DBS Vickers Securities Thailand expects SET to test a hold above 1,600 points on electronics buying

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Summary · why it matters

DBS Vickers Securities Thailand estimates that the SET index today has a chance to hold above the 1,600-point level, driven by buying in electronics stocks, while falling oil prices may pressure energy stocks into selling. It sees support at 1,584-1,592 points and resistance at 1,604-1,610 points. It also noted that investors are still watching the Trump-Xi meeting. In the U.S. market, stocks rose sharply led by AI names such as Meta, and WTI crude fell below 100 U.S. dollars, pushing bond yields to close below 5%, which is expected to support buying in beneficiary groups such as data centers and power plants. It continues to favor GPSC, BGRIM and ADVANC. Banks remain resilient given lingering uncertainty, so it still favors KTB, KBANK and KKP. Over the medium to long term, it still likes tourism stocks such as AOT, CENTEL and ERW. For today's top pick, it recommends CPALL, estimating 2026E profit at 33 billion baht, up 18% year on year, supported by 700 new branch openings and product mix, with a target price of 63.00 baht. Its technical picks are BGRIM and STECON.

Impact on assets 12

Financials▲ · 3 stocks
Energy Transition & Power Demand▲ · 2 stocks
Global Power Synergy PCL
GPSC
▲ PositiveMonetaryrelevance

Firm favors GPSC as a beneficiary of falling bond yields below 5% supporting data centers and power plants.

Consumer Discretionary▲ · 2 stocks
The Erawan Group Public Company Limited
ERW
▲ PositiveDemandrelevance

DBS Vickers continues to favor tourism stocks such as AOT, CENTEL and ERW over the medium to long term, a positive read-through for Erawan's hotel business.

Digital Finance & Tokenization▲ · 1 stocks
CP ALL Public Company Limited
CPALL
▲ PositiveCapitalrelevance

CPALL is the top pick with estimated 2026E profit of 33 billion baht, up 18% YoY, and a 63.00 baht target price.

Cloud & Digital Infrastructure▲ · 1 stocks
Industrials▲ · 1 stocks
Airports Of Thailand PCL
AOT
▲ PositiveDemandrelevance

DBS Vickers says it still likes tourism stocks such as AOT over the medium to long term.

Spatial Computing / AR/VR▲ · 1 stocks
Artificial Intelligence▲ · 1 stocks
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