Delta Electronics (Thailand) Public Company Limited

Krungsri Securities said high US bond yields remain a drag on the market. This week the market is focused on the September 26 CPI inflation report, with the market expecting plus 3.6% year-on-year and plus 0.6% month-on-month, based on energy accounting for roughly 6.0-6.5% of the US inflation basket and September 26 crude oil prices rising 16% month-on-month, which suggests the market has already priced in some of the risk. The market is also waiting to assess the war situation, where news flow remains volatile, with the main view still that the war has passed its peak but will drag on at least until before the US midterm elections. Domestically, the market is waiting to monitor flooding, which is expected to have limited impact on the market if it is not severe. For this week's top picks, it recommends DELTA, PTTGC and SCC. DELTA has a 2027 forecast target price of 320 baht on the accelerating AI investment cycle. PTTGC has a Bloomberg consensus target price of 63 baht on upside from building synergies through a petrochemical joint venture with SCC. SCC has a 2027 forecast target price of 320 baht on upside from building synergies through a petrochemical joint venture with PTTGC. Last week's top picks, DELTA, PTTGC and KBANK, delivered an average return of plus 2.43% versus plus 0.38% for the SET.

Kasikorn Securities stated that the World Bank recommends Thailand accelerate its use of AI to boost productivity and escape the middle-income trap, after finding that only 12% of Thai businesses use AI, compared with 43% in the United States. The government should urgently develop workforce skills, establish clear regulations, and ensure energy security for data centers. Meanwhile, Thailand's manufacturing base, services sector, and AI hardware supply chain are key strengths. The brokerage views this as structurally positive for the industrial estate, utilities, power plant, digital infrastructure, and electronics sectors, such as WHA, AMATA, WHAUP, GULF, BGRIM, DELTA, KCE, and HANA.

Kanthara Ladawan na Ayudhya, an executive director at Finansia Syrus Securities Public Company Limited, or FSS, said on the stock news program Stock Market Insight that the Thai stock market still faces its main pressure from rising US government bond yields and the direction of global crude oil prices. If Brent crude holds above 102 US dollars per barrel, that would be an important support level from which prices could rebound, but if it falls below 100 US dollars and moves around the low 90s, that would ease concerns and be more positive for the market. Oil prices are the most important variable reflecting the severity of war and geopolitics, which in turn affects inflation and interest rates. If oil prices decline, foreign fund flows are expected to return to the Thai stock market. As for the recent selling by foreign investors, he views it as stemming from the rise in bond yields rather than concerns over domestic flooding. Currently, cumulative net foreign buying stands at around 10 billion baht. As for the electronics sector, although it has faced selling pressure from concerns over revenue and delays in chip deliveries, market demand remains high. KCE and HANA still have upward trends, while DELTA is a market-leading stock and a global megatrend, with its share price still below the fundamental value that FSS estimates at 290 baht. As for commercial banks such as TISCO, which is preparing to report earnings among the first, the initial assessment is that results may be flat. In the recent period, bank stocks rose more than 30% before facing profit-taking that reduced returns to 25-26%. The standout stock that FSS recommends is I-Tail Corporation Public Company Limited, or ITC, which operates a pet food business, with a next-year target price based on fundamentals of 21.30 baht, as net profit is expected to gradually recover.

Krungsri Securities Public Company Limited, or KSS, has maintained its SET index target for the end of 2026 at 1,680-1,750 points, assessing that the Thai stock market in the fourth quarter of 2026 is likely to recover strongly, driven by the start of a new investment cycle powered by AI technology, production base relocation, and energy security. As a result, credit growth in Asia has accelerated to 8.5% year-on-year, the highest level in 18 years. Meanwhile, Krungsri research has raised its forecast for Thailand's 2026 GDP to 2.1% from 1.9%, supported by private investment expected to expand 8.6% and exports expanding 14.0% year-on-year. Earnings of Thai listed companies in the second quarter of 2026 hit a record high, growing 12% year-on-year, marking the sixth consecutive quarter of expansion, the longest streak since the third quarter of 2011. Krungsri Securities therefore recommends an overweight position in three main themes: stocks benefiting from the Asia-Thailand CAPEX Cycle, stocks with potential for NTM re-ratings, and stocks benefiting from a super El Niño. Its top picks for the fourth quarter are TOP, PTTGC, SCC, IVL, GULF, DELTA, and KBANK, and it also recommends keeping an eye on mid-small cap stocks such as THAI HANA and ERW.

The World Bank has raised its forecast for Thailand's GDP growth this year to 2% from 1.3%. TTBB Wealth Securities said the upgrade was driven by exports of AI-related goods and investment in data centers, which helped offset the impact of higher energy prices. For 2027 and 2028, Thailand's economy is expected to expand by 2.3% and 2.4%, respectively. Risks to watch include conflict in the Middle East, higher US import tariffs, a weak tourism sector, the effects of a severe El Niño that could hit farmers' incomes, and household debt as high as 87%. Although the upward revision to the GDP forecast is a positive factor, growth remains concentrated in only a few industries, so the research team is using a selective strategy, focusing on export groups with strong growth and groups that benefit from data center investment, namely DELTA, KCE, HANA, STECON, GULF, GUNKUL, BGRIM and GPSC.

