Southeast Asia's well-established market, led by big banks, energy, retail and telecom companies. A popular market with local investors and known for steady dividend-paying stocks.
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Why is Thailand moving?
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AI data centres, oil swings and rate pressure shape Thai market
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AI and data-centre boom drives earnings and investment DELTA's first-half profit jumped 49.8% as AI and data-centre work reached 55-60% of revenue, and it raised its investment budget to $600m. BGRIM plans 2,000-3,000 MW for data centres, WHA is preparing a 1,000-2,000-rai Data Center Park, and INSET sees no impact from a temporary construction pause. This pulls money into electronics, power and industrial-estate firms.
It is the market's main growth engine, lifting earnings and attracting capital to Thai stocks.
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New government investment cycle boosts contractors and materials The 2027 budget worth 3.788 trillion baht and 262 transport projects are starting a new public investment cycle. Brokers name CK and STECON as top picks, with SCC, SCCC and TASCO as material beneficiaries. CK could also win BEM's Purple Line South and Double Deck work. This supports construction backlogs and revenue for years.
It is a fresh, broad driver of domestic demand and earnings for construction and materials firms.
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Oil price swings and China export limits move energy shares Oil fell from highs as Saudi Arabia resumed pipeline flows, with Dubai crude down $11.84, but China's restriction on diesel and jet fuel exports tightened Asian refined fuel supply, sending TOP and SPRC sharply higher. Lower crude pressures PTTEP and PTT, while refiners gain from better margins. Airlines and consumers get relief from lower fuel costs.
Oil is a major swing factor for energy earnings and the broader market, with clear winners and losers.
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Broker upgrades and special gains lift mid-caps TCAP was upgraded to Buy with a 105 baht target after profit forecasts rose 16-20%, PLANB won two COM7 board seats and will use equity-method accounting, SSP sold its Yamaga plant for a 500 million baht gain, and GGC turned profitable. These events draw investors to banks, media, power and petrochemical mid-caps.
It shows a broadening earnings recovery beyond the AI theme, supporting mid-cap share prices.
Q3 2026
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Oil, AI and macro pressures drove Thailand's Q3 market
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Oil prices above $100 lifted energy stocks Brent crude above $100 a barrel boosted Thailand's energy companies, with PTTEP's profit up 104%. Higher oil prices mean energy producers earn more from each barrel they sell.
This is a major positive force behind Thailand's market in Q3.
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AI and data-centre demand boosted tech and industrial names Demand for AI and data centres lifted DELTA, HANA, KCE and WHA. These companies supply electronics and industrial space needed for the AI boom, driving their shares higher.
This is a key positive driver for Thailand's tech and industrial sectors in Q3.
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Government plans and budget supported utilities and builders The PDP 2026 power plan, doubled solar subsidies, a 3.788-trillion-baht 2027 budget and 262 transport projects favoured utilities and construction companies. These policies signal more spending on infrastructure and clean energy.
This is a major positive force from government policy for Thailand's market in Q3.
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US tariffs, weak baht and Fed hikes pressured exporters and markets US Section 301 tariffs of 12.5% and a weak baht hurt Thai exporters. A record $17.7bn current-account deficit pressured the baht further, while Fed hikes to 3.75–4.00% and US yields above 5% squeezed emerging-market flows and growth stocks.
This is a major negative force behind Thailand's market in Q3.
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Brokerage says electronics stocks to grow in second half, DELTA stands out on AI tailwinds
The research department of Asia Plus Securities has issued an analysis of the electronics sector, noting that the current flooding situation, with northern runoff flowing in, has not yet been reported to have flooded the Hi-Tech Industrial Estate in Ayutthaya Province, where the factories of KCE and HANA are located. However, it is necessary to monitor whether flooding in surrounding areas will affect key transport routes and the production of both companies. The research department views the flooding issue as only a short-term pressure factor that may somewhat affect transportation and employee commuting in early the fourth quarter of 2026, but it will not affect the production base as in 2011. Meanwhile, demand trends for electronics products remain high, so the overall profit picture for the electronics sector in the third quarter of 2026 is expected to grow both QoQ and YoY and to climb to a peak level in the fourth quarter of 2026, driven by DELTA's profit, which is the key driver of the sector's profit. The research department therefore maintains an "overweight" rating on the electronics sector, selecting DELTA as the sector's top pick with a target price of 333 baht, because demand in AI and data centers that continues to rise will benefit DELTA the most. At the same time, it is expected to be affected by flooding less than both HANA and KCE. In addition, DELTA's share price is still a laggard in the sector, having risen 51% year-to-date, still less than HANA and KCE, whose share prices have already risen 219% to 312%.
4 brokerages expect Q3/2026 bank group profits to slow to 49,400-54,980 million baht
Four leading brokerages estimate that the combined net profit of seven commercial banks in the third quarter of 2026 will slow compared with a year earlier and hold steady to edge down from the previous quarter, with combined net profit expected at around 49,400 to 54,980 million baht, according to Yuanta Securities (Thailand), Bualuang Securities, Finansia Syrus Securities, and Kasikorn Securities. The main pressures come from net interest margins narrowing along the rate-cutting cycle, lower investment and FVTPL gains from a high base a year earlier, and still-limited growth in retail and SME loans. These are partly offset by lighter provisioning after many banks front-loaded reserves in the first half, a steady average non-performing loan ratio of about 3.5%, and fee income beginning to recover on wealth management and capital markets business. For the fourth-quarter outlook, the brokerages see the overall picture weakening further both year on year and quarter on quarter, possibly marking the year's low, while for the full year 2026 they expect the bank group's combined net profit to fall about 3.5% to 5.3% before returning to roughly 5% growth in 2027. On top picks, Yuanta chose KKP with a target price of 130 baht, Bualuang chose KKP, TISCO, BBL, KBANK and TTB, Finansia Syrus chose BBL with a target price of 240 baht and KTB with a target price of 47.30 baht, while Kasikorn chose KTB and KKP, raising their target prices by 1% to 3%.
KKP.BK · Capital · Positive KKP is a top pick for both Yuanta (130 baht target) and Kasikorn Securities, which raised its target price.
KTB.BK · Capital · Positive Finansia Syrus picks KTB with a 47.30 baht target and Kasikorn Securities also selects KTB while raising target prices.
BBL.BK · Capital · Neutral Bualuang and Finansia Syrus name BBL a top pick with a 240 baht target, but the group's Q3/2026 profits are seen slowing on margin pressure.
KBANK.BK · Capital · Neutral Bualuang lists KBANK among top picks, yet the bank group's Q3/2026 net profit is expected to slow on narrowing NIMs and lower FVTPL gains.
TTB.BK · Capital · Negative Brokerages expect the bank group's Q3/2026 combined net profit to slow on narrowing net interest margins and lower investment/FVTPL gains, with TTB named among Bualuang's top picks.
TISCO.BK · Capital · Positive TISCO is named among Bualuang Securities' top picks for the bank group.
Yuanta recommends trading 13 stocks with strong Q3 2026 earnings, expects SET profit to grow 39%
Yuanta Securities assesses that the third-quarter 2026 earnings outlook for SET-listed companies remains notably strong compared with the same period last year, and recommends watching stocks expected to post robust Q3 2026 results with momentum likely to continue into next year. It gives weight to groups benefiting from the new investment cycle in both the public and private sectors, such as GULF, GUNKUL, SSP, EPG, SINGER, SGC, BEM, SMT, TEAM, MINT and CHG. It expects Q3 2026 earnings for the SET Index at 350 billion baht, up 39% year on year, which is high compared with the historical quarterly profit range of 150 to 250 billion baht. The gain is driven by the energy and petrochemical groups, which remain strong on rising oil prices late in the quarter and a low base last year due to border unrest and flooding in several areas. The groups expected to post profit growth both quarter on quarter and year on year are mid-to-small finance, hospitals, tourism, transport and autos, while the groups expected to see flat or slower year-on-year profit are construction contracting, entertainment and commercial banks. If Q3 2026 earnings come in as the research team expects, nine-month 2026 profit will reach 1.1 trillion baht. Looking to the fourth quarter of 2026, which is expected to keep growing year on year on accelerating investment by the public sector focused on energy infrastructure and by the private sector focused on upgrading production to serve the high-end semiconductor supply chain, full-year 2026 profit has a chance to set a new record of about 1.4 to 1.5 trillion baht, growing as much as 30% to 40% year on year, equal to earnings per share of 112 to 115 baht, compared with the Bloomberg Consensus estimate of 110 baht per share. It is therefore highly likely that earnings upgrades will be seen, helping support the SET Index's movement over the remainder of the year.
