Bangkok Dusit Medical Services Public Company Limited

Krungsri Securities has issued an analysis of hospital sector stocks after the Social Security Board approved a gradual increase in the wage ceiling for insured persons under Section 33, from 15,000 baht to 17,500 baht in 2026, rising to 20,000 baht in 2029 and 23,000 baht in 2032. It views the increases during 2026-2028 as adding roughly 1,350 baht per insured person per year to the fund's revenue across four benefit cases. The research team estimates that the higher social security treatment payments will be an upside to the 2027 operating results of BCH and CHG under two assumptions. In the first case, only the per-head flat payment, or Basic Capitation, is raised by 10 percent, and with an assumed incremental margin of 80 percent, this would lift 2027 profits of BCH and CHG by about 11 percent and 9 percent respectively, with added value to the target price of about 0.60-0.70 baht for BCH and about 0.10-0.15 baht for CHG. In the second case, all three items are raised by 10 percent, namely Basic Capitation, IPD cases with an RW value greater than 2, and 26 chronic diseases, and with an assumed incremental margin of 70 percent, this would lift profits of BCH and CHG by about 13 percent and 11 percent respectively, higher than the first case because it covers a broader proportion of social security revenue, with added value to the target price of about 0.80-1.00 baht for BCH and about 0.15-0.20 baht for CHG. The research team maintains a bullish view on hospital sector stocks, selecting BDMS with a buy recommendation and a target price of 25 baht, and PR9 with a buy recommendation and a target price of 24 baht. BCH carries a buy recommendation with a target price of 12 baht and is seen as a standout among social security hospital stocks, given that profits have passed their trough and it stands to benefit greatly from the increase in social security treatment rates.

Kiatnakin Phatra Securities, or KKPS, said in an analysis dated October 8, 2026, that it maintains a Buy rating on Bangkok Dusit Medical Services, or BDMS, with a target price of 23.50 baht versus the current share price of 19.00 baht. It expects core profit in the third quarter of 2026 to grow 8% from the same period a year earlier to 4.6 billion baht, with a chance of setting a new quarterly record. KKPS expects revenue from Thai patients in the third quarter of 2026 to grow 6-7% from the same period a year earlier, supported by the influenza outbreak, while revenue from international patients is expected to grow about 10%, driven by patients from Myanmar, the United States and Bangladesh. However, revenue from Middle Eastern patients is likely to fall 5-10% from the same period a year earlier amid the conflict situation, though this is an improvement from the second quarter of 2026, when it dropped 24%. Revenue from Cambodian patients is expected to fall about 30%, but that is better than the previous decline of 70-80%. Excluding patients from the Middle East and Cambodia, international patient revenue is expected to grow 12-14% from the same period a year earlier, bringing total revenue in the third quarter of 2026 to an expected increase of about 7%, while the EBITDA margin is expected to improve 0.2 percentage points to 25.4%. For the fourth quarter of 2026, KKPS sees earnings continuing to grow even as the influenza outbreak eases, expecting revenue from Thai patients to still grow 3-5% from the same period a year earlier, while international patient revenue could still grow at a double-digit rate. In addition, BDMS had total extraordinary expenses of 416 million baht in the fourth quarter of 2025, keeping the year-earlier profit base low and opening the door for profit in the fourth quarter of 2026 to grow at a double-digit rate. On valuation, the research team views that BDMS currently trades at a 2026 P/E of about 19 times, below the regional average of about 29 times, while it expects net profit of 16.0 billion baht in 2026, rising to 17.5 billion baht in 2027 and 18.5 billion baht in 2028.

Yuanta Securities (Thailand) assesses that Thailand's hosting of the IMF–World Bank Annual Meetings 2026, to be held from 12-18 October 2026 at the Queen Sirikit National Convention Center, will be a positive factor for the Thai stock market. It marks Thailand's return as host after 35 years, having last hosted in 1991, and more than 15,000 participants from 191 countries are expected. Thailand is presenting the concept "A New Horizon for Thailand: Empowering People, Strengthening Readiness for Change," and will push four main issues: the transition to digital and AI, the role of middle-sized countries in a multipolar world, coping with climate change, and preparing the economy for an aging society. Yuanta's research team cites the case study of Indonesia, which hosted in 2018, finding that the JCI Index rose 2.8% in the one month after the meetings and outperformed MSCI EM, MSCI DM and MSCI ACWI, which delivered negative returns during that period. It therefore sees the SET Index as likely to outperform regional markets. The digital and AI theme is positive for SMT, HANA, CCET, AMATA, WHA, DITTO and SKY, while the middle-sized countries theme, aimed at supporting SMEs, is positive for KBANK, SCB, KTB, SAWAD and MTC. The climate theme is positive for GUNKUL, SSP, GULF, DITTO and TEAMG, and the aging society theme is positive for BDMS, BH, BCH and CHG. It also sees the tourism group benefiting directly from an acceleration in traveler numbers, namely AOT, THAI, BA, ERW, CENTEL, MINT and AWC, with several large concerts choosing to hold events in Thailand during November-December providing continued support.

The Structured Product team at Bualuang Securities recommends a Buy on Dip strategy using ELN products to lock in future stock entry prices while earning returns during the wait, viewing market volatility and the flood situation as an opportunity to select stocks with high Earnings Resilience and Recovery Visibility. The recommended underlying stocks include CRC in the retail sector, whose third-quarter 2026 profit is expected to grow 31% year on year and whose 2027 Core Profit is expected to grow 10%, with a 1-month ELN on CRC at a 96% strike offering a yield of 10.05% per year. In the hospital sector, BDMS and BH are expected to post third-quarter 2026 profit growth of 6% and 2% year on year respectively, with a 1-month ELN on BDMS at a 97% strike offering a yield of 6.91% per year. In the tourism sector, CENTEL and AWC are expected to post third-quarter 2026 profit growth of 31% and 33% year on year respectively, with a 1-month ELN on AWC at a 95% strike offering a yield of 8.32% per year. And in the power plant sector, GULF and GUNKUL are expected to post third-quarter 2026 profit growth of 46% and 35% year on year respectively, with a 1-month ELN on GULF at a 97% strike offering a yield of 5.58% per year. Reference prices are as of October 5, 2026. Lessons from the 2011 floods show that the speed of profit recovery matters more than the initial impact, and many sectors can recover within roughly one quarter.