CGS International Securities (Thailand), or CGSI, expects the SET Index to move in a range of 1,575 to 1,595 points today, supported by the U.S. stock market, where the S&P 500 and Nasdaq closed at record highs, while concerns over oil prices and U.S. government bond yields have begun to ease. In the U.S. market, the Dow Jones Industrial Average closed at 51,521.28 points, up 253.38 points or 0.49%. The S&P 500 closed at 7,818.93 points, up 44.98 points or 0.58%, and the Nasdaq closed at 27,599.79 points, up 122.48 points or 0.45%. In Europe, the STOXX 600 closed at 636.63 points, up 3.01 points or 0.48%. Crude oil prices saw the November WTI contract close at 89.44 dollars per barrel, up 0.01 dollars or 0.01%, and the December Brent contract close at 100.58 dollars per barrel, up 0.26 dollars or 0.26%. December COMEX gold closed at 4,187.10 dollars per ounce, up 30.30 dollars or 0.73%. CGSI noted that investors still need to watch the Fed meeting report tonight to assess the direction of U.S. interest rates for the remainder of the year. Among its recommended stocks, CGSI expects Delta Electronics (Thailand), or DELTA, to post higher revenue in the second half of 2026, driven by a continued recovery in profit margins, and estimates third-quarter 2026 revenue growth of about 15% from the previous quarter, with a take-profit level of 276 baht and a stop-loss level of 269 baht. Gulf Development, or GULF, is supported over the long term by its renewable energy business, data centers, and the MTP3 LNG Terminal project, which CGSI sees as a key driver of profit growth from 2030 onward, with a take-profit level of 60.50 baht and a stop-loss level of 59 baht.

Analysts say electronics stocks remain the group leading the market higher, driven directly by the artificial intelligence infrastructure investment cycle, or AI capex cycle. Suwat Wattanapornprom, Director of Investment Strategy at Krungsri Securities, noted that leading global chipmaker Nvidia is targeting growth of as much as 70–100%, reflecting enormous trading opportunities. Meanwhile, the GPU shortage is likely to ease as production capacity rises and new manufacturers enter, bringing supply into better balance. On the earnings outlook, electronics stocks are expected to post continued improvement in the third quarter of 2026, and should sustain their growth momentum in the fourth quarter of 2026, supported by a steady stream of forward orders under the capex cycle extending through 2026 and 2027. The top picks are Delta Electronics (Thailand), or DELTA, with a fundamental target price of 320 baht, and KCE Electronics, or KCE, with a fundamental target price of 97 baht. Analysts at Phillip Securities (Thailand) expect DELTA's third-quarter 2026 net profit at 8.319 billion baht, up both year-on-year and quarter-on-quarter, and have rolled their target price forward to 2027 at 330 baht. Analysts at KGI Securities (Thailand) expect KCE's third-quarter 2026 core profit to rise to 514 million baht, up 78% from the same period a year earlier and 113% from the previous quarter, with core profit for the first nine months of 2026 likely to rise to 937 million baht, up 45% year-on-year, and estimate a end-2027 target price of 62 baht.

Long-term US bond yields have surged to their highest level in 24 years, pressuring the baht to weaken against a continuously strengthening US dollar. Kasikorn Research Center reported that the 10-year bond yield reached 5.349%, the highest since April 2002, while the 30-year bond yield also climbed to its highest level since May 2002, amid expectations that the Fed may raise interest rates again before the end of this year. TTB Wealth noted that the widening gap between Thai and US bond yields is the main factor pressuring the baht to weaken to 33.68 baht per US dollar, causing foreign investment flows to continue exiting the Thai capital market. Meanwhile, Krungsri reported that the 2-year bond yield rose 0.01% to 4.84% and the 10-year rose 0.03% to 5.31%, and recommended stocks with clear profit growth, namely AWC, KCE, and DELTA. Kasikornthai reported that US bond yields maturing in 5 to 30 years rose 0.07 to 0.12%, reflecting concerns over inflation and the fiscal deficit, while medium- to long-term Thai bonds rose only 0.02 to 0.04% in response. It expects the Fed to raise rates by 0.25% in December 2026 and March 2027, reaching a level of 4.50%, while Thailand is expected to keep its policy rate at 1.00% through the end of 2026. The weaker baht also directly benefits electronics export stocks, which are supported by both the currency and strong order books. Notable stocks include DELTA, KCE, and HANA.

Globlex Securities, or GBS, expects the Thai stock index in October 2026 to move in a volatile Sideway Down pattern, with a trading range of 1,520-1,600 points. The main pressure comes from global WTI crude oil prices surging past 100 dollars per barrel amid geopolitical tensions in the Middle East, military confrontations in the Gulf of Oman and the Strait of Hormuz, combined with OPEC+ production controls, before prices fell back below 90 dollars per barrel after G7 intervention and Saudi Arabia helping to cool the rally. Miss Wilasinee Boonmasungsong, Assistant Managing Director of Globlex Securities, said inflation pressure prompted the Bank of Japan to raise its policy interest rate to 1.25%, the highest in 31 years, while investors worry the FED may raise rates another one to two times this year after already hiking once. The market also faced net foreign capital outflows of about 20,000-25,000 million baht in September and temporary impact from flooding, which Kasikorn Research Center estimated caused preliminary damage of 7,000-17,000 million baht. Mr Watcharain Jongyanyong, Director of the Research Department at Globlex Securities, recommended an investment strategy in two groups of standout stocks: stocks benefiting from post-flood repairs, recommending GLOBAL, DOHOME, HMPRO, TASCO, DCC and DRT, and export stocks with continued growth prospects, recommending STA, TEGH, NER, AAI, ITC, TU, CCET, HANA, KCE and DELTA.