ASL Securities says fiscal 2026 budget disbursement beat target, boosting contractor and bank stocks
ASL Securities said budget disbursement for fiscal year 2026 came in better than target, with 3.62 trillion baht disbursed out of a total budget of 3.78 trillion baht, or 95.83%, above the 93% target and 4.58% higher than the same period a year earlier. This reflects improved efficiency in channeling state funds into the economy, with capital expenditure accelerating notably year on year. Capital spending disbursed reached 586 billion baht, or 75.07% of the 781 billion baht investment budget, up 8.63% year on year. Meanwhile, capital expenditure set aside for carry-over disbursement in fiscal year 2027 stood at 193 billion baht, or 24.75% of the capital expenditure budget, and the government has set a deadline to accelerate the creation of commitments for both carry-over and fiscal 2027 investment budgets within the second quarter of fiscal 2027. Given these factors, ASL Securities views this as positive sentiment for groups tied to public investment. It recommends the construction sector, namely CK and STECON, which benefit directly from accelerated public investment and disbursement, and the banking sector, namely KTB, BBL and KBANK, which benefit indirectly through increased liquidity flowing into the system and a recovery in loan demand. KTB stands out for its government customer base, while BBL and KBANK stand to gain from a recovery in corporate lending and the subsequent pickup in private investment.
CK.BK · Demand · Positive CK recommended as a construction firm benefiting directly from accelerated public investment and budget disbursement.
STECON.BK · Demand · Positive STECON recommended as a construction firm benefiting directly from accelerated public investment and disbursement.
KTB.BK · Demand · Positive KTB stands out for its government customer base, benefiting indirectly from increased liquidity and loan demand from budget disbursement.
BBL.BK · Demand · Positive BBL named as a bank benefiting indirectly from increased liquidity and a recovery in corporate lending from accelerated public investment.
KBANK.BK · Demand · Positive KBANK named as a bank gaining from a recovery in corporate lending and pickup in private investment tied to public spending.
Broker says Thailand's first SAF plant boosts BCP profit, target 57 baht
Bualuang Securities said that BCP's sustainable aviation fuel (SAF) plant, the first in Thailand, began operating in May 2026 with a production capacity of 7,000 barrels per day, or 1 million liters per day, and can switch production between SAF and renewable diesel. The main feedstock is used cooking oil, about 40% of which comes from domestic sources and 60% is imported, while the company has long-term feedstock supply contracts with major food and retail operators in Thailand. SAF demand is being driven by increasingly stringent fuel blending mandates worldwide, with the EU starting at 2% in 2025 and rising to 6% in 2030, while Thailand begins with a 1% target in 2026 before increasing to 1-2% in 2027-29 and 3-5% in 2030-32. Global SAF demand is expected to rise from 3.6 billion liters in 2026 to 4.5 billion liters in 2027, although rising supply may pressure margins somewhat going forward. The business's highlight is its profitability, with the SAF spread rising from about 1,000 US dollars per ton in 2025 to roughly 1,300 US dollars per ton in 2026 year-to-date, or about 3 times the spread of conventional jet fuel. The plant generated EBITDA of about 1 billion baht in the second quarter of 2026, and SAF EBITDA is expected at 4 billion baht in 2026 and 6 billion baht in 2027. Even in a worst case where the margin falls to 800 US dollars per ton, it would still be about 2 times the spread of conventional jet fuel and generate 2027 EBITDA of about 4 billion baht. There is also upside from a 43% capacity expansion to 10,000 barrels per day, which is not yet fully reflected in long-term estimates and would be additional upside if the company proceeds with the project. Bualuang Securities maintained its Hold recommendation with a target price of 57 baht and an equal-weight stance on the energy sector. Key issues to watch are the direction of SAF margins as new supply gradually enters the market and clarity on further capacity expansion.
BCP.BK · Capital · Positive Bualuang says BCP's first-in-Thailand SAF plant boosts profit, with SAF EBITDA forecast at 4bn baht in 2026 and 6bn in 2027, and maintains Hold with 57 baht target.
Yuanta raises RATCH target to 46.25 baht, cheers Buy on PPA and data center power sales prospects
Yuanta Securities (Thailand) has raised its fair value for Ratch Group, or RATCH, to 46.25 baht per share from 32 baht, and upgraded its recommendation from Trading to Buy, implying roughly 25.9% upside from the share price of 36.75 baht on October 1, 2026. In an analysis dated October 2, 2026, the brokerage said it holds a positive view on several new investment opportunities whose prospects became clearer in late 2026, particularly the renewal of the power purchase agreement, or PPA, for the Ratchaburi power plant and the opportunity to sell electricity to data center operators. Currently, units 1-2 of the RG power plant, with combined capacity of about 1,470 megawatts, saw their contracts expire in October 2025, while three remaining units with total generating capacity of about 2,175 megawatts are due to see their contracts expire in November 2027. If the PPAs are not renewed, the company has the option of selling the output to data center operators, and is in talks with about five to six customers, each of which needs no less than 300 megawatts, while the existing site and infrastructure can support demand of up to about 1,400 megawatts. In addition, the draft PDP 2026 plan, which covers 2027-2037 and targets an increase in total power generation capacity of about 50 gigawatts, is another positive factor. It comprises about 24.3 gigawatts of solar power, nearly 14.5 gigawatts of wind power, about 2.7 gigawatts of natural gas-fired plants, about 9.1 gigawatts of hydropower and the first small modular nuclear reactor, or SMR, with capacity of about 300 megawatts. For the third-quarter 2026 outlook, the research team expects RATCH to post normal profit of about 1.4 billion to 1.6 billion baht, up from the previous quarter, after the RG and HKP power plants returned to more efficient operation and with no major maintenance shutdowns. SG&A expenses are also likely to fall on a seasonal basis, but profit is expected to decline from the same period a year earlier, partly because of the impact of the expiry of the PPAs for units 1-2 of the RG power plant from October 2025.
Energy Transition & Power Demand › Firm Power & Transition Fuels ▲Demand
Energy Transition & Power Demand › Nuclear Generation & Utilities ▲Demand
RATCH.BK · Capital · Positive Yuanta raised RATCH's fair value to 46.25 baht from 32 and upgraded it to Buy, an analyst valuation call.
RATCH.BK · Demand · Positive Clearer prospects for renewing the Ratchaburi PPA and selling up to ~1,400MW of power to five to six data center customers needing 300MW+ each.
TPS launches AI platform "TALLI" targeting enterprise market, hints at bright Q3, holds backlog of 1.784 billion baht
The Practical Solution Public Company Limited, or TPS, has launched "TALLI," an artificial intelligence platform developed by a Thai team to meet enterprise use cases. Boonsom Kijkasetsthaporn, an executive at TPS, said TALLI boosts operational efficiency within organizations, letting users access data conveniently, quickly, and accurately under the access rights, usage scope, and governance rules set by each organization. The launch marks another important step for TPS in leveraging its IT expertise to expand into new solutions and broaden its customer base. Meanwhile, the outlook for third-quarter 2026 earnings remains positive, driven by the gradual recognition of revenue from its backlog, which currently stands at approximately 1.784 billion baht and will be recognized according to plan. TPS continues to pursue bids and develop new solutions amid rising demand for digital and AI technology in the business sector.
Artificial Intelligence › AI Applications & Copilots ▲Technology
TPS.BK · Capital · Positive Positive Q3 2026 earnings outlook driven by gradual recognition of its 1.784 billion baht backlog.
TPS.BK · Technology · Positive TPS launched TALLI, an AI platform developed by a Thai team for enterprise use cases, expanding its solutions and customer base.
BLS picks 10 stocks for a quick recovery after the floods recede, with standout Q3/2026 earnings through 2027
Bualuang Securities (BLS) said in an analysis that the flood situation has widened, covering 30 provinces and 191 districts in Bangkok as of 1 October 2026, affecting 1.18 million households and about 3.35 million people. The impact on the economy remains limited, however, if the situation does not drag on and does not hit core production bases. The Bank of Thailand estimates the effect on GDP at about 0.03–0.10%, while the research team expects the impact on GDP to be no more than 0.1% and on SET earnings no more than 2%, far below the major floods of 2011. The key thing to watch is the length of production stoppages in the industrial sector rather than the amount of flooded area. At AMATA City Chonburi, about 150 factories were affected and 34 temporarily halted production, while KCE and HANA have some production bases in Ayutthaya. As for DELTA's plants in Bang Pu and Wellgrow, no water entered the factories and operations have returned to normal. Other groups saw fairly limited impact. Consumer finance firms are expected to see about a 2% hit to 2026 earnings for TIDLOR and MTC and 1% for SAWAD, while banks face their main risk from higher provisioning, with an estimated 1–2% impact on earnings, larger than the effect on interest income. BGRIM said its SPP power plants in Amata City Chonburi and its floating solar operations are still running normally. Bualuang sees the flood-driven volatility as a chance to gradually accumulate stocks with resilient earnings and quick recovery prospects, namely CRC, AWC, CENTEL, BDMS, BH, GULF, GUNKUL, DELTA, KCE and HANA, which still have support from demand for AI and data centers.
KCE.BK · Supply · Negative KCE has production bases in Ayutthaya affected by the widening floods, though it is also listed among stocks with quick recovery prospects.
DELTA.BK · Supply · Positive DELTA's Bang Pu and Wellgrow plants were not flooded and operations have returned to normal, and it is on BLS's recovery list.
