Mr. Koraphat Vorachet, Assistant Director and Division Head of Research at Krungsri Securities (KSS), said in the “Kaohoon” program on August 27, 2026, that Thailand Focus 2026 reflected a more positive outlook for the Thai market, with foreign investors showing increased interest in Thailand as a new investment base.
He noted that accelerating demand for computing systems and AI adoption has created opportunities for Thailand to become a key hub for the data center business. The direction of the government, private sector, and foreign investors has also become more aligned, while large technology companies continue to show interest in investing in the country.
Government policy support, including the new Power Development Plan (PDP 2026), infrastructure investment, and fiscal measures to support economic growth and the capital market, should help enhance Thailand’s attractiveness to foreign investors, he added.
Mr. Koraphat said investors are also increasingly interested in the JUMP+ program, particularly its potential to improve listed companies’ performance after stronger earnings in the second quarter of 2026. However, he said the extent to which the measure can accelerate earnings growth in coming quarters remains to be seen.
Based on his experience attending Thailand Focus for more than 10 years, Mr. Koraphat described this year’s event as notably vibrant. He believes foreign fund flows have the potential to return to the Thai market, particularly as the direction of U.S. monetary policy becomes clearer. KSS expects the Federal Reserve to hold interest rates until year-end, with a possible rate cut toward the end of the year if conditions allow. A more dovish policy shift is seen as more likely in the first quarter of 2027, which would support fund flows into Asian emerging markets, including Thailand.
Regarding foreign net selling on certain days, Mr. Koraphat said investors should not assess fund-flow trends based on a single trading day, as foreign investors had previously bought Thai equities for several consecutive days. He also pointed to the return of long positions in the TFEX market as a key signal to monitor, as the derivatives market often reflects fund-flow direction before it appears in the stock market.
On fundamentals, KSS sees Thailand’s investment cycle becoming clearer, supported by the expansion of corporate lending. Profits of Thai listed companies have grown year-on-year for six consecutive quarters and could continue expanding in the third quarter of 2026 from a low base last year, driven by the energy sector and high refining margins.
If listed companies continue to report profit growth in the third and fourth quarters, KSS said the current earnings cycle would exceed the 2010-2011 cycle, which saw about seven consecutive quarters of growth. Market earnings in 2027 could also surpass 2026 levels, potentially creating a new profit base for the Thai stock market.
Profit growth is expected to become more diversified across industries, particularly service sectors previously pressured by energy costs, such as tourism and retail. These sectors could see margin recovery after oil prices and inflation passed their peaks. The return of Chinese tourists and rising tourism from the Middle East are also expected to support tourism and hospital stocks.
For investment themes, KSS favors sectors benefiting from the investment cycle, including commercial banks, power plants, industrial estates, construction contractors, and power grid businesses, which should gain momentum from infrastructure and data center investments.
In the energy sector, KSS sees refineries benefiting from a favorable earnings cycle, with refining margins above normal levels. This should support cash flow and create opportunities for attractive dividend payments. The broader energy sector is also expected to benefit from PDP 2026, which aims to raise the renewable energy proportion to around 60% to meet clean energy demand from data centers and new industries.
For short-term strategy, KSS sees continued upward momentum in the SET Index, with resistance at 1,621 and 1,630 points, and support at 1,600 and 1,597 points. KSS selected DELTA and GULF as top picks, with DELTA benefiting from the AI investment cycle and GULF positioned to benefit from data center investments and the direction of Thailand’s energy policy.