Shares of Delta Electronics (Thailand), or DELTA, rose 3.02% to 273.00 baht at 11:51 a.m. on October 6, 2026. Phillip Securities (Thailand) said in an analysis that it expects third-quarter 2026 profit of 8.319 billion baht, up 11.8% from the same period a year earlier and up 37% from the previous quarter, driven by accelerated deliveries of AI and data center products as well as new products in the liquid cooling equipment group. Revenue is expected at 2.287 billion dollars, up 38.5% from a year earlier and 13.7% from the previous quarter, or about 77 billion baht when converted at an average exchange rate of 33.3 baht per dollar. The gross profit margin is expected at 29.4%, improving both year on year and quarter on quarter on a better product mix, especially AI products in the power electronics business. Phillip Securities nonetheless raised its recommendation on DELTA to Buy and lifted its target price based on 2027 to 330 baht per share, using a P/E assumption of 120 times versus an average trading range of about 100 to 110 times. It noted that annual supplier negotiations in the fourth quarter of 2026 still bear watching, as they could raise raw material costs and pressure margins late in the year.

TTB Wealth stated that the widening gap between Thai and US bond yields has pressured the baht to weaken, recently standing at 33.68 THB/USD, causing foreign fund flows to continue flowing out. However, the weaker baht benefits several groups. The electronics export group gains from both the weak baht and strong order volumes; preferred stocks are DELTA, KCE, and HANA. The food export group stands out for high dividends and still-laggard prices; preferred stocks are TU and ITC. The tourism group benefits from entering the high season for tourism; preferred stocks are AOT, ERW, CENTEL, and MINT, making a total of 9 beneficiary stocks.

An analysis by Bualuang Securities assesses that the flood situation, which had expanded as of 1 October 2026 to cover 30 provinces and 191 districts in Bangkok, 1.18 million households and about 3.35 million people, is still having a limited impact on the economy. The Bank of Thailand estimates the effect on GDP at about 0.03–0.10% and 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 most important thing to watch is the duration of production halts 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. If factories can resume production quickly, the impact will be limited to short-term earnings, but if production halts drag on, damage to machinery, transport and the supply chain could raise risks to earnings further. Caution is therefore still warranted on AMATA as well as the automotive and electronics groups that have production bases in at-risk areas. BGRIM stated that its SPP power plants in AMATA City Chonburi and its floating solar facilities are still operating normally, and electricity demand from industrial customers has not been significantly affected. For other groups, the impact remains fairly limited. The retail lending group is expected to see an impact on 2026 earnings of about 2% for TIDLOR and MTC and 1% for SAWAD, while banks face their main risk from higher provisioning, with the impact on earnings estimated at about 1–2%, greater than the effect on interest income. Bualuang Securities views the volatility from the floods as an opportunity to gradually accumulate stocks with resilient earnings and a chance of a quick recovery, namely CRC, AWC, CENTEL, BDMS, BH, GULF, GUNKUL and DELTA, KCE, HANA, whose production bases have so far been only limitedly affected, while demand for AI and data centers remains a supporting factor.

Analysts at Asia Plus Securities Public Company Limited said that water levels at the C.29 gauging station in Bang Sai, Ayutthaya Province, have begun rising sharply, though still below 2011 levels, with the latest reading at 78% of the 2011 level. Meanwhile, the C.2 station in Nakhon Sawan remains below half of its 2011 level. If Ayutthaya Province is at risk of flooding, it would affect KCE and HANA, which have factories in the Hi-Tech Industrial Estate in Ban Wa Subdistrict, Bang Pa-in District. Although there are currently no reports of water entering the estate, the impact on key transport routes and production at both companies must be monitored. The research team views the flooding issue as only a short-term pressure factor that could affect transport and employee commuting in early the fourth quarter of 2026, but it will not affect the production base as it did in 2011. It also expects electronics sector profits in the third quarter of 2026 to grow both quarter-on-quarter and year-on-year, and to climb to a peak in the fourth quarter of 2026, driven by DELTA, whose share price still lags the sector. It therefore maintains an "overweight" rating on the electronics sector.

Tisco Securities sees Thai stocks entering a recovery phase, with listed-company profits in the second quarter of 2026 setting record highs in revenue, net profit and EBITDA, while valuations remain attractive. Excluding DELTA, the Thai stock market trades at a 12-month forward PER of just 11.8 times, and about 60% of Thai listed companies still trade below their book value. The Thai market also offers an average dividend yield of around 3.9%, higher than the regional average of about 3.4%. Apichat Poobanjerdkul, senior director of the strategic analysis department at Tisco Securities, said the Thai economy and stock market are entering a period of stronger fundamentals, driven by private-sector investment, the AI and data center investment cycle, and continued growth in electronic component exports. He added that there is also long-term upside from large-scale infrastructure investment, especially the PDP 2026 power development plan, which is expected to involve investment worth as much as 2 to 3 trillion baht and is initially expected to add no less than 0.5% per year to GDP growth, making it the most important structural positive factor for Thailand in several decades. Tisco Securities assesses key support levels at 1,560 to 1,580 points and 1,540 points, with resistance at 1,610, 1,630 and 1,660 points respectively. It recommends gradually accumulating during market weakness, and its top picks for October are BH, DELTA, KBANK, PTTEP, SJWD, TRUE and TVO.

