB 37.99 billion, while proprietary trading accounts sold a net THB 13.59 billion. Foreign investors were net sellers of THB 107.06 billion, and local retail investors were net buyers totaling THB 158.65 billion.
The SET’s market capitalization stood at THB 15.93 trillion, with the mai at THB 216.06 billion. Dividend yields were 3.71% for the SET and 3.99% for the mai.
The SET Index, SET50, and SET100 remain key benchmarks for the Thai capital market, complemented by detailed analyses of net trading positions across different investor categories—essential indicators of fund flows and market sentiment.
Meanwhile, the mai Index and related statistics continue to highlight the importance of mid- and small-cap businesses to the Thai economy and innovation sector.
Market capitalization, dividend yield, and price-to-earnings ratios across both SET and mai remain vital indicators for investors assessing overall market value and attractiveness.
Despite a slowdown in IPO activity, stable numbers in listed companies and investor bases suggest a robust foundation for Thai capital markets as they look ahead to 2026.
