Kiatnakin Phatra Bank Public Company Limited, together with its subsidiaries, offers banking products and services to individual, business, corporate, and institutional clients in Thailand. It operates through Commercial Banking, Capital Market, and Debt Restructuring segments. Its offerings include deposits, loans, insurance, wealth and investment products, debit cards, digital banking, foreign exchange, and business banking services such as SME loans, letters of guarantee, and e-banking solutions. Formerly known as Kiatnakin Bank Public Company Limited, it changed its name in August 2020. Founded in 1971, it is headquartered in Bangkok, Thailand.
Why is Kiatnakin Phatra Bank Public Company Limited (KKP.BK) moving?
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KKP seen leading Q3 bank profit growth, but insider selling and weak loans weigh
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KKP forecast to post the strongest Q3 profit growth in the bank sector Four brokerages (CGSI, ASL, Yuanta, Kasikorn) expect KKP to lead peers with Q3 net profit up 26-32% from a year earlier, driven by fee income and lower bad-loan provisions. Yuanta and Kasikorn both name KKP a top pick, with Yuanta's target at 130 baht. Strong earnings growth supports the share price.
Multiple fresh analyst forecasts single out KKP for the sector's best Q3 profit growth, a direct positive for the stock.
KKP expected to pay a higher-than-expected 2026 dividend Krungsri Securities says KKP and KTB should pay bigger 2026 dividends than the market expects, after both declared larger-than-expected first-half payouts. Banks are seen yielding 5-6% for 2026, helped by strong capital and no big new investments. A higher dividend makes the shares more attractive to income investors.
A fresh, specific dividend forecast for KKP adds a new reason for investors to hold the stock.
Insider selling by KKP executives knocked the shares down over 5% An SEC filing showed two KKP executives sold large stakes, including the risk chief who cut his holding to zero. The stock fell more than 5.8% intraday to 112 baht. When senior insiders sell, outside investors often read it as a sign that those closest to the bank see limited upside, which pressures the price.
This is the clearest negative event for KKP in the period and explains a sharp one-day share price drop.
Sector loan growth is slow, with KKP among banks seeing large corporate repayments Bank of Thailand August data showed big corporate customers of KKP and BBL repaid substantial debt, pulling the sector's loan book down 0.1% for the month. Slower lending limits interest income, though KKP's profit is still expected to grow fastest in the group on fee income and lower provisions.
It is the main counterweight to the bullish profit forecasts, showing a real drag on KKP's core lending business.
7 banks set to report Q3 2026 results; brokers expect profits to plunge 11-15%
Seven commercial banks, namely BBL, KBANK, KTB, SCB, TTB, KKP and TISCO, are entering the third-quarter 2026 earnings season amid pressure from a falling interest rate cycle. Finansia Syrus Securities, or FSS, estimates the seven banks' combined net profit at 54.98 billion baht, down 0.7% from the previous quarter and down 11.6% from the same period a year earlier. Miss Chitra Amorntham, Deputy Managing Director of the Securities Analysis Department at FSS, said the main pressure comes from the policy rate having been cut three times, or 0.75%, over the past 12 months. Kasikorn Securities, or KS, estimates combined third-quarter net profit at 49.4 billion baht, down 2% from the previous quarter and down 15% from a year earlier. Yuanta Securities estimates it at 54.905 billion baht, down 0.9% from the previous quarter and down 11.7% from a year earlier. For the first nine months of 2026, FSS expects the seven banks to post combined net profit of 167.519 billion baht, down 5.3% from a year earlier, or about 78% of the full-year estimate. KBANK has the highest profit at 40.391 billion baht, up 2.8%, while KKP grew the fastest at 47.6%, with profit of 6.113 billion baht. FSS maintains a market-weight investment rating, picking BBL with a target price of 240 baht and KTB with a target price of 47.30 baht as its top picks. KS maintains a positive view, picking KKP with a target price of 153 baht and KTB with a target price of 48 baht as its top picks. Yuanta Securities noted that the share price correction has pushed the dividend yield of SCB, KKP, KTB and TISCO back above 6% in 2026, with SCB leading the group at 6.9% and a fair value of 160 baht.
BBL.BK · Monetary · Negative BBL is among the seven banks whose Q3 2026 profits are expected to fall 11-15% due to the policy rate being cut three times in the past 12 months.
KBANK.BK · Monetary · Negative KBANK is one of the seven banks facing profit pressure from the falling interest rate cycle, though it still has the highest profit at 40.391 billion baht.
KKP.BK · Monetary · Negative KKP is among the seven banks expected to see combined Q3 profits drop 11-15% amid the rate-cut cycle, despite being the fastest grower at 47.6%.
KTB.BK · Monetary · Negative KTB is one of the seven banks whose Q3 2026 profits are forecast to plunge 11-15% due to three policy rate cuts over the past 12 months.
SCB.BK · Monetary · Negative SCB is among the seven banks facing profit declines from the falling interest rate cycle, though its dividend yield has risen above 6%.
TISCO.BK · Capital · Negative TISCO is among the seven banks whose Q3 2026 combined net profit is forecast to fall 11-15% year-on-year due to the policy-rate cuts.
ASL Securities expects Q3/26 earnings for 9 banks to be flat QoQ but down 10% YoY
ASL Securities estimates the combined net profit of nine banks in the third quarter of 2026 at 64.921 billion baht, flat from the previous quarter but down 9.8% from a year earlier, pressured by lower net interest income as net interest margins narrow, alongside still-limited loan growth and slowing non-interest income, particularly investment gains and trading gains. Meanwhile, funding costs are beginning to ease as deposits reprice, and gradually declining credit costs are helping to support results. For the first nine months of 2026, combined net profit is expected to total 196.52 billion baht, down 4% from a year earlier. Mid-sized and smaller banks are likely to show standout growth, with KKP forecast to post net profit of 2.1 billion baht, up 26% YoY, the highest in the group, while CREDIT is expected to report net profit of 1.16 billion baht, up 17% QoQ, the strongest sequential gain in the group. KTB and BBL are expected to see profit recover 5% and 7% QoQ respectively, while KBANK and SCB continue to face pressure from slowing net interest income and non-interest income. For the fourth quarter of 2026, group earnings are expected to slow QoQ on seasonally higher operating expenses and asset-quality risks, particularly the impact of flooding on retail, SME and hire-purchase loans, which may prompt some banks to increase management overlay provisions. On valuation, bank stocks remain attractive, trading at an average 2026 price-to-book value of 1.1 times, with an average dividend yield of 5.5% expected, against an average return on equity of 10.5%. With group net profit forecast to grow 3.8% in 2026 and 2.3% in 2027, the investment strategy should focus on banks with outstanding earnings growth, strong asset quality and the potential to boost shareholder returns through dividends or capital management, especially banks trading below one times price-to-book value.
SCB.BK · Capital · Negative SCB is named among banks continuing to face pressure from slowing net interest income and non-interest income, weighing on Q3/26 earnings.
CREDIT.BK · Capital · Positive CREDIT forecast to post net profit of 1.16 billion baht, up 17% QoQ, the strongest sequential gain in the group.
KKP.BK · Capital · Positive KKP forecast to post net profit of 2.1 billion baht, up 26% YoY, the highest growth in the group.
BBL.BK · Capital · Neutral BBL expected to see profit recover 7% QoQ, but group earnings flat QoQ and down ~10% YoY on margin pressure.
KBANK.BK · Capital · Negative KBANK continues to face pressure from slowing net interest income and non-interest income.
KTB.BK · Capital · Neutral KTB expected to see profit recover 5% QoQ, though group earnings are flat QoQ and down YoY.
Brokers expect PTTEP Q3 2026 profit at 23 billion baht, top buy target 190 baht
Several analysts expect PTT Exploration and Production Public Company Limited, or PTTEP, to post normalised profit of approximately 23 billion baht in the third quarter of 2026, down from 24.5 billion baht in the second quarter of 2026 but up significantly from 12.2 billion baht in the third quarter of 2025. Global Securities said in an analysis dated 7 October 2026 that the main pressure comes from sales volume, which is expected to fall to about 525,000 barrels of oil equivalent per day from 573,000 barrels of oil equivalent per day in the previous quarter, due to maintenance shutdowns at production fields in the Gulf of Thailand, as well as lower sales volumes from projects in Malaysia and Algeria. The average selling price is expected at about 52.2 dollars per barrel of oil equivalent, slightly down from 52.9 dollars in the previous quarter, while unit cost is expected to hold steady at about 30 dollars per barrel of oil equivalent. Net profit for the third quarter of 2026 is expected at about 20.3 billion baht after being hit by hedging losses. Global Securities maintained a buy recommendation with a target price of 190 baht and expects sales volume in the fourth quarter of 2026 to recover to about 548,000 barrels of oil equivalent per day. Kiatnakin Phatra Securities estimated normalised profit for the third quarter of 2026 at about 20.9 billion baht and expects normalised profit for the first nine months of 2026 at about 65 billion baht, or roughly 85% of its full-year profit forecast, while maintaining a buy recommendation with a target price of 155 baht. Land and Houses Securities expects normalised profit for the third quarter of 2026 at about 20.07 billion baht and maintained a buy recommendation with a target price of 164 baht. KGI Securities (Thailand) estimated net profit for the third quarter of 2026 at about 20.2 billion baht, up roughly 59% from the same period a year earlier but down about 26% from the previous quarter, while maintaining a hold recommendation with a target price of 156 baht. DAOL Securities (Thailand) said in an analysis dated 8 October 2026 that net profit for the third quarter of 2026 is likely to come in at about 19.3 billion baht, up roughly 52% from the same period a year earlier but down about 29% from the previous quarter, while maintaining a buy recommendation with a target price of 180 baht. Overall, most analysts still see that although PTTEP's third-quarter 2026 results will slow from the previous quarter on sales volume and hedging losses, profit will still grow strongly from a year earlier, while the fourth-quarter outlook has a chance to recover on higher sales volume and remains supported by high oil and natural gas prices.
