InnovestX recommends Selective Buy strategy on Domestic Play theme ahead of Golden Week

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Summary · why it matters

InnovestX Securities, or InnovestX, released an analysis recommending a Selective Buy investment strategy on the Domestic Play theme after the SET ended September with a sharp plunge below 1,600 points, hitting a more than three-month low near 1,550 points. It attributed the pressure to three factors: bond yields holding high, pressuring the baht and fund flows, with foreign investors recording continuous net selling in the Thai stock market from September 22 to 29, 2026 totaling almost 20 billion baht; valuations that have begun to look stretched after the index rose about 27% year-to-date in the first nine months of 2026, driven mainly by buying in the energy group, up 38.5% year-to-date, banks, up 32.4% year-to-date, and electronics, up 53.5% year-to-date; and concerns over flooding that could affect asset quality and raise NPL risk. On investment approach, it recommends temporarily avoiding big-cap stocks that have already risen sharply and focusing instead on Domestic Play stocks tied to domestic consumption, namely the commerce group CPALL, CPN and CRC, the healthcare group BCH and PR9, and the communications group TRUE. October will meanwhile mark the start of the full high season for tourism in the fourth quarter of 2026, beginning with Golden Week, when Chinese travelers favor trips to Thailand, combined with tailwinds from Europeans starting their winter getaways and domestic long holidays. There is also upside from global events such as the World Bank-IMF meetings and the Tomorrowland music festival, which will support tourist numbers and tourism revenue accelerating higher. InnovestX assesses that the tourism sector will recover strongly in the fourth quarter of 2026 and carry positive momentum into the first half of 2027, and therefore recommends looking for opportunities to buy for trading gains in stocks that benefit directly from tourism, namely AOT, ERW, CENTEL and MINT, and stocks that benefit indirectly through increased spending, namely CPALL, CRC, CPN, HTC and ICHI.

Impact on assets 12

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

Listed among recommended Domestic Play commerce stocks (CPALL) tied to domestic consumption and rising tourist spending.

Real Estate▲
Cloud & Digital Infrastructure▲
Industrials▲