Bualuang broker sees SET on the rise, eyeing 1,780 points in 2027

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3▲5 ▼0Impact / 5
Summary · why it matters

Piriyapol Kongwanich, Director of Investment Analysis for Wealth Management at Bualuang Securities, said the firm maintains a positive view on the Thai stock market, assessing that the SET still has an upward trend in the fourth quarter of 2026 through the first half of 2027 and could move close to its best-case index target of 1,780 points before shifting into a more range-bound movement. Under the base case, the SET is estimated at 1,710 points at the end of 2027, based on SET EPS of 106 baht, down 4% year on year, and a target PER of 16.0 times. Three key drivers are the global technology trend, the upcycle in global industry, and foreign capital inflows. Capital expenditure plans by major cloud service providers are expected to grow 93% in 2026 and another 41% in 2027, while Thailand's electronics exports are expected to grow 55% in 2026 and 40% in 2027. For the fourth-quarter 2026 strategy, a Barbell Strategy is recommended, focusing on energy and petrochemicals, namely PTT and PTTGC, alongside the power group GULF, GPSC and GUNKUL, before gradually shifting to sector rotation and stock selection in the first half of 2027 and increasing the weighting of dividend stocks as the core of the portfolio in the second half of 2027.

Impact on assets 5

Energy Transition & Power Demand▲ · 4 stocks
PTT Public Company Limited
PTT
▲ PositiveDemandrelevance

Bualuang recommends PTT as a focus of its energy and petrochemicals Barbell Strategy for Q4 2026.

Global Power Synergy PCL
GPSC
▲ PositiveDemandrelevance

Bualuang recommends the power group, naming GPSC, as part of its Q4 2026 Barbell Strategy overweight.

Materials▲ · 1 stocks
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