Pie Securities recommends buying shares of Bangkok Dusit Medical Services Public Company Limited, or BDMS, with a target price of 23 baht, expecting profit in 2026-2027 to grow about 2-4% per year, supported by three factors: annual increases in treatment fees of 2-3%, recovering domestic purchasing power, and Middle Eastern patients gradually returning for treatment after the Iran war. The research team expects net profit in 2026 at 16.234 billion baht, up 2.4%, and in 2027 at 16.893 billion baht, up 4.1%. Over these two years, hospital expansion will not yet have a significant impact on total revenue. BDMS is preparing to close its major WellEra project, with an investment value of 29 billion baht, an ultra-luxury project combining residences, a health rehabilitation center, retail space, and the BDMS Wellness Clinic. Management expects it to help generate additional revenue from normal operations of about 1% in 2030-2034, split into about 55% from residential sales and recurring revenue from the clinic, recovery accommodations, and retail. Meanwhile, the EBITDA margin in the third quarter of 2026 is expected to return to normal levels, and management maintains its target for revenue growth this year of 2-4% year on year. BDMS shares in the afternoon moved at 19.00 baht, unchanged, with trading value of 533.66 million baht.

Asia Plus Securities, or ASPS, recommends a Selective Investment strategy, highlighting DRs linked to global technology stocks such as the Optical, CPU & AI Server, Semi Equipment, Cloud and Power groups, alongside Thai stocks that benefit from the weakening baht and the high season. Analysts note that the direction of US Federal Reserve policy continues to pressure the baht. If the terminal interest rate sits at 4.5%, the baht will fluctuate weaker in a range of 35-37 baht per US dollar, or depreciate 4-10%, which is positive for the hospital group that treats foreign patients, such as BH, BDMS, BCH and PR9, as well as the tourism group like AOT, THAI and CENTEL, and the export group like TU, ITC and CPF. For the five standout stocks and interesting DRs, they include SHOP06, whose third-quarter earnings trend remains strong on the back of bringing AI to boost trading volume on its platform; MRVL06, which gets a boost from its Investor Day, where new technology is expected to be unveiled; ITC, which benefits from the weak baht and is awaiting progress on closing its merger deal in the fourth quarter of 2026; TRUE, whose third-quarter 2026 profit is expected to expand prominently, with an interim dividend of 0.15 baht anticipated; and BH, whose revenue and patient numbers from the Middle East are recovering strongly, while the stock still has high upside. On fund flows, although foreign investors still hold Thai stocks including NVDRs amounting to 36.5% of market value, cumulative net buying since the start of the year has fallen from a peak of 75 billion baht to just 18 billion baht, after more than 50 billion baht in net selling over the past two months. However, in the latest trading session, foreign investors began switching to net buying through the NVDR channel to the tune of 2.66 billion baht, reflecting selective accumulation of individual stocks expected to post fourth-quarter 2026 earnings growth to capture the high season.

Asia Plus Securities said 10 standout stocks will benefit from the trend of a continuing weaker baht, divided into hospital groups that benefit from foreign patients, namely BH, BDMS, BCH and PR9; tourism groups that make it easier for foreign tourists to spend, namely AOT, THAI and CENTEL; and export groups that convert revenue back into baht at a higher rate, namely TU, ITC and CPF. The research department said the spread between the 10-year bond yield and Thailand's policy rate remains below its historical average, reflecting that the market still sees no clear signal of a change in interest rate direction. Meanwhile, factors from the United States, from the Fed's perspective, continue to pressure the baht. If the Fed's interest rate stands at 4.5%, the baht will fluctuate in the range of 35 to 37 baht per dollar, or weaken from the current level by about 4% to 10%, if the end of the Fed's interest rate cycle has not yet arrived. On Thailand's water situation, the latest data indicates that many large reservoirs have water volumes exceeding capacity or near critical levels, such as Pa Sak Jolasid Dam at 110%, Nong Pla Lai Dam at 105% and Kaeng Krachan Dam at 102%. Meanwhile, medium and small reservoirs in many provinces, such as Chonburi, Trat, Ubon Ratchathani, Phrae and Phayao, have water volumes exceeding normal storage levels from 113% up to 159%. The point requiring closest monitoring is the area below Chao Phraya Dam, which has a water volume of 2,500 cubic meters per second, while it can hold 2,840 cubic meters per second.

Maybank Securities (Thailand) has maintained its positive view on Thailand's healthcare sector, estimating that flooding will cut 2026 core profits by only 0.6–1.0%, after checks with hospitals showed that none had floodwater enter their buildings or suffer property damage. It expects the healthcare sector's core profit in the third quarter of 2026 to grow 8% year on year, driven by the influenza outbreak, with patient numbers up 45% year on year, and by the low base of revenue from Cambodian patients a year earlier. BDMS and BCH are expected to post the strongest core profit growth at 11% and 10% respectively, followed by CHG at 7%, while BH is seen growing 3% and PR9 up 1%. On the flood impact, CHG has the highest share of beds in affected areas at 88%, followed by BCH at 46% and BDMS at 35%, while BH and PR9 have no beds in those areas. As a result, Maybank estimates 2026 core profit will fall by just 1.0% for CHG, 0.9% for BCH and 0.6–0.7% for the others. Maybank has already factored into its forecasts the upside from a 10% increase in the Social Security Office's per-head capitation rate from January 2027, which is expected to be concluded by October 24, lifting its 2027 core profit forecasts by 12% for BCH and 9% for CHG. It has raised its target price for BCH to 12.30 baht from 11.00 baht and for CHG to 2.00 baht from 1.90 baht, while keeping BH and CHG as its top picks.

Bualuang Securities (BLS) said in an analysis that the flood situation has widened, covering 30 provinces and 191 districts in Bangkok as of 1 October 2026, affecting 1.18 million households and about 3.35 million people. The impact on the economy remains limited, however, if the situation does not drag on and does not hit core production bases. The Bank of Thailand estimates the effect on GDP at about 0.03–0.10%, while the research team expects the impact on GDP to be no more than 0.1% and on SET earnings no more than 2%, far below the major floods of 2011. The key thing to watch is the length of production stoppages in the industrial sector rather than the amount of flooded area. At AMATA City Chonburi, about 150 factories were affected and 34 temporarily halted production, while KCE and HANA have some production bases in Ayutthaya. As for DELTA's plants in Bang Pu and Wellgrow, no water entered the factories and operations have returned to normal. Other groups saw fairly limited impact. Consumer finance firms are expected to see about a 2% hit to 2026 earnings for TIDLOR and MTC and 1% for SAWAD, while banks face their main risk from higher provisioning, with an estimated 1–2% impact on earnings, larger than the effect on interest income. BGRIM said its SPP power plants in Amata City Chonburi and its floating solar operations are still running normally. Bualuang sees the flood-driven volatility as a chance to gradually accumulate stocks with resilient earnings and quick recovery prospects, namely CRC, AWC, CENTEL, BDMS, BH, GULF, GUNKUL, DELTA, KCE and HANA, which still have support from demand for AI and data centers.

