Mr. Thakrit Chatcherdsak, Assistant Director of Krungsri Capital Securities’ Research Department, stated in the “Kaohoon” program on October 14, 2026, that the Thai stock market today is expected to move sideways, as investors await the release of U.S. inflation data, a crucial factor in assessing the Federal Reserve’s monetary policy direction.
Regarding overseas factors, conditions remain mixed. On the positive side, U.S. Treasury yields declined after New York Fed President John Williams signaled that a single additional interest rate hike near the end of the year might be sufficient, with no further rate increases required next year.
However, pressure persists from elevated crude oil prices, with Brent crude holding above $106 per barrel, which could weigh on costs and market sentiment. Meanwhile, the market continues to face volatility from geopolitical tensions and alternating oil supply news throughout the recent period.
For the Thai equity market, KSS expects the electronics sector to face early selling pressure due to negative sentiment following Asian memory chip equities, particularly in South Korea, which dropped sharply after China’s CXMT made technological advancements in DRAM, raising competition concerns in the memory chip industry.
Nevertheless, the brokerage estimates that the fundamental impact on Thai electronic component manufacturers remains limited, as Thai firms are not direct DRAM producers but primarily manufacture components and assemble products for export. Consequently, the pressure is likely a sentiment-driven impact rather than a structural shift in earnings trends.
KSS sets a key support level for the SET Index at 1,560 points, viewing any pullbacks in electronic stocks triggered by global market sentiment as an opportunity to gradually accumulate rather than reduce portfolio exposure, backed by supporting earnings factors.
In particular, the analyst maintains a positive earnings outlook for DELTA, adding that September export data from Delta Taiwan showed favorable momentum, pointing to a potential full-year peak in 4Q26 financial performance.
Additionally, KSS remains bullish on major electronic stocks, including both DELTA and KCE, but maintains an overweight stance on DELTA due to its higher revenue share linked to artificial intelligence themes and a price correction of approximately 28% from its year-to-date peak, enhancing its valuation appeal relative to sector peers.
In the energy sector, the securities house maintains a positive stance despite acknowledging potential stock price volatility driven by conflict developments and oil supply factors. The strategy continues to emphasize a “Buy on Dips” approach, favoring large-cap refineries within the refining segment and upstream energy stocks that directly benefit from elevated energy prices.
Regarding banking equities, following the financial report from TISCO, KSS noted that it cannot serve as a proxy for the entire banking sector’s performance given differences in business structures and company-specific factors.
The analyst does not expect third-quarter 2026 banking sector earnings to be particularly robust. Following earnings releases, market focus is anticipated to shift back toward asset quality, specifically the impact of the flood, which may affect credit quality in subsequent periods.
Consequently, for sectors positioned for strong 3Q26 profit growth, KSS highlights MTC in the financial sector and BDMS in the healthcare sector. Profits for both companies are projected to grow both year-on-year and quarter-on-quarter, with second-half earnings accelerating from the first half.
Regarding the 2026 IMF-World Bank Annual Meetings hosted by Thailand, KSS views the overall event positively, highlighting the IMF’s upward revision of its global economic forecast and its view that investments in AI and data centers will serve as major drivers of economic growth moving forward.
This trend aligns with Thailand’s investment strategy to attract capital into emerging industries. The analyst views this as confirmation of private sector investment trends, providing support for stocks linked to data center infrastructure and power generation, particularly GULF.
Simultaneously, expanding private sector and corporate investment will bolster corporate loan demand, benefiting commercial banks with strong exposure to the public sector and large corporate lending bases. KSS identifies KTB as a prime beneficiary of this theme.
Furthermore, hosting the IMF-World Bank meetings, which bring a high volume of international attendees, is a positive driver for the service, tourism, hotel, and retail sectors via increased domestic liquidity circulation. Within the hospitality sector, KSS overweighs AWC due to its entirely domestic hotel portfolio and high concentration in Bangkok and surrounding areas, placing it in a direct position to gain from the conference.