MTC.BK · Capital · Negative Floods are expected to hit MTC's 2026 earnings by about 2%.
SAWAD.BK · Capital · Negative Floods are expected to hit SAWAD's 2026 earnings by about 1%.
TIDLOR.BK · Capital · Negative Floods are expected to hit TIDLOR's 2026 earnings by about 2%.
HANA.BK · Supply · Positive HANA has some production bases in Ayutthaya affected by floods but is on BLS's quick-recovery list with AI/data-center demand support.
Brokers back BCP as SAF runs at full capacity for the quarter, top target 58 baht
Analysts at several securities firms hold a positive view on Bangchak Corporation Public Company Limited, or BCP, after its sustainable aviation fuel business, SAF, began contributing significantly to earnings. BCP's SAF plant started commercial operations on 21 May 2026, with an investment of about 8.5 billion baht and a production capacity of roughly 7,000 barrels per day, or about 1 million litres per day. In the second quarter of 2026, its average capacity utilisation rate was approximately 6,800 barrels per day, with product sales of about 39 million litres, generating EBITDA of roughly 1 billion baht for BCP, or nearly 4% of total EBITDA. Asia Plus Securities gives a trading view with a target price of 58 baht. Trinity Securities recommends a speculative buy with a target price of 55 baht. Yuanta Securities Thailand has upgraded its recommendation to buy with a target price of 58 baht, and Land and Houses Securities maintains a buy recommendation with a target price of 56 baht. Over the longer term, BCP plans to raise SAF production capacity from 7,000 barrels per day to about 10,000 barrels per day within five years, largely using existing infrastructure. Meanwhile, demand for SAF looks set to grow on the back of Thailand's plan to push SAF blending, which aims to start at 1% and increase in later phases. However, competition for UCO feedstock still bears watching, as it could put pressure on costs.
ASPS recommends investing in CPALL, THAI, BH to weather floods and inflation
Asia Plus Securities Public Company Limited, or ASPS, recommends an investment strategy focused on three stocks with specific positive factors and strong earnings structures: CPALL, THAI, and BH, as a shelter from flood situations and inflation pressure. Its research department assesses that the construction materials sector is a group that benefits from flooding, while retail, hospitals, and food also receive support. Groups to watch include electronics, power plants, construction contractors, agriculture, and commercial banks, while groups negatively affected include tourism, property development, and non-bank hire-purchase. Meanwhile, the Thai stock market faced accelerating net selling by foreign investors, hitting a 39-week high for the year 2569, with a value of more than 26.8 billion baht in the past week. At the same time, domestic inflation in September 2569 is likely to accelerate to 3.0% from 2.5% the previous month, which could pressure the Monetary Policy Committee, which has currently cut interest rates to 1.00%, to consider raising rates if inflation stays at a high level for too long. In addition, Thailand must also cope with risks from storms and flash floods during 4-7 October 2569, with a preliminary assessment that if flooding persists for one week, it will cause economic damage of 5,000-10,000 million baht and drag third-quarter 2569 GDP growth down to 2.1-2.3%.
SSP advances 150MW Bago wind farm in the Philippines, confident of Q4 2027 COD
Seri Sangsang Power Corporation, or SSP, is accelerating construction of the Bago wind power project in the Philippines, with an installed capacity of 150 megawatts. Mr. Phasakorn Panyarattanakorn, Chief Operating Officer, said that site clearing, internal project roads, and the pouring of large reinforced concrete foundations have already begun, while the wind turbine components are in production, all in line with the planned schedule. The Bago project is the company's largest coastal wind power plant since it began operations, with an investment value of approximately 8 billion baht and a 20-year long-term power purchase agreement. It covers seven villages: Calumangan, Napolis, Taloc, Sampinit, Buzai, Balingasag, and Lag-asan, and will install 23 wind turbines. The project is also part of the Green Energy Auction Program 2, or GEAP2, under the support of the Philippine government, and is SSP's first project to receive investment rights. The company is confident it will begin commercial operation within the fourth quarter of 2027.
SSP.BK · Capital · Positive SSP is accelerating construction of its 150MW Bago wind farm, an ~8 billion baht investment with a 20-year PPA, advancing its project pipeline toward Q4 2027 COD.
Finansia maintains Buy on GULF with 89.50 baht target, eyeing new PDP to drive 10 baht upside
Finansia Securities said GULF is well positioned to link energy infrastructure and ICT businesses with AI, with a strong financial position and capacity to take on an additional 200-300 billion baht in debt. It estimates that added capacity under PDP 2026 could create roughly 10 baht per share of upside for GULF, assuming EGAT opens bidding for about 10GW of new renewable energy projects next year and GULF secures a 40% share, or roughly 4GW of solar projects, under power purchase agreements at a feed-in tariff of 2.16 baht per kWh. Investment is expected to require about 25-30 million baht per MW, with an IRR of approximately 12%. On the AI megatrend, electricity demand is expected to grow faster than GDP, especially demand for clean power from data centers, which are more power-intensive than general industry. Key catalysts include the new PDP, Direct PPAs for 2GW of data centers, and opportunities to invest in renewable energy projects in Europe over the next year. The research team maintained its Buy recommendation and raised its target price to 89.50 baht per share to reflect the opportunity to add capacity from bidding under the new PDP, as well as the acquisition of a 50% stake in solar and wind projects from GUNKUL, representing total capacity of 339.5MW on a proportional ownership basis. The acquired projects are estimated to have a combined NPV of about 9.7 billion baht based on a DCF valuation with a WACC of 5.5%, adding roughly 0.5 baht per share, with net IBD/E of only 1.06 times.
Energy Transition & Power Demand › Nuclear Generation & Utilities ▲Regulation
Energy Transition & Power Demand › Wind ▲Regulation
GULF.BK · Capital · Positive Finansia maintains Buy and raises GULF's target price to 89.50 baht on new PDP capacity upside and the GUNKUL acquisition.
GULF.BK · Demand · Positive New PDP 2026 bidding (~10GW renewables) and Direct PPAs for 2GW of data centers could add ~4GW of solar PPAs and ~10 baht/share upside.
GUNKUL.BK · Capital · Positive GULF is acquiring a 50% stake in GUNKUL's solar and wind projects totaling 339.5MW, a transaction involving GUNKUL's assets.
Electricity Generating Authority of Thailand · Regulation · Neutral EGAT is cited only as the body expected to open PDP bidding for ~10GW of new renewable projects, not as a directly affected party.
Bualuang Securities: Floods to Hit GDP by No More Than 0.1%, Listed Company Profits by No More Than 2%; HMPRO, GLOBAL and DOHOME Favored After Waters Recede
Bualuang Securities Public Company Limited, or BLS, estimates that the flooding now spreading across many areas will have only a limited impact on the economy and on the profits of listed companies, provided the situation does not drag on and does not spread into major production bases. It expects the floods to affect GDP by no more than 0.1% and listed company profits by no more than 2%, since most industrial and commercial areas of listed companies have not yet been severely affected and damage remains below that of the major floods in 2011. This assessment is in line with the Bank of Thailand, which expects the floods to affect the economy by about 0.03% to 0.10% of GDP, while the Center for Economic and Business Forecasting at the University of the Thai Chamber of Commerce estimates damage of about 12.3 billion baht, or 0.066% of GDP, in its base case, and about 20.6 billion baht, or 0.11% of GDP, in a severe case. The key issues to watch from here are the industrial sector and the duration of production stoppages, since prolonged factory shutdowns could add to the impact on earnings. The groups directly exposed to flood-hit areas in the short term include retail, finance, banking, industrial estates and some factories. In retail, BLS sees CPALL, CPAXT, BJC and CRC's food business potentially seeing same-store sales accelerate in the short term on stockpiling of essentials during the floods, but this boost may not significantly affect profits. If same-store sales rise 1% for two weeks, it would add only about 0.04% to full-year same-store sales, not enough to prompt an earnings forecast revision. The group more likely to see a clearer boost after the waters recede is home improvement, where HMPRO, GLOBAL and DOHOME stand to benefit from demand for home repair and renovation. Based on past data, sales for this group typically begin to recover about one month after the situation eases.
GLOBAL.BK · Demand · Positive BLS expects GLOBAL to benefit from home repair and renovation demand after flood waters recede.
HMPRO.BK · Demand · Positive BLS expects HMPRO to benefit from home repair and renovation demand after flood waters recede.
DOHOME.BK · Demand · Positive DOHOME is favored to benefit from demand for home repair and renovation after the flood waters recede.
CPALL.BK · Demand · Neutral CPALL may see short-term same-store sales accelerate on stockpiling of essentials during floods, but the boost is too small to revise earnings.
CPAXT.BK · Demand · Neutral CPAXT may see short-term same-store sales accelerate on flood stockpiling, but the impact is not significant for profits.
CRC.BK · Demand · Neutral CRC's food business may see short-term same-store sales accelerate on stockpiling of essentials during floods, but not enough to affect profits.
