Thailand

PROEN Corp, or PROEN, has received an investment promotion card from the Board of Investment, or BOI, for its Cloud Service business, granting an exemption from corporate income tax on net profits from the promoted business for up to 8 years, with the total exempted tax amount not exceeding 100% of the investment, excluding land costs and working capital, along with import duty benefits on machinery under specified conditions. Chief Executive Officer Kittiphun Sribua-iam disclosed that this BOI privilege extends the company's digital infrastructure business and opens the opportunity to generate increased revenue from Cloud services in the future. The promotion card requires the project to have an investment of no less than 282.86 million baht, excluding land costs and working capital, and to commence operations within 36 months from the date the promotion card is issued. The project scope covers Cloud Service offerings including Infrastructure as a Service, or IaaS, and Platform as a Service, or PaaS, along with conditions regarding the Data Center, connectivity systems, and standards for security and service provision. The company also plans to organize training to develop knowledge and skills in using Cloud Service continuously every quarter for a period of 3 years from the date the promotion card is received. The Cloud business is expected to help create a new revenue base and support the recovery of operating results in the period ahead.

T. Man Pharmaceutical Public Company Limited, or TMAN, has announced the creation of a New S-Curve, moving into the longevity and wellness hub megatrend, with a target of driving revenue growth to 4 billion baht within the next 3-5 years, up from 2.5 billion baht in 2025. Prapol Thanachotiphan, Chief Executive Officer of TMAN, told InfoQuest that in the first 1-3 years the company will continue to grow from its core business by expanding hospital channels to raise their revenue share to 15-20% from 10% previously, while pushing the Propolis brand to become a full regional and international brand, from its current exports to more than 7 countries, and more than 10 countries across all products. Meanwhile, its OEM contract manufacturing business has grown by more than 100%, and it recently secured a major customer, Berham, in the distribution business for other brands. For the creation of the New S-Curve, the company will launch a new supplement brand at the end of this year, focusing on dietary supplements, vitamins and biotechnology under its own brand, targeting growth of 5-10% per year for this group over the next 5 years, and has assigned its subsidiary Nova Health to accelerate collaboration with leading research institutes to develop health innovations that address longevity, together with external partners.

Safe Fertility Group Public Company Limited, or SAFE, has announced a three-to-five-year plan to expand its family care base from 40,000 families to 50,000 families, while driving average revenue growth of 10-15% per year from 2027 onward, after revenue in 2026 is expected to hold steady from the 900 million baht recorded in 2025. Dr. Wiwat Kwangkananurak, Chief Executive Officer, said the growth strategy comes from the Preserve and Prevent markets, as younger generations increasingly turn to egg freezing, sperm freezing, and genetic testing, as well as from expanding the base of international patients, who currently account for 50% of all patients. The company is also broadening its business scope into genetic analysis laboratories under Next Generation Genomic Company Limited, providing reproductive medicine and maternal and child medicine analysis services to leading public and private healthcare providers, as well as obstetrics and gynecology clinics both domestically and overseas. It is also in discussions on cooperation with the National Health Security Office, or NHSO, on a project to screen for fetal chromosomal abnormalities from maternal blood, known as NIPT, with services under the NHSO project expected to begin in 2027. It is also discussing ways to provide intrauterine insemination, or IUI, for holders of universal health coverage rights, or the 30-baht scheme, to broaden access to treatment more comprehensively.

Several brokers have issued research notes recommending a buy on Gunkul Engineering, or GUNKUL, after it signed a partnership agreement with Gulf Development, or GULF, to set up a joint venture for renewable energy projects. Bualuang Securities said GUNKUL signed power purchase agreements, or PPAs, for an additional 261.8 megawatts in phase 2 renewable energy projects, and sold a 50 percent stake in seven project companies, or SPVs, with total capacity of 673.4 megawatts to GULF for 467 million baht. The deal helps keep 26 billion baht of project debt off GUNKUL's balance sheet and opens the door to EPC backlog not yet included in estimates. It maintained its buy rating with a target price of 6.50 baht. Krungsri Securities upgraded the stock to Buy from Neutral with a 2027 target price of 6.30 baht per share based on a sum-of-the-parts method, split into 4.05 baht per share for the power business and 2.24 baht per share for the EPC and trading business. It also raised its 2026 to 2028 profit forecasts by an average of 8 percent, putting profit at 2.1 billion, 2.1 billion and 3.3 billion baht, an average growth rate of about 25 percent a year, with clear growth expected in 2028 after commercial operation, or COD, of large renewable energy projects in the Philippines. Asia Plus Securities kept its estimates and 2027 fair value at 6.40 baht per share, saying the restructuring does not significantly affect long-term project returns, and recommended gradually accumulating the stock for the long term. GUNKUL shares closed the morning session at 5.15 baht, up 0.10 baht or 1.98 percent.