Energy Transition & Power Demand › Natural Gas Value Chain Pricing
PTTEP.BK · Capital · Positive Analysts expect PTTEP's Q3 2026 normalised profit to jump to ~23 billion baht from 12.2 billion a year earlier, with buy ratings and target prices up to 190 baht
PTTEP.BK · Supply · Negative Q3 sales volume is seen falling to ~525,000 boe/d from 573,000 boe/d due to maintenance shutdowns in the Gulf of Thailand and lower volumes from Malaysia and Algeria
KGI.BK · Capital · Neutral KGI Securities is cited only as one of several brokers estimating PTTEP's Q3 2026 profit; no company-specific development for KGI itself
KKP.BK · Capital · Neutral Kiatnakin Phatra Securities is mentioned only for its PTTEP profit estimate and buy rating; no news specific to the bank itself
LH.BK · Capital · Neutral Land and Houses Securities appears only as a broker giving a PTTEP profit estimate and target price; no company-specific development
DBS Vickers Securities says bank dividend stocks average 6%, picks KBANK and KTB as top choices
DBS Vickers Securities released an analysis noting that Thai bank stocks remain attractive, expecting the sector's average dividend yield in 2026 to be around 6%, higher than the stock market average of about 3%. It also expects that in 2027 the banks will continue to maintain high dividend payouts because their capital bases remain strong, with an average Tier 1 capital ratio of about 17%, above the Bank of Thailand's minimum requirement of 12%. Looking at individual banks, SCB is expected to have the highest dividend yield in the group at 6.7%, followed by KTB and TISCO at 6.3% and KKP at 6.1%, while TTB and KBANK still have additional upside if leftover funds from share buyback programs are used to pay extra dividends. The research team maintains an "overweight" investment rating on the banking sector, selecting KBANK and KTB as top picks, with a target price for KBANK of 270 baht based on its strength in wealth management, and a target price for KTB of 50 baht based on its strong asset quality.
Stocks to Watch: Banking Group Enters Q3 2026, FSS Expects 7 Banks to Post Combined Profit of 55 Billion Baht
Banking stocks are entering the third-quarter 2026 earnings season amid pressure from a falling interest-rate cycle. FSS estimates that seven stocks, namely BBL, KBANK, KTB, SCB, TTB, KKP and TISCO, will report combined net profit of 54.98 billion baht, down 0.7% QoQ and down 11.6% YoY. The main pressure comes from three policy rate cuts, or 0.75%, over the past 12 months, which pushed loan yields lower, although cheaper funding costs and loan growth have partly offset the impact. Meanwhile, Thai Airways has made no progress in its search for a new CEO, with applicants saying they have only received an email confirming they passed qualification screening but have not yet been told the date for their vision presentations. AOT is set to sign two AOTGA contracts tomorrow, covering the ground services and the third cargo terminal projects, with a combined value of 67.3 billion baht over 25 years, starting operations in 2027. Brokers note that AOTGA is a key piece in strengthening airport revenue after it earned a profit of 898 million baht in 2025, and expect Airports of Thailand to post normal profit of 4.7 billion baht in the fourth quarter of 2026, with the full quarter of the new PSC, and to raise its 2027 target with profit surging 45% to 28 billion baht, with a target price of 73 baht. As for MGC, brokers expect normal profit in the third quarter of 2026 to jump 30% to 350 million baht on XPENG X9 deliveries, and expect a new high of about 500 million baht in the fourth quarter of 2026, with a buy recommendation and a target of 20.20 baht per share. Meanwhile, three real estate associations are joining forces to hold the 50th House and Condo Expo from 29 October to 1 May 2026 at the Queen Sirikit National Convention Center, targeting sales of more than 10 billion baht. GRAMMY reported that GMM MUSIC had total revenue of 2.1612 billion baht in the first half of 2026, up 12.2%, and net profit of 280.7 million baht, up 29.2%. For TRUE, brokers recommend buying and expect record third-quarter 2026 profit of nearly 7 billion baht, with a maximum target of 19 baht. DIF is expected to post investment profit of 3.138 billion baht in the third quarter of 2026, up 3% from a year earlier, and to pay a dividend of 0.222 baht per unit, with an average full-year yield of 8.7% and a target of 10.60 baht.
AOT.BK · Demand · Positive AOT to sign two AOTGA contracts worth 67.3 billion baht covering ground services and third cargo terminal, strengthening airport revenue.
SCB.BK · Monetary · Negative SCB is among the seven banks FSS expects to post lower combined profit, pressured by three policy rate cuts that reduced loan yields.
TISCO.BK · Monetary · Negative TISCO is one of the seven banks FSS expects to report lower combined net profit, hit by the falling interest-rate cycle.
TTB.BK · Monetary · Negative TTB is among the seven banks FSS expects to post lower combined profit, pressured by three policy rate cuts lowering loan yields.
BBL.BK · Monetary · Negative FSS expects BBL among seven banks to post combined profit down 11.6% YoY, pressured by three policy rate cuts lowering loan yields.
KBANK.BK · Monetary · Negative KBANK included in FSS estimate of seven banks with combined profit down 11.6% YoY amid falling interest-rate cycle.
Central Bankruptcy Court Orders Absolute Receivership Against Wissanu and Sirimol Thepcharoen and 2 Affiliated Companies
The Central Bankruptcy Court has issued an order of absolute receivership against four debtors: Phraya Jomtien Co., Ltd., formerly known as Nusasiri International and Nusasiri Group; Mr. Wissanu Thepcharoen; Mrs. Sirimol, also known as Sirinya, Thepcharoen; and KN Pharmacy Co., Ltd., formerly known as KN Real Estate. The case, numbered L.8193/2569, was brought by Kiatnakin Phatra Bank Public Company Limited as the plaintiff seeking bankruptcy, and the court issued the bankruptcy order on 2 September 2569. Creditors have been given two months from the date the order is advertised to file claims for repayment, or by 4 December 2569. Stella X Public Company Limited, formerly known as Nusasiri Public Company Limited, has no involvement in this case whatsoever.
KN Pharmacy Co., Ltd. · Regulation · Negative KN Pharmacy (formerly KN Real Estate) is one of the four debtors placed under absolute receivership by the Central Bankruptcy Court.
Phraya Chom Thian Co., Ltd. · Regulation · Negative Phraya Jomtien (formerly Nusasiri International/Group) is one of the four debtors hit with the absolute receivership order.
KKP.BK · Regulation · Neutral Kiatnakin Phatra Bank is the plaintiff creditor in the bankruptcy case, but the article does not state any financial gain or loss for the bank.
STELLA.BK · · Neutral Stella X (formerly Nusasiri) is explicitly stated to have no involvement in the case, so the news is neutral for it.
InnovestX Expects SET to Swing Sideways-Up, Picks CPN and KKP as Top Stocks
InnovestX Securities estimates that the SET Index today, October 6, 2026, will swing sideways-up, though gains will remain limited. It sets support at 1,565 and 1,560 points, with resistance at 1,585 and 1,590 points. Positive factors come from lower oil prices after global oil supply began to recover, a plus for refinery and power plant stocks, while electronics stocks may get a boost from the rise in global technology shares. However, the market still faces pressure from the flood situation entering a watch period and continued foreign capital outflows, with foreign investors selling Thai stocks on a net basis for 10 consecutive days totaling more than 37 billion baht. For investment strategy, it recommends Selective Buy and Buy on Dip, choosing CPN as a top short-term pick with a target of 63 baht, expecting third-quarter 2026 normalized profit to grow both year-on-year and quarter-on-quarter, and KKP with a short-term target of 116 baht, expecting third-quarter 2026 net profit to grow 23% year-on-year to 2.06 billion baht, with full-year dividends forecast at 7.50 baht per share, representing a dividend yield of 6.7%.
CPN.BK · Capital · Positive InnovestX picks CPN as a top short-term pick with a 63 baht target, expecting Q3 2026 normalized profit to grow YoY and QoQ.
KKP.BK · Capital · Positive InnovestX picks KKP with a 116 baht target, expecting Q3 2026 net profit to grow 23% YoY to 2.06 billion baht and a 6.7% dividend yield.
CGSI expects Q3/2026 bank profits to shrink 9.2%, names KBANK as Top Pick
CGS International Securities (Thailand), or CGSI, estimates that the combined net profit of the eight banks covered by its analysts in the third quarter of 2026 will come to 57.4 billion baht, down 9.2% from the same period a year earlier but up 1.8% from the previous quarter. The decline is pressured by an overall commercial banking sector loan book that is trending toward slower expansion, based on monthly loan data from the Bank of Thailand for August 2026, which showed that large corporate customers of Bangkok Bank, or BBL, and Kiatnakin Phatra Bank, or KKP, made substantial debt repayments. As a result, the combined loans of the banks covered by the analysts fell 0.1% in August from the previous month, though they still grew 3.0% from the same period a year earlier and are up 2.4% since the start of the year. The banks still posting positive loan growth are led by Thai Credit Bank, or CREDIT, Krung Thai Bank, or KTB, and Tisco Financial Group, or TISCO. Pre-provision operating profit is expected to fall 6.8% from the same period a year earlier but rise 1.7% from the previous quarter, while the net interest margin is expected at 2.89% and the non-performing loan ratio at 3.66%. Breaking it down bank by bank, KKP is expected to post the strongest performance, with net profit growing as much as 32.2% from the same period a year earlier, followed by TMBThanachart Bank, or TTB, whose net profit is expected to grow 4.6% from the same period a year earlier. On the other hand, BBL is expected to post the weakest results, with net profit down 24.5% from the same period a year earlier, followed by KTB, whose net profit is expected to fall 16% from the same period a year earlier. On investment strategy, CGSI recommends maintaining a Neutral weighting and selects Kasikornbank, or KBANK, as its Top Pick for the sector, given that fee income from wealth management accounted for as much as 18% of its non-interest income in 2025, and it expects a dividend yield of as much as 6.2% in 2026, beating the sector average of 5.6%.