Pie Securities: Weak US Jobs Data Boosts TECH Stocks, Watch DELTA HANA KCE
Pie Securities reported that US non-farm payrolls and the unemployment rate came in below analyst expectations, pushing bond yields lower and supporting US stock markets, with the DJIA closing up 250 points, or 0.49%, and the S&P500 closing up 0.7%. Meanwhile, Brent crude oil fell 0.06% after European leaders planned to release strategic oil reserves, with Europe's release volume at 100 million barrels, equivalent to just 5 days of shipments through the Strait of Hormuz compared with 20 million barrels per day. The standout gainers on Friday night were semiconductor stocks. For the Thai stock market, Pie Securities estimates the SET index range at 1560 to 1580 points, viewing the market as having moved past flood concerns, with foreign investors beginning to sell less on a net basis. It recommends a short-term strategy of trading TECH stocks in the DELTA HANA KCE group, supported by the rise in US semiconductor stocks. Recommended stocks include CPN with a target price of 80 baht and WHA with a target price of 5.6 baht.
DELTA.BK · Demand · Positive Named in the recommended DELTA HANA KCE tech group benefiting from the rise in US semiconductor stocks.
HANA.BK · Demand · Positive Named in the recommended DELTA HANA KCE tech group supported by the rise in US semiconductor stocks.
KCE.BK · Demand · Positive Named in the recommended DELTA HANA KCE tech group supported by the rise in US semiconductor stocks.
CPN.BK · Capital · Neutral Recommended by Pie Securities with a target price of 80 baht, an analyst valuation call not tied to the article's main tech theme.
WHA.BK · Capital · Neutral Recommended by Pie Securities with a target price of 5.6 baht, an analyst valuation call unrelated to the tech theme.
Asia Plus sees limited impact from THAI flight cuts, watches CEO suspension
The research department of Asia Plus Securities has issued an analysis of Thai Airways International Public Company Limited, or THAI, after the company's board resolved to investigate the facts surrounding the flood incident in late September 2026, as well as to review its crisis management process. During the investigation, the board resolved to suspend the CEO from duty. THAI resumed all flights from 3 October after cutting 15 and 9 flights on 1 and 2 October respectively. Asia Plus research views that the impact of the flight reductions, compared with all TG flights at Suvarnabhumi, which averaged about 120 flights per day in August, on the departure side alone, remains limited for fourth-quarter 2026 operating results. Going forward, the focus should be on the investigation and on long-term solutions to ground handling problems, including the adequacy of staffing, equipment, and emergency response processes, to reduce the chance of a repeat incident, especially before the high season. On management, although the CEO's term is due to end in January 2027, the situation may add uncertainty to the company's strategic direction, which bears continued monitoring. As for the overall effect on 2027 forecasts, jet fuel, which accounts for about 37% of OPEX, remains the key variable for profit recovery. Normal profit for 2027 is expected to recover 25% from a low base, assuming jet fuel at 117 US dollars per barrel, based on the IATA jet fuel year-to-date average through 25 September 2026 of 161 US dollars per barrel. The recommendation is to buy THAI with a 2027 target price of 6.80 baht.
AWC launches AWR, Thailand's largest freehold trust at 51.1 billion baht, files with SEC
Asset World Corp Public Company Limited, or AWC, has launched the AWC Lifestyle Properties Real Estate Investment Trust, or AWR, the largest freehold real estate investment trust in Thailand, with an initial investment value of not more than 51,388 million baht. Asset World Corp REIT Company Limited, as the trust's manager, filed the trust unit offering registration statement and draft prospectus with the Securities and Exchange Commission on September 29, 2026. AWR's initial portfolio comprises five quality assets: The Empire Banyan Tree Koh Samui, Banyan Tree Krabi, Melia Koh Samui, and Pattaya Marriott Resort and Spa, which have posted average EBITDA growth of 20 percent over the past two years. Under AWR's unitholding structure, at least 72 percent is allocated to general investors, while AWC will hold no more than 28 percent of the trust units. AWC also disclosed that as of June 30, 2026, its portfolio had grown to 62 projects, with total asset value rising from 96,460 million baht at the time of its listing on the stock exchange in 2019 to 224,100 million baht.
AWC.BK · Capital · Positive AWC launches Thailand's largest freehold REIT (AWR) at 51.4bn baht, monetizing five hotel assets while retaining up to 28% of units.
Asset World Corp Freehold REIT (AWR) · Capital · Positive AWR is the newly launched REIT itself, filing its 51.4bn baht trust unit offering with the SEC, with a portfolio showing 20% average EBITDA growth.
GLOBAL Q2 2026 Profit Hits New High of 947 Million Baht, GPM Jumps to 31.59%
Siam Global House Public Company Limited, or GLOBAL, reported net profit for the second quarter of 2026 of 947 million baht, up 82.5% year on year, setting a new record high, even as sales were flat at 8.17 billion baht and same-store sales growth, or SSSG, remained negative at 3.98% amid weak purchasing power. The profit surge came from a record gross profit margin, or GPM, of 31.59%, up from 25.42% in the second quarter of 2025, supported by a rising share of Private Brand products, which reached 27.5% of sales and carry a GPM of roughly 40 to 45%. EBITDA rose 50.4% year on year to 1.55 billion baht. Its financial position strengthened, with Net Debt to EBITDA falling to 1.18 times and D/E at 0.48 times, along with free cash flow of approximately 3.75 billion baht. For its 2026 business plan, GLOBAL plans to open five new stores in Thailand, namely Phon Phisai, Wang Thong, Trakan Phuet Phon, Ban Phue and Chiang Kham, bringing its domestic store count to 101, and to renovate another eight stores. Its overseas network totals 41 stores through partners in Laos, Myanmar, Indonesia and Cambodia, with plans to open one to two more stores in northern Laos, expand by two more stores in Indonesia this year, and open new stores in Myanmar. ASL Securities sees the easing of the flood situation as an opportunity to spur demand for repairs and home restoration, with GLOBAL deriving about 30 to 35% of sales from construction materials, which should help SSSG recover in late 2026 and continue into 2027. The stock currently trades at a P/E of 13.7 times, below peers DOHOME at 16.7 times and HMPRO at 13.9 times, with an average target price from the IAA Consensus of 8.63 baht per share.
Stocks to Watch Today: THAI Appoints New CEO After Flood Crisis
The Thai Airways board has ordered the removal of Chai Eamsiri from the CEO position and appointed Samrit to take over, after the flood crisis damaged its reputation and operations. The board also opened the way for a full fact-finding investigation and immediately changed the authority to sign binding commitments on behalf of the company. Most recently, Thai Airways signed a contract with EEC to proceed with the U-Tapao aircraft maintenance centre, investing 10 billion baht on 210 rai of land, targeting construction in 2027 and the opening of the centre in 2030, with capacity to service 90 aircraft per year and generate revenue of 4,000 to 5,000 million baht. It also issued relief measures for passengers affected by the floods, including flight changes, full refunds, and compensation for delayed baggage. Among other stocks to watch, MRDIYT hinted at bright third-quarter 2026 results driven by branch expansion, while OR teamed up with CENTEL to develop budget hotels, starting with six pilot locations at prices from 800 to 1,300 baht per night, aiming to expand to 50 locations by 2031. AWC filed a filing with the SEC to establish the AWR trust, expecting net cash flow of more than 30,000 million baht, and WP completed its share buyback in full, 1.5 million shares, or 2.94%, worth 57.08 million baht.
THAI.BK · Regulation · Negative Thai Airways' board removed CEO Chai Eamsiri after the flood crisis damaged its reputation and operations, and opened a fact-finding investigation.
THAI.BK · Capital · Positive Thai Airways signed a 10 billion baht contract with EEC for the U-Tapao aircraft maintenance centre, targeting 4,000-5,000 million baht in annual revenue.
AWC.BK · Capital · Positive AWC filed with the SEC to establish the AWR trust, expecting net cash flow over 30,000 million baht.
CENTEL.BK · Demand · Positive CENTEL teamed up with OR to develop budget hotels, starting with six pilot locations and aiming for 50 by 2031.
OR.BK · Demand · Positive OR partnered with CENTEL to develop budget hotels, starting with six pilot locations.
WP.BK · Capital · Positive WP completed its share buyback in full, 1.5 million shares (2.94%), worth 57.08 million baht.
