Mr. Chaiyot Jiwangkul, Assistant Director of Securities Analysis at Krungsri Securities (KSS), during the “Kaohoon” program on May 6, 2026, stated that the Thai Market may potentially recover in the short term, supported by the easing of tensions in the Middle East. This has resulted in a decline in crude oil prices, reducing inflationary pressure and easing investor concerns.
At the same time, domestic positive factors are supported by listed big-caps’ 1Q26 financial results, which outperformed expectations, especially in the commercial banking and petrochemical sectors. This reflects the recovery of operating performances in many industries.
Although the government’s THB 400 billion economic stimulus policy is a positive catalyst for economic growth, Mr. Chaiyot estimated that its effect on the stock market will be limited, benefitting only certain directly related industries.
Q1 results showed that several Big Cap stocks reported profits above market expectations, such as Kasikornbank Public Company Limited (SET: KBANK), TISCO Financial Group Public Company Limited (SET: TISCO), Kiatnakin Phatra Bank Public Company Limited (SET: KKP), as well as companies in construction materials and energy, like The Siam Cement Public Company Limited (SET: SCC) and PTT Global Chemical Public Company Limited (SET: PTTGC).
The petrochemical and refinery sectors are expected to remain robust in 2Q26 due to tight global supply and ongoing constraints in transportation through the Strait of Hormuz, which have not yet returned to normal, resulting in sustained high refining margins and product spreads.
However, KSS assesses that the outlook in Q3 remains uncertain and recommends closely monitoring developments in the Middle East. A normalization of shipping routes could lead to decreases in oil prices and profit margins for the energy sector.
For investment strategy, KSS suggests stocks that benefit from lower energy costs and have outstanding performance in Q1, especially the power plant sector.
KSS’ research division has a positive view on Gulf Development Public Company Limited (SET: GULF) as a standout pick, expecting growing profits both quarter-on-quarter and year-on-year, with a target price of THB 70.
Meanwhile, Global Power Synergy Public Company Limited (SET: GPSC) is expected to see 1Q26 profits of around THB 1.5 billion, showing strong growth both from the prior quarter and year-on-year, with a target price of THB 44.