BBL.BK · Capital · Negative BBL expected to post the weakest results with net profit down 24.5% YoY, pressured by large corporate debt repayments.
KBANK.BK · Capital · Positive CGSI selects Kasikornbank as its Top Pick with a Neutral sector weighting.
KKP.BK · Capital · Positive KKP expected to post the strongest performance with net profit growing 32.2% YoY.
KTB.BK · Capital · Negative KTB expected to post net profit down 16% YoY, among the weakest results.
CREDIT.BK · Capital · Positive Thai Credit Bank is among the banks still posting positive loan growth.
TISCO.BK · Capital · Positive CGSI notes TISCO is among the banks still posting positive loan growth, a favorable mention in the Q3/2026 earnings preview.
4 brokerages expect Q3/2026 bank group profits to slow to 49,400-54,980 million baht
Four leading brokerages estimate that the combined net profit of seven commercial banks in the third quarter of 2026 will slow compared with a year earlier and hold steady to edge down from the previous quarter, with combined net profit expected at around 49,400 to 54,980 million baht, according to Yuanta Securities (Thailand), Bualuang Securities, Finansia Syrus Securities, and Kasikorn Securities. The main pressures come from net interest margins narrowing along the rate-cutting cycle, lower investment and FVTPL gains from a high base a year earlier, and still-limited growth in retail and SME loans. These are partly offset by lighter provisioning after many banks front-loaded reserves in the first half, a steady average non-performing loan ratio of about 3.5%, and fee income beginning to recover on wealth management and capital markets business. For the fourth-quarter outlook, the brokerages see the overall picture weakening further both year on year and quarter on quarter, possibly marking the year's low, while for the full year 2026 they expect the bank group's combined net profit to fall about 3.5% to 5.3% before returning to roughly 5% growth in 2027. On top picks, Yuanta chose KKP with a target price of 130 baht, Bualuang chose KKP, TISCO, BBL, KBANK and TTB, Finansia Syrus chose BBL with a target price of 240 baht and KTB with a target price of 47.30 baht, while Kasikorn chose KTB and KKP, raising their target prices by 1% to 3%.
KKP.BK · Capital · Positive KKP is a top pick for both Yuanta (130 baht target) and Kasikorn Securities, which raised its target price.
KTB.BK · Capital · Positive Finansia Syrus picks KTB with a 47.30 baht target and Kasikorn Securities also selects KTB while raising target prices.
BBL.BK · Capital · Neutral Bualuang and Finansia Syrus name BBL a top pick with a 240 baht target, but the group's Q3/2026 profits are seen slowing on margin pressure.
KBANK.BK · Capital · Neutral Bualuang lists KBANK among top picks, yet the bank group's Q3/2026 net profit is expected to slow on narrowing NIMs and lower FVTPL gains.
TTB.BK · Capital · Negative Brokerages expect the bank group's Q3/2026 combined net profit to slow on narrowing net interest margins and lower investment/FVTPL gains, with TTB named among Bualuang's top picks.
TISCO.BK · Capital · Positive TISCO is named among Bualuang Securities' top picks for the bank group.
Land and Houses expects CK earnings to recover QoQ and KKP to grow 21% in the third quarter of 2026
Land and Houses Securities Public Company Limited has issued an analysis focusing on investment trends in CK and KKP shares, expecting CK's third-quarter 2026 earnings to recover from the previous quarter. Although the construction contracting business may slow seasonally and gross margins return to normal levels, support is expected from its share of profit at CKP, which is entering the high season for hydropower plants, as well as from BEM, which is trending better on passenger numbers. In the medium term, support comes from the government infrastructure investment cycle, which is becoming clearer, especially Phase 2 of the double-track railway project, where three routes worth a combined 106 billion baht have already been approved. Meanwhile, high-speed rail, expressways, motorways, and airports are still awaiting progress. CK currently has a backlog of about 146 billion baht, supporting revenue for several years. The analyst team gives a buy recommendation on CK with a target price of 23.1 baht, support at 17.8 and 18.1 baht, and resistance at 19.6 and 20.1 baht. For KKP, third-quarter 2026 profit is expected at 2.0 billion baht, still growing a strong 21% year on year despite a slight 4.8% decline quarter on quarter. The main drivers are a return to loan growth, especially business loans and Lombard loans, a NIM that holds steady at a good level, and fee income from wealth management, the capital markets business, and Dime!, which is growing strongly. Meanwhile, lower losses from repossessed vehicles help ease cost pressure. Asset quality remains manageable, with the NPL ratio expected to hold steady at around 3.5% and the coverage ratio near 150%. Full-year 2026 profit is likely to grow more than 30% year on year, with ROE returning to around 12%, while a dividend yield of about 6% helps limit the downside for the share price. The analyst team gives a buy recommendation on KKP with a target price of 128 baht, support at 108.5 and 113 baht, and resistance at 118.5 and 120 baht.
KKP shares rise 2% as broker expects Q3 profit to grow 19% to 2 billion baht, raises target to 130 baht
Shares of Kiatnakin Phatra Bank, or KKP, rose 2.00 baht, or 1.79%, to 114.00 baht on trading value of 158.96 million baht, after Pi Securities estimated that third-quarter 2026 net profit will come in at about 2 billion baht, up 19% from the same period a year earlier but down 6% from the previous quarter. The gain is driven by higher net interest income on the back of a strong net interest margin of around 4%, along with expanding fee income, particularly in wealth management and the Dime business, while losses from repossessed cars continued to decline. Total loans are expected to expand 0.5% from the previous quarter, bringing loan growth for the first nine months of 2026 to 3.7% from the end of last year. On asset quality, the non-performing loan ratio is expected to hold steady at 3.5% and the coverage ratio at 149.5%. Pi Securities maintained its buy recommendation and raised its target price to 130 baht, based on 2027 fundamental value, and expects net profit to grow 35% in 2026 from a year earlier before slowing to 4.5% in 2027. Return on equity is expected to rise to 12.1% in 2026 and 12.3% in 2027, from 9.3% in 2025, while dividend yield is forecast at 6.3% in 2026 and 6.6% in 2027, after an interim dividend of 3.25 baht per share was already paid for the first half of 2026, with another 3.82 baht per share expected in the second half of the year.
KKP.BK · Capital · Positive Pi Securities raised its target price to 130 baht and expects Q3 2026 net profit to grow 19% to about 2 billion baht, maintaining a buy rating.
Kasikorn Securities sees Thai banks recovering, picks KKP and KTB as top stocks with targets of 153 and 48 baht
Kasikorn Securities assesses that the commercial banking sector's core operations are on a gradual recovery path. It expects the combined profit of the seven banks under its coverage in the third quarter of 2026 to reach 49.4 billion baht, down 2% from the second quarter of 2026 and down 15% from the third quarter of 2025, pressured by non-operating items. The main supporting factor comes from lower interest costs, with the net interest margin expected to rise 0.2% from the previous quarter, while loan-loss provisioning expenses are expected to fall 0.7% as management's additional reserves decline. For the fourth quarter of 2026 and continuing into 2027, loan growth is expected to accelerate, driven mainly by corporate and government lending, while retail and SME loans remain weak. On investment strategy, Kasikorn Securities maintains a positive view on the banking sector, selecting KKP and KTB as its top picks with buy recommendations and target prices of 153 baht and 48 baht respectively. It has also shifted the valuation base year for the entire banking sector from mid-2027 to the end of 2027 and raised individual target prices by 1-3%, without changing its earnings forecasts.
KKP.BK · Capital · Positive Kasikorn Securities names KKP a top pick with a buy rating and 153 baht target price, raising its target on the sector re-rating.
KTB.BK · Capital · Positive Kasikorn Securities names KTB a top pick with a buy rating and 48 baht target price, raising its target on the sector re-rating.
Brokers see Thai stocks edging higher after weak US jobs data, recommend DELTA as top pick
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.
DELTA.BK · Capital · Positive All three brokers recommend DELTA as top pick, with Finansia setting a 2027 target price of 290 baht and forecasting accelerating Q3/Q4 2026 profit.
KKP.BK · Capital · Positive DAOL recommends KKP among bank stocks as a top pick amid expectations of Thai market gains.
KTB.BK · Capital · Positive DAOL recommends KTB among bank stocks as a top pick amid expectations of Thai market gains.
BGRIM.BK · Demand · Positive DAOL recommends BGRIM as a data center and power plant theme stock, implying expected demand for its power capacity.
GPSC.BK · Demand · Positive DAOL recommends GPSC as a data center and power plant theme stock, implying expected demand for its power capacity.
KBANK.BK · Capital · Positive DAOL recommends KBANK among bank stocks, an analyst buy recommendation.
Krungsri stays bullish on banking sector, picks KBANK and KTB as top stocks
Analysts at Krungsri Securities Public Company Limited maintain a BULLISH recommendation on the banking sector, expecting ROE in 2027 to rise from 2026 because the interest rate downcycle has ended, the cycle is returning, a new investment round is underway, and wealth management is growing. After share prices fell 2-8% between 25 and 30 September 2026, the market should have already priced in some of the negative factors from asset quality risk tied to the Bangkok flood situation and the risk from northern runoff. KBANK and KTB are chosen as Top Picks because they benefit most from this investment theme. For the third quarter of 2026, net profit for the banking sector under coverage is expected at 56 billion baht, down 10% from the same period a year earlier but up 1% from the previous quarter. Banks are expected to keep paying high dividends for 2026, with a dividend yield of 5-6%, because they have high capital funds, are maintaining medium- to long-term plans to raise ROE, and have no large new investments. For the second half of 2026, dividends are expected to offer a dividend yield of 3-5%. KTB and KKP are expected to pay higher-than-expected dividends for 2026 because they announced larger-than-expected dividends for the first half of 2026.
