Mr. Chaiyot Jiwangkul, Assistant Director of Securities Analysis at Krungsri Securities (KSS), during the “Kaohoon” program on May 27, 2026, stated that the key factor to monitor is the Middle East situation, especially the tension between the United States and Iran.
Despite efforts to push for a ceasefire agreement, the actual situation in the region remains inconsistent, as attacks are still observed in certain areas. This may undermine trust in the negotiations and prolong market volatility.
Regarding regional interest rates, after some countries in Asia such as Sri Lanka and Indonesia have raised their rates, KSS viewed that the reasons differ across countries. Sri Lanka still faces weak economy and energy pressure, while Indonesia was impacted by capital outflows, MSCI Index weighting reduction, and inflationary pressure.
However, in Thailand’s case, there is currently not enough weight to anticipate that the Monetary Policy Committee (MPC) will follow suit with a rate hike. This is because Thailand has yet to see significant capital outflows, while foreign direct investment (FDI) and investment promotion applications through the BOI remain high, especially investment in the data center business.
Mr. Chaiyot further stated that if outflows occur from Indonesia, some capital may rotate back to other emerging markets in the same group, such as Thailand and the Philippines. Notably, if the Middle East conflict eases, it will further enhance the opportunity for international fund flows to return to the Thai stock market.
In the short term, the Thai bourse is mainly supported by the electronics sector, especially DELTA, as well as related stocks such as KCE and CCET. These benefit from the investment trend in infrastructure for AI, Data Center, and technology, which are expected to maintain growth over the next 2-3 years.
For investment strategies, KSS reiterated that the tourism-related stocks are still attractive, as the number of tourists is recovering steadfastly, increasing around 10% week-on-week, reflecting a positive momentum for this group.
The “Buy” recommendations are given to AOT with a target price of THB 45, driven by the recovery in travel and tourism. The recommendation was also given to BH along with a target price of THB 210, as international patients—especially from the Middle East—are likely to surge in 2Q26 after Ramadan. Moreover, BH’s 1Q26 results remained solid, despite a slight slowdown in some patient numbers.
However, caution is advised for the financial sector in the short term, as rising bond yields may directly pressure investment sentiment, given that this sector’s business involves financial costs related to borrowing and lending. At the same time, the impacts from oil prices, the war, and inflation in 2Q26 require investors to closely monitor asset quality and the NPL outlook for this group.
