Krungsri keeps Thai stock index target at 1,680-1,750 points this year, highlights 7 top picks for Q4 2026

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Krungsri Securities maintains its Base-Best target for the Thai stock market index this year at 1,680-1,750 points, based on EPS of 103 baht, up from 98 baht, at a P/E of 17.0 times. The near-term momentum comes from the earnings quality of two main groups: those benefiting from energy and inflation, and those gaining momentum from the upstream AI CAPEX cycle, which is expected to help listed companies' profits continue expanding for at least two more quarters, namely the third and fourth quarters of this year. The research team assigns an Overweight investment weighting to three main groups: the group benefiting from the CAPEX cycle, covering the power sector with a recommendation for GULF, banking with a recommendation for KBANK, electronic components with a recommendation for DELTA, and construction contracting with a recommendation for SCC; the NTM Re-ratings group with potential to recover over the next 12 months or re-enter the MSCI index, such as THAI, PTTGC and TOP; and the agriculture and food group, covering agricultural substitutes, which benefits from Super El Niño, such as IVL. At the same time, it has raised its forecast for Thailand's GDP this year to 2.1% from 1.9%, supported by private investment rising 8.6% and exports rising 14.0%. Meanwhile, the pipeline of large-scale investment covers FDI/BOI, the PDP2026 worth 2.14 to 2.48 trillion baht, and mega projects worth 1.3 trillion baht. For the fourth quarter of 2026, the research team expects the index to move within a support range of 1,560 to 1,550 points and a resistance range of 1,680 to 1,750 points, with top picks for the fourth quarter of 2026 being TOP, PTTGC, SCC, IVL, GULF, DELTA and KBANK.

Impact on assets 8

Energy Transition & Power Demand▲ · 2 stocks
Electrification & Mobility▲ · 1 stocks
Critical Materials & Supply Chain▲ · 1 stocks
Indorama Ventures PCL
IVL
▲ PositiveCapitalrelevance

Krungsri lists IVL among Q4 2026 top picks, citing agricultural substitutes benefiting from Super El Niño.

Financials▲ · 1 stocks
Materials▲ · 1 stocks
Climate Adaptation & Water▲ · 1 stocks
Aerospace & Aviation▲ · 1 stocks
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