Asia Plus Securities said the number of Middle Eastern tourists in September rose 18.8% year on year, though it fell 43.1% from the previous month on seasonal factors. That brought the third quarter of 2026 up 12.9% year on year and 142.4% quarter on quarter, reflecting a gradual return of travel to normal and a positive signal for the Middle Eastern patient trend at private hospital groups. The research team views this as a positive factor for third-quarter 2026 earnings after Middle Eastern patients began to recover from the impact of the Iran war, with most returning patients being complex and critical cases that carry high revenue per case and high margins, supporting the prospect that profits will recover faster than revenue. This is consistent with the number of Middle Eastern tourists in the third quarter of 2026, with the UAE up 29.8% year on year and Saudi Arabia up 21% year on year, while Qatar and Oman rose 1% and 4% year on year respectively. The research team maintained an overweight stance on the hospital group and buy ratings on BH, PR9 and BDMS, choosing BH as the top pick because it has the highest share of revenue from Middle Eastern patients in the group at about 23%, followed by PR9 at about 10% and BDMS at about 4%. It kept 2027 target prices at 225.00 baht, 23.00 baht and 25.00 baht respectively.

Four brokerages assess that the flood situation in Bangkok and its vicinity in 2026 will cause limited economic damage, as the waters have not yet spread into industrial estates or key production bases, unlike the great flood of 2011 that disrupted production chains on a wide scale. Finansia Syrus Securities estimates preliminary damage at around 20–40 billion baht, or roughly 0.1–0.2% of GDP, and views pressure on the stock market as reflecting short-term concerns rather than affecting earnings. Kasikorn Securities estimates damage at about 3,000–4,000 million baht per day, or roughly 20–30 billion baht per week; if severe conditions persist for one week, it could drag on GDP by about 0.1%. As of 27 September 2026, 25 provinces and 128 districts have been affected, with about 545,000 people impacted, compared with 2011 when floods hit 66 provinces, affected about 13.6 million people and caused damage of approximately 1.4 trillion baht. CGS International notes that Bangkok and its vicinity account for about 47.3% of the country's economy, and divides the situation into two scenarios: if water can be drained within 4–5 days, the impact will be limited, but if it drags on beyond 5 days, it could weigh more on purchasing power and consumption. For stocks that benefit after the waters recede, Finansia Syrus favours HMPRO, GLOBAL, DOHOME, TOA, SCGD, DCC and DRT, while Kasikorn favours retail and food groups as well as the ICT group. Pi Securities estimates a SET range of 1,590–1,620 points and picks BDMS, BCH, CPALL, PTT, PTTEP, PTTGC, TOP, ITC and TU, while CGS International says to watch DELTA, HANA and KCE if the SET falls below 1,600 points, on the theme of investment in artificial intelligence and digital infrastructure.

Equity and derivatives market strategists in the research department of InnovestX Securities Company Limited, or InnovestX, assess that the current flooding will have a limited impact on the economy and the SET, because it is merely water waiting to drain from heavy rainfall, unlike the 2011 crisis. In addition, water levels in the main dams remain lower than in 2011 and 2025. If the water recedes within one to two weeks, the impact on 2026 GDP is expected to be around 21 billion baht, or -0.11%, and the firm still expects Thai GDP to grow in line with its 2.0% target in 2026-2027. Historical data shows that in cases of short-term flooding lasting no more than seven days, the SET may dip an average of 0.6% initially before recovering into positive territory within one week. In cases of major flooding lasting more than seven days, the SET typically corrects an average of 3.8% in the first month and begins to recover from the second month onward, with Domestic Play stocks leading the market's recovery. InnovestX therefore recommends a Buy on Dip strategy to gradually accumulate Domestic Play stocks across three main themes. The first is Fast Recovery Plays, namely tourism names such as CENTEL and ERW and healthcare names such as BDMS and BCH. The second is Recovery & Repair Plays, namely commerce names such as HMPRO and GLOBAL and construction materials names such as DCC. The third is Consumer Staples & Stockpiling Plays, namely commerce names such as CPALL, BJC and CRC. At the same time, the firm advises caution on the insurance sector, which may come under pressure from a higher loss ratio.

Three securities firms have shared their outlooks for the Thai stock market in the final stretch of the year, along with their SET index targets and top stock picks for investment in the fourth quarter of 2026. Each has a different view and set of recommendations based on fundamentals and market trends. InnovestX has set a SET index target of 1,715 points for 2027 and named its top picks for Q4/2026: AMATA, CENTEL, CRC, KTB and PR9. ASPS estimates a SET index target of 1,720 points for 2026 and selected CPN, CBG, THAI, BDMS, BBL, COM7, STECON and GUNKUL as its top picks. KSS expects the SET index to trade in a target range of 1,680 to 1,750 points in 2026 and highlights TOP, PTTGC, SCC, IVL, GULF, DELTA and KBANK as its top picks.

The Investment Analysts Association (IAA) released a survey of analysts and fund managers from 25 firms, forecasting that the SET Index in the fourth quarter of 2026 will move within a range of 1,537 to 1,683 points and close the year at 1,680 points. The end-2027 target stands at 1,727 points. Market earnings per share are expected to average 103.38 baht in 2026, growing 16.41%, and 104.29 baht in 2027. The main supporting factor is the investment trend in technology and the AI supply chain at 96%, followed by listed-company earnings in 2026 at 88%, foreign capital inflows into the Thai stock market at 80%, and domestic economic recovery at 76%. The biggest risks are the US-Iran-Israel conflict situation and the direction of US interest rates, tied at 84%, followed by global oil prices at 80%. Under its economic assumptions, the association estimates average crude oil prices this year at 88.12 US dollars per barrel, GDP growth in 2026 averaging 2.20%, revised up from the 1.93% forecast in July, and GDP growth in 2027 averaging 2.07%. All analysts surveyed agree that the Bank of Thailand will hold its policy rate at 1% through the end of 2026. On investment strategy, the association recommends diversifying portfolios with 30% in foreign stocks or funds, 24.79% in Thai stocks or funds, 18.02% in bond funds, 10.21% in gold or gold funds, 10.02% in cash and short-term deposits, and 6.96% in property funds or REITs. The five standout stocks recommended by four or more firms are BDMS, KBANK, DELTA, GULF, and CRC. The association also recommends underweighting energy, petrochemical, airline, and property stocks.