Pie Securities reported that US non-farm payrolls and the unemployment rate came in below analyst expectations, pushing bond yields lower and supporting US stock markets, with the DJIA closing up 250 points, or 0.49%, and the S&P500 closing up 0.7%. Meanwhile, Brent crude oil fell 0.06% after European leaders planned to release strategic oil reserves, with Europe's release volume at 100 million barrels, equivalent to just 5 days of shipments through the Strait of Hormuz compared with 20 million barrels per day. The standout gainers on Friday night were semiconductor stocks. For the Thai stock market, Pie Securities estimates the SET index range at 1560 to 1580 points, viewing the market as having moved past flood concerns, with foreign investors beginning to sell less on a net basis. It recommends a short-term strategy of trading TECH stocks in the DELTA HANA KCE group, supported by the rise in US semiconductor stocks. Recommended stocks include CPN with a target price of 80 baht and WHA with a target price of 5.6 baht.

CGSI International (Thailand), or CGSI, expects the SET Index to post a strong gain this morning, tracking the direction of Asian stock markets, with a trading range of 1,560-1,585 points, after weaker-than-expected US employment figures eased pressure on the Federal Reserve's monetary policy and bolstered hopes that the Fed will hold interest rates at its October meeting. Earlier, the Dow Jones closed at 51,176.96 points, up 250.40 points, or 0.49%, while the S&P 500 closed at 7,722.72 points, up 0.73%, and the Nasdaq closed at 27,190.86 points, up 1.19%. Crude oil prices rose after Houthi forces in Yemen fired missiles and drones at a Saudi Aramco facility in Riyadh and the Khurais oil field, while OPEC+ decided to keep its oil production policy for November unchanged for a second consecutive month, sending Brent crude up 81 cents, or 0.79%, to 103.06 dollars per barrel, and WTI up 46 cents, or 0.50%, to 91.57 dollars per barrel. Among its recommended stocks, CGSI said DELTA is expected to post revenue growth of about 15% in the third quarter of 2026 compared with the previous quarter, with a profit target of 267.00 baht and a stop-loss at 258.00 baht. SPRC is expected to see refining margins remain above the industry cycle average of about 5-6 US dollars per barrel in 2027, with a profit target of 15.10 baht and a stop-loss at 14.50 baht.

Several brokers expect the Thai stock market to trade in positive territory today. Finansia Syrus Securities sees the SET Index in a range of 1,565-1,583 points, helped by US Nonfarm Payrolls for September 2026, which rose by 29,000, below economists' forecast of 84,000 and below the prior 12-month average of 45,000, while the unemployment rate came in at 4.2%, higher than expected. As a result, the market has cut the probability of an October rate hike to just 22%. CGS International (Thailand) sees a range of 1,560-1,585 points, and DAOL sees a range of 1,545-1,552 up to 1,600 points. All three brokers are also watching Thailand's September inflation figures, with the market expecting headline inflation of 3.1% year-on-year and core inflation of 1.56% year-on-year, as well as the US ISM services index for September, expected to rise to 55.7, and the Fed meeting minutes due Wednesday night. The stock they all recommend is DELTA, with Finansia setting a 2027 target price of 290 baht and expecting third-quarter 2026 profit to accelerate to 8.3 billion baht and fourth-quarter 2026 profit momentum to reach 10 billion baht, lifting full-year 2026 profit to 32 billion baht. DAOL recommends bank stocks KTB, KBANK and KKP, along with data center and power plant theme stocks GPSC, BGRIM and ADVANC. It also noted that foreign investors were net sellers of Thai stocks to the tune of 850.49 million baht on October 2, 2026, and that the baht closed at 33.55 baht per dollar.

Krungsri Securities expects the Thai stock market to recover this week and test resistance at 1,594-1,600 points, with support at 1,556-1,547 points, after the market has already priced in part of the US central bank's rising interest rate cycle, limiting volatility from external factors. Meanwhile, the Conference Board's September 2026 survey on the difficulty of finding a job came in at its lowest level in five years, signaling that US labor data late last week will begin to slow and that the chance of a positive surprise beyond market expectations of 100,000 plus or minus is limited. On the domestic front, the market is closely monitoring the flood situation, but reservoir levels and late-season rainfall show no unusually severe signals, so the market is expected to recover if flood impacts remain within normal levels. Top picks this week are DELTA, which benefits most from the AI CAPEX cycle with a 2027 forecast target price of 320 baht; PTTGC, which has upside synergy from a petrochemical joint venture with SCC and a BB Consensus target price of 59 baht; and KBANK, whose share price has already reflected flood concerns with limited actual risk and a 2027 forecast target price of 300 baht. Last week's recommended stocks DELTA, AOT and AWC delivered an average return of negative 1.59%, still better than the SET Index, which fell 2.24%.

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.

