Analyst Ratings

Akamai Technologies announced an approximately $11.6 billion agreement supporting Anthropic's central processing unit workloads, a deal that also provides for a potential additional $9 billion in business beyond the initial commitment. On Mad Money, Jim Cramer said the seven-year contractual commitment works out to $1.66 billion per year, more than a third of what Akamai is expected to bring in this year, though the annual figure is a simple average and Akamai's filing specifies separate seven-year project terms beginning on their respective service start dates, with payments subject to delivery and availability requirements. Akamai estimates approximately $5.5 billion in capital expenditures related to the Anthropic commitment, including an additional approximately $1.7 billion in 2026, and left its 2026 revenue guidance unchanged while issuing an Anthropic warrant covering up to approximately 5% of its outstanding common stock. In the second quarter, Akamai's cloud infrastructure services revenue rose 39% year over year to approximately $99 million and security revenue rose 10% to approximately $604 million, helping total revenue grow 5% to approximately $1.1 billion, while delivery and other cloud applications revenue declined 6% and adjusted earnings per share fell 8% to $1.59. Cramer, who highlighted Akamai's distributed Akamai Inference Cloud initiative and its edge computing approach, said the stock's retreat after the announcement felt like a buying opportunity, noting it trades at approximately 16.6x forward earnings, below Fastly's approximately 48x multiple.

TD SYNNEX has been awarded a Zacks Rank #1 (Strong Buy) after analysts sharply raised their earnings estimates for the company. The consensus estimate for the current quarter now stands at $5.69 per share, a year-over-year change of +48.6%, and has climbed 27.47% over the last 30 days as four estimates moved higher with no negative revisions. For the full year, the company is expected to earn $20.50 per share, a change of +55.4% from the prior-year number, with the consensus estimate rising 10.47% over the past month as five estimates moved higher and none moved lower. The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an externally-audited track record in which #1 Ranked stocks have generated an average annual return of +25% since 2008. TD SYNNEX shares have added 6% over the past four weeks.

Morgan Stanley said on the 5th that semiconductor giants Nvidia and Broadcom are relatively unlikely to be affected by the worsening data center power shortage in the United States. The firm estimated last month that even if U.S. data center developers adopt measures such as "behind-the-meter" power generation, which integrates power plants with data centers, and fuel cells, they will face a net power shortfall of 34 percent by 2028, equivalent to a shortfall of 32 gigawatts. Morgan Stanley noted that because Nvidia and Broadcom have clear visibility on chip deployment, geographic expansion, and coordination among data centers, semiconductor suppliers, and power supply networks, these bottlenecks will not threaten the two companies' 2027 outlook. On the other hand, if semiconductor production capacity cannot be expanded, customers may delay delivery schedules or cancel orders, and memory, optical components, power management, and analog components are most vulnerable to inventory-related disruptions. Goldman Sachs has also pointed to growing constraints on U.S. data center construction, seeing the short-term impact of political backlash as limited, while Morgan Stanley cites labor, power, and politics as the three challenges.

Tesla delivered 486,532 vehicles in the third quarter of 2026, beating the Zacks Consensus Estimate of 471,262 units, with deliveries up 1.3% sequentially but down 2.1% year over year. Through the first nine months of 2026, Tesla delivered 1,324,681 vehicles and needs just more than 311,448 units in the fourth quarter to break its streak of annual declines. The competitive picture remains concerning, as BYD sold 762,478 passenger battery-electric vehicles in the quarter, up roughly 31% year over year, while NIO delivered 109,178 vehicles, up 25.4% year over year. In the last reported quarter, automotive gross margin excluding regulatory credits slipped to 16.3%, and energy storage margins fell to 20.4% from 39.5%, while Tesla expects capital spending above $25 billion in 2026. Tesla's robotaxi network had covered roughly 380,000 driverless miles, compared with Waymo's more than 220 million rider-only miles, and the company recently moved its Roadster demonstration from Oct. 1 to Oct. 15. Tesla's Oct. 21 earnings report is much-awaited, and TSLA stock currently carries a Zacks Rank #4 (Sell).