Asia Plus Securities Public Company Limited, or ASPS, recommends that investors raise their cash holdings to 30% - 40% of their portfolios and shift strategy toward seeking out "stocks resilient to selling pressure" to cope with pressure on the Thai capital market from both domestic and foreign sources, particularly the selling by foreign investors who dumped Thai stocks for 7 consecutive trading days between September 22 and 30, totaling more than 30,572 million baht, pushing trading value to exceed 100 billion baht. The safe-haven stocks are divided into two main groups. The first group benefits from the weak baht amid foreign selling, namely CPF, ITC, KCE and HANA. The second group consists of low-volatility stocks entering their high season (Defensive & Healthcare), namely BH, BDMS, BCH and PR9. Meanwhile, the 5 standout stocks and DRs recommended to cope with the volatile market conditions are AAPL80, on the positive factor of the upcoming launch of 3 new smartphone models in the middle of this month; GOOGL01, on positive sentiment from the launch of the AI model "GEMINI 4 ARGON" that has risen to number 1 in the world; BDMS, on its third-quarter 2026 operating results that are clearly recovering, with revenue in July-August growing 8-9% compared with the same period last year, while the share price remains a laggard; CK, after the unlocking of the barcode law issue supports progress on the 2027 budget and new bidding projects, along with receiving dividends from its subsidiaries BEM, CKP and TTW; and ITC, whose fourth-quarter 2026 profit trend is expected to recover strongly compared with the previous quarter and which is a stock that directly benefits from the weakening baht trend.

Asia Plus Securities warns that the Thai economy is facing multiple compounding negative factors at once. Foreign investors sold Thai stocks on a net basis for seven consecutive trading days, totaling 30.572 billion baht between September 22 and 30, pushing trading value above 100 billion baht, with only four SET100 stocks closing higher. The main pressure comes from the 10-year US government bond yield, which surged to 5.30%, the highest since 2007, while US inflation remains above the 2.0% target after the August 2026 PCE index expanded 3.4%. Domestically, the Royal Irrigation Department increased water discharge from the Chao Phraya Dam to 2,500 cubic meters per second and expects water from Nakhon Sawan to reach 3,000 cubic meters per second on October 2. It estimates flood damage over one week could reach 5 billion to 10 billion baht and could push third-quarter 2026 GDP down to 2.1% to 2.2%. At the same time, during Golden Week from October 1 to 7, Thailand faces image risks from flooding and airport baggage problems, while the public debt-to-GDP ratio stands at 67.45%, near the 70% fiscal discipline ceiling. The research team recommends shifting strategy from seeking rising stocks to seeking stocks resilient to selling pressure, and raising cash holdings to 30% to 40% of the portfolio, choosing stocks that benefit from a weak baht such as CPF, ITC, KCE and HANA, along with low-volatility and healthcare names such as BH, BDMS, BCH and PR9.

Asia Plus Securities estimates the SET index target at the end of 2026 at 1,720 points, based on an assumption of 2026 earnings per share of 95 baht per share. It notes that the overall investment picture in the fourth quarter faces the risk of accelerating inflation from the Middle East war that has dragged on for more than 7 months, which pressured the average September 2026 WTI crude oil price to 95.6 dollars per barrel, up 50% compared with the previous year. Meanwhile, the United States is collecting import tariffs from trading partners at an effective rate as high as 12.5% to 19%, up from the previous 2% to 2.5%, and investment in data centers and AI infrastructure has pushed prices of software and computer equipment up 25.4% compared with the previous year, hitting a new high. On the Thai economy, the ratio of public debt to GDP stands at 67.45%, close to the fiscal discipline ceiling of 70%, while the impact of flooding is estimated at approximately 5 billion to 10 billion baht, which could drag third-quarter GDP growth down to 2.2% to 2.5%. The research department has adjusted its strategy from index selection to selective stock selection, focusing on stocks that benefit from the high season and the low base effect, namely CPN, CBG, THAI, BDMS, BBL, COM7, STECON, and GUNKUL, and recommends holding cash at around 10% to 15% of the portfolio.

Land and Houses Securities issued an analysis recommending a buy on BDMS shares with a target of 25.0 baht, assessing support at 19.3/19.5 baht and resistance at 20.4/21.0 baht. July revenue accelerated 8% year on year, up from only about 1% year on year in the first half of 2026, supported by a 9% year-on-year rise in Thai patients and a 6% year-on-year increase in foreign patients. The research team expects third-quarter 2026 profit to recover both year on year and quarter on quarter, viewing the second quarter of 2026 as this year's profit trough. For BGRIM shares, it recommends a buy with a target of 21.5 baht, assessing support at 18.0/18.4 baht and resistance at 20.0/20.8 baht. It sees the new Power Development Plan, due to take effect soon, as increasingly positive given rising electricity demand from data centers, with expectations of 300 to 500 megawatts of new generating capacity. Meanwhile, the NAKWOL 1 project, a wind project in South Korea, is 92% complete and will be a key turning point in raising the renewable share to reduce reliance on profit from small power producers. The first and second phases of the data center business are already 100% fully contracted with customers, with commercial operation dates expected by the third quarter of 2027, along with plans to expand to 300 megawatts both domestically and overseas.

Pi Securities Public Company Limited, or Pi, estimates that the Thai stock market index will move within a range of 1,590 to 1,620 points, believing the market will not panic over the flooding in many areas of Bangkok because the situation is expected to improve soon and is unlikely to be as severe as the great flood of 2011. Pi therefore recommends investing in sectors not affected by the floods, namely hospitals such as BDMS and BCH, retail such as CPALL, energy such as PTT, PTTEP, PTTGC and TOP, and exporters such as ITC and TU. Statistics from the great flood of 2011 show that the hardest-hit sectors were packaging, down 44 percent, electronics, down 35 percent, and transport, down 22 percent, while sectors that outperformed the market were healthcare, down only 1.4 percent, ICT, down 5 percent, real estate investment trusts, down 7.5 percent, and commerce, down 12.6 percent. One month after the situation eased, the stocks that rebounded most prominently were construction materials, up 32 percent, petrochemicals, up 32 percent, packaging, up 18 percent, and food, up 11 percent. On external factors, the Dow Jones index closed up 478 points, or 0.9 percent, last Friday, supported by Microsoft and artificial intelligence stocks, while US consumer confidence figures came in higher than the market expected, though the trend is still declining on concerns about rising goods prices. Brent crude oil prices closed down 2.1 percent on Friday, but this morning rebounded 1 percent after reports that the United States rejected Iran's proposal and indicated that further attacks could occur.

