Dao expects SET to trade sideways, recommends buying PTTEP with a target of 180 baht

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Summary · why it matters

Dao Securities (Thailand) expects the SET Index to trade sideways today after the investment mood came under pressure once again from bond yields, along with rising oil prices. It estimates support at 1,600-1,605 points and resistance at 1,614-1,618 points, and sees energy stocks potentially attracting buying back. Meanwhile, US stocks closed lower after bond yields surged again, while oil prices rebounded strongly after Trump's speech at the UN, in which he gave Iran a choice between negotiating or letting the US wipe it out completely. Iranian President Masoud Pezeshkian responded without backing down, but stressed that Iran is always ready for diplomatic talks if they are equal and do not use threatening language or force. As for the main strategy, Dao sees the market possibly pulling back but views it as an opportunity to gradually accumulate Mega Play Theme stocks such as Data Center and power plants, and still likes GPSC, BGRIM and ADVANC. Banking stocks also remain attractive, and it still likes KTB, KBANK and KKP. For the medium-to-long-term tourism recovery theme, it still likes AOT, CENTEL and ERW. The top pick today is PTTEP, supported by the short-term crude oil price outlook after Iran's president said at the UN that Iran will not allow free navigation through the Strait of Hormuz as long as US sanctions remain in effect. Brent crude closed up 3.9% yesterday at 103.1 US dollars per barrel. Buy, target price 180.00 baht. Also AOT, which will benefit from strong growth in flights and passengers during China's Golden Week. The Tourism Authority of Thailand expects that during China's long holiday from 25 September to 7 October 2026, which covers both the Mid-Autumn Festival and China's National Day holiday, 250,000 Chinese tourists will come to Thailand, up 24% YoY. It also estimates normal profit in 4QFY26E will grow well both YoY and QoQ from the gradual recovery in international passengers and the first full quarter of recognition of the new PSC rate. Buy, target price 72.00 baht. The top picks on technical signals are PTTEP and CCET.

Impact on assets 12

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

AOT expected to benefit from strong growth in flights and passengers during China's Golden Week, with 250,000 Chinese tourists forecast to visit Thailand.

Robotics & Physical AI▲ · 1 stocks
Cloud & Digital Infrastructure▲ · 1 stocks
Others▲ · 1 stocks
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