Kasikorn recommends buying BBL and TOP, SET range 1,590-1,620 points

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Summary · why it matters

Kasikorn Securities estimates the SET index will trade in a range of 1,590-1,620 points this week and recommends accumulating stocks expected to post standout profits in the second half of 2026, picking BBL and TOP as its top picks for today. The company had previously estimated the index range at 1,580-1,620 points. The Thai stock market last closed at 1,604.52 points, down 0.65% on selling pressure in petrochemical, finance and construction stocks. On external factors, the Fed Watch Tool assigns an 88% probability to a US rate hike on September 16, 2026, according to the latest survey, and the market puts the odds of a 0.25% rate increase at more than 60%. Domestically, risks remain from political issues, particularly the "Senate collusion" case, which could affect sentiment over short-term political stability, while the FTSE rebalancing at the end of the week could add to market volatility. Stocks viewed as attractive include BBL, BGRIM, DELTA and SCGP. For BBL, the company sets a target price of 203.00 baht and expects loan growth of 3.57% in 2026, benefiting from interest rates passing their trough, with valuation still inexpensive at a PBV of about 0.6 times. For TOP, it sets a target price of 75.20 baht and maintains a "buy" rating, citing short-term benefits from a high proportion of oil production and long-term potential gains from the CFP project.

Impact on assets 5

Energy Transition & Power Demand▲ · 2 stocks
Thai Oil Public Company Limited
TOP
▲ PositiveCapitalrelevance

Kasikorn maintains a buy rating on TOP with a 75.20 baht target, citing high oil production proportion and the CFP project.

Digital Finance & Tokenization▲ · 1 stocks
Bangkok Bank PCL
BBL
▲ PositiveCapitalrelevance

Kasikorn picks BBL as a top pick with a 203.00 baht target price, citing cheap valuation and expected 2026 loan growth.

Electrification & Mobility▲ · 1 stocks
Materials▲ · 1 stocks
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