Flooding in Bangkok and its surrounding provinces is weighing on the Thai stock market in the short term. Piriyaphon Kongwanich, a strategist at BLS Wealth Research of Bualuang Securities, estimates preliminary damage of roughly 10 billion to 30 billion baht and expects only a limited impact on gross domestic product and listed-company earnings. He flagged stocks that may draw interest, including HMPRO, GLOBAL, DOHOME and ILM, with the research team upgrading GLOBAL and DOHOME to speculative buy while keeping buy ratings on HMPRO and ILM. Thaweethak Taweethiratham, an executive director at Asia Plus Securities, assesses the overall impact as still limited and short-lived, with building materials benefiting from demand to repair homes, while retail, hospitals and food also have support. Sectors to watch for indirect effects include electronics, power plants, construction contractors, agriculture and commercial banks, while tourism, property and hire-purchase lending have already begun to feel negative effects. InnovestX Securities sees the pullback as a buying opportunity, noting that in past cases of short flooding lasting no more than seven days, the SET typically fell an average of about 0.6%, or 10 points, on the first day before turning positive within a week. It recommends a buy-on-dip strategy in domestic-play stocks through three themes: Recovery & Repair, comprising HMPRO, GLOBAL and DCC; Consumer Staples & Stockpiling, comprising CPALL, BJC and CRC; and Fast Recovery, comprising CENTEL, ERW, BDMS and BCH. The sector warranting added caution is insurance, given the risk that the loss ratio will rise from the damage incurred.

Asia Plus Securities said GLP-1 drugs, used to treat type 2 diabetes and, in some formulations, to control weight in obese patients, are becoming a theme that supports private hospital operators, after Thailand's Food and Drug Administration upgraded GLP-1 injectables to specially controlled drugs from 15 September 2026, requiring them to be dispensed by prescription and using a Track & Trace system to monitor distribution and reduce leakage outside the system. Novo Nordisk is pressing ahead with expanding the obesity and diabetes market, including clinical research in Thailand, after investing about 370 million baht in research and development between 2019 and 2023. The research team holds a slightly positive view on private hospitals, because tighter regulation is likely to shift the channels through which the drugs are accessed rather than reduce demand, and should draw users toward standardised hospitals and clinics. Business opportunities extend to consultation fees, laboratory tests, follow-up and care for comorbidities. The effect on short-term profit is limited, given a still-low revenue base and constraints on drug prices, access and competition. The research team keeps an overweight stance on the hospital sector and sees BDMS and PR9 as standout beneficiaries. BDMS is advantaged by a diverse patient base and a large hospital network, while PR9 stands out for its cash-paying patient base, service accessibility, value for money and specialised services. BH also benefits from a cash-paying patient base and high-spending customers, but the quantitative benefit is expected to be smaller. It maintains Buy ratings on BDMS, PR9 and BH, with 2027 fair values of 25.00 baht, 3.00 baht and 225.00 baht respectively.

Bualuang Securities, or BLS, remains positive on the Thai stock market, assessing that the index is likely to trend upward from the fourth quarter of 2026 through the first half of 2027 and could reach a best-case target of 1,780 points before shifting into sector rotation. Its base case puts the end-2027 target at 1,710 points, based on earnings per share of 106 baht, down 4% from the same period a year earlier, with the overall profit decline driven mainly by an earnings correction in upstream energy, refining and petrochemicals. The main supporting factors come from three drivers: the global technology wave, an upcycle in global industry, and foreign capital. It estimates that every 10 billion baht in net foreign buying would lift the index by about 15 to 20 points. For its fourth-quarter 2026 strategy, it recommends a barbell approach. The first core focuses on energy and petrochemicals, namely PTT and PTTGC. The other core focuses on power producers with structural growth, namely GULF, GPSC and GUNKUL. It also recommends retailers such as CRC and COM7, tourism names such as AOT, AWC and CENTEL, hospitals such as BH and BDMS, as well as 2027 growth leaders such as CBG, ICHI and BGRIM. In the first half of 2027, it advises rotating into groups that benefit from lower costs, such as CENTEL, before shifting to high-dividend stocks and companies with strong cash flows as the portfolio's core in the second half of 2027.

The research team at Asia Plus Securities issued an analysis of hospital sector stocks, assessing that the impact of flooding in several areas of Bangkok and its vicinity on hospital businesses is limited and only short-term. BDMS, which has a network of hospitals in the affected areas, stated that its buildings and operations were not damaged. The main impact came from travel restrictions, causing some patients to postpone appointments or non-urgent treatments by about 3–4 days, and services are expected to gradually return after the situation eases. Meanwhile, BCH, a hospital in its group located in Bangkok, was not in a directly flooded area, so it was affected only by travel restrictions and some postponed appointments. PR9 and BH are expected to be affected relatively limitedly, as they are stand-alone hospitals without networks spread widely across flooded areas. The research team expects the impact on the group's revenue and profit to be insignificant, because it is a postponement of service use rather than a loss of revenue, and after the water recedes the hospital group still has a chance to get a boost from demand for treatment deferred from the previous period, as well as patients with seasonal diseases and illnesses related to rain and flooding, especially influenza, COVID-19, and waterborne infectious diseases. The research team maintains its investment weighting for the hospital group at "overweight," viewing the flood situation as only short-term pressure rather than a risk to fundamentals and profit forecasts, and selects BDMS and PR9 as top picks with "buy" recommendations and 2027 fair values of 25.00 baht and 23.00 baht, respectively.

Krungsri Securities, or KSS, said in an analysis that healthcare stocks remain attractive, supported by cooperation between insurers and private hospitals that is evolving into a Healthcare Ecosystem covering prevention, screening, treatment and rehabilitation. This should draw Thai patients back for continuous service use and build a stable long-term revenue base. A survey found that domestic insurance revenue for BDMS, BH, PR9 and BCH grew at average rates of 12%, 16%, 12% and 7% respectively during 2023-2025. In the first half of 2026, domestic insurance revenue at BDMS, BH and PR9 still grew 2%, 1% and 8% respectively year on year, while BCH fell 6%. The share of domestic insurance revenue in total revenue, ranked from highest to lowest, was BDMS at 31%, PR9 at 26%, BCH at 24% and BH at 14%. The research team assesses that hospital sector earnings have passed their bottom in the second quarter of 2026 and are entering the high season for domestic service use, and therefore selects BDMS with a target price of 25 baht, PR9 with a target price of 24 baht and BCH with a target price of 12 baht as its top picks. Tisco Securities raised its fair value for PR9 to 24.00 baht from 22.70 baht and maintained its buy recommendation, expecting core business revenue in the third quarter of 2026 to be 1.47 billion baht, up 6% year on year and 11% quarter on quarter. Net profit is expected at 225 million baht, up 1% year on year and 22% quarter on quarter, while EBITDA is expected at 372 million baht, up 13% year on year and 19% quarter on quarter. It also raised its 2026-2028 net profit forecasts by 2.9%, 3.7% and 4.9% respectively. CGS International (Thailand), or CGSI, estimates that combined net profit for the hospitals under its coverage will rise 11% year on year and 31% quarter on quarter, and recommends a take-profit level for PR9 at 20.00 baht and a stop-loss at 19.20 baht.

