InnovestX Recommends Buy on Dip, Accumulating Domestic Play Stocks in 3 Themes as Thai Market Recovery Stays Limited

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Summary · why it matters

Pobchai Pattarawich, equity and derivatives market strategist at InnovestX Securities Research, said the Thai stock market has still not been able to recover and stand above 1,600 points, even though some recovery has been seen, with the main support still concentrated in electronic component stocks. Meanwhile, further upside remains significantly limited because the market still lacks new positive factors and faces macroeconomic pressure from abroad, including US bond yields holding above 5% and Brent crude oil prices staying at high levels, amid concerns over fiscal positions and geopolitical tensions in the Middle East, which are pressuring foreign investment flows to tend to return to dollar assets or the US market instead. On domestic factors, the flood situation is a short-term risk the market is closely monitoring, although economic research centers estimate the net impact on GDP at a limited range of about 0.03% to 0.11% of GDP. Meanwhile, as commercial banks enter the third-quarter 2026 earnings announcement period, the market initially expects a slight slowdown compared with the same period last year, leaving a lack of momentum to drive the index sharply higher. The investment strategy therefore recommends Buy on Dip to gradually accumulate Domestic Play stocks in 3 main themes: first, groups tied mainly to domestic consumption, comprising the commerce group CPALL, CPN and CRC, the medical group BCH and PR9, and the communications group TRUE; second, groups benefiting from the flood situation, from emergency stockpiling of essential goods in the commerce group CPALL, BJC and CRC, through to demand for home repairs after the water recedes in the commerce group HMPRO and GLOBAL, and the construction materials group DCC; and third, groups expected to benefit from the high season for tourism in the fourth quarter of 2026, supported by global events such as the World Bank-IMF meetings from October 12 to 18, namely the tourism group ERW, CENTEL and AOT, and the retail group CPALL, CPN and CRC.

Impact on assets 14

Consumer Discretionary▲
Industrials▲
Health Care▲
Digital Finance & Tokenization▲
CP ALL Public Company Limited
CPALL
▲ PositiveDemandrelevance

Named in both the domestic consumption commerce group and the flood-beneficiary group for emergency stockpiling of essential goods.

Consumer Staples▲
Berli Jucker PCL
BJC
▲ PositiveDemandrelevance

Named in the commerce group benefiting from flood-related emergency stockpiling of essential goods.

Real Estate▲
Cloud & Digital Infrastructure▲
Others▲