Summary · why it matters
Dao Securities assesses that the SET index today will be pressured by poor investment sentiment, especially technology stocks, which will drag down domestic electronics. Meanwhile, surging oil prices may help support the energy sector to some extent, keeping the index from falling much, and the market will begin paying more attention to earnings announcements, creating an opportunity to pick up good fundamental stocks. On the international front, President Donald Trump announced via social media that the United States will not launch an attack on Iran before the November midterm elections, citing productive discussions with Tehran, a reversal from earlier intelligence reports indicating the Pentagon was drafting a three-day snap attack plan, which immediately pushed European natural gas prices lower. Domestically, the committee addressing the problem of purchasing electricity from private producers concluded guidelines for reviewing non-firm SPP/VSPP contracts, which the Energy Regulatory Commission acknowledged on October 7. Contracts not yet signed should be negotiated for cancellation, or if they must be signed, the latest National Energy Policy Council rate of 2.1579 baht per unit for solar should be used. Contracts already signed but not yet at COD should be negotiated for cancellation, and the next step must be submitted to the National Energy Policy Council to become government policy. Meanwhile, the Revenue Department is accepting public comments on the draft outbound travel tax act until October 29, 2026, collecting 1,000 baht per outbound flight for all nationalities, initially only by air. This is still at the drafting and public hearing stage and has not yet gone to the Cabinet, and if passed it would take effect 180 days after publication in the Royal Gazette. For the main strategy, Dao Securities advises caution on short-term speculation but sees the decline in banking stocks as an accumulation opportunity, favoring KTB, KBANK and KKP. For medium- to long-term themes, it still favors GPSC, BGRIM and ADVANC in the data center and power plant theme, as well as AOT, CENTEL and ERW in the tourism recovery theme. Today's top pick is PTTEP with a fair value of 180.00 baht, driven by continuously rising global oil prices, with Brent closing at 104.28 dollars per barrel, up 4.07%, supporting energy stocks. It expects strong net profit in the third quarter of 2026, with core profit of 21.74 billion baht, up 79.0% year on year but down 10.4% quarter on quarter, supported by a blended ASP holding at a high level in the second half of 2026 and average sales volume that remains high year on year from recognition of the A-18-01 block, even though sales volume is expected to soften quarter on quarter in line with the maintenance shutdown plan for projects in the Gulf of Thailand.
Kasikornbank Public Company Limited
Kiatnakin Phatra Bank Public Company Limited
Krung Thai Bank Public Company Limited
B.Grimm Power Public Company Limited
Global Power Synergy PCL
PTT Exploration and Production Public Company Limited
Airports Of Thailand PCL