KS expects Thai stocks to trade in 1570-1620 range, highlights SCC and BGRIM as top picks

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2▲3 ▼0Impact / 5
Summary · why it matters

Kasikorn Securities, or KS, expects the Thai stock index to trade in a range of 1570-1620 points this week, anticipating a market recovery after the US Federal Reserve meeting, at which the Fed raised interest rates as the market had expected. Meanwhile, inflation signals are starting to show signs of slowing, helped by crude oil prices beginning to correct after Saudi Arabia rerouted crude exports through Oman and accelerated the restoration of the East-West pipeline, easing supply concerns. At the same time, the 10-year US Treasury yield has fallen back below 5%, supporting further speculative appetite for risk assets. In addition, the market is watching for domestic economic stimulus measures, with the Thai Chai Thai Plus program expected to be extended by another two months this week, which is positive sentiment for the domestic economy and provides further support for the cost of living. KS therefore continues to view pullbacks as opportunities to gradually accumulate stocks, selecting SCC and BGRIM as its top picks for the week. For SCC, the base price is set at 276.00 baht, supported by positive momentum from the announcement that Rayong Olefins, or ROC, will restart its olefins plant, which is expected to have a positive effect on earnings estimates going forward, along with additional support from the packaging business SCGP, which is showing more positive trends from the return of Fajar and improving selling prices, as well as ongoing M&A. SCC currently trades at a PBV of 0.8 times. For BGRIM, the base price is set at 22.00 baht after it adjusted electricity charges to link with gas prices for industrial user customers by about 50% starting in June, helping to preserve spark spread, and it plans to gradually convert customer contracts to a permanent gas-linked basis. Meanwhile, the data center business will support growth from 2027, with excess capacity of about 100MW that can serve additional demand from industrial user customers and data centers. BGRIM's own data center is expected to see Phase 1 reach commercial operation in the first quarter of 2027 and ramp up to full capacity of 48MW in the second quarter of 2027, though initially it may still record losses from low utilization.

Impact on assets 5

Energy Transition & Power Demand▲ · 1 stocks
B.Grimm Power Public Company Limited
BGRIM
▲ PositivePricingrelevance

BGRIM adjusted electricity charges to link with gas prices for industrial customers by about 50% starting June, helping preserve spark spread.

Climate Adaptation & Water▲ · 1 stocks
Materials▲ · 1 stocks
Others▲ · 2 stocks

Off-coverage companies 2

Rayong Olefins Co., Ltd.Private▲ Positive
Supplyrelevance

Rayong Olefins will restart its olefins plant, a positive supply development.

Fajar Surya Wisesa TbkPrivate▲ Positive
Demandrelevance

Fajar's return is cited as a positive driver for SCGP's packaging business.

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