Pi Securities: Slowing US Yields and a Stronger Baht Support SET Rebound, Range 1,585-1,605

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Pi Securities stated that US economic data came in below expectations, combined with crude oil prices beginning to pull back, pressuring US government bond yields to ease slightly, which in the short term is seen as a supportive factor for the stock market. Meanwhile, the DJIA closed down 131 points, or 0.26%, last night, and Brent crude closed down 3.5% after signs that crude oil exports in the Middle East are starting to recover. Tonight, the market awaits US PCE inflation for August, which consensus expects at 0.3% month-on-month, and most recently the CME FedWatch tool sees only a 50% chance of a rate hike in October. As for the Thai stock market this morning, the baht has strengthened slightly, which could be a supporting factor for fund flows. From here, the market awaits China's long holiday, with survey results showing Chinese tourists still view Thailand as one of their top destinations. Pi Securities expects the SET INDEX to trade in a range of 1,585-1,605 and recommends large-cap sectors such as banking, telecommunications, electronics, industrial estates, airlines, hotels, and power plants. It also gives a target price for AWC of 3.30 baht, based on expected normal profit in the second half of 2026 growing strongly year-on-year, supported by room bookings growth of 20%-30% year-on-year and clarity on a plan to establish a REIT within 2026, and a target price for BA of 22.40 baht, as the third quarter of 2026 is the high season for tourism on Koh Samui.

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