Kanthara Ladawan Na Ayudhya, an executive director at Finansia Syrus Securities Public Company Limited, or FSS, said the overall Thai stock market still faces short-term pressure, with the SET Index likely to move in a sideways-down pattern after falling more than 35 points earlier, and this is not yet the moment to aggressively add to positions. Key support sits at 1,561 points, while resistance is at 1,612-1,620 points. Over the longer term, the firm still targets the index above 1,700 points next year if a major positive catalyst emerges. External factors to watch include crude oil prices holding high around 102 dollars per barrel, which would add pressure on inflation and interest rates, as well as bond yields that may stay elevated for a prolonged period. The market prices only about a 25% chance that the Fed will raise rates at its October 2026 meeting, but as high as roughly 80% for the December 2026 meeting. On foreign fund flows, slight positive signals have emerged after foreign investors flipped back to long futures positions following seven consecutive days of short positions. For investment strategy, FSS recommends a wait-and-see approach and a focus on stock-specific selection. Its top picks for October are BBL, DELTA and STA, while PTTEP benefits from high oil prices. FSS sets a fundamental value of 290 baht for DELTA and 166 baht for PTTEP.

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.

Four brokerages agree that the third-quarter 2026 profit of Delta Electronics (Thailand) Public Company Limited, or DELTA, will recover significantly, forecasting net profit or core business profit in the range of 7,900 to 8,970 million baht, rising both year on year and quarter on quarter, after raw material shortage problems began to ease, while orders from the Data Center and AI groups remain strong. KGI Securities (Thailand) maintains a Buy rating with a target price of 320 baht, expecting core profit in the third quarter of 2026 at 8.3 billion baht, up 30% year on year and 50% quarter on quarter, on sales of 2.3 billion US dollars, up 39% year on year and 14% quarter on quarter, driven by investment from Cloud Service Providers that aim to raise their 2026 capital expenditure by 77% year on year. Finansia Syrus Securities recommends Buy with a 2027 target price of 290 baht, expecting third-quarter 2026 profit at 8.3 billion baht and forecasting fourth-quarter 2026 profit to reach a new high of more than 10 billion baht from the gradual delivery of delayed orders. UOB Kay Hian maintains a Buy rating with a target price of 300 baht, expecting third-quarter 2026 net profit at 8.97 billion baht, up 21% year on year and 48% quarter on quarter. Liberator Securities recommends Buy with a fair value of 322 baht, expecting third-quarter 2026 net profit at 7,900 million baht, up 6% year on year and 30% quarter on quarter, and has raised its 2026 sales estimate to 8.71 billion US dollars, up 45% year on year, and lifted its net profit estimate to 31,939 million baht, up 29% year on year. It views that the issuance of a 1.5 billion US dollar Exchangeable Bond by Delta Electronics International (Singapore), a subsidiary of the Taiwanese parent company, will not affect operations, and that this issue has already been reflected in the share price.

Koraphat Worachet, Head of Research at Krungsri Securities Public Company Limited, or KSS, said on the stock-focused market news program on October 1, 2026, that the Thai stock market has a chance to begin forming a base from now on if there are no additional significant negative factors from the flood situation. He assessed that overall water conditions have about a 65% chance of having already passed their peak, although some areas still face the risk of another round of flooding, the severity is not expected to exceed that of the past weekend. On the impact, KSS stated that water levels in the northern region that could flow down and add to the situation remain at about 70-75% of the level seen during the great flood of 2011, and if the impact is limited to one to two weeks, it could affect GDP by about 0.3%, compared with 2011, when the impact on GDP reached as much as about 3%. On investment strategy, KSS recommended six standout stocks: KBANK and KTB in the banking group, on the trend of large corporate customer loans growing in line with investment in data centers and AI infrastructure; KCE and DELTA in the electronic components group, with KSS raising its target price for KCE to 69.70 baht; PTTGC in the petrochemical group, on its joint venture cooperation with the Siam Cement Group and the chance of support from the MSCI index review in November; and COM7 in the consumer and finance group, on the trend of continued growth in smartphone and IT equipment sales. It also gave a support range for the SET Index at 1,545-1,550 points and a resistance level at 1,580 points.

Land and Houses Securities issued an analysis recommending the purchase of two stocks, DELTA and STA, giving DELTA a strategic target price of 320 baht, equivalent to a FY69F P/E of 117x, with resistance estimated at 279 baht, support at 258 baht, and a stop loss at 250 baht. It expects Q3/69F profit to recover both quarter on quarter and year on year after the raw material shortage in Q2/69 eased, while a product mix shift toward higher-margin AI and data center and liquid cooling products supports gross profit margin recovering to around 30%, and it expects profit momentum to accelerate further in Q4/69. For STA, it gives a strategic target price of 23.9 baht, equivalent to a FY69F P/E of 11.3x, with resistance estimated at 23.5 baht, support at 21.6 baht, and a stop loss at 20.7 baht. It expects normal profit in Q3/69F to rise year on year even as it softens quarter on quarter from a high base in Q2/69, helped by a rise in SICOM TSR20 rubber prices in Q3/69, and it expects sales volume to increase to around 30,000 tonnes in Q3/69 from 17,214 tonnes in Q2/69 and to more than 60,000 tonnes in Q4/69, supporting both average selling price and gross profit margin, while global rubber supply remains tight due to limited output from Indonesia and Ivory Coast.

