Mr. Pobchai Phatrawit, Equity and Digital Asset Strategist at InnovestX Securities, stated on the ‘Kaohoon’ program on July 27, 2026, that the Thai stock market is expected to move sideways-down within the 1,630 – 1,650 points range. Despite easing tensions in the Middle East, the market remains pressured by disappointing earnings from DELTA and a decline in oil prices.
DELTA’s 2Q26 results came in about 35% below analyst expectations due to higher raw material costs amid specific chip and high-power equipment shortages. The analyst reiterated that investors should monitor the upcoming analyst meeting and management’s outlook, which could lead to downward earnings revisions for 2026, previously expected to see over 30% growth.
Meanwhile, the 5 – 6% drop in WTI crude oil prices has weighed on upstream energy stocks such as PTTEP, as well as on refiners and petrochemical companies including BCP, TOP, SPRC, PTTGC, and IVL.
On the other hand, tourism, hotel, airline, power plant, and finance stocks are likely to attract buying interest, benefiting from lower energy costs and declining bond yields.
In the medium term, the SET Index’s 1,600-point level remains a key support level, with foreign fund inflows helping to stabilize the market. While recent inflows have focused on electronics, energy, banking, and construction stocks, capitals are expected to rotate into underperforming stocks with low foreign ownership, such as the retail, financial, hospital, and tourism sectors.
Banking stocks remain appealing, offering dividend yields of about 5 – 8%. However, following second quarter 2026 earnings announcements, they may face short-term profit-taking. Therefore, Mr. Pobchai advised investors to wait for price pullbacks before buying ahead of interim dividend announcements, which are expected from next month through September.
For short-term strategies, the analyst recommends ERW, with its 2Q26 profit projected to grow 21% year-over-year, making it a standout in the sector. In 4Q26, ERW should benefit from upcoming government measures and the IMF and World Bank meetings scheduled for mid-October, supporting hotel occupancy rates.
Additionally, GPSC is recommended, as it benefits from lower gas costs and bond yields, reducing production and financial costs. A positive catalyst is the new Power Development Plan (PDP 2026), expected to be announced next month, focusing on renewable energy production—a field in which GPSC excels.
GPSC also has growth prospects in the data center business and plans to list its Indian power plant business on the stock exchange, which could positively affect its share value in the future.
Meta desc: InnovestX sees Thai stock market trends sideways-down on DELTA earnings and oil prices weakness, highlighting ERW, GPSC as promising short-term picks.
