ASPS says foreign investors dumped 20 billion baht of Thai stocks in 6 days, advises riding chip and data center trend

Kaohoon·30 Sep 2026·

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Industry Macro Analyst Independent Power and Renewable Electricity Producers

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Summary · why it matters

Securities analysts at Asia Plus Securities, or ASPS, said Thailand's capital market in the third quarter faced pressure from slowing foreign capital flows, with foreign investors selling Thai bonds worth as much as 37 billion baht, flipping the cumulative net position since the start of the year back to a negative 7.952 billion baht. The Thai stock market saw net selling of nearly 20 billion baht in just six trading days. However, foreign investors continued to rotate into large-cap stocks whose prices have risen slowly, led by SCB with net buying of 2.974 billion baht, PTT at 1.361 billion baht, TOP at 882 million baht, IRPC at 627 million baht and BBL at 517 million baht. Another domestic positive factor is that the National Semiconductor Committee approved the Thai chip strategy, or Chip Made in Thailand, to attract investment of 2.5 trillion baht, with a short-term target of 500 billion baht within five years, focusing on three technology groups where Thailand has potential: photonics, power system chips and sensors. These are expected to generate revenue for the industry exceeding 5 trillion baht per year and create more than 230,000 jobs. The research department recommends an investment strategy in stocks with specific positive factors, highlighting five standouts: DR: BE03 on demand for electricity for data centers in the United States; DR: LITE80, a leader in high-performance laser business, a key component in the tightening photonic supply chain; TRUE, whose third-quarter 2026 profit outlook is growing strongly with an expected dividend yield of about 1.2%; GULF, which benefits from the downward trend in crude oil prices and support from the PDP plan as well as data center growth; and PLANB, which is likely to see upward revisions to its 2027 profit forecast from its investment stake in iCare and is entering the high season for the outdoor advertising business in the second half.

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