Asia Plus Securities assesses that the Constitutional Court's ruling in the ballot card barcode case on September 28, 2026, will produce three scenarios. In the best case, where the court finds no constitutional violation, the election proceeds on schedule, the government has stability, and it can continue disbursing the budget as well as the 400-billion-baht emergency loan decree to stimulate the economy. This is expected to drive a relief rally in the Thai stock market. In the case where problems are found but the impact is limited, the Election Commission will improve its working process and the government can continue administering the country, with the stock market moving sideways. In the worst case, a political vacuum could emerge, pressuring economic stimulus budgets to slow. A study of statistics during political crises from 2006 to 2022 found that the Thai stock market typically fell by an average of 3.66% in the 30 days before the verdict, but after the ruling the market usually recovered to positive territory, gaining an average of 0.92% over the following 30 days, a pattern known as Buy on Fact. However, foreign capital has flowed out for two consecutive days, totaling 4.1 billion baht, leading the research team to expect limited upside for the SET, with key resistance at 1,610 and 1,630 points. It recommends a defensive strategy in domestic play stocks, including retail and shopping centers, health and medical services, infrastructure and construction contracting, and AI and cybersecurity-themed depositary receipts abroad, highlighting META80, PANW80, BDMS, CPN, and ADVANC as top picks.

The research team at CGSI, or CGS International Securities (Thailand), expects hospital sector earnings to recover in the third quarter of 2026, forecasting that combined revenue for the six hospital operators under coverage will grow 11% year on year and 13% quarter on quarter. The year-on-year increase is largely driven by the merger between RAM and THG. Excluding THG's results from RAM's consolidated financial statements, combined revenue is expected to grow 8% year on year and 13% quarter on quarter. Most hospitals, with the exception of BDMS, should see revenue growth of about 5% year on year on the return of foreign patients, particularly from Myanmar and the Middle East. BDMS is expected to post the strongest revenue growth in the sector at 10% year on year, helped by a low base and the outbreaks of influenza and COVID-19. On net profit, CGSI expects the hospitals under coverage to post combined net profit growth of 11% year on year and 31% quarter on quarter. PR9 is forecast to see net profit rise 11% year on year and 35% quarter on quarter to 248 million baht, while BCH will benefit from a higher share of Middle Eastern patients seeking treatment for complex diseases, putting its net profit for the first nine months of 2026 at 71% of the research team's full-year 2026 profit forecast. CGSI believes the sector's overall net profit has already passed its trough, and therefore recommends maintaining an Overweight rating on the sector, selecting BH and PR9 as its top picks on their higher share of foreign patients than peers and greater flexibility in adjusting strategy.

Chaiyot Jiwangkul, Assistant Director of the Securities Analysis Department at Krungsri Securities Public Company Limited, or KSS, said the Thai stock market is likely to enter a short-term consolidation phase as it awaits clarity on external factors, particularly the situation between the United States and Iran, as well as the meeting between US President Donald Trump and Chinese President Xi Jinping on September 24, 2026, with the market focusing on trade, artificial intelligence, critical minerals, and supply chains. Most recently, Brent crude fell below 100 dollars per barrel amid expectations for US-Iran talks and Saudi Arabia's resumption of oil shipments through the East-West Pipeline, which has eased concerns about global oil supply and is seen as a positive factor for the investment climate. On investment strategy, KSS recommends focusing on individual securities and industry groups with specific positive factors. The first group it favors is hospitals, with Bangkok Dusit Medical Services Public Company Limited, or BDMS, as the top pick; KSS expects its third-quarter 2026 net profit to reach a record high of approximately 4.55 billion baht, with a target price of 25 baht. The power plant group is also attractive given falling oil prices and bond yields, with a recommendation on Gulf Development Public Company Limited, or GULF, with a target price of 77 baht, and Global Power Synergy Public Company Limited, or GPSC, with a target price of 61 baht.

Asia Plus Securities stated that the Government Pharmaceutical Organization, together with Chulalongkorn University and Seqker Biosciences, is developing a personalised cancer vaccine that uses patients' genetic data to stimulate the immune system to attack cancer cells specifically. The vaccine is currently in phase 3-4 clinical research and has begun use in two foreign patients, with plans to extend into Medical Visa services and expand to state hospitals. The goal is to reduce treatment costs from 4-7 million baht to around 1 million baht. The research team views the private hospital sector positively over the medium to long term, because personalised cancer vaccines tend to complement Precision Medicine and Immunotherapy rather than replace existing treatments, creating opportunities to increase revenue per patient throughout the cancer treatment process, from genetic testing and laboratories to treatment and follow-up. It assesses that BH and BDMS are the main beneficiaries, maintains an overweight stance on the hospital sector relative to the market, and keeps buy recommendations on BH and BDMS with 2027 fair values of 225.00 baht and 25.00 baht respectively.

The research team at Asia Plus Securities issued an analysis of hospital sector stocks, assigning an "overweight" investment rating after finding an acceleration in influenza and COVID-19 outbreaks in the final stretch of the third quarter of 2026. Influenza patients between September 13 and 19 rose to 48,100 from 21,753 the previous week, while COVID-19 cases rose to 34,798 from 15,897. More than 50 to 60 percent of the new patients are in Bangkok, spanning both children and working-age adults. The research team takes a positive view of the hospital sector, especially BCH and BDMS, which derive roughly 87 percent and 69 percent of revenue respectively from Thai patients. BCH's hospital revenue in August rose 10 percent year on year, accelerating from 7 percent growth in July, while BDMS came in at 9 to 10 percent growth, accelerating from 8 percent, and September is expected to continue growing. The team therefore assesses that third-quarter 2026 operating results have a chance of being the strongest quarter of the year. The research team picked BDMS and BCH as top picks. For BDMS it maintained a "buy" recommendation with a 2027 fair value of 25.00 baht, while BCH has a fair value of 12.00 baht with a "trading buy" recommendation, after its share price rose and already reflected some of the positive factors. However, BCH still has upside from an adjustment to social security treatment fees that is expected to become clear by the end of October. If the per-head capitation rate rises 10 percent, it is expected to lift social security revenue by 3 percent and 2027 profit by 4 percent, which is not yet included in the estimates.