Krungthai Expects Baht to Weaken and Test 33.85 per Dollar, Eyes Middle East and Fed Stance
Krungthai GLOBAL MARKETS strategists at Krungthai Bank, or KTB, assess the baht's range this week at 33.25 to 33.85 baht per dollar, with the currency's weakening momentum still intact and the risk open that the baht will slide to test the resistance zone of 33.85 baht per dollar. Thai players in the market are awaiting the September CPI inflation report, which is expected to rise to 3.17%, up 0.6% month on month. Core CPI is expected to rise to 1.60%, driven by higher energy prices in September and continued increases in food prices, including meat, vegetables and fruit, due to erratic weather, as well as ready-to-eat food prices following operators passing through costs and the boost from the government's economic stimulus measures. However, the cut in electricity charges will help slow the rise in inflation somewhat. On the Asian side, market players will await an assessment of Japan's economic outlook and the monetary policy direction of the Bank of Japan, or BOJ, through the wage growth report. Most recently, market players estimate the BOJ has about a 93% chance of raising rates one more time this year and may raise rates another two to three times next year. Meanwhile, analysts expect the Reserve Bank of India, or RBI, may raise its policy rate by 0.25%, or 25 basis points, to 5.50%, with a chance of further hikes, after India's inflation remains high and risks rising above the RBI's target range. The rupee has also reversed to weaken near its weakest point of the year again, which could further fuel inflation. The situation in the Middle East remains a key factor affecting the baht's direction through shifts in market players' views on the rate outlook for major central banks, which affects the dollar, long-term bond yields and gold prices, and also directly affects the Thai economy through volatile energy prices, transport costs and shipping freight rates. The baht still faces Two-Way Risk and can move in either direction. In the short term, the baht could continue to weaken if market players gradually raise the odds of a Fed rate hike, whether this year or next, depending on the Middle East situation, remarks from Fed officials and U.S. economic data reports. Recently, the 10-year U.S. bond yield has swung with energy prices tied to developments in the Middle East, with a 30-day correlation averaging above 72% over the past month, meaning the baht cannot clearly reverse to strengthen until market players begin to hope for a ceasefire negotiation between the United States and Iran.
USDTHB.FOREX · Monetary · Positive Krungthai expects the baht to keep weakening toward 33.85 per dollar on inflation and Fed/BOJ rate outlooks
8301.JP · Monetary · Positive Market players see about a 93% chance the BOJ hikes again this year, with more hikes expected next year
KTB.BK · Monetary · Neutral Krungthai strategists assess baht weakness and inflation; KTB is the source of the view, not a subject of a company-specific development
Asia Plus picks BH as top private hospital play as Middle Eastern patients recover
Asia Plus Securities said the number of Middle Eastern tourists in September rose 18.8% year on year, though it fell 43.1% from the previous month on seasonal factors. That brought the third quarter of 2026 up 12.9% year on year and 142.4% quarter on quarter, reflecting a gradual return of travel to normal and a positive signal for the Middle Eastern patient trend at private hospital groups. The research team views this as a positive factor for third-quarter 2026 earnings after Middle Eastern patients began to recover from the impact of the Iran war, with most returning patients being complex and critical cases that carry high revenue per case and high margins, supporting the prospect that profits will recover faster than revenue. This is consistent with the number of Middle Eastern tourists in the third quarter of 2026, with the UAE up 29.8% year on year and Saudi Arabia up 21% year on year, while Qatar and Oman rose 1% and 4% year on year respectively. The research team maintained an overweight stance on the hospital group and buy ratings on BH, PR9 and BDMS, choosing BH as the top pick because it has the highest share of revenue from Middle Eastern patients in the group at about 23%, followed by PR9 at about 10% and BDMS at about 4%. It kept 2027 target prices at 225.00 baht, 23.00 baht and 25.00 baht respectively.
BH.BK · Demand · Positive Picked as top private hospital play with highest Middle Eastern patient revenue share (~23%), benefiting from recovering complex/critical case volumes and high margins.
BDMS.BK · Demand · Positive Buy rating maintained and named in overweight hospital group as Middle Eastern patient volumes recover, though it has the lowest Middle Eastern revenue share at ~4%.
PR9.BK · Demand · Positive Buy rating maintained with ~10% Middle Eastern patient revenue share, a positive factor for Q3 2026 earnings as those patients return.
G7 releases 100 million barrels of crude; OPEC+ holds output target
The G7 nations have agreed to release a combined 100 million barrels of crude oil and diesel onto the market. The measure takes effect immediately and will remain in force for four months, and includes the release of a large volume of diesel within 20 days, with further discussions on additional diesel releases if necessary. It remains unclear how much of the volume in this new agreement will come from the 400 million barrels announced by the International Energy Agency. France proposed that European countries release 50 million barrels of diesel and that IEA members release 50 million barrels of crude. Meanwhile, an online meeting of seven OPEC+ members decided to hold the November 2026 oil production target unchanged for a second consecutive month, after raising the target by 188,000 barrels per day in September 2026. Saudi Arabia cut its official selling price for Arab Light crude for November 2026 delivery to Asian customers to 5.0 dollars per barrel, below the Oman and Dubai average, compared with 3.0 dollars per barrel in October 2026. Dao Securities holds a negative view on the oil business, both upstream and refining, given this news and the short-term outlook for crude prices, but is neutral on the medium-term picture. It maintains an "equal weight" investment rating for the energy sector, with recommendations of PTTEP at buy with a target of 180.00 baht, TOP at hold with a target of 70.00 baht, SPRC at hold with a target of 12.00 baht, and BCP at hold with a target of 50.00 baht.
PTTEP.BK · Supply · Negative G7 crude release and OPEC+ holding output weigh on crude prices, negative for upstream producer PTTEP despite its buy rating.
BCP.BK · Supply · Negative G7 release of 100M barrels plus Saudi OSP cut pressures refining margins; Dao Securities holds a negative view on refining, with BCP rated hold.
SPRC.BK · Supply · Negative G7 release of crude and diesel and Saudi OSP cut pressure refining margins; Dao Securities is negative on refining, rating SPRC hold.
Asia Plus expects 8 banks' Q3/2026 profit at 65 billion baht, up 1.6% QoQ
Asia Plus Securities estimates the combined net profit of eight banks in the third quarter of 2026 at 65 billion baht, growing 1.6% from the previous quarter but falling 8.8% from a year earlier, due to the high base of securities trading revenue last year, particularly at Bangkok Bank. It expects only KKP, TISCO and TTB to post year-on-year profit increases. Quarter-on-quarter growth is led by Krungthai Bank, up 7%, on a recovery in net interest income in line with loans and trading revenue boosted by mark-to-market gains on low-cost THAI shares, followed by Bangkok Bank, up 5%, on expected seasonal declines in OPEX and ECL. Other banks are estimated to be flat to down 1% to 2%. If in line with expectations, first-nine-month profit for 2026 will be 194 billion baht, down 3.6% from a year earlier, accounting for 78% of the research house's full-year forecast and 76% of the BB Consensus. Group net interest income recovered 1.4% quarter on quarter, lifting NIM by 4 bps to 3.02%, while credit cost stood at 1.4%, down from 1.5% in the second quarter, and NPLs to loans are expected to be flat at 3.6%. The research house maintains a Neutral weighting, with KTB and then KBANK as its top strategic picks.
BBL.BK · Capital · Negative Q3/2026 profit expected down 8.8% YoY due to high base of securities trading revenue, particularly at Bangkok Bank, though QoQ up 5% on lower OPEX and ECL.
KTB.BK · Capital · Positive Krungthai Bank leads QoQ growth at 7% on recovery in net interest income and trading revenue, and is Asia Plus's top strategic pick.
KKP.BK · Capital · Positive KKP is one of only three banks expected to post year-on-year profit increases in Q3/2026.
TISCO.BK · Capital · Positive TISCO is one of only three banks expected to post year-on-year profit increases in Q3/2026.
KBANK.BK · Capital · Neutral Named as Asia Plus's second top strategic pick after KTB, but no specific Q3 profit estimate given; other banks flat to down 1-2%.
TTB.BK · Capital · Positive TTB is among only three banks expected to post year-on-year profit increases in Q3/2026, per Asia Plus Securities.
BWG Confirms Saraburi Landfill Safe from Flooding, TRIS Ratings Affirms BBB
Better World Green Public Company Limited, or BWG, has confirmed that its waste landfill in Saraburi province carries no risk of flooding, as it sits on ground well above road level and sea level. Ms. Nattaphan Luengwiriya, a director and deputy managing director for business development and corporate communications, told Than Hoon that the company expects fourth-quarter 2026 operating results to be close to the same period a year earlier, and that full-year 2026 performance should be roughly flat versus the prior year, with EBITDA this year likely holding steady amid persistent pressure from oil costs. BWG reported total revenue of 2.76 billion baht for 2025 and EBITDA of 1.495 billion baht. Meanwhile, the new Power Development Plan, whose public consultation concluded on September 15, 2026, opens the door for the company to expand further into the power plant business. Most recently, on September 29, 2026, TRIS Rating affirmed BWG's corporate credit rating at BBB with a stable outlook, and expects waste management volumes to grow about 2% per year during 2026-2028, SRF sales to rise about 5% per year over the same period, and EBITDA from the waste management business to recover from 360-380 million baht in 2026 to 640-670 million baht by 2028.