KBANK.BK · Capital · Positive Krungsri Securities names KBANK a Top Pick, benefiting most from the new investment round and rising ROE theme.
KTB.BK · Capital · Positive Krung Thai Bank is chosen as a Top Pick, benefiting most from the investment theme, and is expected to pay higher-than-expected 2026 dividends.
KKP.BK · Capital · Positive KTB and KKP are expected to pay higher-than-expected 2026 dividends after larger-than-expected H1 2026 payouts.
Brokers expect Q3/2026 banking sector core profit to grow 5% to 42.9 billion baht
Bualuang Securities' Research team estimates that the combined core profit of the banking sector in the third quarter of 2026 will be 42.9 billion baht, up 5% YoY and 7% QoQ, higher than the third-quarter 2026 GDP estimate of 2.0% YoY. Two main factors support this: lower provisioning and growing fee income. For provisioning, the sector's average rate is expected at 1.30%, down 17bps YoY and 2bps QoQ, while the average non-performing loan ratio to total loans is expected to edge up slightly from 2.98% at the end of June 2026 to 3.00% at the end of September 2026. The ratio of loan-loss reserves to non-performing loans is expected at 204.1%, flat QoQ. Total net fee income is expected at 40.3 billion baht, up 14% YoY and 5% QoQ, driven mainly by the wealth management business, whose combined net asset value of bank-owned asset management companies stood at 7.8 trillion baht at the end of August 2026, up 4% since the start of the quarter and up 11% YoY. Securities brokerage fee income is likely to grow significantly both YoY and QoQ, from securities trading value expected to rise 64% YoY and 34% QoQ in the third quarter of 2026. Counting total net profit of the banking sector in the third quarter of 2026, it is expected at 55.2 billion baht, down 11% YoY and flat QoQ, due to lower average net interest margin and lower mark-to-market gains on financial instruments. Banks expected to post YoY core profit growth are KKP +73%, TISCO +23%, BBL +20%, KBANK +5% and TTB +4%, while KTB is expected to see core profit fall 11% YoY and SCB is expected to be flat YoY. For the fourth quarter of 2026, combined core profit is expected at 39.7 billion baht, up 10% YoY but down 8% QoQ, on higher operating expenses. For 2027, the banking sector's combined net profit is expected at 221 billion baht, up 1% YoY, supported by loan growth expected at 2% YoY and net fee income growth of 4% YoY, while average net interest margin has likely already passed its trough in the second quarter of 2026 after most loan and deposit rate adjustments were completed.
IAA Expects SET to Close 2026 at 1,680 Points, Recommends 5 Standout Stocks: BDMS, KBANK, DELTA, GULF, CRC
The Investment Analysts Association, or IAA, estimates that the SET Index in the fourth quarter of 2026 will move within a range of 1,537 to 1,683 points and is expected to close the year 2026 at 1,680 points. Sombut Naravuttichai, secretary-general of the association, said the survey of analysts and fund managers from 25 companies has not yet incorporated the impact of the flood situation, and puts the SET Index target for the end of 2027 at 1,727 points. It also forecasts average market EPS of 103.38 baht for 2026 and 104.29 baht for 2027, representing average EPS growth of 16.41% in 2026. Five stocks are recommended by four or more research houses in agreement: BDMS, KBANK, DELTA, GULF and CRC. The association recommends increasing weighting in tourism, healthcare, banking, power plants, utilities, commerce and electronics, while most analysts advise avoiding energy and petrochemical stocks, airlines and property. Wichit Arayapisit, senior director of the securities analysis department at Kasikorn Securities, said the firm has raised its SET Index target for the end of 2027 to 1,680 points from 1,620 points, and estimates EPS this year at 110 baht per share, while next year it is expected to fall about 5% to 105 baht per share. It recommends a defensive strategy for the fourth quarter of 2026, favouring electronics such as DELTA, KCE and HANA, power plants such as GULF and GPSC, banks such as KTB and KKP, and hotels and tourism such as CENTEL and AWC.
GULF.BK · Capital · Positive IAA/Kasikorn recommend GULF as a standout power-plant/utility pick for Q4 2026 defensive strategy.
KBANK.BK · Capital · Positive KBANK is one of five stocks recommended by four or more research houses, with banking sector favored for increased weighting.
BDMS.BK · Capital · Positive BDMS is one of five stocks recommended by four or more research houses in the IAA survey.
DELTA.BK · Capital · Positive DELTA is recommended by the IAA survey and named by Kasikorn Securities as a favored electronics pick.
GPSC.BK · Capital · Positive GULF is one of five stocks recommended by four or more research houses and a favored power-plant pick.
HANA.BK · Capital · Positive Kasikorn Securities recommends HANA among favored electronics stocks for Q4 2026.
Kasikorn Securities names KTB and KKP as standout bank stocks, sees pullback opening upside, SET target of 1,680 points by end of 2026
Wichit Arayapisit, Senior Director of the Securities Analysis Department at Kasikorn Securities, said that bank stocks, which had previously risen on the dividend theme until their short-term valuation reached an unattractive zone at a PBV of close to 1 time, have now pulled back on flood concerns, opening an upside opportunity for a new round of investment, especially if PBV falls into the 0.7 to 0.8 times zone. Among the standout stocks worth accumulating in this group is KTB, driven by growth that tracks the country's investment cycle, offering a high dividend yield and third- and fourth-quarter earnings momentum that is not falling as sharply as at other banks. KKP stands out for its large share of capital market businesses such as brokerage and its overseas investments that help accelerate profit; although its valuation has risen somewhat, it still pays a high dividend and maintains a high ROE. On the overall Thai economy, growth this year is expected at 2%, with flooding cutting GDP by at most 0.1% if there is no second round of flooding. As for NPL concerns, the impact is seen as limited if flooding does not last longer than 2 to 3 days up to 1 week, and the government is expected to roll out measures to help borrowers. The research department of Kasikorn Securities sees a SET Index target of 1,680 points by the end of 2026, based on an EPS forecast of 105 baht and a valuation P/E of 16 times.
KKP.BK · Capital · Positive Kasikorn Securities names KKP a standout bank stock to accumulate, citing its large capital-market business share, overseas investments, high dividend, and high ROE.
KTB.BK · Capital · Positive Kasikorn Securities names KTB a standout bank stock to accumulate, citing growth tied to the country's investment cycle, high dividend yield, and better Q3/Q4 earnings momentum than peers.
Asia Plus says SETBANK down 4.3% over one month, recommends accumulating KTB and KBANK
Asia Plus Securities stated that although the US PCE figure for August came in at 3.4% year-on-year, below market expectations, US 2-year and 10-year bond yields remain elevated at 4.89% and 5.28%, creating volatility for bank stocks in many countries. In the one month since Jackson Hole, the MSCI ACWI Banks index has fallen 3.4%, compared with a 1.3% decline in the MSCI ACWI, while the SETBANK index has continued to slide over the past two days, bringing its one-month loss to 4.3%, led by KKP down 6%, followed by KTB down 5.7% and KBANK down 5.6%, against a 1.9% decline in the SET. On the flood situation as of September 29, the Ministry of Industry reported that 40 provinces have been affected and that 204 SME operators have joined the debt-payment suspension programme, representing debt of about 769 million baht, a proportion that is not high compared with the 14 trillion baht in loans held by the eight banks. The research team estimates that every 0.25% increase in the risk-free rate above its assumption would reduce fair value by 4%, and views the correction in bank stocks as having already priced in some of the pressure from bond yields. It recommends gradually accumulating banks whose prices have fallen more than average over the past month, such as KTB, which has a fair value of 48 baht, followed by KBANK, which has a fair value of 259 baht and a PBV that has dropped to 0.9 times, compared with the sector average of 1.1 times.
KBANK.BK · Capital · Positive Asia Plus recommends gradually accumulating KBANK, noting its PBV has dropped to 0.9x versus the 1.1x sector average, with fair value 259 baht.
KTB.BK · Capital · Positive Asia Plus recommends accumulating KTB, which fell 5.7% over the past month, with a fair value of 48 baht.
US-10Y.GB · Monetary · Positive The article notes the US 10-year bond yield remains elevated at 5.28%, and every 0.25% rise above assumptions cuts bank fair value by 4%.
US-2Y.GB · Monetary · Positive The article notes the US 2-year bond yield remains elevated at 4.89%, driving volatility in bank stocks.
KKP.BK · Monetary · Negative KKP led the SETBANK decline, down 6% over the past month, as elevated US bond yields pressured bank stocks.
