Bualuang Securities sees three tailwinds driving SET higher into next year, eyeing 1,780 points

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Summary · why it matters

Piriyapol Kongwanich, Director of Investment Analysis for Wealth Management at Bualuang Securities, assesses that the Thai stock market remains on an uptrend from the fourth quarter of 2026 through the first half of 2027, with a chance of hitting a best-case target of 1,780 points before moving into a more range-bound phase. Three key tailwinds support this view: the global technology wave, an upcycle in global industry, and foreign capital inflows, all of which are supporting upward revisions to SET earnings forecasts. For the base case, the SET is projected to end 2027 at 1,710 points, based on SET EPS of 106 baht, down 4% year on year, and a target PER of 16.0 times. For fourth-quarter 2026 strategy, a barbell approach is recommended: the first core focuses on energy and petrochemicals, namely PTT and PTTGC, while the other core focuses on structural growth and stocks with earnings momentum, through the power group such as GULF, GPSC and GUNKUL, alongside retail stocks such as CRC and COM7, tourism stocks such as AOT, AWC and CENTEL, and hospital stocks such as BH and BDMS. For the first half of 2027, the recommendation is to gradually shift from Cyclical Winners toward greater Sector Rotation and Stock Selection, while in the second half of 2027 the focus should be on high-dividend stocks and companies with strong cash flows as the core of the portfolio.

Impact on assets 12

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

Bualuang Securities recommends PTT as a core energy/petrochemical pick for Q4 2026 strategy, supporting positive sentiment.

Global Power Synergy PCL
GPSC
▲ PositiveDemandrelevance

Bualuang includes GPSC in the power group recommended for structural growth and earnings momentum.

Consumer Discretionary▲ · 3 stocks
Com7 PCL
COM7
▲ PositiveDemandrelevance

Bualuang recommends COM7 as a retail stock with structural growth and earnings momentum for its Q4 2026 barbell strategy.

Materials▲ · 1 stocks
Industrials▲ · 1 stocks
Airports Of Thailand PCL
AOT
▲ PositiveDemandrelevance

Bualuang recommends AOT as a tourism stock for Q4 2026 strategy, citing structural growth and earnings momentum.

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

Bualuang recommends BH as a hospital stock for Q4 2026 strategy, citing structural growth and earnings momentum.

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