SSP prepares to bid for 1,500 MW community solar, expects strong second-half profit
Strengthen Power Corporation Public Company Limited, or SSP, is preparing to take part in bidding to produce electricity from a 1,500-megawatt community solar farm project. Chayut Leehajaroenkul, Chief Financial Officer, said the company has expertise in this area and sees it as an opportunity to expand its power generation base, and is now waiting for clarity from the relevant authorities on when applications will open. For its business outlook in the second half of 2026, the company expects a clear improvement from the first half, driven by the completion of the sale of the Yamaga solar farm in Japan in late August 2026 for a total value of about 1 billion baht, together with two community waste-to-energy plants with combined capacity of about 19.8 megawatts that are expected to begin gradually supplying commercial electricity late this year. In addition, the weaker baht, which has fallen to about 33.64 baht per US dollar, should help support revenue, since the company earns about 30% of its revenue in US dollars from overseas. As for its long-term two-to-three-year plan, the company is preparing to bring about 420 megawatts of new capacity into commercial operation, comprising three solar farms in Thailand totaling 108.6 megawatts and the 150-megawatt Bago wind farm in the Philippines in 2027, with additional projects continuing through 2030 totaling more than 146 megawatts. On the analyst side, Asia Plus Securities gave a buy recommendation on SSP shares with a target price of 8.30 baht, forecasting normal profit of 693.9 million baht in 2026, up 12.2% from the previous year, supported by higher output at the SPN solar plant after panel replacement was completed, the TTTV wind project returning to full-year operation, the first full year of revenue recognition from the LEO2 project in 2026, and the positive contribution from the waste-to-energy plants totaling 19.8 megawatts in late 2026, as well as revenue recognition from the 150-megawatt Bago Wind Farm next year, which will help profit continue growing in 2027.
SSP.BK · Capital · Positive SSP expects a strong second-half 2026 profit, helped by the ~1 billion baht Yamaga solar farm sale and new waste-to-energy capacity.
SSP.BK · Demand · Positive SSP is preparing to bid for a 1,500 MW community solar farm project, expanding its power generation base.
Refinery stocks gain on surging GRM of 20.5 dollars; brokers pick TOP with target of 83-88 baht
Refinery stocks are getting a boost from the Singapore reference refining margin, which rose to around 20.5 dollars per barrel in late September 2026 and is expected to hold at high levels. Suwat Sinsadok, managing director of Global Securities, said the fourth-quarter 2026 refining margin will be close to the 20.5 dollars per barrel seen in the third quarter and could reach as high as 30 dollars per barrel given tight global oil supply. He set a target price of 88 baht per share for Thai Oil, or TOP, the most outstanding stock in the group. Sorachai Pitayapruek, a fundamental analyst at Krungsri Securities, said the catalyst came from an attack on the East-West oil pipeline in Saudi Arabia that forced a temporary shutdown, pushing tanker freight rates from more than 10 dollars per barrel to more than 20 dollars per barrel. He expects the fourth-quarter 2026 refining margin to stay in double digits, supported by winter oil storage demand. Third-quarter 2026 earnings for the refinery group are expected to recover clearly, especially TOP, which posted a stock loss of about 7 billion baht in the second quarter of 2026 and may instead book a stock gain. Krungsri Securities maintained a positive investment weighting on refinery stocks, naming TOP the most outstanding with a target price of 83 baht, supported by its Clean Fuel Project.
TOP.BK · Supply · Positive Surging Singapore refining margin on tight global oil supply and Saudi pipeline attack shutdown boosts TOP's refining earnings, with brokers naming it top pick.
THAI Board Suspends CEO Chai Eamsiri, Appoints Samrit as Acting CEO
The board of Thai Airways International Public Company Limited, or THAI, has resolved to suspend Chai Eamsiri from his duties as Chief Executive Officer pending a fact-finding investigation and review of crisis management procedures following the floods in late September 2026, which caused labour shortages, a large backlog of unclaimed baggage, flight delays, and the temporary suspension of cargo warehouse services. The board appointed Samrit Samniang, a THAI director, to serve as acting CEO in his place, effective from 2 October 2026 onwards. Parinthorn Kijjathornpitak, Director of Securities Analysis at KGI Securities (Thailand) Public Company Limited, estimates preliminary damage at around 100 to 160 million baht, which will be reflected in fourth-quarter 2026 operating results, but views it as not affecting fundamentals, since it occurred during the high season when advance ticket bookings were growing, particularly on European routes with an 85% passenger load factor. Meanwhile, THAI has raised its oil hedging ratio to 60% over a 24-month period, from 50% over a 12-month period, and maintained its 2026 net profit forecast at 19.5 billion baht, down 36.8% from the previous year, and its 2027 forecast at 23 billion baht, up 17.7% from the previous year. It also maintained its "Buy" recommendation and its 2027 target price of 7 baht.
Krungsri stays bullish on banking sector, picks KBANK and KTB as top stocks
Analysts at Krungsri Securities Public Company Limited maintain a BULLISH recommendation on the banking sector, expecting ROE in 2027 to rise from 2026 because the interest rate downcycle has ended, the cycle is returning, a new investment round is underway, and wealth management is growing. After share prices fell 2-8% between 25 and 30 September 2026, the market should have already priced in some of the negative factors from asset quality risk tied to the Bangkok flood situation and the risk from northern runoff. KBANK and KTB are chosen as Top Picks because they benefit most from this investment theme. For the third quarter of 2026, net profit for the banking sector under coverage is expected at 56 billion baht, down 10% from the same period a year earlier but up 1% from the previous quarter. Banks are expected to keep paying high dividends for 2026, with a dividend yield of 5-6%, because they have high capital funds, are maintaining medium- to long-term plans to raise ROE, and have no large new investments. For the second half of 2026, dividends are expected to offer a dividend yield of 3-5%. KTB and KKP are expected to pay higher-than-expected dividends for 2026 because they announced larger-than-expected dividends for the first half of 2026.
KBANK.BK · Capital · Positive Krungsri Securities names KBANK a Top Pick, benefiting most from the new investment round and rising ROE theme.
KTB.BK · Capital · Positive Krung Thai Bank is chosen as a Top Pick, benefiting most from the investment theme, and is expected to pay higher-than-expected 2026 dividends.
KKP.BK · Capital · Positive KTB and KKP are expected to pay higher-than-expected 2026 dividends after larger-than-expected H1 2026 payouts.
Thai Airways Board Removes Chai Eamsiri as CEO After Tens of Thousands of Bags Pile Up
The board of Thai Airways International Public Company Limited has ordered the removal of Chai Eamsiri from the chief executive officer's seat, citing the problem of tens of thousands of unclaimed baggage and numerous delayed flights at Suvarnabhumi Airport. Chai worked with Thai Airways for 41 years and had a track record in business rehabilitation that restored the national carrier to strength, but when a manpower crisis arose, he was unable to manage the risk. The root of the problem lies in a strategy of reducing personnel costs during rehabilitation, which relied on outsourcing through Wingspan Services Company to procure and manage ground labor, including baggage handlers, baggage transport staff, and ground support staff. When employees could not come to work because their homes were flooded, the fragility of the system became apparent, and it also affected the reputation of Airports of Thailand Public Company Limited, or AOT, as well as the country's tourism confidence.
THAI.BK · Supply · Negative Board removed CEO Chai Eamsiri after tens of thousands of unclaimed bags and delayed flights exposed a ground-labor manpower crisis.
Wingspan Services · Supply · Negative Outsourcing ground labor through Wingspan proved fragile when flooded-out staff couldn't work, causing the baggage backlog.
AOT.BK · Supply · Negative Baggage pile-up and delayed flights at Suvarnabhumi damaged AOT's reputation as airport operator.
Yuanta sees SINGER as a turnaround stock, launches S-PRO Series, targets 516% profit growth in 2026
Yuanta Securities issued a positive analysis of Singer Thailand Public Company Limited, or SINGER, after the company launched its SINGER brand S-PRO Series appliances, initially focusing on televisions, commercial freezers, air conditioners and washing machines, produced by a new OEM, resulting in higher gross margins. The company targets raising product margin to 40% from 31.4% in the first half of 2026, with a device lock function similar to that of smartphones, allowing sales on installment through SGC's SG Finance+ system, with interest rates on appliance loans close to the 25% per year charged on Lock Phone. The company also plans to expand its Solar Roof business through the JGS joint venture, in which JMART holds 50%, GUNKUL 40% and SINGER 10%, and to open Solar Roof Shop branches and provide loans through SGC, as well as a new service, SG Subscribe+, starting first with Solar Roof. On branch expansion, the company targets opening 146 new branches this year, up from 101 branches in the second quarter of 2026, and adding 1,000 sales staff, after already adding 443 in the second quarter of 2026. Yuanta expects SINGER's net profit in the third quarter of 2026 to accelerate markedly both year on year and quarter on quarter, and to keep growing both year on year and quarter on quarter in the fourth quarter of 2026, supporting full-year 2026 net profit of 647 million baht, up 516% year on year, and a further 21.5% year-on-year rise in 2027. It maintains a Buy rating with a 2027 target price of 13.70 baht, implying 25% upside from the current price.
SINGER.BK · Capital · Positive Yuanta maintains Buy with 13.70 baht target and forecasts 516% 2026 net profit growth on higher gross margins.
SINGER.BK · Demand · Positive New S-PRO Series appliances, 146 new branches, 1,000 added sales staff and Solar Roof/Subscribe+ expansion drive product demand.