Krungsri Securities maintains its Base-Best target for the Thai stock market index this year at 1,680-1,750 points, based on EPS of 103 baht, up from 98 baht, at a P/E of 17.0 times. The near-term momentum comes from the earnings quality of two main groups: those benefiting from energy and inflation, and those gaining momentum from the upstream AI CAPEX cycle, which is expected to help listed companies' profits continue expanding for at least two more quarters, namely the third and fourth quarters of this year. The research team assigns an Overweight investment weighting to three main groups: the group benefiting from the CAPEX cycle, covering the power sector with a recommendation for GULF, banking with a recommendation for KBANK, electronic components with a recommendation for DELTA, and construction contracting with a recommendation for SCC; the NTM Re-ratings group with potential to recover over the next 12 months or re-enter the MSCI index, such as THAI, PTTGC and TOP; and the agriculture and food group, covering agricultural substitutes, which benefits from Super El Niño, such as IVL. At the same time, it has raised its forecast for Thailand's GDP this year to 2.1% from 1.9%, supported by private investment rising 8.6% and exports rising 14.0%. Meanwhile, the pipeline of large-scale investment covers FDI/BOI, the PDP2026 worth 2.14 to 2.48 trillion baht, and mega projects worth 1.3 trillion baht. For the fourth quarter of 2026, the research team expects the index to move within a support range of 1,560 to 1,550 points and a resistance range of 1,680 to 1,750 points, with top picks for the fourth quarter of 2026 being TOP, PTTGC, SCC, IVL, GULF, DELTA and KBANK.

Chaiyot Jiwangkul, Assistant Director of the Securities Analysis Department at Krungsri Securities Public Company Limited, or KSS, said on the stock news program Stock Market Insight that the current wave of foreign selling is driven mainly by US government bond yields having risen to their highest level in nearly 20 years, with the 10-year US bond yield at around 5.2%. As a result, some investors are shifting money out of risk assets into bonds, which offer higher returns, and if US bond yields do not fall significantly, foreign capital flows, or fund flows, are likely to keep flowing out of risk assets. However, KSS views the selling as a basket portfolio adjustment across regional markets rather than a targeted sell-off of the Thai stock market alone, since the Philippine, Indonesian, and Vietnamese stock markets have all weakened in the same direction. It assesses that the foreign funds that had accumulated net buying earlier are unlikely to flow out entirely, because this reflects short-term concern and risk reduction rather than a full withdrawal of investment from the Thai market. On investment strategy, KSS recommends a focus on selective buying, with the first top pick being Ch. Karnchang Public Company Limited, or CK, which stands to benefit from water management investment and government infrastructure projects. It recommends buying with a target price of 25.35 baht. The other recommended stock is Delta Electronics (Thailand) Public Company Limited, or DELTA, whose third-quarter profit for the year 2569 is estimated at around 8 billion baht, up about 33% from the same period a year earlier, with a buy recommendation and a target price of 320 baht. In addition, DELTA has a supporting factor from passive fund portfolio adjustments. KSS estimates that DELTA's current weight has fallen below 8% and that there is room to increase the weight by another roughly 2% compared with the 10% ceiling, so about 2 billion baht from passive funds could flow in. As for the flood situation, Chaiyot said that if it intensifies and causes widespread damage, the Thai stock market may initially decline before investors turn to assessing government relief and economic stimulus measures. He cited statistics from the major floods in 2554, when after about two weeks to one month the index was able to rebound and rally by another roughly 10%, but stressed that past events should not be compared directly with the current situation.

The Constitutional Court has ruled that the Election Commission's use of barcodes and QR codes on constituency MP ballots on 8 February 2026 does not violate the constitution, after the Ombudsman filed a petition arguing that the codes could be traced back to individual voters and would breach the principle of secret voting. The court found that in practice tracing is extremely difficult and that adequate safeguards are in place. That election therefore remains valid and does not need to be rerun, and the court merely recommended considering alternative security measures for future elections. The outcome removes the most severe scenario the capital markets had feared, namely a nationwide annulment of the election leading to a political and policy vacuum. With the ruling of no wrongdoing, it is expected to be positive for overall market sentiment and for foreign investor confidence thanks to reduced political risk, especially for large-cap stocks with high foreign holdings and sectors that depend on continuity of government policy, such as construction contractors, power, industrial estates and banks, since the government can continue administering the country as normal. The investment themes that benefit most include industrial estates AMATA and WHA, power producers GULF, GPSC, BGRIM and GUNKUL, contractors STECON, CK, PYLON and INSET, banks KBANK, KTB and KKP, and component makers DELTA and HANA. Meanwhile, in overall trading yesterday, the Thai stock index closed at 1,594.30 points, down 8.07 points, while Thai Airways, or THAI, closed at 6.05 baht, down 0.10 baht or 1.36%, amid a backlog of more than 5,600 pieces of unclaimed baggage. Thai Airways management explained that the main cause was a shortage of manpower, especially baggage handling teams and staff holding ground operation licences who were affected by flooding and unable to travel to work. In addition, Bangkok is Thai Airways' main aviation hub, so when a large number of employees are affected at the same time, the operating system comes under heavy pressure. The issue arose while Thai Airways is pressing ahead with its rehabilitation plan and its operating results have begun returning to profit. What the market and investors must therefore monitor from here on is not just the numbers in the financial statements, but also the efficiency of the operating system and the ability to cope with a crisis.

EVgo Inc. has announced a next-generation charging system capable of delivering up to 750kW of charging power. Design, development, and testing of the new charger are being carried out at EVgo's Innovation Lab in El Segundo, California, with co-development support from longtime partner Delta Electronics, making EVgo one of the only American charging networks to design its own chargers. CEO Badar Khan said the 750kW architecture future-proofs the network, noting that charge rates on the EVgo network are up nearly 20% over the last two years. The design draws on learnings from 1.8 million customer accounts and data from over 10 million sessions per year, and includes better cable maneuverability, a touchless payment interface, and NACS connectors as part of EVgo's strategy to double its addressable market. The system is expected to charge the fastest charging vehicles in the U.S. market in around 10 minutes, and the final charger design is expected to be unveiled in 2027 as EVgo begins deploying the new architecture.

