A survey of analysts and fund managers from 25 companies conducted by the Investment Analysts Association, or IAA, indicates that the Thai stock market's direction in late 2026 will continue to draw support from investment in AI technology and the AI supply chain, listed-company earnings, foreign capital flows, and the recovery of the domestic economy. Sombut Naravutthichai, secretary-general of the association, said analysts expect the SET Index to move within a range of 1,537 to 1,683 points and to close 2026 at 1,680 points, before advancing to 1,727 points at the end of 2027. On negative factors, respondents gave equal top weighting of 84 percent to the US-Iran-Israel war situation and the direction of US interest rates, followed by global oil prices at 80 percent. Meanwhile, 100 percent of analysts expect the Bank of Thailand's policy rate to remain unchanged at 1% at the end of 2026, and estimate average market earnings per share, or EPS, for 2026 at 103.38 baht and average EPS for 2027 at 104.29 baht, representing average EPS growth of 16.41% in 2026. Under the main assumptions, the average crude oil price this year is 88.12 US dollars per barrel, average GDP growth in 2026 is 2.20%, revised up from 1.93% in July 2026, while average GDP growth in 2027 is 2.07%, using an average risk-free rate of 2.18% and an average equity market risk premium of 7.47%. Analysts recommend diversifying investment portfolios by holding 30% in foreign stocks or equity funds, 24.79% in Thai stocks or Thai equity funds, 18.02% in bond funds, 10.21% in gold or gold funds, 10.02% in cash and short-term deposits, and 6.96% in real estate funds or REITs. They also recommend the technology and innovation sectors, especially AI, semiconductors, and AI infrastructure such as data centers, in the US and Asian markets including Japan, Korea, and China, alongside the cyber security and healthcare and wellness sectors. Securities related to foreign investment and gold listed on the stock exchange, or depositary receipts, recommended by five or more firms are NVDA80, AAPL80, AMD80, GOOG80, and MRVL80. Thai stocks recommended by four or more firms are BDMS, KBANK, DELTA, GULF, and CRC. Most analysts advise avoiding energy and petrochemical stocks, airline stocks, and property stocks, and also propose that the government accelerate infrastructure investment, promote private-sector investment and attract foreign direct investment, as well as introduce measures to help the public and promote long-term savings through the TISA program.
Apple Inc.
Advanced Micro Devices Inc
Alphabet Inc Class C
Marvell Technology Group Ltd
NVIDIA Corporation
Kasikornbank Public Company Limited