DAOL Expects SET to Be Volatile Today, Highlights ADVANC with 13% Q3 Profit Growth, Buy Rating and 435 Baht Target
DAOL Securities (Thailand) expects the SET index to be volatile today but sees momentum better than the previous day after PCE figures came in below expectations, giving a support range of 1,530-1,545 points and a resistance range of 1,572-1,586 points. It noted that still-high US bond yields put emerging markets at risk of fund flows returning to the US, and recommended using sharp share price declines as an opportunity to accumulate fundamentally strong stocks, especially banks, where it still likes KTB, KBANK and KKP. For today's top pick, it recommends buying ADVANC, expecting normal profit in the third quarter of 2026 at 13.6 billion baht, up 13% year on year and down 1% quarter on quarter, driven by the mobile and FBB businesses where net adds and ARPU improved. It maintained its 2026 profit forecast at 53.5 billion baht, up 12% year on year, with the fourth quarter of 2026 to be supported by the high season and a full quarter of recognition of new iPhone sales. Meanwhile, flooding in Bangkok, its surrounding provinces and more than 20 other provinces pressured bank and insurance stocks, sending the SET to close yesterday at 1,559.01 points, down 2.21%. Six major banks announced relief measures for customers, such as a three-to-six-month suspension of principal and interest payments and special-rate rehabilitation loans. As for the Thailand-US trade agreement talks, the principles were concluded on September 30, as disclosed by Deputy Prime Minister and Commerce Minister Supajee, but the Access Capacity measure remains, with Thailand aiming to finalise details before November to avoid higher tariffs and targeting an overall tariff rate of no more than 19%.
ADVANC.BK · Capital · Positive DAOL's top pick with a Buy rating and 435 baht target, expecting Q3 2026 profit up 13% YoY on mobile/FBB net adds and ARPU.
KBANK.BK · Regulation · Neutral Named among banks DAOL still likes, but also among banks pressured by flooding and offering relief measures like payment suspensions.
KKP.BK · Regulation · Neutral Named among banks DAOL still likes, but also among banks pressured by flooding and offering relief measures like payment suspensions.
KTB.BK · Regulation · Neutral Named among banks DAOL still likes, but also among banks pressured by flooding and offering relief measures like payment suspensions.
KKP Dime Securities Company Limited, or KKP Dime, has launched a physical gold withdrawal service through the Dime! application, in partnership with MTS Maethong Suk and YLG Corporation, allowing investors to convert gold accumulated in digital form into physical gold bars or gold coins. Withdrawals are available once a minimum of 0.05 troy ounces has been accumulated, with accumulation starting from 100 baht, no trading fees, and a choice of holding in Thai baht or US dollars. As of September 24, 2026, there were 267,064 gold investors on the Dime! application, up 73.56% from the same period a year earlier, while trading volume rose from 263.4 billion baht to 513.92 billion baht, a growth of 95.11% year on year. The value of gold assets held on the platform increased nearly 3.5 times to more than 10 billion baht. Thanakrit Rungrojanachaiporn, Chief Business Officer, said digital channels are playing a greater role in making it easier for investors to access and gradually accumulate gold, while Thipa Navawattanasap, Chief Executive Officer of YLG Corporation Company Limited, noted that Thailand's current demand for gold ranks first in ASEAN and among the top 10 in the world.
Digital Finance & Tokenization › Digital Wealth & Robo-Advisory ▲Demand
MTS Gold แม่ทองสุก · Demand · Positive MTS Maethong Suk partners in the new physical gold withdrawal service, expanding its bullion distribution.
Y.L.G. Corporation Co., Ltd. · Demand · Positive YLG Corporation's CEO cited Thailand's top-ranked gold demand while partnering in the physical withdrawal service.
YLG Bullion and Futures Public Company Limited · Demand · Positive YLG Corporation partners in the physical gold withdrawal service, gaining a new channel for gold sales.
KKP.BK · Demand · Positive KKP Dime's gold platform saw trading volume jump 95% and investors up 73.56%, boosting its digital gold business.
Bank stocks slump on fears flood-relief measures will pressure NIM; brokers recommend buying KBANK, KTB, KKP, TTB
Banking stocks fell sharply in trading on September 30, 2026, after the market worried that relief measures for customers affected by flooding would pressure net interest margins, or NIM. As of 11:04 a.m., KBANK stood at 232 baht, down 10 baht or 4.13%; KTB at 41 baht, down 2.25 baht or 5.20%; BBL at 185.50 baht, down 3.50 baht or 1.85%; SCB at 149.50 baht, down 3.50 baht or 2.29%; TTB at 2.92 baht, down 0.08 baht or 2.67%; and KKP at 109.50 baht, down 3 baht or 2.67%. KGI Securities (Thailand), or KGI, disclosed that several commercial banks have rolled out relief measures to help both retail loan customers and SME business loan customers, covering everything from a three-to-six-month suspension of interest payments, reduced principal repayments, lower monthly instalments, extended debt repayment periods, to special interest rates. For SME customers, most banks are offering extra help, such as additional working capital loans and special-rate loans of around 3.5%. Combined with assistance from state specialised financial institutions, or SFIs, this is expected to support borrowers nationwide comprehensively. KGI assesses that KTB will be hit hardest, as retail customers make up as much as 40% of its total loans, followed by SCB at 15%, then KBANK at 10%, and BBL at less than 10%. However, the research team views these measures as an opportunity for banks to accelerate debt restructuring, which would help ease pressure on bad-debt provisioning expenses. It forecasts bad-debt provisioning expenses in 2026 at 1.04% for KTB, 1.24% for BBL, 1.50% for KBANK, and 1.62% for SCB. It maintains an Overweight stance on the commercial banking sector even though these stocks have underperformed the SET Index recently, and it expects the floods will not significantly affect the overall economy or GDP growth. It sees the share price pullback as an opportunity to accumulate, and picks KBANK, KTB, KKP, and TTB as its top buy recommendations.
KTB.BK · Pricing · Negative KTB is assessed as hardest hit by flood-relief measures, with retail loans at 40% of its book, pressuring NIM.
BBL.BK · Pricing · Negative Flood-relief measures (interest suspensions, reduced repayments, special rates) are expected to pressure net interest margins, hitting BBL's lending profitability.
KBANK.BK · Pricing · Negative KBANK's participation in flood-relief measures, with retail loans at 10% of its book, is seen pressuring NIM.
SCB.BK · Pricing · Negative SCB's flood-relief measures, with retail loans at 15% of its book, are expected to pressure net interest margins.
TTB.BK · Pricing · Negative TTB shares fell as flood-relief measures (interest-payment suspensions, reduced instalments, special rates) are feared to pressure banks' net interest margins.
KKP.BK · Pricing · Negative KKP shares fell amid the sector-wide NIM pressure from flood-relief measures, though it is not singled out in KGI's exposure breakdown.
Brokers say bank stocks will survive, eye Q3 earnings growth, recommend accumulating KKP and CREDIT, wait for a dip on KBANK
Chayut Krailatrattanasiri, Assistant Director of the Securities Analysis Department at Land and Houses Securities, disclosed that the decline in banking stocks, particularly KBANK, stemmed from pressure from foreign capital continuing to flow out of the Thai stock market in September, together with concerns over the earnings outlook for the third quarter of 2026. He expects the group's net profit to fall about 1.6% quarter-on-quarter and 10.6% year-on-year, weighed down by the high profit base of the previous year and the impact of interest rate adjustments. For KBANK, third-quarter net profit is expected to contract by nearly 10% quarter-on-quarter and by roughly 7% year-on-year, while non-interest income should hold up, especially at banks with a strong wealth management business. Investors should monitor the actual earnings announcements in mid-October, with three key variables: the recovery in lending, still-strong asset quality, and financial costs and provisions coming in lower than expected. On investment strategy, he recommends gradual accumulation, selecting individual stocks whose third-quarter earnings can still grow. CREDIT stands out most in the group and is expected to grow both quarter-on-quarter and year-on-year, while KKP is expected to post outstanding growth compared with the same period last year. For KBANK and the large banks, he advises waiting for a good entry point to accumulate.
KBANK.BK · Capital · Negative KBANK's third-quarter net profit is expected to contract nearly 10% quarter-on-quarter and about 7% year-on-year, and brokers advise waiting for a dip before accumulating.
CREDIT.BK · Capital · Positive CREDIT stands out most in the group and is expected to grow both quarter-on-quarter and year-on-year, so brokers recommend accumulating it.
KKP.BK · Capital · Positive KKP is expected to post outstanding growth compared with the same period last year, leading brokers to recommend accumulating it.
KCE Jumps 4% as Broker Lifts Target to 104 Baht on PCB Recovery and New Business
Shares of KCE Electronics Public Company Limited, or KCE, rose 4.32% to 78.50 baht on trading value of 995.24 million baht after Kiatnakin Phatra Securities, together with BofA Global Research, initiated coverage of KCE with a buy rating and raised its target price to 104 baht from 67.75 baht, based on a target price-to-earnings ratio of 38.1 times. Analysts believe KCE's 2025 earnings have likely passed their trough and that the company is entering a new upcycle, forecasting net profit of 1.529 billion baht in 2026, up 95% from the previous year, and 3.212 billion baht in 2027, up 110% from the previous year and about 69% above market estimates. For 2028, net profit is expected to rise further to 4.174 billion baht. The drivers come from the recovery of the PCB industry, growing PCB demand in EVs and software-defined vehicles, and tightening automotive PCB supply amid the AI boom. The satellite communications business is expected to account for about 16% of PCB revenue in 2027, rising to 30% in 2028. KCE is also in talks with Tesla to make PCBs for humanoid robots, having passed part of the qualification process and awaiting final design approval. BofA estimates the global humanoid robot market could be worth as much as 100 billion US dollars by 2033, with global shipments rising nearly fivefold from about 290,000 units in 2027 to 1.2 million units in 2030.
KCE.BK · Capital · Positive Kiatnakin Phatra and BofA initiated coverage with a buy rating and raised the target price to 104 baht from 67.75 baht.
KCE.BK · Demand · Positive Forecast profit growth is driven by recovering PCB demand in EVs and software-defined vehicles, satellite communications revenue, and potential Tesla humanoid robot PCB orders.
TSLA · Demand · Positive KCE is in talks with Tesla to make PCBs for humanoid robots, having passed part of the qualification process.
BAC · Capital · Neutral BofA Global Research co-initiated coverage of KCE with a buy rating and raised target price, but the article is about KCE, not Bank of America itself.