Jefferies says a divided government may be the best midterm elections outcome for Big Tech players spending massive amounts of money to build out AI infrastructure. In a note on Monday, the Jefferies research team wrote that a split government and prospects for a national AI policy, rather than fragmented state-level rules, should ensure the rapid pace of AI innovation continues, disproportionately benefiting large, scaled players. The firm's biggest tech winners include Amazon, which benefits regardless of which AI model wins through a model agnostic platform approach; Alphabet, which gets more time to catch up in the AI model race with Gemini 4 Pro and beyond; Microsoft, which has the highest trust from enterprises given its pervasive presence in corporate IT shops; Oracle, emerging as the fourth enterprise cloud option with outsized upside if data center permitting and regulatory hurdles ease; CoreWeave, rapidly becoming recognized as a leading alternative to megacap hyperscalers; Snowflake, a top 2 vendor for AI data plumbing; Datadog, as observability becomes paramount; and Meta, on renewed consumer and small business momentum with Muse and Meta Business Agents. The analysts noted the president's party has lost House seats in 18 of 20 postwar midterms, and with Trump's approval near 39% and independents at 24%, they expect a GOP setback. The 2026 midterm elections are coming on Nov. 3, when voters will choose all 435 members of the House and 35 senators. Truist chief strategist Keith Lerner pointed out that every midterm election year since 1946 has been followed by positive one-year stock returns, with the biggest gain a 34% return after the 1954 elections and an average one-year gain of 14.4%.

Nvidia is poised to open at a record high after Foxconn, also known as Hon Hai Precision, reported better-than-estimated numbers, with the strong results extrapolated through to the AI chipmaker. Renewed talk that Nvidia's valuation looks low, given its still-expanding earnings, is also helping the stock as the AI trade continues largely unabated. Separately, Morgan Stanley analyst Adam Jonas reiterated his overweight rating on SpaceX with a $300 price target, arguing the stock is cheap at its current level of 159 and implying roughly 100% upside, citing the difficulty of valuing its AI business by price per token and its rocket work such as heat shields, orbital re-entry, booster landings and hot staging. Cerebras rose 6% in premarket trading after OpenAI CEO Sam Altman called the company a close partner, saying the two are working together very, very closely.

Novo Nordisk is diversifying beyond its GLP-1 obesity and diabetes franchise, aiming to launch more than five potential blockbuster drugs by 2030 and generate over $23 billion in pipeline-related sales by 2035. The company, whose Ozempic and Wegovy have driven recent growth, has begun exploring the hair-loss market, which its Chief Scientific Officer says can leverage Novo's scientific knowledge, and plans to advance multiple Phase 3 programs across obesity, diabetes and other therapeutic areas. Chief Executive Mike Doustdar acknowledged the loss of confidence, saying it takes time and hard work to build back, after the company's post-Wegovy strategy presentation sent hair-loss drug developers Veradermics and Absci higher. Novo has lost ground to rival Lilly in the injectable GLP-1 market and faces key semaglutide patent expirations in major markets in the early 2030s, prompting Morgan Stanley to downgrade the stock to Sell on medium-term growth concerns. Novo trades at around 10.2x forward GAAP earnings, below its five-year average of 30.0x and the sector median of 23.3x, while its forward price-to-sales ratio of 3.8x is below its five-year average of 9.6x and broadly in line with the sector median of 3.7x.

