Phillip Securities sees Thai stocks moving sideways, recommends shifting funds from banks into four key themes

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Phillip Securities expects the Thai stock index to trade sideways in a range of 1,640 to 1,665 points, pressured by a 2026 forward P/E of 16.7 times, close to the average since 2020 of 17.1 times, and banking stocks may face sell-on-fact pressure after earnings announcements. However, the TISA project measures will help prevent the index from falling deeply, and a rotation of funds out of banking stocks into real sector stocks is expected for speculation on second-quarter 2026 earnings, which are anticipated to be strong. The investment strategy is divided into four main themes: speculation on second-quarter 2026 earnings in stocks such as AMATA, CPALL, DELTA, HANA, ITC, KCE, MRDIY, MTC, OSP, QH, SAWAD, SCC, STECON, and TIDLOR; energy stocks in BCP, PTT, PTTEP, SPRC, and TOP; speculation on government measures or projects in BJC, CENTEL, CK, CPAXT, CRC, DOHOME, ERW, GLOBAL, HMPRO, LH, MINT, and SCC; and hopes for investment inflows from China in ADVANC, GUNKUL, GULF, ROJNA, WHA, and WHAUP.

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