KKP.BK · Capital · Neutral Kiatnakin Phatra Securities initiated coverage of KCE with a buy rating and higher target price, but the article is about KCE, not the bank itself.
Constitutional Court Rules Barcode Ballots Do Not Violate Constitution, Boosting Investor Confidence
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.
BGRIM.BK · Regulation · Positive Ruling reduces political risk and supports continuity of government policy, a positive for power producer BGRIM.
CK.BK · Regulation · Positive Court decision avoids political/policy vacuum, benefiting construction contractor CK through continued government policy continuity.
DELTA.BK · Regulation · Positive Reduced political risk and continued normal government administration are positive for component maker DELTA.
GPSC.BK · Regulation · Positive Ruling removes feared election annulment, supporting policy continuity that benefits power producer GPSC.
GULF.BK · Regulation · Positive Constitutional Court ruling removes political-risk scenario, supporting policy continuity for power producers like GULF.
SAWAD Confident Loans Won't Be Downgraded, Flood Impact Contained
Ms. Thida Kaewbutta, Director of Strategy at Srisawad Corporation Public Company Limited, or SAWAD, disclosed that the company is preparing relief and assistance measures for customers affected by flooding. The title-loan portfolio will see only limited impact because the flooding occurred only in certain areas, and she is not worried that credit quality will be downgraded from Tier 1 to Tier 2 or Tier 3. She also expects lending to grow in line with the targets set for the remainder of the year. Meanwhile, Mr. Trin Sittisawas, Director of Securities Analysis at Yuanta Securities (Thailand) Company Limited, stated that commercial banks and non-bank lenders will face short-term impacts from debt-relief measures by the government sector and the Bank of Thailand, which will slightly pressure yields and may force additional provisioning over roughly one to two quarters. Commercial banks will be affected only to a limited degree because they have shifted their customer base toward large corporates and salaried employees. As for TISCO and KKP, although they have auto-hire-purchase loans, most of their portfolios consist of new cars covered by insurance against flooding, so KKP is seen as a standout stock if its price declines. The non-bank group is more at risk, especially TIDLOR and SAWAD, which hold four-wheel vehicle title-loan portfolios. TIDLOR has a significant proportion and is more exposed to collateral value and the prices of repossessed cars, while SAWAD has SCAP, which focuses on motorcycle hire-purchase that is easier to repair and has already accelerated write-offs at a high level. MTC, whose main portfolio is motorcycle title loans and whose customer base is not concentrated in flooded areas, is a standout stock. Meanwhile, AMC players such as BAM face limited impact and may even benefit from buyer behavior that places less emphasis on locations prone to flooding.
TIDLOR.BK · Regulation · Negative TIDLOR is named as the non-bank lender most at risk from government and Bank of Thailand debt-relief measures, with heavy exposure to four-wheel title-loan collateral and repossessed-car prices.
SAWAD.BK · Regulation · Negative SAWAD holds four-wheel vehicle title-loan portfolios exposed to government and BoT debt-relief measures pressuring yields and provisioning.
MTC.BK · Regulation · Positive MTC's motorcycle title-loan portfolio and customer base outside flooded areas make it a standout amid debt-relief measures.
SCAP.BK · Regulation · Positive SAWAD's SCAP focuses on motorcycle hire-purchase that is easier to repair and has already accelerated write-offs, limiting flood impact.
TISCO.BK · Regulation · Neutral TISCO is mentioned as having auto-hire-purchase loans, but most of its portfolio is new cars insured against flooding, so the debt-relief impact is limited.
KKP.BK · Regulation · Neutral KKP's auto-hire-purchase portfolio is mostly new cars insured against flooding, seen as a standout if price declines.
CGSI says floods drag SET below 1,600 points, sees it as a chance to accumulate DELTA, HANA and KCE
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.
DELTA.BK · Demand · Positive CGSI names DELTA as attractive to buy on positive outlook from growing Thai electronics exports and global AI/digital-infra investment cycle.
KCE.BK · Supply · Neutral KCE is flagged as pressured due to factories in flood at-risk areas, yet also named among electronics components stocks CGSI sees as attractive to buy.
HANA.BK · Demand · Positive CGSI lists HANA among stocks to accumulate on the flood-driven SET dip, citing the electronics components group's appeal.
KKP.BK · Monetary · Positive CGSI says high-dividend bank stocks like TISCO could be an option if the flooding eases quickly.
TISCO.BK · Monetary · Positive CGSI cites KKP as a high-dividend bank option if flooding eases, also supported by expansion of its investment platform business.
Kasikorn Securities Maintains Positive View on Banking Sector, Picks KTB and KKP as Top Picks
Kasikorn Securities stated in an analysis that the third-quarter 2026 profits of the seven banks under its coverage will come in at 49.4 billion baht, down 2% QoQ and 15% YoY, with the main pressure coming from lower fair value through profit or loss gains and lower investment gains QoQ as government bond yields rose. However, core operating performance is expected to improve QoQ on an anticipated 2bps QoQ rise in net interest margin thanks to lower interest costs, and a credit cost that is expected to fall 7bps on smaller management overlay provisions compared with the second quarter of 2026. Looking at individual stocks, KKP, TISCO and TTB are expected to report standout YoY third-quarter 2026 profit growth of 25%, 6% and 5% respectively, while BBL, KTB and SCB are expected to see significant YoY profit declines on weaker net interest margins and lower realized fair value through profit or loss and investment gains. For the fourth-quarter 2026 and 2027 outlook, banking sector profits are expected to remain supported by easing interest costs and credit costs gradually returning to normal levels, with loan growth expected to accelerate in the fourth quarter of 2026 driven mainly by corporate and government loans. The research team maintains a positive view on the banking sector, selecting KTB and KKP as top picks, and has shifted the valuation base year for all banking stocks from mid-2027 to end-2027, raising individual target prices by 1–3% without any change to earnings forecasts.
Thai insurers reshape strategies for longevity as society reaches super-aged status
Thailand's insurance business is adapting to the longevity trend as the country enters a fully aged society. Teerapol Udomvej, an analyst at Kiatnakin Phatra Securities, or KKPS, cited a study by the Thailand Development Research Institute, or TDRI, estimating that the share of Thais aged 60 and over will rise from 17% in 2016 to 29% in 2032. Meanwhile, the National Institute of Development Administration, or NIDA, estimates that Thailand's health expenditure during 2023-2032 will grow at an average of 4-5% per year, while TDRI puts it at 6-7% per year. Sara Lamsam, chief executive officer of Muang Thai Life Assurance, or MTL, said longevity is not just a trend but a major challenge for Thailand, with the number of newborns falling from 736,532 in 2015 to 416,574 in 2025, and Thailand likely to enter a super-aged society by 2029. He also expects Thailand's population to shrink by about half to roughly 33 million by 2083. Chone Sophonpanich, president and chief executive officer of Bangkok Life Assurance, or BLA, noted that longevity risk is the risk of living longer than one's savings, meaning retirement planning must link retirement funds to health and long-term care. About 30% of Thais have no retirement savings, and the gap between lifespan and healthspan averages about 11 years.
Aging Population › Retirement Income & Annuities ▲Demand
BLA.BK · Demand · Neutral BLA CEO discusses longevity risk and retirement planning needs, implying demand for retirement/health-linked insurance products but no concrete company-specific development.
Muang Thai Life Assurance Public Company Limited · Demand · Neutral MTL CEO Sara Lamsam frames longevity as a major challenge and opportunity for insurance, but no specific product, order, or financial event is reported.
KKP.BK · · Neutral KKPS analyst Teerapol Udomvej is cited for the TDRI aging study, but the news is about insurers' strategies, not the bank's own business.
Pie forecasts flat Q3/2026 bank loans, names KKP and KBANK as top picks
Pie Securities issued an analysis of banking stocks, expecting loan growth in the third quarter of 2026 to be flat compared with the previous quarter amid slowing economic activity. It expects loan growth to return in the fourth quarter of 2026 on seasonal factors from exports and accelerating household spending. For third-quarter 2026 results, profits are expected to decline from the same period a year earlier under pressure from lower net interest margins and reduced investment gains. The research team estimates that banking-sector net profit will fall 1% year on year in 2026 and return to growth of about 3% year on year in 2027. On investment strategy, it assigns a market-weight rating to banking stocks and expects an average dividend yield of 5.4% over 2026-2027. It selects KKP as its top pick on stronger profitability, solid asset quality and a high dividend yield, and selects KBANK because of profit growth in 2026-2027, a share price below book value, and the potential for a special dividend that would lift its dividend yield.
KKP uses human rights criteria to screen 86 companies in Thai equity portfolio, adding AI and child rights risks
Kiatnakin Phatra Financial Group, or KKP, has expanded its human rights risk assessment framework, piloting the use of human rights criteria to screen 86 listed companies in its Thai equity portfolio as part of its investment decisions, according to disclosure by Aphinant Klewpatinond, Chief Executive Officer of KKP. The assessment results were presented to the Investment Committee for use in considering investments and as a guideline for discussions with listed companies to raise standards together. On the investment side, Kiatnakin Phatra Asset Management has co-signed the Principles for Responsible Investment, or PRI, under the support of the United Nations, or UN. At the same time, KKP has begun assessing risks from the use of AI technology in the workplace in order to set measures to prevent bias and discrimination from algorithms in processes affecting employee rights, such as recruitment, performance evaluation, and compensation, establishing the norm that human oversight must always govern decisions, while preparing Reskill and Upskill plans to support the job structures that will change in the future. In addition, KKP has expanded its standards to cover child rights principles, particularly establishing a precautionary framework in advertising and marketing work so as not to affect vulnerable groups. Over the past three years, the organization has had no complaints of human rights violations at all. Most recently, Kiatnakin Phatra Bank was honored as one of 40 large business organizations to receive the Human Rights Award for the year 2569 at the excellent level, for the second consecutive year, from the Ministry of Justice, with Dr. Warapong Wongwachara, Head of the Sustainability Office, representing the organization to receive the award on September 24.
