Maybank raises 2026 SET target to 1,590 points, recommends stock picking

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3▲9 ▼0Impact / 5
Summary · why it matters

Maybank Securities (Thailand) Public Company Limited has raised its 2026 SET Index target to 1,590 points from 1,550 points, but maintained a Neutral view because the overall market upside is not particularly high. Speaking at an online seminar titled "Decoding Thai Stocks, Fourth Quarter: Finding the Next Winners," the firm said earnings support from listed companies is not yet broad-based, with upward earnings revisions concentrated mainly in the electronics and energy sectors, while bond yields in several countries remain elevated, pressuring valuations of risk assets. On the Thai economy, Maybank expects GDP growth of 2.4% in 2026 and 2.7% in 2027, supported by exports, private investment, and a recovery in tourism, though the government's fiscal capacity has diminished amid a higher public debt level. For its fourth-quarter strategy, Maybank recommends focusing on adjusting weights between industry groups and selecting individual stocks rather than investing based on index direction. It highlights three standout groups: consumer finance, where valuations are starting to look attractive again, with TIDLOR, KTC, and MTC as top picks; tourism and transport, where earnings momentum continues, with AWC, AOT, BA, and MINT; and hospital businesses, which have stable revenue and specific supporting factors, with BH and CHG. At the same time, it advises increased caution in three groups: utilities and energy, which has been downgraded from Positive to Neutral; petrochemicals; and retail.

Impact on assets 9

Financials▲ · 3 stocks
Krungthai Card PCL
KTC
▲ PositiveCapitalrelevance

Maybank names KTC a top pick in consumer finance, where valuations look attractive again.

Industrials▲ · 2 stocks
Airports Of Thailand PCL
AOT
▲ PositiveDemandrelevance

Maybank highlights AOT in the tourism and transport group where earnings momentum continues, naming it a top pick.

Health Care▲ · 2 stocks
Bumrungrad Hospital PCL
BH
▲ PositiveDemandrelevance

Maybank names BH as a top pick in hospital businesses, citing stable revenue and specific supporting factors.

Consumer Discretionary▲ · 1 stocks
Real Estate▲ · 1 stocks
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