SGC.BK · · Neutral Mentioned only as the lender (SG Finance+/SGC) enabling SINGER's installment sales; no own development.
KSL expects sugarcane crush to top 8.3 million tonnes next year on 17-month-high sugar prices
Chalach Chinthammit, Chief Executive Officer and Managing Director of Khon Kaen Sugar Industry Public Company Limited, or KSL, said that world sugar prices, which have risen to around 18.94 cents per pound, a roughly 17-month high, will be a positive factor for next year's crushing season, since all sugar to be sold this year has already been forward-contracted. For the 2026/2027 crushing season, which runs from December 2026 through no later than April 2027, KSL expects sugarcane crush volumes to grow from the previous season's estimate of about 8.3 million tonnes, driven by larger sugarcane output reaching the market and water availability for cultivation that remains consistently favorable. The recent weakening of the baht, averaging around 33.64 baht per US dollar, is an additional positive factor, since about 70% of KSL's revenue comes from exporting sugar products overseas. For the 2026 fiscal year, the company expects full-year results to swing to a profit, compared with a loss of 660 million baht in 2025, because this year there is no provision for expenses related to projects in neighboring countries, and the first nine months of this year already showed a profit of about 358 million baht.
KSL.BK · Pricing · Positive 17-month-high world sugar prices are a positive factor for KSL's next crushing season, with all this year's sugar already forward-contracted.
KSL.BK · Monetary · Positive The weakening baht (~33.64/USD) is an additional positive since about 70% of KSL's revenue comes from sugar exports.
SUGAR · Supply · Positive World sugar prices at a roughly 17-month high of ~18.94 cents/lb reflect tight global sugar supply conditions.
LTS eyes 60 million baht backlog, full recognition this year
Light Up Total Solution Public Company Limited, or LTS, expects to fully recognise 100% of its backlog, worth approximately 60 million baht, within this year, according to Chief Executive Officer Phat Trasophosit. Third-quarter 2026 results remained steady from the second quarter, when the company posted a profit of 7.5 million baht and revenue of 132 million baht, because the third quarter was mainly a preparation period. The company is preparing to bid on three to four new projects with a combined value in the hundreds of millions of baht, with contracts expected to be signed in the fourth quarter of 2026 and some revenue, roughly 40 million baht, potentially recognised then. The remainder will begin to be recognised in the first or second quarter of 2027. The company puts its chances of winning the work at about 70%, citing its expertise and ready qualifications, and therefore expects 2027 results to grow by leaps and bounds, driven by government funding to accelerate the switch to energy-saving LED lighting in public areas. The company is also looking at one or two opportunities related to data centres, both in the form of equipment leasing and system testing work, though there is no clear timeline yet because it must wait for contracts with clients and several items of equipment are in short supply. At the same time, it plans to expand into AI Cloud rental services through the establishment of a joint venture, Noventrix Company Limited, in which the company will hold about 40%. The establishment has been pushed back to the fourth quarter of 2026 from an earlier target of completion within September, due to product supply shortages.
LTS.BK · Capital · Positive Plans to establish a JV (Noventrix, ~40% stake) for AI Cloud rental services, though pushed to Q4 2026 on supply shortages.
LTS.BK · Demand · Positive Expects to fully recognise its ~60 million baht backlog this year and is bidding on 3-4 new projects worth hundreds of millions of baht, with ~70% win odds.
Broker flags KGEN turnaround as revenue set to surge to 25 billion baht after EV plant stake rises to 60%
Global Securities, or GBS, says King Gen Public Company Limited, or KGEN, is entering a turnaround phase, raising its stake in Omoda & Jaecoo Manufacturing (Thailand) Company Limited, which operates the electric vehicle plants for the OMODA JAECOO and CHERY brands, from the current 43.7% to 51% in early July, and then to 60% in late July to early August. This will shift revenue recognition from the share of profit of an associate to full consolidation of both revenue and profit. Management expects that after the stake increase, revenue will grow significantly year on year to 25 billion baht, with a net profit margin of 2.5-3.0%, or roughly 600-700 million baht. Previously, KGEN reported second-quarter 2026 profit of 37 million baht, up 171% quarter on quarter and 152% year on year, after losses in the first quarter of 2026 and the second quarter of 2025. The main driver was the share of profit from its investment in that associate, whose production line began operating on 20 April 2026, while revenue from sales and services grew to 227 million baht, up 8% quarter on quarter and 36% year on year. Bookings for JAECOO and OMODA electric vehicles at the Big Motor Sale 2026, held from 21-30 August 2026, totaled 5,028 units, with deliveries scheduled for September to October 2026, an additional factor supporting revenue and profit growth. The current share price still cannot be assigned a P/E ratio because the company has posted continuous losses from 2022 through the first six months of 2026, though earnings are expected to turn around from 2026 onward. The stock trades at a P/BV ratio of 2.58 times, above its one-year, two-year and three-year averages of 2.56, 2.30 and 2.10 times respectively.
Electrification & Mobility › China NEV Leaders ▲Supply
KGEN.BK · Capital · Positive Broker flags KGEN turnaround as raising its stake in the EV plant to 60% shifts to full consolidation, lifting revenue to 25 billion baht and turning earnings positive.
Omoda & Jaecoo Manufacturing (Thailand) · Capital · Positive KGEN is raising its stake in Omoda & Jaecoo Manufacturing (Thailand) from 43.7% to 60%, shifting to full consolidation of the EV plant's revenue and profit.
Jaecoo (Chery Jaecoo Automobile) · Demand · Positive JAECOO and OMODA EV bookings at the Big Motor Sale 2026 totaled 5,028 units with deliveries in September-October 2026, supporting revenue growth.
ALT eyes closing Global Hyperscalers deal in Q4 2026, pushing backlog up to 6.9 billion baht
ALT Telecom Public Company Limited, or ALT, disclosed that it is in negotiations for additional deals with global-tier customers, the Global Hyperscalers, in the fourth quarter of 2026, after signing network and digital infrastructure lease contracts worth a total of approximately 2 billion baht in the third quarter of 2026, with a contract term of 20 years. Preeyaporn Tangpaosak, Managing Director, told the Stock Vision news team that the company targets double-digit growth in revenue in the second half of 2026, driven by recurring revenue recognition from its existing network. The expansion of its large-customer base has raised the value of work awaiting revenue recognition, or backlog, for the group from 5.115 billion baht as of the second quarter of 2026 to approximately 6.9 billion baht in September 2026. The company is also proceeding with bids for smart grid power network systems and AMI smart meter installation work for the Provincial Electricity Authority and the Metropolitan Electricity Authority, as well as government work in security and digital fields, with a combined value of several billion baht. It is also pushing to connect networks in the Eastern Economic Corridor, or EEC, with data centers in Bangkok and overseas, setting a target internal rate of return, or IRR, for new projects of no less than 10 to 15 percent. The company sees three key drivers supporting revenue and profit growth over the next 12 to 18 months: the data center and AI trend, growth in smart meter and smart grid work, and margin expansion from operating leverage.
ALT.BK · Demand · Positive ALT signed ~2bn baht of 20-year network/digital infrastructure lease contracts with Global Hyperscalers and is negotiating more, lifting backlog to ~6.9bn baht.
Metropolitan Electricity Authority · Demand · Neutral ALT is bidding for AMI smart meter installation work for the Metropolitan Electricity Authority, but no contract has been awarded.
Provincial Electricity Authority · Demand · Neutral ALT is bidding for smart grid and AMI smart meter work for the Provincial Electricity Authority, but no contract has been awarded.
TQR ready to take on national catastrophe insurance scheme covering 30 million households
TQR Public Company Limited, or TQR, disclosed that it is still gathering detailed information on the national catastrophe insurance programme, after the government began providing coverage from 1 October 2026 to 30 September 2027. It views the government's support and establishment of a risk-distribution mechanism as an important development for the country, and one that may help raise its capacity to absorb catastrophe risk closer to international standards. Under the programme, the government purchases insurance on behalf of the public, covering 30 million households nationwide, with protection against floods, windstorms and earthquakes. A total of 11 insurance companies are participating, five of which are listed on the Thai stock exchange: TIPH, BKIH, MTI, TVH, THRE and TQR. Meanwhile, ASL Securities views the programme as positive for the insurance sector in terms of premium growth and expanding insurance penetration, and recommends gradually accumulating TIPH, KTB and BBL. TIPH is the standout stock, benefiting directly through Thip Insurance, which has the opportunity to take on new premiums and build them into recurring premium income if the government renews the programme next year. KTB and BBL, meanwhile, gain indirect positive sentiment.
TQR.BK · Demand · Positive TQR is participating in the government's national catastrophe insurance programme covering 30 million households, which may raise its capacity to absorb catastrophe risk.
TIPH.BK · Demand · Positive TIPH is the standout, benefiting directly through Thip Insurance's opportunity to take on new premiums and build recurring premium income under the programme.
