Thailand’s SET Index closed at 1,621.62 points, decreased 4.82 points or 0.30%, with a trading value of THB 83.30 billion. The analyst stated that the Thai stock market moved with volatility throughout the day, despite notable buying interest in the energy sector, which came after rising crude prices from renewed Middle East uncertainties. The strength in oil-linked names, however, was offset by DELTA’s weakness amid global tech downturn, with selling pressure in the banking sector also contributing to the retreat.
For tomorrow, the analyst expects the Thai benchmark to trade sideways, as market participants are monitoring the Federal Reserve minutes. Domestically, there are no new catalysts.
UBS has revised its 2026 Thailand’s SET Index target upward by 16% to 1,680 points. The revised base case target is valued at approximately 17.2x next-twelve-months (NTM) price-to-earnings (P/E) ratio based on an NTM earnings per share (EPS) forecast of THB 97.
UBS noted that there remains clear room for consensus EPS upgrades among laggard sectors as global crude oil prices normalize. Furthermore, valuations for the broader market—excluding DELTA—are currently hovering near 10-year lows, offering an attractive entry point for institutional investors as market earnings yield gaps hover around historical averages.
Long-term interest rates in the United States climbed to their highest levels in nearly 20 years on Tuesday, as escalating conflict in the Middle East and heavy government debt issuance unsettled global markets. The 30-year Treasury yield surged to 5.32%, a peak not witnessed since 2007.