Bualuang Securities (BLS) has revised up its earnings estimate for the Thai stock market in September by 0.7% month-on-month and 15.6% since the start of the year. Piriyapon Kongwanich, Director of Investment Analysis for Wealth Management, said the main driver came from groups benefiting from energy and commodity prices amid prolonged wars. The petrochemical group was raised 6.2% month-on-month, led by PTTGC up 13% and IVL up 7%, while the energy group rose 1.8% on refineries BCP up 26%, TOP up 10% and SPRC up 9%, pushing PTT up another 2%. The agricultural group rose 2.1% on higher rubber prices, with STA raised 26%. On the other side, groups whose costs are linked to energy prices were revised down, led by PTG down 26% and OR down 4%, as well as SPP power plants such as BGRIM down 2% and GPSC down 1%. Meanwhile, businesses sensitive to the economy such as property, LH down 1% and ORI down 13%, also faced downgrades. This reflects a clearer divergence in earnings direction between industry groups and individual companies. The strategy therefore focuses on Earnings Leaders with strong profits. CRC is expected to post core profit growth of 25 to 30% year-on-year in the third quarter of 2026 from same-store sales growth of around 2% and revenue growth of about 4% year-on-year. CBG is supported by domestic energy drink sales growing 10% year-on-year. BH and BDMS are entering a seasonal profit recovery period. AOT, AWC and CENTEL benefit from tourism entering the high season, with AOT's winter slots from October 2026 to March 2027 up 4% year-on-year and AWC's RevPAR in July to August up 23% year-on-year, while CENTEL rose 5 to 6% year-on-year. AMATA is supported by data center demand adding clarity to profits, and GUNKUL benefits from a recovery in wind power plants along with investment opportunities in transmission systems.

The US Federal Reserve voted unanimously 12–0 to raise interest rates by 0.25% to a range of 3.75–4.00%, its first hike since 2023, and signaled it may raise once more this year. Its latest projections put the year-end 2026 rate at about 4.1%, with 2027 likely holding steady before a possible cut in 2028. Several brokers assess the meeting as negative for the Thai stock market in the short term, because US Treasury yields and the dollar are likely to strengthen, which could pressure foreign capital flows and share prices, especially growth stocks and those with high P/E ratios, amid inflation still above the 2% target and oil prices holding above 100 dollars a barrel, forcing the market to cope with a prolonged period of high interest rates. Tisco Securities estimates the SET will move in a range of 1,570–1,660 points, with support at 1,570–1,580 points and resistance at 1,630 and 1,660 points, and highlights the energy and commodities group such as PTTEP, PTT, SPRC, TOP, IVL, PTTGC, CPF, TFG, GFPT, TVO, SCGP and SCCC; the banking and insurance group such as KBANK, KTB, TTB, BLA and TLI; and the AI, infrastructure and power group such as HANA, AMATA, WHA, GULF, EGCO, ADVANC, TRUE and STECON. Meanwhile, Krungsri Securities favors domestic and defensive plays with clear revenue and cash flow, especially BDMS and BCH, and warns that expensive, rate-sensitive stocks such as DELTA could come under pressure if the Fed signals more sustained rate hikes than the market expects.

Pi Securities estimates the SET index today will move in a range of 1570 to 1595, viewing Non Bank stocks as attractive for accumulation again on expectations of lower yields ahead. It names stocks in this group including MTC, SAWAD and TIDLOR. Meanwhile, US stock markets closed higher, with the DJIA up 0.61% and the S&P 500 up 1.14%, after the Fed raised interest rates by 25 basis points and signalled it may hike once more this year. Brent crude fell to around 104 to 105 dollars per barrel after Middle East concerns eased somewhat and Saudi Arabia said it would resume oil exports, helping push the US 10-year yield and 30-year yield lower. On US economic data released overnight, initial jobless claims came in at about 196,000, below market expectations. For short-term strategy, it recommends TECH names including DELTA and KCE after the Kospi rose about 2.5% this morning, as well as the tourism group including AOT, MINT, CENTEL, AWC, CPALL, CPN and HMPRO, and the hospital group including BDMS, BCH and PR9.

The Federal Reserve's monetary policy committee voted unanimously to raise the policy interest rate by 0.25% to a range of 3.75–4.00%, as the market expected, while its Dot Plot signaled one more 25 basis point hike to 4.00–4.25% by the end of this year, even as the overall picture reflects a High for Longer stance. Efinancethai gathered the views of analysts from four houses. Krungsri Securities expects the SET to rebound today, with resistance at 1,575 and 1,583 points and support at 1,550 and 1,545 points. Finansia Syrus Securities expects the SET Index to move Sideways to Sideways Up in a range of 1,555–1,572 points. Pi Securities assesses a range of 1,550–1,580 points, and Aira Securities says the market has already priced in the concerns. Sectors seen benefiting include commercial banks, with standout picks KBANK, BBL, KTB, SCB and KKP; exporters and electronic components, DELTA, HANA, TU and ITC; Value Play and medical stocks, BDMS, BCH and BH; groups that get a psychological boost from softer crude oil prices, such as airlines AOT, THAI and BA, construction materials and contractors TASCO, STECON and PYLON, power and utilities GULF, GPSC and BGRIM, and hotels AWC and ERW. Stocks seen under pressure include groups carrying high financial costs, such as utilities and power, and industries tied to falling oil prices, such as oil and refineries, amid psychological pressure after Brent crude fell sharply to US$105 a barrel.

Analysts at Krungsri Securities, or KSS, assess that this meeting of the US Federal Reserve is likely to raise the policy rate by 0.25% in what is being called an Insurance Rate Hike, a pre-emptive move. The market has already priced in about 92% odds of a hike this round, so the bigger driver for the market is the direction of the Dot Plot, along with inflation projections and the number of remaining rate increases ahead. KSS believes that if the Fed signals a pause to assess more economic and inflation data, the stock market could see a short-term rebound, or Relief Rally, with domestic and defensive stocks drawing more attention, especially hospitals such as Bangkok Dusit Medical Services, or BDMS, and Bangkok Chain Hospital, or BCH. If instead the Fed signals continued rate hikes beyond market expectations, that would pressure stocks with high valuations that are sensitive to bond yields, such as Delta Electronics (Thailand), or DELTA. Meanwhile, Phillip Securities (Thailand), or PST, assesses that the Thai stock market is likely to move sideways down in the short term on investors reducing risk ahead of the Fed meeting outcome, with the 2-year bond yield rising to 4.69% while the 10-year yield climbed to 5.04%, the highest levels since 2024 and 2007 respectively. As for Thai stocks that benefit from interest rates holding at a high level, the research team names the banking group: TMBThanachart Bank, or TTB, Kasikornbank, or KBANK, SCB X, or SCB, Kiatnakin Phatra Bank, or KKP, and Tisco Financial Group, or TISCO. In the insurance group: Bangkok Life Assurance, or BLA, Thai Life Insurance, or TLI, and Dhipaya Group Holdings, or TIPH.

