BLS recommends PTT, GULF and AOT, sees Thai index touching 1,780 points

Kaohoon··TH·Read original
2▲10 ▼0Impact / 5
Summary · why it matters

Bualuang Securities, or BLS, remains positive on the Thai stock market, assessing that the index is likely to trend upward from the fourth quarter of 2026 through the first half of 2027 and could reach a best-case target of 1,780 points before shifting into sector rotation. Its base case puts the end-2027 target at 1,710 points, based on earnings per share of 106 baht, down 4% from the same period a year earlier, with the overall profit decline driven mainly by an earnings correction in upstream energy, refining and petrochemicals. The main supporting factors come from three drivers: the global technology wave, an upcycle in global industry, and foreign capital. It estimates that every 10 billion baht in net foreign buying would lift the index by about 15 to 20 points. For its fourth-quarter 2026 strategy, it recommends a barbell approach. The first core focuses on energy and petrochemicals, namely PTT and PTTGC. The other core focuses on power producers with structural growth, namely GULF, GPSC and GUNKUL. It also recommends retailers such as CRC and COM7, tourism names such as AOT, AWC and CENTEL, hospitals such as BH and BDMS, as well as 2027 growth leaders such as CBG, ICHI and BGRIM. In the first half of 2027, it advises rotating into groups that benefit from lower costs, such as CENTEL, before shifting to high-dividend stocks and companies with strong cash flows as the portfolio's core in the second half of 2027.

Impact on assets 15

Energy Transition & Power Demand▲ · 5 stocks
Consumer Discretionary▲ · 3 stocks
Consumer Staples▲ · 2 stocks
Materials▲ · 1 stocks
Industrials▲ · 1 stocks
Airports Of Thailand PCL
AOT
▲ PositiveDemandrelevance

BLS recommends AOT among tourism names for its Q4 2026 barbell strategy, implying expected tourism demand growth.

Real Estate▲ · 1 stocks
Aging Population▲ · 1 stocks
Health Care▲ · 1 stocks
Bumrungrad Hospital PCL
BH
▲ PositiveDemandrelevance

BLS recommends BH among hospital names for its Q4 2026 strategy, implying expected demand for healthcare services.

Off-coverage companies 1

Bualuang Securities Public Company LimitedPrivate± Mixed
relevance

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