Asia Plus Securities (ASPS) estimated that the SET Index has risen to a one-year high, breaking through the key resistance level at 1,345 points. This signals a positive outlook for the market in the coming period, suggesting that “the path ahead is opening up,” and there is a likelihood of continued fund inflows for the third consecutive month, supported by key factors in February 2026.
There are five main factors boosting the Thai stock market in February:
1) Election Rally: The general election on February 8 is expected to create a positive market atmosphere. Historical statistics show that Thai stocks typically rise by an average of 1.8% in the week before the election, and by another 2.6% in the month after, reflecting expectations for political stability and economic policies.
2) Potential MSCI Weight Increase: MSCI is set to announce its rebalance on February 10. This year, the Thai stock market has risen 6.9% year-to-date, outperforming the MSCI ACWI global index, which has gained only 2.4% YTD. Thailand could attract more capital if Indonesia’s weighting is reduced due to failing to meet the free float criteria.
3) Potential 4Q25 GDP Turnaround: The GDP figure, to be announced on February 17, is anticipated to rebound after Q3 contracted 0.6% quarter-on-quarter. Q4 is expected to grow 0.2% QoQ and 1.3% year-on-year, helping the Thai economy avoid a technical recession.
4) Tailwinds from Chinese New Year Festival: The number of tourists is expected to recover from a low base, as last year’s festival fell in January amid events that dampened Chinese tourist confidence.
5) Strong Recovery in Listed Companies’ Profits: 4Q25 profits are projected to reach THB 250–260 billion, up 80–90% from the previous year’s low base of just THB 137 billion, resulting in a more than one-point drop in the market’s Trailing P/E and increasing the market’s value appeal.
Accordingly, 27 large-cap “second-tier” stocks whose prices remain in the laggard zone—but are showing recovery signals and still have upside potential—have been screened. These stocks include Amata Corporation Public Co., Ltd. (SET: AMATA), B.Grimm Power Public Co., Ltd. (SET: BGRIM).
SISB Public Co., Ltd. (SET: SISB), SCGJWD Logistics Public Co., Ltd. (SET: SJWD), Quality Houses Public Co., Ltd. (SET: QH), Gunkul Engineering Public Co., Ltd. (SET: GUNKUL), KCE Electronics Public Co., Ltd. (SET: KCE).
Tidlor Holdings Public Co., Ltd. (SET: TIDLOR), Srisawad Corporation Public Co., Ltd. (SET: SAWAD), Berli Jucker Public Co., Ltd. (SET: BJC), Sansiri Public Co., Ltd. (SET: SIRI), CP ALL Public Co., Ltd. (SET: CPALL), WHA Corporation Public Co., Ltd. (SET: WHA), Bangkok Dusit Medical Services Public Co., Ltd. (SET: BDMS), Praram 9 Hospital Public Co., Ltd. (SET: PR9), Bumrungrad Hospital Public Co., Ltd. (SET: BH), Hana Microelectronics Public Co., Ltd. (SET: HANA).
Muangthai Capital Public Co., Ltd. (SET: MTC), Chularat Hospital Public Co., Ltd. (SET: CHG), Dohome Public Co., Ltd. (SET: DOHOME), Land and Houses Public Co., Ltd. (SET: LH), Sri Trang Agro-Industry Public Co., Ltd. (SET: STA).
Central Retail Corporation Public Co., Ltd. (SET: CRC), Asset World Corp Public Co., Ltd. (SET: AWC), Carabao Group Public Co., Ltd. (SET: CBG), Krungthai Card Public Co., Ltd. (SET: KTC), MK Restaurant Group Public Co., Ltd. (SET: M).