KKP.BK · Regulation · Positive KKP expanded its human rights risk screening framework and won the Ministry of Justice Human Rights Award at excellent level for the second consecutive year.
CK sells big lot of 200 million BEM shares, lifting free float by 1.31%, worth 1.3 billion baht
Ch. Karnchang Public Company Limited, or CK, the largest shareholder of Bangkok Expressway and Metro Public Company Limited, or BEM, sold 200 million BEM shares through eight big-lot transactions worth a total of 1.3 billion baht, at an average price of 6.50 baht per share. That represents a discount of about 6.47% from the latest closing price of 6.95 baht. Before the transaction, CK held 6,459,449,984 BEM shares, or 42.26% of all shares. The main purpose of the transaction was to increase the proportion of shares held by minority shareholders, or the free float, of BEM. The deal took place through an overnight transaction on the night of September 23, with Kiatnakin Phatra Securities Public Company Limited, or KKP, acting as the placement agent for a group of domestic institutional investors. The offering was oversubscribed by as much as seven times the total number of shares offered, reflecting institutional investors' confidence in BEM's business fundamentals. Before the increase, BEM's minority shareholder holding stood at 41.11%, with 84.77% of shares held in scripless form.
CK.BK · Capital · Neutral CK sold 200M BEM shares (1.3B baht) at a 6.47% discount, reducing its stake from 42.26% to raise BEM's free float.
BEM.BK · · Neutral CK sold 200M BEM shares at a 6.47% discount to boost free float; oversubscribed placement signals institutional confidence but the discounted block sale is a near-term overhang.
KKP.BK · Capital · Neutral KKP acted as placement agent for the oversubscribed 200M-share BEM block sale; no direct financial impact stated.
Pie Securities Says US Yields Hit 19-Year High, Recommends Trading Energy and Export Stocks
Pie Securities reported that US government bond yields rose sharply, with the 10-year in particular hitting a new record and a 19-year high, after the UN meeting where Iran declared it would not surrender to US pressure, reflecting that the war may be prolonged. This pressured crude oil prices, with Brent closing up 3.9%, while US PMI came in better than expected in both manufacturing and services. The Dow Jones Industrial Average closed down 352 points, or 0.7%, overnight on concerns over rising bond yields. Microsoft gained 0.5%, but Google fell 3.8%. The baht weakened sharply, testing 33.44 baht per dollar, and investors assign a 70% probability that the Fed will raise rates again in October. Pie Securities estimates the SET will move in a range of 1,590 to 1,620 points and recommends short-term strategies trading energy and petrochemical stocks, namely PTT, PTTEP, PTTGC and TOP; stocks benefiting from rising yields, namely BBL, KBANK, KTB, SCB and KKP; export stocks, namely ITC and TU, supported by the weak baht; and defensive stocks, namely ADVANC, CPN, CPALL, ICHI, BDMS, BH, BCH and PR9. It recommends buying TU with a target price of 15.4 baht on the prospect of several positive factors in the second half of 2026, including the peak export season, a weaker baht, and the UK cutting its import tax on Thai tuna to 0% from 24%. It also recommends buying KBANK with a target price of 259 baht, expecting net profit to grow 2% in 2026 and expand 4% in 2027, supported by growth in non-interest income and a lower cost-to-income ratio of 42.7% to 42.8%.
BBL.BK · Monetary · Positive Recommended as a bank benefiting from rising US bond yields and higher rates.
KBANK.BK · Monetary · Positive Recommended as a bank benefiting from rising yields; also given a buy rating with target price 259 baht on profit growth.
KKP.BK · Monetary · Positive Recommended as a bank benefiting from rising US bond yields.
KTB.BK · Monetary · Positive Recommended as a bank benefiting from rising US bond yields.
SCB.BK · Monetary · Positive Recommended as a bank benefiting from rising US bond yields.
TU.BK · Tariff · Positive UK cutting its import tax on Thai tuna to 0% from 24% benefits Thai Union's exports.
Dao expects SET to trade sideways, recommends buying PTTEP with a target of 180 baht
Dao Securities (Thailand) expects the SET Index to trade sideways today after the investment mood came under pressure once again from bond yields, along with rising oil prices. It estimates support at 1,600-1,605 points and resistance at 1,614-1,618 points, and sees energy stocks potentially attracting buying back. Meanwhile, US stocks closed lower after bond yields surged again, while oil prices rebounded strongly after Trump's speech at the UN, in which he gave Iran a choice between negotiating or letting the US wipe it out completely. Iranian President Masoud Pezeshkian responded without backing down, but stressed that Iran is always ready for diplomatic talks if they are equal and do not use threatening language or force. As for the main strategy, Dao sees the market possibly pulling back but views it as an opportunity to gradually accumulate Mega Play Theme stocks such as Data Center and power plants, and still likes GPSC, BGRIM and ADVANC. Banking stocks also remain attractive, and it still likes KTB, KBANK and KKP. For the medium-to-long-term tourism recovery theme, it still likes AOT, CENTEL and ERW. The top pick today is PTTEP, supported by the short-term crude oil price outlook after Iran's president said at the UN that Iran will not allow free navigation through the Strait of Hormuz as long as US sanctions remain in effect. Brent crude closed up 3.9% yesterday at 103.1 US dollars per barrel. Buy, target price 180.00 baht. Also AOT, which will benefit from strong growth in flights and passengers during China's Golden Week. The Tourism Authority of Thailand expects that during China's long holiday from 25 September to 7 October 2026, which covers both the Mid-Autumn Festival and China's National Day holiday, 250,000 Chinese tourists will come to Thailand, up 24% YoY. It also estimates normal profit in 4QFY26E will grow well both YoY and QoQ from the gradual recovery in international passengers and the first full quarter of recognition of the new PSC rate. Buy, target price 72.00 baht. The top picks on technical signals are PTTEP and CCET.
PTTEP.BK · Capital · Positive Dao's top pick with a Buy rating and 180 baht target, backed by the short-term crude oil price outlook.
PTTEP.BK · Supply · Positive Iran's threat to block Strait of Hormuz navigation under US sanctions supports crude prices, lifting PTTEP's oil-linked prospects.
AOT.BK · Demand · Positive AOT expected to benefit from strong growth in flights and passengers during China's Golden Week, with 250,000 Chinese tourists forecast to visit Thailand.
KBANK.BK · Capital · Positive Dao Securities lists KBANK among banking stocks it still likes as attractive.
KKP.BK · Capital · Positive Dao Securities lists KKP among banking stocks it still likes as attractive.
KTB.BK · Capital · Positive Dao Securities lists KTB among banking stocks it still likes as attractive.
Bualuang: loans at 7 banks flat MoM at end-August, up 3.4% YoY
Bualuang Securities reported that the combined loans of the seven banks it tracks stood at 10.9 trillion baht at the end of August, flat month-on-month and up 3.4% year-on-year. The increase was led by KTB, up 0.3% on government-sector lending; TISCO, up 0.3% on business and SME loans; TTB, up 0.2%; and KBANK, up 0.2% on business loans. Meanwhile, BBL fell 0.7%, KKP dropped 0.6%, and SCB slipped 0.1%. Total deposits rose 0.5% to 13.2 trillion baht, led by TISCO, TTB, and KTB. Combined loans at the end of September are expected to remain flat as banks stay strict on loan approvals amid a slowing economy, though full-year 2026 loans could come in about 1–2% above the previous assumption, with KBANK, KKP, and KTB likely to exceed estimates by 1–2%, while TTB faces a similar degree of downside risk. On earnings for July–August, TTB and TISCO look set to stand out year-on-year, with TTB up 11%, TISCO up 9%, KBANK up 7%, KKP up 6%, and KTB up 2%, while SCB was flat and BBL fell 19%. Bualuang Securities maintained an equal-weight stance on the banking sector, seeing early signs of improvement in loans and the potential for clearer momentum in the fourth quarter of 2026.
BBL.BK · Capital · Negative BBL's loans fell 0.7% MoM and July-August earnings dropped 19% YoY, the weakest among the tracked banks.
KBANK.BK · Capital · Positive KBANK's loans rose 0.2% on business loans, July-August earnings up 7%, and full-year 2026 loans likely to exceed estimates by 1-2%.
KKP.BK · Capital · Neutral KKP's loans dropped 0.6% MoM but July-August earnings rose 6% and 2026 loans may exceed estimates by 1-2%.
KTB.BK · Capital · Positive KTB led loan growth at 0.3% on government-sector lending, deposits rose, and 2026 loans likely to exceed estimates by 1-2%.
SCB.BK · Capital · Negative SCB's loans slipped 0.1% MoM and July-August earnings were flat, lagging peers.
TISCO.BK · Capital · Positive TISCO's loans rose 0.3% on business and SME loans, deposits led the increase, and July-August earnings are set to rise 9% YoY.
KGI says three big banks KTB, KBANK and BBL to benefit as loans recover alongside private investment
KGI Securities (Thailand) says large corporate loans grew strongly in August 2026, with short-term money market loans and interbank lending rising sharply at every bank except Siam Commercial Bank, which shifted its excess liquidity into bond investments instead. Overall money market loans grew 14% month on month, with BBL and KBANK posting the strongest growth among the large banks at about 18% month on month each, followed by TTB at 14% month on month and KTB at 13% month on month, while KKP recorded growth of as much as 36% month on month. Retail loans declined broadly, with only KTB lending aggressively, as most banks applied cautious lending criteria, including for housing loans and hire purchase loans, with SCB and TTB seeing their hire purchase loan portfolios contract because of stricter standards on electric vehicles. KTB, however, appears to have a more aggressive policy on housing and retail lending, which should be positive for its net interest margin, while total loans and money market lending grew 1.4% month on month compared with deposits at 0.5% month on month. KGI says growth in private investment accelerated in August, in line with the recovery in lending, and large banks should be the main beneficiaries, with KTB, KBANK and BBL standing out the most, while the momentum in private investment could drive full-year loan growth about 2% above the banks' financial targets.
