Mr. Chaiyot Jiwangkul, Assistant Director of Securities Analysis at Krungsri Securities (KSS), during the “Kaohoon” program on July 15, 2026, stated that the Thai stock market remains stronger than its regional peers, as it continues to be a target for foreign fund inflows. A key supporting factor is the beginning of a new investment cycle.
Thailand’s economy is transitioning from a period of low growth to a phase expected to receive significant investment over the next three years, driven by data center projects and various mega projects. These developments will help support economic growth, purchasing power, and the earnings of listed companies.
Another factor is the reallocation of investments from the Indonesian stock market due to concerns over liquidity and transparency. Some of these funds have moved into markets with better growth prospects and moderate valuations, including the Thai bourse. As a result, the SET Index remains resilient, even amid uncertainties such as the ongoing Middle East conflict.
For the second quarter of 2026, Mr. Chaiyot acknowledged that some businesses have been affected by higher energy and logistics costs, though the impact varies by sector. The energy and petrochemical sectors show signs of recovery, while smaller stocks with tight liquidity may be more severely affected than large firms, which are better able to manage costs in the next 3 – 4 months.
Net foreign buying in PTT and PTTEP came from the rise in oil prices. Meanwhile, existing funds in the banking sector have not exited aggressively, but have paused, and new capital is rotating into the energy sector, thereby supporting the strength of the Thai market compared to neighboring markets.
In terms of investment strategy, stocks benefiting from the new S-Curve and the new investment cycle are recommended. GULF is supported by renewable energy project bids and Direct Power Purchase Agreement (Direct PPA) policy at the end of this year, as well as a data center business that is attracting clients and gradually generating revenue. Expansion plans are also in place. Mr. Chaiyot maintains a “Buy” recommendation with a target price of THB 74.
Another outstanding stock is MTC, which benefits from the recovery in the domestic economy. Although loan growth may not be remarkable, the company is effectively managing its non-performing loans (NPLs). Profit for the second quarter of 2026 is expected to grow both quarter-on-quarter and year-on-year. The “Buy” recommendation was given along with a target price of THB 40.
