Mr. Chaiyot Jiwangkul, Assistant Director of Securities Analysis at Krungsri Securities (KSS), during the “Kaohoon” program on February 18, 2026, expects this year’s target level for the Stock Exchange of Thailand (SET) Index at 1,475 points. However, if a market re-rating occurs, the target could rise to 1,550 points. Key catalysts for the re-rating would be improvements in the energy sector and stronger GDP growth. If these factors drive gains in energy and GDP-linked stocks, the re-rating scenario could materialize.
Regarding capital flows, Mr. Chaiyot noted that the recent advance has been supported by Thailand’s strong fourth-quarter GDP growth of 2.5% and expectations of continued expansion. He also noted that the flows are now shifting from the energy sector toward banking, commerce, and ICT sectors, which is a positive development as it helps stabilize the index’s upward momentum. Power plant and financial stocks are likely to be the next targets of the capital flows.
As for Gulf Development PCL (SET: GULF)’s rally, Mr. Chaiyot stated that the stock may have reached an overbought level, but it could continue to advance due to the positive sentiment from earnings and special dividend announcement. Investors who already hold the stock are advised to maintain their positions unless the stock price falls below THB 60 per share, while those without a position are recommended to wait for a price correction before entering.
Mr. Chaiyot also commented on TMBThanachart Bank PCL (SET: TTB)’s decision to expand the budget for its share buyback program, describing it as a positive development as it reflects strong liquidity. However, he cautioned that the stock may be approaching an overbought level.
He also mentioned the joint venture between PTT Oil and Retail Business PCL (SET: OR) and Central Plaza Hotel PCL (SET: CENTEL) for the budget hotel business. Mr. Chaiyot noted that the partnership would support OR’s non-oil business expansion while helping CENTEL enter new market segments. Nevertheless, he estimated that earnings growth for both companies is unlikely to surge significantly in the near term.