Bnomics warns floods will drag down GDP, urges Thailand to shift to 'living with water'
Bnomics by Bangkok Bank released an analysis warning that flooding is not merely a problem of heavy rainfall, but reflects that cities cannot handle the water, with damage spreading to GDP and supply chains. It points out that Thailand must shift its mindset from 'draining water' to 'living with water.' The analysis cites a World Bank assessment that the great flood of 2011 caused damage and losses of approximately 1.43 trillion baht, or 12.6% of GDP. The report Thailand Economic Monitor: Coping with Floods and Droughts estimates that if in 2030 Thailand faces flooding at a level with roughly a one-in-50-year probability, similar to the 2011 event, production losses could exceed 10% of GDP, and could be even higher if supply chains cannot adapt well enough. Singapore once had about 32 square kilometres of flood-prone area in the 1970s, but after decades of continuous investment in upgrading its systems, that has now fallen to less than 0.25 square kilometres, a reduction of more than 99%. For Thailand, in the 2017–2026 fiscal years, the integrated water resource management plan was allocated a total budget of more than 600 billion baht, with the 2025 fiscal year at approximately 62,621 million baht and 2026 at approximately 63,421 million baht. This budget covers water for consumption and use, water for agriculture, drought response, water source rehabilitation, and flood prevention. The World Bank therefore proposes that Thailand use Cost-Benefit Analysis systematically to prioritise flood and drought response measures, alongside investment in infrastructure, early warning systems, and Nature-based Solutions.
BBL.BK · · Neutral Bangkok Bank's research arm Bnomics authored the flood analysis, but the article reports no direct financial impact on the bank itself.
US jobs data misses forecasts, boosting Thai non-bank and power stocks
US non-farm payrolls rose by just 29,000 in September, far below the 90,000 economists had expected in a Reuters poll, and figures for the two prior months were revised down. The unemployment rate edged up to 4.2%, against economists' expectations that it would hold steady at 4.1%. The data led investors to scale back bets that the Fed will raise interest rates by at least 0.25% at its late-October meeting, with CME FedWatch showing the odds falling to 22.7% from 24.4% the previous day and 64.2% a week earlier. This supported US stocks and bodes well for Thai equities, especially rate-sensitive sectors such as property, power plants and financials, including AEONTS and SAWAD, which trade at 0.79 and 0.90 times book value respectively. Analysts, meanwhile, are highlighting TIDLOR and MTC as top picks. All 16 analysts polled unanimously recommend buying TIDLOR, which Kasikorn Securities gives a mid-2027 target price of 24.40 baht after raising this year's profit forecast by 2% to 6.163 billion baht, lifting 2027 by 5% to 6.638 billion baht and 2028 by 3% to 7.3 billion baht, while raising its long-term ROE assumption to 16% from 15.2%. For MTC, Krungsri Securities maintains a buy rating with a 2027 target price of 44 baht, citing manageable asset quality and potential upside to this year's and next year's net profit from provisioning expenses.
Four brokerages say Bangkok floods cause limited damage of 20–40 billion baht, highlight stocks set to benefit from home repairs, retail and chips
Four brokerages assess that the flood situation in Bangkok and its vicinity in 2026 will cause limited economic damage, as the waters have not yet spread into industrial estates or key production bases, unlike the great flood of 2011 that disrupted production chains on a wide scale. Finansia Syrus Securities estimates preliminary damage at around 20–40 billion baht, or roughly 0.1–0.2% of GDP, and views pressure on the stock market as reflecting short-term concerns rather than affecting earnings. Kasikorn Securities estimates damage at about 3,000–4,000 million baht per day, or roughly 20–30 billion baht per week; if severe conditions persist for one week, it could drag on GDP by about 0.1%. As of 27 September 2026, 25 provinces and 128 districts have been affected, with about 545,000 people impacted, compared with 2011 when floods hit 66 provinces, affected about 13.6 million people and caused damage of approximately 1.4 trillion baht. CGS International notes that Bangkok and its vicinity account for about 47.3% of the country's economy, and divides the situation into two scenarios: if water can be drained within 4–5 days, the impact will be limited, but if it drags on beyond 5 days, it could weigh more on purchasing power and consumption. For stocks that benefit after the waters recede, Finansia Syrus favours HMPRO, GLOBAL, DOHOME, TOA, SCGD, DCC and DRT, while Kasikorn favours retail and food groups as well as the ICT group. Pi Securities estimates a SET range of 1,590–1,620 points and picks BDMS, BCH, CPALL, PTT, PTTEP, PTTGC, TOP, ITC and TU, while CGS International says to watch DELTA, HANA and KCE if the SET falls below 1,600 points, on the theme of investment in artificial intelligence and digital infrastructure.
InnovestX Recommends Buy on Dip with 3 Themes to Navigate Flooding, Expects Only 21 Billion Baht Hit to 2026 GDP
Equity and derivatives market strategists in the research department of InnovestX Securities Company Limited, or InnovestX, assess that the current flooding will have a limited impact on the economy and the SET, because it is merely water waiting to drain from heavy rainfall, unlike the 2011 crisis. In addition, water levels in the main dams remain lower than in 2011 and 2025. If the water recedes within one to two weeks, the impact on 2026 GDP is expected to be around 21 billion baht, or -0.11%, and the firm still expects Thai GDP to grow in line with its 2.0% target in 2026-2027. Historical data shows that in cases of short-term flooding lasting no more than seven days, the SET may dip an average of 0.6% initially before recovering into positive territory within one week. In cases of major flooding lasting more than seven days, the SET typically corrects an average of 3.8% in the first month and begins to recover from the second month onward, with Domestic Play stocks leading the market's recovery. InnovestX therefore recommends a Buy on Dip strategy to gradually accumulate Domestic Play stocks across three main themes. The first is Fast Recovery Plays, namely tourism names such as CENTEL and ERW and healthcare names such as BDMS and BCH. The second is Recovery & Repair Plays, namely commerce names such as HMPRO and GLOBAL and construction materials names such as DCC. The third is Consumer Staples & Stockpiling Plays, namely commerce names such as CPALL, BJC and CRC. At the same time, the firm advises caution on the insurance sector, which may come under pressure from a higher loss ratio.
Thai Airways orders CEO Chai Eamsiri to step aside, appoints Samrit as acting chief
Thai Airways International Public Company Limited, or THAI, informed the Stock Exchange of Thailand that its board of directors has resolved to suspend Mr. Chai Eamsiri from his duties as chief executive officer during a fact-finding investigation and review of management processes in a crisis, effective from 2 October 2026. The board also appointed Mr. Samrit Samniang, a company director, to serve as acting chief executive officer in his place. The company stated that this action is a suspension pending a fact-finding investigation and is not a notification of resignation from the chief executive officer position. The resolution was passed at the 9/2569 extraordinary meeting of the board of directors on 2 October 2026, after the board took note of the flood situation that occurred in late September 2026, which affected the aviation business and the company's image. In addition, the company announced a change in the list of directors authorized to sign on behalf of the company, from Mr. Chai Eamsiri and Mr. Samrit Samniang signing jointly with the company seal, to Mr. Samrit Samniang and Mr. Winit Wisetsuwannaphum signing jointly with the company seal.
THAI.BK · Regulation · Negative Board suspended CEO Chai Eamsiri pending a fact-finding investigation into management processes during a crisis, creating leadership uncertainty.
Krungsri recommends buying PLANB with a target of 8.10 baht, expecting profit to jump
Krungsri Securities has maintained its buy recommendation on Plan B Media Public Company Limited, or PLANB, with a target price of 8.10 baht based on a DCF method and a WACC of 8.1%. It assesses that the investment in iCare, a subsidiary of COM7, has the potential to generate incremental profit of approximately 170 million baht per year after deducting financial costs, representing an upside of about 11% to profit in 2027. If profit share before financial costs is considered, it is expected at approximately 200 million baht per year, or an upside of 11-13%. PLANB subscribed to 1,126 million newly issued iCare shares worth 860 million baht at 0.764 baht per share, giving it a 46.28% stake after the capital increase, with COM7 holding an equal proportion. Krungsri stated that the purchase price of the iCare shares represents a P/E of only 6 times, below the insurance business group average of 9 times, and it expects PLANB's net profit in 2026 and 2027 to grow 14% and 25% respectively from recognition of its profit share from COM7. These projections do not yet include the positive effects of the iCare deal, which therefore represents upside to the previous profit forecast for 2027. However, the share purchase still requires approval from the shareholders' meetings of COM7 and iCare, as well as consent from the Office of the Insurance Commission, or OIC. The process is expected to be completed by the end of 2026, and iCare will not have the status of a subsidiary of PLANB.
PLANB.BK · Capital · Positive Krungsri maintains buy with 8.10 baht target, citing the iCare stake adding ~170M baht annual profit and lifting 2027 profit forecasts
COM7.BK · Capital · Positive PLANB's 860M baht subscription for 46.28% of COM7's subsidiary iCare at a low P/E, pending COM7 shareholder and OIC approval, is a valuation/financing event for COM7