J.P. Morgan on Monday added Givaudan to its Positive Catalyst Watch ahead of the company's Oct. 13 third-quarter results, expecting organic sales growth of 6.7%, above consensus of about 5%. The broker, which rates Givaudan overweight, said the results could prompt upward revisions to its 2026 and 2027 sales and margin forecasts, and it expects like-for-like sales growth of 5.0% in 2026 and 5.6% in 2027, versus consensus of 4.2% and 4.7%. For the third quarter, the bank forecasts organic sales growth of 6.7%, up from 4.3% in the second quarter, driven mainly by 6.2% volume growth, with pricing growth of 0.5% and a 2026 EBIT margin of 24.1%, slightly above consensus of 23.8%. J.P. Morgan expects 2026 earnings per share of CHF 135.1 and 2027 EPS of CHF 141.8, up from CHF 133 and CHF 139 in its forecasts a month ago, and it sees Givaudan as the fastest-growing company among its ingredients peers in the second half of 2026. Across the ingredients sector, the bank expects third-quarter like-for-like growth of 5.2%, forecasting 3.7% for Kerry and 4.8% for Symrise against 6.7% for Givaudan, while more broadly it expects European consumer staples companies to deliver upside surprises in third-quarter sales and profit forecasts.

Bank of America upgraded DraftKings from Neutral to Buy, sending shares up 5%, with analyst Julie Hoover keeping a $27 price target that implies 45% upside. Hoover called the stock's 47% year-over-year pullback an attractive entry point, citing DraftKings' position as the third-largest player in prediction markets. BofA estimates prediction markets could generate roughly $400 million in fees for DraftKings by 2027, plus $200 million to $400 million from market-making, while a regulatory shutdown would remove the terminal value overhang. The firm lowered its 2026 EBITDA estimate from $625 million to $500 million but raised its 2027 EBITDA estimate from $1.05 billion to $1.15 billion, and said DraftKings could guide 2027 EBITDA in the $1.0 billion to $1.2 billion range. The $27 target is based on a 12x multiple of 2027 EV/EBITDA, and BofA said it wants stronger cost discipline in the core business to support 2028 margins.

GF Securities expects United Microelectronics to post stronger earnings per share over the next two years on a combination of stronger prices and margins, supported by rising orders from key clients that are lifting utilization rates at its foundry. Analyst Jeff Pu said 12-inch utilization should reach about 93% by end-2026 on strong DDIC volumes from Novatek and Samsung LSI at 22/28nm and Apple's Mac at 55/65nm, with upside from Sony's sensors, while 8-inch utilization should reach about 90% by end-2026 and full loading by 2H27 on intact demand for datacenter PMIC, MCU and embedded memory. Pricing momentum extends from 2H26 for selective customers into 1H27 at 10-30% across 12-inch and 8-inch, and into 2H27 where negotiations are ongoing, suggesting visibility extending into 2H27. GF Securities raised its EPS forecasts for the entirety of 2026 and 2027 by 2% and 8% respectively and maintained its Buy rating, with UMC expected to begin another growth phase in 2028 when it transitions to asset-light FinFET and optical full solutions, driven by Intel 2nm as a major inflection. Interposer and advanced packaging are expected to begin contributing during the second half of 2027, supported by silicon capacitor, DTC, hybrid bonding and controller-to-bonding integration. UMC shares were down 8% in pre-market trading on Monday, but the stock has surged 32% over the past month and more than 230% year-to-date.

Chevron has drawn heavy investor search interest on Zacks.com, with the company now rated Zacks Rank #2 (Buy) on the strength of sharply rising earnings estimates. Chevron is expected to post earnings of $4.89 per share for the current quarter, a year-over-year change of +164.3%, and the Zacks Consensus Estimate has moved +22.4% over the last 30 days. For the current fiscal year, the consensus earnings estimate of $16.98 points to a change of +132.9% from the prior year, while the next fiscal year's consensus estimate of $15.11 indicates a change of -11%. On the revenue side, the consensus sales estimate of $59.3 billion for the current quarter points to a year-over-year change of +19.3%, with the $235.36 billion and $228.55 billion estimates for the current and next fiscal years indicating changes of +24.5% and -2.9%, respectively. In the last reported quarter, Chevron posted revenues of $70.06 billion, a year-over-year change of +56.3%, and EPS of $6.06 versus $1.77 a year ago, beating the Zacks Consensus revenue estimate of $57.53 billion by +21.78% and the EPS estimate by +4.48%.

