BLS sees SET in second half of 2026 with 1,700-point target, expects fund inflows of 200 billion baht

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Bualuang Securities assesses the SET Index over the final five months of 2026 to be in a sideways-up trend, with a range of 1,580 to 1,700 points. Mr. Piriyapol Khongwanit, Director of Investment Analysis for Wealth Management at Bualuang Securities, stated that first-half earnings of Thai listed companies grew strongly, leading to an upward revision of the market's earnings per share estimate by about 4% to 103 baht. When rolling over to mid-2027, the SET Index target becomes 1,710 points. The index is expected to peak in the fourth quarter, supported by the high season for tourism, stable high crude oil prices, and continued foreign capital inflows. Notably, net inflows in July reached as high as 47 billion baht, bringing total net purchases since the start of the year to around 74 billion baht. In the second half, there is potential for additional foreign inflows of 160 to 200 billion baht. On investment strategy, a barbell portfolio is recommended, balancing growth stocks and high-dividend stocks, highlighting five key themes: Long-term Growth, such as GULF, WHAUP, and GUNKUL; Defensive and Yield Play, such as KTB; Normalization and Stimulus, such as COM7, CRC, ERW, and CBG; Event Play from Super El Niño, such as CPF, BTG, and ICHI; and Geopolitical and Inflation Hedge, such as PTT and PTTGC. It also advises avoiding property and asset management stocks due to fragile domestic purchasing power. Meanwhile, US technology stocks remain positive despite short-term corrections, recommending accumulation of quality growth names with clear earnings and valuation support. For Thai technology stocks, only short-term speculative trading is suggested. Mr. Chaiporn Nompitakcharoen, Managing Director of Securities Business at Bualuang Securities, disclosed that for the final five months, the recommended portfolio allocation is 74% equities, 22% fixed income, and 4% alternative assets and gold. The US stock market is viewed as the most attractive, while the firm continues to expand its wealth advisory business and promote block trades to capture the uptrend.

Impact on assets 13

Consumer Staples▲ · 4 stocks
Consumer Discretionary± Mixed · 3 stocks
Com7 PCL
COM7
▲ PositiveDemandrelevance

Highlighted as a key theme (Normalization and Stimulus) with expected benefit from domestic stimulus.

Energy Transition & Power Demand▲ · 3 stocks
PTT Public Company Limited
PTT
▲ PositiveDemandrelevance

Highlighted as a Geopolitical and Inflation Hedge, benefiting from stable high crude oil prices.

Financials▲ · 1 stocks
Materials▲ · 1 stocks
Climate Adaptation & Water▲ · 1 stocks
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