KGI Securities (Thailand) expects Bangkok Dusit Medical Services Public Company Limited, or BDMS, to post a strong recovery in its third-quarter 2026 results, forecasting core profit of 4.51 billion baht, up 4.3% year on year and up 38.7% quarter on quarter, driven by revenue growth of 8% year on year in July 2026 and 10% year on year in August. Revenue from domestic and international patients is expected to grow, as this is the high season for medical treatment, amid seasonal outbreaks of influenza and COVID-19, while the number of foreign patients continues to recover well, especially from the Middle East. KGI's research team maintains its 2026 profit forecast at 16.1 billion baht, up 1.7% year on year, and its 2027 forecast at 17.7 billion baht, a rise of 9.8% year on year, with margins improving from 34.0% in 2026 to 35.0% in 2027. Meanwhile, BDMS aims to raise the share of revenue from its wellness business to 20% by 2035, from 12% in 2025. Thailand's wellness market is worth 42.7 billion US dollars, ranking 24th in the world and 9th in the Asia-Pacific region, and is expected to grow 7-10% per year over the next two to three years. On investment strategy, KGI recommends buying BDMS shares with a 2027 target price of 23.50 baht, selecting it as one of its top picks in the hospital sector.

Land and Houses Securities issued an analysis recommending the purchase of two stocks, BDMS and GUNKUL, giving BDMS a target price of 25.00 baht, with support levels estimated at 19.3 and 19.7 baht and resistance at 21.0 and 22.3 baht. It expects third-quarter 2026 profit to recover both year on year and quarter on quarter, after the second quarter of 2026 marked the year's low point amid the start of HIGH SEASON for Thai patients, the recovery of foreign patients, and easing pressure from Cambodian patients. July revenue accelerated 8% year on year from only about 1% year on year in the first half, supported by a 9% year-on-year rise in Thai patients and a 6% year-on-year increase in foreign patients. For GUNKUL, it set a target price of 6.30 baht, with support estimated at 4.8 and 4.9 baht and resistance at 5.4 and 5.6 baht. Short-term profit momentum in the third quarter of 2026 is positive thanks to the EPC business, which has a large BACKLOG awaiting revenue recognition, and seasonal factors for WIND FARM, where wind speeds are expected to increase. Full-year profit is growing more strongly than the sector on the back of the EPC business, and the company is expected to benefit from the PDP2026 plan, including the power transmission system project, DIRECT PPA, the selection of new renewable energy projects, and policies supporting SOLAR ROOFTOP. There is also a long-term profit driver from the SOLAR project in the Philippines totalling 784 MWE with a combined value of 7.5 billion baht, which secures a fixed electricity rate of 3.53 baht per unit for 20 years and is set to begin construction late this year.

Bualuang Securities outlined a tactical strategy based on data through August 18, noting that although the SET has climbed back to around 1,600 points from 1,260 points at the end of last year, this year-to-date rally has been highly concentrated. The SET is up 26.7% year-to-date, or 28.7% when measured by market capitalization, yet the median gain is only 7.6%, and just 24.2% of all stocks have managed to beat the market, even though 64.5% delivered positive returns. The top ten stocks driving the index accounted for more than 62% of the gains, with DELTA alone contributing 26.5%. Leader-group share prices have risen far faster than their earnings, delivering an average return of 51.1% against profit growth of 25.7%, while non-leader stocks returned only 18.3% despite similar profit growth of 24.0%, because the average PER of the leaders rose 18.6% while that of non-leaders fell 4.9%. On 2026 earnings estimates, the leader group is expected to grow 28.6%, but in 2026 the market expects earnings to decline 5.0% in 2027, and leaders trade at a 2026 PER 115% higher than non-leader SET50 stocks. The expensive valuations are concentrated mainly in DELTA. If PTTGC and DELTA are excluded, and the restructured GULF and BANPU are left out, six leader stocks remain trading at a 2026 PER of just 11.66 times, below the 13.10 times of SET50 ex-leaders, even though their earnings are expected to grow 25.6% versus 15.3%. The strategy from here, therefore, is to find gap-closing stocks that the market has yet to value, screening for SET50 names that have lagged the market and remain cheaply valued relative to their history but still have supportive fundamentals, blending growth groups that support low valuations with quality-on-sale names. The five final picks are PTT, CPALL, OSP, BDMS and MINT as the standout stocks for this investment theme.

InnovestX Securities Company Limited expects the Thai stock market to remain volatile and has unveiled four standout stock themes to navigate the SET Index falling below 1,600 points. It estimates support at 1,580 and 1,575 points, with resistance at 1,605 and 1,610 points, and recommends a Selective Buy strategy focused on accumulating shares as prices decline. The first theme covers defensive stocks and high-dividend stocks expected to deliver consistent dividend yields above 5% per year, namely BBL, KTB, HMPRO, AP, SCCC and PTT. The second theme covers stocks benefiting from global economic factors and high bond yields. In the energy group it picks PTTEP, BCP, TOP and SPRC, while in shipping it selects PSL and TTA. High bond yields are a positive factor for banks, namely KTB, BBL and KBANK, as well as life insurers BLA and TLI, after the yield on 10-year US Treasury bonds rose to 5% for the first time in nearly three years. The third theme covers stocks benefiting from government policy, namely GULF, GUNKUL, AMATA and WHA, on progress with the draft PDP2026 plan and policies supporting rooftop solar, while STECON, CK and SCCC fall in the construction and construction materials group. As for economic stimulus measures, CPALL, CPAXT and BJC are seen benefiting from the extension of the Thai Chai Thai Plus program, while CPALL, CRC, ERW, CENTEL and AOT are supported by the Thai Tiew Thai Plus program. DELTA, HANA and KCE fall under the theme of promoting investment in data centers and artificial intelligence. The final theme covers laggard stocks, namely AP, PR9, SAWAD, HMPRO, BDMS, TU, BCH, MTC and TIDLOR, whose second-half 2026 earnings are expected to grow both year on year and compared with the first half of the year.