Palantir Technologies has been named a Zacks Rank #1 (Strong Buy) stock, with the rating driven by the size of recent changes in consensus earnings estimates along with three other earnings-related factors. For the current quarter, Palantir is expected to post earnings of $0.42 per share, a change of +100% from the year-ago quarter, while the consensus estimate has remained unchanged over the last 30 days. The consensus earnings estimate of $1.61 for the current fiscal year indicates a year-over-year change of +114.7%, and the next fiscal year's consensus estimate of $2.26 indicates a change of +40.2%, both unchanged over the past month. On the revenue side, the consensus sales estimate for the current quarter of $2.17 billion indicates a year-over-year change of +84%, while estimates of $8.19 billion and $11.67 billion for the current and next fiscal years indicate changes of +83% and +42.5%, respectively. In its last reported quarter, Palantir reported revenues of $1.94 billion, a year-over-year change of +92.8%, and EPS of $0.41 versus $0.16 a year ago, beating the Zacks Consensus Estimate of $1.81 billion by a revenue surprise of +7.16% and posting an EPS surprise of +17.14%.

PTC agreed to be acquired by Schneider Electric for $205 per share, valuing the software company's equity at more than $22 billion, with the transaction expected to close by the third quarter of 2027. PTC shares surged 36% premarket on the news. Brazilian stocks rallied after right-wing presidential candidate Flavio Bolsonaro edged out incumbent Luiz Inacio Lula Da Silva by around 2 percentage points in Sunday's election, sending the iShares MSCI Brazil ETF up 12% and U.S.-listed shares of Itau Unibanco and Banco Bradesco up more than 13% each. Wells Fargo gained 1% after a Morgan Stanley upgrade to overweight from equal weight, while DraftKings popped over 5% on a Bank of America upgrade to buy from neutral, with analyst Julie Hoover expecting prediction markets to generate $400 million in fees for 2027 and between $200 to $400 million in market making. Estee Lauder rose 2.8% after Barclays upgraded the stock to overweight from equal weight, citing its growth and earnings profile over the next several years.

Asia Plus Securities has issued an analysis of banking stocks, maintaining its investment weighting at market weight, or Neutral, and forecasting combined net profit for the eight banks under coverage in the third quarter of 2026 at 65 billion baht, up 1.6% from the previous quarter but down 8.8% from the same period a year earlier, due to the very high base of securities trading revenue in the prior year. TISCO will be the first bank to report results on October 14, followed by other large commercial banks on October 20-21. The research team said quarter-on-quarter profit growth will be led by KTB, which is expected to post a 7% profit increase on recovering net interest income and investment gains in THAI, followed by BBL, expected to rise 5% on lower operating expenses and lower expected credit losses. Net interest income is expected to rise 1.4% quarter on quarter even as loan growth stays flat, supported by lower funding costs and deposit restructuring, lifting the group's net interest margin by 4 basis points to 3.02%. Provisioning costs are expected to improve to 1.4% from 1.5% in the second quarter of 2026, while the non-performing loan ratio is expected to hold steady at 3.6%. If results meet expectations, combined net profit for the first nine months of 2026 will be 194 billion baht, or 78% of the company's full-year estimate and 76% of the Bloomberg Consensus forecast. Asia Plus Securities recommends KTB with a fair value of 48 baht and KBANK with a fair value of 259 baht, as both stocks have fallen more than the sector average over the past month while still posting consistently strong financial statements.

Cerebras Systems shares rose as much as 8.1% in early trading on Monday after OpenAI CEO Sam Altman said the chipmaker is "a close partner" of OpenAI and that the two firms have "a deep engagement pushing on the frontiers of speed." Altman's comments came in response to speculation over OpenAI's partnership with Cerebras, with Altman writing that Cerebras is a close partner and that the engagement pushes on the frontiers of speed. Barclays analyst Tom O'Malley said the OpenAI relationship remains strong, noting that Nvidia is running OAI GPT-6.1 Ultrafast but that Cerebras remains the preferred provider limited by supply. O'Malley added that the recent stock selloff was overdone, as highlighted by Sam Altman's post.

