Bualuang Securities flags five cheap, quality SET50 stocks that have yet to catch up

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Summary · why it matters

Bualuang Securities outlined a tactical strategy based on data through August 18, noting that although the SET has climbed back to around 1,600 points from 1,260 points at the end of last year, this year-to-date rally has been highly concentrated. The SET is up 26.7% year-to-date, or 28.7% when measured by market capitalization, yet the median gain is only 7.6%, and just 24.2% of all stocks have managed to beat the market, even though 64.5% delivered positive returns. The top ten stocks driving the index accounted for more than 62% of the gains, with DELTA alone contributing 26.5%. Leader-group share prices have risen far faster than their earnings, delivering an average return of 51.1% against profit growth of 25.7%, while non-leader stocks returned only 18.3% despite similar profit growth of 24.0%, because the average PER of the leaders rose 18.6% while that of non-leaders fell 4.9%. On 2026 earnings estimates, the leader group is expected to grow 28.6%, but in 2026 the market expects earnings to decline 5.0% in 2027, and leaders trade at a 2026 PER 115% higher than non-leader SET50 stocks. The expensive valuations are concentrated mainly in DELTA. If PTTGC and DELTA are excluded, and the restructured GULF and BANPU are left out, six leader stocks remain trading at a 2026 PER of just 11.66 times, below the 13.10 times of SET50 ex-leaders, even though their earnings are expected to grow 25.6% versus 15.3%. The strategy from here, therefore, is to find gap-closing stocks that the market has yet to value, screening for SET50 names that have lagged the market and remain cheaply valued relative to their history but still have supportive fundamentals, blending growth groups that support low valuations with quality-on-sale names. The five final picks are PTT, CPALL, OSP, BDMS and MINT as the standout stocks for this investment theme.

Impact on assets 9

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

Bualuang Securities names PTT one of five cheap, quality SET50 gap-closing picks with supportive fundamentals, an analyst valuation call.

Consumer Staples▲ · 1 stocks
Osotspa Public Company Limited
OSP
▲ PositiveCapitalrelevance

Bualuang Securities names OSP one of five cheap, quality SET50 laggards with supportive fundamentals, an analyst valuation call.

Aging Population▲ · 1 stocks
Digital Finance & Tokenization▲ · 1 stocks
Electrification & Mobility▼ · 1 stocks
Consumer Discretionary▲ · 1 stocks
Materials▲ · 1 stocks
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