Pie Securities Says US Yields Hit 19-Year High, Recommends Trading Energy and Export Stocks

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Summary · why it matters

Pie Securities reported that US government bond yields rose sharply, with the 10-year in particular hitting a new record and a 19-year high, after the UN meeting where Iran declared it would not surrender to US pressure, reflecting that the war may be prolonged. This pressured crude oil prices, with Brent closing up 3.9%, while US PMI came in better than expected in both manufacturing and services. The Dow Jones Industrial Average closed down 352 points, or 0.7%, overnight on concerns over rising bond yields. Microsoft gained 0.5%, but Google fell 3.8%. The baht weakened sharply, testing 33.44 baht per dollar, and investors assign a 70% probability that the Fed will raise rates again in October. Pie Securities estimates the SET will move in a range of 1,590 to 1,620 points and recommends short-term strategies trading energy and petrochemical stocks, namely PTT, PTTEP, PTTGC and TOP; stocks benefiting from rising yields, namely BBL, KBANK, KTB, SCB and KKP; export stocks, namely ITC and TU, supported by the weak baht; and defensive stocks, namely ADVANC, CPN, CPALL, ICHI, BDMS, BH, BCH and PR9. It recommends buying TU with a target price of 15.4 baht on the prospect of several positive factors in the second half of 2026, including the peak export season, a weaker baht, and the UK cutting its import tax on Thai tuna to 0% from 24%. It also recommends buying KBANK with a target price of 259 baht, expecting net profit to grow 2% in 2026 and expand 4% in 2027, supported by growth in non-interest income and a lower cost-to-income ratio of 42.7% to 42.8%.

Impact on assets 23

Digital Finance & Tokenization▲ · 3 stocks
Bangkok Bank PCL
BBL
▲ PositiveMonetaryrelevance

Recommended as a bank benefiting from rising US bond yields and higher rates.

Financials▲ · 3 stocks
Consumer Staples▲ · 3 stocks
Thai Union Group PCL
TU
▲ PositiveTariffMonetaryrelevance

UK cutting its import tax on Thai tuna to 0% from 24% benefits Thai Union's exports.

Health Care▲ · 3 stocks
Artificial Intelligence▲ · 2 stocks
Energy Transition & Power Demand▲ · 2 stocks
Cloud & Digital Infrastructure▲ · 1 stocks
Aging Population▲ · 1 stocks
Real Estate▲ · 1 stocks
Energy▲ · 1 stocks
Materials▲ · 1 stocks
Others▲ · 1 stocks
Others▲ · 1 stocks
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