CGS International (Thailand), or CGSI, said total loans for Thai commercial banks in the third quarter of 2026 are likely to show slower expansion, with combined loans at the banks covered by its analysts falling 0.1% month on month but still growing 3.0% year on year and up 2.4% from the end of 2025, after large corporate customers of BBL and KKP repaid substantial loans in August 2026. Banks posting positive loan growth were led by CREDIT, KTB and TISCO. CGSI estimates the eight banks it covers will report combined net profit of 57.4 billion baht, down 9.2% year on year but up 1.8% quarter on quarter. KKP is expected to post the strongest net profit growth in the group at 32.2% year on year and 4.0% quarter on quarter on the back of strong fee income. TTB is expected to grow second-fastest at 4.6% year on year and 0.7% quarter on quarter. On the other hand, BBL is expected to be the weakest, with net profit falling 24.5% year on year, followed by KTB with a 16% year-on-year decline. The banking sector is trading at a relatively expensive valuation of 0.94 times forward 12-month price-to-book against a low return on equity of 8.7% in 2026, but still offers a high dividend yield of 5.4% to 5.6% a year in 2026 to 2028. CGSI therefore recommends maintaining a Neutral investment weighting and selecting KBANK as its Top Pick, given its high share of fee income from wealth business at 18% of non-interest income in 2025 and its high dividend yield of 6.2% in 2026 versus the sector average of 5.6%.

Sansiri Public Company Limited, or SIRI, reported presales of 36.4 billion baht for the first nine months of 2026, ending September 30, 2026, equal to 76% of its full-year sales target of 48 billion baht. Wichan Wiriyaphusit, Chief Financial Officer, said demand for housing from the real demand segment remains steady in both low-rise projects and condominiums. Over the past nine months, the company sold out 18 projects with a combined value of more than 23.5 billion baht, and it holds a backlog of more than 24 billion baht awaiting revenue recognition. The company has also partnered with leading partner banks to help real demand customers, from assessing financial readiness and credit planning to improving credit for those who have not yet passed approval criteria. For the fourth quarter of 2026, Sansiri plans to launch 12 new projects with a combined value of about 11 billion baht, comprising six low-rise projects and six condominium projects, to push sales past the 48 billion baht target. Krungsri Securities recommends Buy with a fair value of 1.90 baht, highlighting a high dividend yield of about 8.9%, while Kasikorn Securities sees operating results improving amid intense competition.

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.

DBS Group Chief Investment Officer Hou Wey Fook said Nvidia's valuation and projected earnings growth show that artificial intelligence-driven technology stocks remain far from bubble territory. The chipmaker trades at 17 times its 12-month forward earnings, according to Bloomberg-compiled data, while its earnings are projected to grow 70% next year. Hou contrasted that with Cisco Systems Inc., which traded at about 100 times earnings before the dot-com crash, saying, "If I describe the poster child of AI trading at mid-teens, how can it be a bubble?" He added that there are still "tailwinds to this play on the semiconductor, this play on AI." Hou nonetheless advocates a "barbell" approach to control overall portfolio volatility, pairing technology stocks on the growth side with investment-grade fixed income for income stability, and sees hedge funds and gold as risk diversifiers in the middle.

SBI Thai Online Securities Company Limited, in an analysis dated October 2, 2026, selected PTG Energy Public Company Limited, or PTG, as a Top Pick stock, taking a positive view of its second-half 2026 earnings outlook on the recovery of the oil business alongside the expansion of its non-oil business. For its second-quarter 2026 results, PTG reported a net profit of 74 million baht, up 76.3% from the same period a year earlier, and a turnaround to profit from a loss of more than 205 million baht in the first quarter of 2026. Revenue from sales and services came to approximately 61.9 billion baht, up 9.5% from a year earlier and 8.9% from the previous quarter. The oil business was supported by improved marketing margins, with gross profit per liter at about 1.83 baht per liter, up from 1.66 baht per liter in the second quarter of 2025 and 1.29 baht per liter in the first quarter of 2026. Meanwhile, the non-oil business, especially the Punthai coffee brand, continued to grow on branch expansion, with about 2,467 branches as of the end of the second quarter of 2026, and the company aims to expand to about 2,751 branches by the end of 2026. SBI estimates PTG's EBITDA growth at around 0-5% from a year earlier. PTG's share price at the time of the analysis was 8.30 baht, while the average consensus target price for 2026 stood at 8.40 baht.

