Kasikorn Securities sees SET swinging between 1,590 and 1,620 points, recommends accumulating DELTA and CK

HoonVision··THUSIR·Read original
3▲2 ▼1Impact / 5
Summary · why it matters

Kasikorn Securities estimates the SET index will swing within a range of 1,590 to 1,620 points today amid geopolitical concerns that have pushed Brent crude up 3.6% and driven the 10-year US Treasury yield to 5.198%, an increase of 8.4 basis points. However, the latest progress shows that US and Iranian negotiators are discussing a step-by-step agreement that could see Iran reopen the Strait of Hormuz in exchange for the US lifting its blockade of Iranian ports, with Qatar acting as mediator. Meanwhile, talks between Trump and Xi Jinping are trending positively, focusing mainly on AI, which is expected to benefit the chip and technology industries further. Domestically today, attention is on Thailand's August export figures, with the market expecting 347 billion dollars, or a rise of 24.8% year on year, seen as positive for the export sector. Today's strategy focuses on gradually accumulating fundamentally strong stocks with positive catalysts, with DELTA and CK recommended. For DELTA, the fundamental price is 300.00 baht, viewing the recent correction as merely a short-term reset, while AI demand remains strong from accelerating hyperscaler capex and rising demand for power and cooling systems per rack. Gross profit margin and earnings are expected to recover in the second half of 2026 after pressure from chip costs, inventory, and product mix eases, with normal profit expected to post a CAGR of about 32% in 2026 to 2028. The buy recommendation is maintained, with the stock trading at about 63 times 2027 PER, below the target of 92 times. For CK, the fundamental price is 29.27 baht after selling 200 million BEM shares at 6.50 baht per share, reducing its holding to 40.95% and bringing in about 1.3 billion baht in cash for working capital. It is expected to recognize an extraordinary gain of about 242 million baht after tax in the third quarter of 2026, though net profit in that quarter will still fall year on year from a high extraordinary profit base, while normal profit is expected to be flat to slightly higher on construction work and lower interest expenses. The buy recommendation is maintained, with a positive view on liquidity and the opportunity to win government projects in 2027, where bidding is expected to open for no less than 200 billion baht. The stock trades at a 2026 PER of only 13.3 times, even though its share of profit from BEM will decline slightly.

Impact on assets 4

Industrials▲ · 2 stocks
CH. Karnchang PCL
CK
▲ PositiveCapitalrelevance

CK sold 200 million BEM shares at 6.50 baht, raising about 1.3 billion baht in cash for working capital, and is recommended as an accumulation pick.

Robotics & Physical AI▲ · 1 stocks
Delta Electronics Inc
2308
▲ PositiveCapitalDemandrelevance

Kasikorn Securities maintains a buy recommendation with a 300.00 baht fundamental price, viewing the recent correction as a short-term reset and expecting margin/earnings recovery.

Others▼ · 1 stocks
© 2026 MarketIVNews