Analysts from 5 securities firms recommend "buying" shares of Thai Union Group (TU) with target prices in the range of 13.90 - 16 baht, expecting third-quarter profit of 1.309 - 1.420 billion baht, with strong growth, and believe that the surge in tuna costs has already passed its peak, with long-term positive factors beginning to provide support. Yuanta Securities raised its 2026 - 2027 profit forecasts by 18% and 4% respectively, and set a new target price of 16.00 baht, an upside gain of 29%, expecting normal profit in 3Q26 of 1.420 billion baht, up 4.3% QoQ and 17.4% YoY, on revenue of 35.882 billion baht. Krungsri Securities maintained its Buy recommendation with a target price of 15.50 baht, expecting normal profit in 3Q26F of about 1.349 billion baht and normal profit forecasts for 2026-2027F of 5.135 billion baht and 5.970 billion baht respectively. Maybank Securities recommends buying with a target price of 14.50 baht, expecting net profit in 3Q69 of 1.3 billion baht, with results scheduled for reporting on 2 November. Pi Securities assesses fair value at 15.4 baht, expecting normal profit in 3Q26 of 1.400 billion baht, and states that flooding has not affected the group's production in any way. Meanwhile, Trinity Securities gives a target price of 13.90 baht, expecting profit in 3Q69 of 1.309 billion baht, up 4% QoQ and flat YoY, with gross margin expected at 20.6%, and maintains its 2026 profit forecast at 4.7 billion baht.

Brokers remain positive on agricultural and food stocks, with natural rubber prices up 2.8% from the previous week to a 13-year high on tight supply after heavy rain and flooding in growing areas. Sugar prices rose 1.4% on concerns over a super El Nino phenomenon, with the US Department of Agriculture expecting Thai sugar output in the 2026/27 production year to fall by about 15-17%. Domestic broiler prices held steady at 45.50 baht per kilogram, above the cost of about 37.50 baht per kilogram, and marked their highest level in more than three years since June 2023. Thai pork prices fell 5.7% from the previous week to 66.50 baht per kilogram on heavy rain and slowing purchasing power ahead of the vegetarian festival. Krungsri Securities maintains a positive view on the agricultural and food sector, picking TFG as its top long-term stock with a target price of 14.20 baht, an expected dividend yield of about 8% and quarterly dividend payments, while also highlighting TVO, STA and NER as stocks that benefit from the super El Nino theme. Pi Securities gives the meat sector a market-weight rating and picks GFPT as its top stock, with Thai chicken exports in September worth a total of about 401 million US dollars, up 6% from a year earlier.

Phillip Securities (Thailand) said in an analysis dated 2 October 2026 that it expects WHA Utilities and Power, or WHAUP, to post normalised third-quarter 2026 profit of about 499 million baht, flat from the same period a year earlier and down slightly by 0.5% from the previous quarter. The result is supported by higher revenue from the solar business as commercial operation dates continue to come on stream, a share of profit from the Gheco-one power plant returning to above-normal levels, and coal prices trending higher than a year earlier. These factors are partly offset by the water business, where volumes rose but recognition of capacity charges remained below the high base of the third quarter of 2025, while the SPP power plant business still faces pressure from higher natural gas costs, with no adjustment to the Ft tariff for industrial power sales during the period. For the water business outlook in the second half of 2026, capacity charges are expected to be lower than in the first half, but data centres will gradually begin operations from the fourth quarter of 2026 through 2027, which should drive a significant acceleration in water usage. The research team also expects normalised profit for the first nine months of 2026 to be about 1.202 billion baht, up 25.3% from the same period a year earlier, on the back of a still-strong power and utilities business. Phillip therefore maintains its Buy rating on WHAUP with a 2027 target price of 9.45 baht per share.

Prime Minister and Interior Minister Anutin Charnvirakul has instructed all agencies to manage water situations and transport systems to support the 2026 Annual Meetings of the International Monetary Fund and the World Bank Group, to be held from October 12 to 18, 2026, in Bangkok, which will bring delegates from 191 countries and approximately 15,000 accompanying persons into Thailand. Government spokesman Ekapop Pienpiset said the Prime Minister chaired a meeting of the National Disaster Prevention and Mitigation Command to monitor flood situations and assistance to the public, issuing eight directives covering the drainage of reservoirs and waterways that are full or nearly full; the removal of waterway obstructions at bottlenecks, bridges, drainage pipes and underpasses; more precise targeting of risk areas; the mobilization of machinery from the public and private sectors; the immediate start of rehabilitation in zones where water has receded; preparation of rehabilitation plans and compensation for eligible households; discussions with the Bank for Agriculture and Agricultural Cooperatives on assistance for farmers whose crops were damaged; and consideration of reducing or waiving water and electricity charges for flood-affected households by waterworks and electricity agencies at both central and regional levels. He also instructed Airports of Thailand and the Ministry of Transport to fully manage inbound and outbound passenger travel and transport, and to expedite the return of services to normal as quickly as possible, in order to build confidence in Thailand's ability to host participants and attract foreign investment.

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%.

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 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.

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.

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.

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.

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.

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.

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%.

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.

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.

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.

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.

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.

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.

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.