Delta Electronics unveiled its new AI Modular Data Center and Microgrid Solutions at Data Center World Asia 2026 in Singapore, aiming to accelerate deployment and boost the energy efficiency and resilience of AI infrastructure. The prefabricated AI MDC integrates next-generation 800 VDC In-Row Power and liquid cooling systems for fast deployment and scalability of AI data centers based on the NVIDIA Vera Rubin architecture. The showcased 800 VDC In-Row Power architecture features 660kW output power, up to 98% AC-DC efficiency, 480kW capacity in battery backup units, and aluminium capacitors to optimize GPU workloads. Delta's prefabricated AI Containerized Data Center Solutions deliver up to 60 kW per rack of AI compute within the footprint of a single parking space, with a Liquid-to-Air CDU system achieving a PUE as low as 1.19. The Microgrid Solution integrates renewable energy, energy storage, Solid Oxide Fuel Cell systems and Solid State Transformers that directly convert medium voltage power to 800 VDC, while Delta's thermal management portfolio includes a dedicated cold plate for the NVIDIA Vera Rubin NVL72. Jason Yuan, President of Southeast Asia and ANZ at Delta Electronics, said AI workloads are scaling faster than most data centers were designed to handle, and that infrastructure planning must move from reactive to integrated and future-ready.

Delta Electronics (Thailand), or DELTA, may see its weighting increased in the end-of-quarter rebalancing of the SET50 and SET100 indices on 30 September 2026, which would force passive funds to buy additional shares worth an estimated 2 billion baht. Meanwhile, the National Broadcasting and Telecommunications Commission selection committee resolved to impose administrative enforcement measures against Dr. Soran Boonbaichaiyapruck, known as Dr. Hai, and filed a petition with the Administrative Court seeking a temporary protection order for him to cease performing his duties as NBTC chairman after he was stripped of the post for lacking qualifications and for obstructing other NBTC commissioners from carrying out their duties. On another front, Airports of Thailand, or AOT, is pressing ahead with accelerating Suvarnabhumi Airport, with Kittipong Kittikhachon, director of Suvarnabhumi Airport, disclosing that over 20 years Suvarnabhumi has handled more than 899.9 million passengers, over 5.57 million flights and more than 24.9 million tonnes of air cargo. For the 11 months of fiscal year 2026, there were 118 scheduled airlines and 346,905 flights, up 1.83%, 59.63 million passengers, up 2.43%, and cargo volume of more than 1.4 million tonnes, up 4.63%. There is also a major investment plan, the East Expansion, worth 12 billion baht over an area of 81,000 square metres, which will raise passenger capacity from 60 million per year to 70 million per year, with construction during 2027-2031. It is currently awaiting placement on the Cabinet agenda. Meanwhile, PTG Energy, or PTG, is investing jointly with Paisal Capital Co., Ltd., extending from the energy business into the financial business. Rangsan Puangprang, chief executive of finance and sustainability at PTG, said the cooperation stems from the funding needs of customers in the commercial vehicle and truck operator group. Sukrit Rianpinyawat, chief executive of Paisal Capital Co., Ltd., said the two sides began cooperating early last year and plan to expand the business nationwide, focusing on the truck group, and are preparing to file for an IPO early in 2027, expecting to begin trading on the stock exchange in the third quarter of 2027, with a five-year goal of driving loan volume from about 3 billion baht at present to 10 billion baht.

Kasikornbank Securities said Thailand is accelerating negotiations on a Thailand-EU FTA, which is now more than two-thirds complete, with a decisive round of talks set for September 28. It is also reviving the Thailand-UAE CEPA after a hiatus of more than three years. Both agreements would help expand exports, attract FDI and diversify markets toward Europe and the Middle East, though conclusions are still needed on sensitive issues covering agriculture, medicine and regulations. The research team views this as a positive for sentiment toward food exporters, autos, electronics and industrial estates such as CPF, TU, DELTA, KCE, HANA, AMATA and WHA, but the impact on earnings will become clear only after negotiations conclude and the agreements take effect.

The research department of Asia Plus Securities issued an analysis of the electronics sector, noting that continuous heavy rain from September 24 to September 27, 2026 caused flooding in many areas across the country, but the main factories of sector companies such as DELTA, HANA and KCE have not been flooded. The research department views that all three companies will not be severely affected like in the great flood of 2011, because currently no production base has been flooded, most areas have begun to see water levels recede and rain has started to ease since September 27, 2026, and the volume of water discharged from dams into the central region is still not as high as in 2011. It therefore views the flood issue in September 2026 as only a short-term pressure factor. Meanwhile, it expects the sector's third-quarter 2026 profit to grow both QoQ and YoY and to climb to a peak level in the fourth quarter of 2026, driven by DELTA's profit as the main contributor to sector earnings. The research department therefore maintains an investment weighting in the electronics sector above the market and selects DELTA as Top pick, because it expects the impact from flooding to be lower than both HANA and KCE. Rising investment in AI and data centers worldwide is expected to directly benefit DELTA the most, and DELTA's share price is still a laggard, having risen 52% year-to-date, still less than HANA and KCE, which have already risen 210% to 264%.

