Asia Plus Securities wrote in its analysis regarding the investment strategy amid a strong US dollar and rising government bond yields. The brokerage has highlighted several outstanding stocks, including Bangkok Bank (BBL), which is expected to benefit from consistently high interest rates. These conditions are anticipated to support the recovery of net interest margin and growth in the bank’s international loan portfolio.
Bangkok Life Assurance (BLA) is also favored, as it stands to gain directly from the upward movement in government bond yields. Additionally, Bangkok Dusit Medical Services (BDMS) is projected to benefit from easing geopolitical tensions, while the stock price is considered a laggard, suggesting the potential for a swift rebound.
The Thai stock market is currently experiencing a period where both domestic and international funds are preparing for portfolio adjustments in accordance with various indices before the end of the quarter. Notably, Delta Electronics (Thailand) (DELTA) has seen its share price surge by 34% since the beginning of the quarter, resulting in an increase in its weighting in the SET50 Index from 10% to 12.63%.
Historical data indicate that when a stock’s weighting exceeds the capped limit, it often triggers profit-taking or ‘window dressing’ approximately one week before the end of the quarter. For example, DELTA’s share price fell by THB 9 before the end of 4Q25, by THB 32 before 1Q26, and by THB 25 before 2Q26. As such, investors are recommended to remain cautious regarding potential volatility in DELTA’s share price during this period.
Asia Plus notes that MR. D.I.Y. Holding (Thailand) (MRDIYT) and Thai Airways International (THAI) are notable stocks, as both are being included in the SET50 and SET100 indices, effective in the second half of the year (from July 1 to December 31, 2026). These firms are likely to become key targets for passive funds that must adjust their portfolios accordingly.
Regarding stocks that are being excluded from the indices, the brokerage flags caution due to potential selling pressure over the next two weeks. However, if significant corrections occur, fundamentally strong stocks with growth prospects—such as BTS Group Holdings (BTS), Carabao Group (CBG), and Central Plaza Hotel (CENTEL)—remain attractive for gradual accumulation after the index changes take effect.