BBL.BK · Demand · Positive BBL posted strongest money-market loan growth (~18% MoM) and is named among large banks benefiting from recovering private investment and lending.
KBANK.BK · Demand · Positive KBANK posted strongest money-market loan growth (~18% MoM) and is named among large banks benefiting from recovering private investment and lending.
KTB.BK · Demand · Positive KTB is named among top beneficiaries, grew money-market loans 13% MoM, and its aggressive housing/retail lending should lift net interest margin.
KKP.BK · Demand · Positive KKP recorded the highest money-market loan growth at 36% MoM, benefiting from the lending recovery.
TTB.BK · Demand · Positive TTB's money market loans grew 14% month on month, benefiting from the recovery in private investment and corporate lending.
SCB.BK · Demand · Neutral SCB shifted excess liquidity into bonds instead of money-market lending and saw hire-purchase loans contract on stricter EV standards, offsetting the sector recovery.
Krungsri says Thailand's signing of AHKIA opens the way for Hong Kong capital, boosting industrial estates and banks
Krungsri Securities said Thailand has signed the ASEAN-Hong Kong Investment Agreement, or AHKIA, to open up investment markets between the two sides and attract investment from Hong Kong in high-potential target industries, focusing on automobiles, auto parts, and printed circuit boards, or PCB. In addition, the agreement will help promote supply chain connectivity and give Thai investors the opportunity to expand their businesses into Hong Kong to connect with the Chinese market. The research team assesses that sentiment toward the SET is positive given the continued approach of drawing foreign investment. Stocks that benefit from the investment theme include industrial estates AMATA and WHA, as well as banks KBANK, KTB, KKP, and BBL.
AMATA.BK · Demand · Positive AHKIA opens Hong Kong investment into Thai industrial estates, benefiting AMATA as a named beneficiary.
BBL.BK · Demand · Positive Named as a bank benefiting from the foreign investment theme driven by AHKIA.
KBANK.BK · Demand · Positive Named as a bank benefiting from the foreign investment theme driven by AHKIA.
KKP.BK · Demand · Positive Named as a bank benefiting from the foreign investment theme driven by AHKIA.
KTB.BK · Demand · Positive Named as a bank benefiting from the foreign investment theme driven by AHKIA.
WHA.BK · Demand · Positive Named as a beneficiary industrial estate from Hong Kong investment inflows under AHKIA targeting autos, auto parts, and PCB.
Foreign investors buy Thai stocks net 52.682 billion baht, boosted by fund flows and Meta's new AI model
Foreign investors returned to buying Thai stocks, with net purchases of 52.68226 billion baht from the start of the year through September 22, comprising 6.60989403 trillion baht in buys and 6.55721177 trillion baht in sells. In September alone, net buying reached 1.31328 billion baht, from 626.56138 billion baht in buys and 625.24810 billion baht in sells, marking the highest foreign buying in two months and making the Thai stock market the most sought-after in ASEAN. The supporting factor came from Meta's launch of a new AI model with higher processing efficiency, offered free of charge, which the market expects will extend its advertising business and accelerate demand for AI CAPEX, benefiting Thai component stocks, especially DELTA and HANA. Meanwhile, Infra Tech stocks drew support from the NBTC's proposal for a data center board to set new investment criteria, including requiring operators to have power purchase agreements and water supply certificates, to use domestic materials no less than 50%, and to add sustainability requirements. This is expected to boost industrial estate stocks such as AMATA and WHA, power stocks such as GULF, BGRIM and GUNKUL, bank stocks such as KBANK, KTB, KKP and BBL, as well as contractor stocks such as STECON, PYLON and INSET. At the same time, the Cabinet meeting approved extending the Thai Help Thai Plus 40/60 Phase 2 project by another 2 months, from October 1 to November 30, 2026, with a total budget of 42.69 billion baht, and approved an additional 700 baht per person in product purchase credit for state welfare cardholders for October only, bringing the total injection to 1,000 baht per person. This measure is expected to benefit retail stocks such as CPAXT, BJC and CPALL, as well as consumer goods stocks such as CBG and OSP, in a second-round effect.
META · Technology · Positive Meta launched a new AI model with higher processing efficiency, expected to extend its advertising business and accelerate AI capex demand.
DELTA.BK · Demand · Positive Meta's new free AI model expected to accelerate AI CAPEX demand, benefiting Thai component stocks especially DELTA.
HANA.BK · Demand · Positive Meta's new free AI model is expected to accelerate AI CAPEX demand, benefiting Thai component stocks especially HANA.
AMATA.BK · Regulation · Positive NBTC's proposed data center board criteria (power purchase agreements, domestic materials, sustainability) is expected to boost industrial estate stocks like AMATA.
CBG.BK · Demand · Positive Cabinet's Thai Help Thai Plus 40/60 extension and welfare-card credit injection expected to benefit consumer goods stocks like CBG.
CPALL.BK · Demand · Positive Stimulus measures expected to benefit retail stocks such as CPALL.
Phillip expects KKP third-quarter profit to grow 43.6% on capital market fee income
Phillip Securities (Thailand) estimates that KKP will post net profit of approximately 2.4 billion baht in the third quarter, up 43.6% from the same period a year earlier and up 13% from the previous quarter, driven by continued growth in fee income, particularly from the capital markets business, while interest expenses declined. For the first nine months of 2026, net profit is expected to be approximately 6.5 billion baht, up 56.4% from the same period a year earlier. On loans, the third quarter is expected to grow about 0.7% from the previous quarter, slowing from growth of 1.6% and 1.5% in the first and second quarters respectively. The research team maintains its 2026 net profit forecast at 7.5 billion baht, up 26.9% from a year earlier, and keeps its target price at 114 baht with a hold recommendation. It expects KKP to pay a 2026 dividend of 6.90 baht per share, representing a dividend yield of approximately 5.9%, and a 2027 dividend of 7.67 baht per share, representing a dividend yield of approximately 6.5%.
KKP.BK · Capital · Positive Phillip Securities forecasts KKP's Q3 net profit up 43.6% on capital market fee income and lower interest expenses, maintaining a 114 baht target price and hold rating.
NBTC Proposes New Data Center Investment Criteria, Boosting Infra Tech, Industrial Estate, Power, Banking and Construction Stocks
Krungsri Securities reported that the setting of new Data Center investment criteria is making continuous progress. Most recently, the NBTC proposed to the Data Center Board three key conditions: operators must have adequate utilities, meaning they must have power purchase agreements, or PPAs, and sufficient water supply service certifications; they must use domestically produced structural materials, construction work and electrical systems at a proportion of no less than 50% to support Thai industry; and a sustainability requirement, or Go Green, must be added, requiring operators to have guidelines to reduce environmental impact, cut carbon emissions and have electronic waste management plans. The research department assesses that this rapid and clear adjustment of the criteria is positive for Thailand's economic direction in the period ahead, and the Local Content condition will help circulate Data Center investment money into other industries. Stocks expected to gain positive sentiment include Infra Tech theme stocks such as AMATA and WHA, power group stocks GULF, BGRIM and GUNKUL, banking group stocks KBANK, KTB, KKP and BBL, and construction group stocks STECON, PYLON and INSET.
Energy Transition & Power Demand › Nuclear Generation & Utilities ▲Demand
Energy Transition & Power Demand › Grid, Transmission & Power Equipment ▲Demand
AMATA.BK · Regulation · Positive NBTC's new Data Center investment criteria, including local content requirements, are expected to boost industrial estate stocks like AMATA.
STECON.BK · Demand · Positive NBTC's Local Content condition requiring at least 50% domestic construction work is expected to boost construction group stocks including STECON.
WHA.BK · Demand · Positive New Data Center investment criteria are expected to bring positive sentiment to Infra Tech theme stocks such as WHA.
BBL.BK · Regulation · Positive New Data Center investment criteria are seen as positive for banking group stocks including BBL.
BGRIM.BK · Regulation · Positive New Data Center investment criteria, requiring power purchase agreements, are positive for power group stocks like BGRIM.
GULF.BK · Regulation · Positive New Data Center investment criteria, requiring power purchase agreements, are positive for power group stocks like GULF.
DBS Vickers Securities Thailand expects SET to test a hold above 1,600 points on electronics buying
DBS Vickers Securities Thailand estimates that the SET index today has a chance to hold above the 1,600-point level, driven by buying in electronics stocks, while falling oil prices may pressure energy stocks into selling. It sees support at 1,584-1,592 points and resistance at 1,604-1,610 points. It also noted that investors are still watching the Trump-Xi meeting. In the U.S. market, stocks rose sharply led by AI names such as Meta, and WTI crude fell below 100 U.S. dollars, pushing bond yields to close below 5%, which is expected to support buying in beneficiary groups such as data centers and power plants. It continues to favor GPSC, BGRIM and ADVANC. Banks remain resilient given lingering uncertainty, so it still favors KTB, KBANK and KKP. Over the medium to long term, it still likes tourism stocks such as AOT, CENTEL and ERW. For today's top pick, it recommends CPALL, estimating 2026E profit at 33 billion baht, up 18% year on year, supported by 700 new branch openings and product mix, with a target price of 63.00 baht. Its technical picks are BGRIM and STECON.
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