Nakorn Hataisattha, Head of Retail Investment Strategy Research and Economist at CGS International Securities (Thailand), or CGSI, said on the Stock News Market Focus programme on 28 September 2026 that the flooding in Bangkok and its surrounding provinces this time differs from the great flood of 2011, because Bangkok and its vicinity account for about 47.3% of the Thai economy, making it a hugely important area for the country's economic activity. However, water levels in northern dams in 2026 stand at around 70%, compared with about 94% during the 2011 crisis, so the overall national risk still differs from that past event. Nakorn estimates the SET index could weaken below 1,600 points on selling driven by flood worries, but if the flooding eases within about four to five days, the market's correction could be a chance to buy certain stock groups. If the situation drags on beyond four to five days, the downside risk for the stock market will increase. Groups likely to come under pressure include property, stocks with factories in at-risk areas including electronic components such as KCE, insurers burdened by claims, and commercial banks on concerns about ECL provisioning. Retail stocks, meanwhile, may get a short-term positive sentiment boost from demand for consumer goods and home repair products. For high-dividend bank stocks such as TISCO and KKP, they could be an option if the situation eases quickly, with KKP also supported by the expansion of its investment platform business. CGSI believes that if the index falls below 1,600 points, the electronic components group is attractive to buy, especially DELTA, which still has a positive outlook from growing Thai exports of electronics and electrical appliances, and from the global investment cycle in AI, digital infrastructure, chips and memory, which continues to expand. If DELTA's share price falls sharply because of the floods, which are a one-off event, CGSI sees it as a chance to accumulate. Investors who do not want much volatility can consider HANA and KCE, and Nakorn said he likes HANA if the price falls to an attractive level.

Analysts at Kasikorn Securities remain positive on the electronics group in the fourth quarter of 2026, expecting second-half 2026 earnings to accelerate notably, led by DELTA benefiting from capacity utilization and recovering margins, HANA from the ramp-up of AI-related products, and KCE from higher PCB sales volumes and upward ASP adjustments. AI and data centers are the main structural growth drivers underpinning continued demand for power electronics, advanced PCB, PCBA, and semiconductor components, supported by high demand from hyperscalers, gradually easing component constraints, an improved product mix, and a weaker baht, which is a positive factor for exporters' gross margins. However, risks remain from high raw material costs, particularly copper, fiberglass, copper clad laminate, and various electronic components, as well as the uneven recovery of end markets unrelated to AI, especially the automotive and EV segments. Strategically, the analysts recommend gradually accumulating electronics stocks on market dips, with DELTA rated Buy at a 300 baht target price, HANA rated Buy at a 56 baht target price, and KCE rated Hold at a 60 baht target price.

The Ministry of Commerce reported Thailand's trade figures for August 2026, with exports expanding 24.3% year-on-year. Although this was below the market expectation of 24.8% year-on-year, it accelerated from 21.6% year-on-year in July 2026. Meanwhile, imports expanded 25.1% year-on-year, below market expectations and below July 2026's 30.0% year-on-year and 36.7% year-on-year respectively. Among export goods that grew well in the agricultural product group were fresh, chilled, frozen and dried fruit, up 24.0%; rubber, up 23.2%; fresh, chilled and frozen shrimp, up 18.8%; and processed chicken, up 10.5%. In the agro-industrial product group, pet food grew 17.5% and canned and processed seafood grew 4.8%. In the industrial product group, video and audio equipment and parts grew 1,155.7%; telephones, equipment and parts grew 151.2%; electrical transformers and parts grew 55.6%; computers, equipment and parts grew 42.1%; electrical appliances and parts grew 40.9%; integrated circuit boards grew 19.2%; and gems and jewelry, excluding gold, grew 3.2%, returning to growth after contracting the previous month. The research team at Phillip Securities sees this as positive sentiment for export stocks in the categories that grew well, as well as stocks related to those export goods, and views it as a boost for industrial estate and utility stocks. It selected 17 standout stocks: in the agricultural product group, CPF, NER, STA and TEGH; in the agro-industrial product group, AAI, ITC and TU; in the industrial product group, CCET, DELTA, HANA, HTECH and KCE; and in the industrial estate and utility group, AMATA, BGRIM, GPSC, ROJNA and WHA.

DELTA shares rose 3.14%, or 8.00 baht, to 263 baht, with trading value of 4.9318 billion baht, after President Donald Trump and President Xi Jinping discussed AI for the first time. Trump backed free development, while Xi was open to setting boundaries and stressed that AI must remain under human control. The two sides remain at odds over chip export restrictions, but have begun looking for a joint mechanism to manage risk, and extended their trade truce to January 10. Kasikorn Securities maintained its buy rating with a target price of 300 baht, viewing the correction as merely a short-term reset and expecting normal profit CAGR of about 32% in 2026-2028. Bualuang Securities maintained its buy rating with a target price of 330 baht, after Morgan Stanley raised its power assumptions for the Vera Rubin rack to 234kW from 149kW and for Rubin Ultra to 600kW from 415kW, and revised its global Server/Rack power demand forecasts for 2026-2028 to 18GW, 35GW and 52GW, compared with our assumptions of 15GW, 20GW and 25GW respectively, and raised its liquid cooling capex assumption by 30%. DELTA's third-quarter 2026 sales are expected at 2.2 billion US dollars, with a gross margin of 29.2% and core profit of about 9 billion baht, before the fourth quarter of 2026 has a chance to set a new record high.