Apichat Poobanjerdkul, Senior Director of the Strategic Analysis Department at Tisco Securities, said Tisco Securities assesses that the overall Thai economy and stock market are beginning to show stronger fundamentals, driven by private investment, the AI and data center investment cycle, and continued growth in electronic component exports. The Thai economy also stands to gain support from large-scale infrastructure investment, particularly the PDP 2026 power development plan, which is expected to involve investment of as much as 2 to 3 trillion baht to meet electricity demand from AI, data centers, and new industries. If carried out as planned, it is expected to add at least 0.5% per year to GDP growth. On earnings, listed companies posted record highs in revenue, net profit, and EBITDA in the second quarter of 2026, with the SET Index showing a correlation of 0.88 with listed-company profits. As a result, the announcement of third-quarter 2026 earnings in mid-October will be the factor setting the market's direction going forward. Meanwhile, Thai stock valuations remain attractive; excluding DELTA, the market trades at a 12-month forward PER of just 11.8 times, about 60% of listed companies trade below book value, and the average dividend yield is around 3.9%, higher than the regional market average of 3.4%. For its October strategy, Tisco Securities recommends diversifying across several themes, with its standout stocks for October being BH, DELTA, KBANK, PTTEP, SJWD, TRUE, and TVO. It estimates SET support at 1,560 to 1,580 points and 1,540 points, with resistance at 1,610, 1,630, and 1,660 points. It views short-term weakness as an opportunity to accumulate gradually. For overseas stock investment through DRs in October, Tisco Securities has selected NVDA80 and ZIJIN80, based on their laggard price performance, with NVDA up about 20% compared with the SOXX index's gain of more than 80%, which it sees as limiting downside risk.

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%.

Land and Houses Securities Public Company Limited has issued an analysis focusing on investment trends in CK and KKP shares, expecting CK's third-quarter 2026 earnings to recover from the previous quarter. Although the construction contracting business may slow seasonally and gross margins return to normal levels, support is expected from its share of profit at CKP, which is entering the high season for hydropower plants, as well as from BEM, which is trending better on passenger numbers. In the medium term, support comes from the government infrastructure investment cycle, which is becoming clearer, especially Phase 2 of the double-track railway project, where three routes worth a combined 106 billion baht have already been approved. Meanwhile, high-speed rail, expressways, motorways, and airports are still awaiting progress. CK currently has a backlog of about 146 billion baht, supporting revenue for several years. The analyst team gives a buy recommendation on CK with a target price of 23.1 baht, support at 17.8 and 18.1 baht, and resistance at 19.6 and 20.1 baht. For KKP, third-quarter 2026 profit is expected at 2.0 billion baht, still growing a strong 21% year on year despite a slight 4.8% decline quarter on quarter. The main drivers are a return to loan growth, especially business loans and Lombard loans, a NIM that holds steady at a good level, and fee income from wealth management, the capital markets business, and Dime!, which is growing strongly. Meanwhile, lower losses from repossessed vehicles help ease cost pressure. Asset quality remains manageable, with the NPL ratio expected to hold steady at around 3.5% and the coverage ratio near 150%. Full-year 2026 profit is likely to grow more than 30% year on year, with ROE returning to around 12%, while a dividend yield of about 6% helps limit the downside for the share price. The analyst team gives a buy recommendation on KKP with a target price of 128 baht, support at 108.5 and 113 baht, and resistance at 118.5 and 120 baht.