Thailand Consumer & Healthcare Feedback from our SG Marketing

研报英文原文证据摘录

Thailand Consumer & Healthcare Feedback from our SG Marketing

J P M O R G A N Asia Pacific Equity Research

15 June 2026

Thailand Consumer & Healthcare

Feedback from our SG Marketing

We spent three days marketing in SG with equity investors, with discussions Consumer, Healthcare

AChighlighting a bifurcated market, where SET’s strong YTD performance remains Kae Pornpunnarath, CFA

highly concentrated in DELTA and GULF, and investors are cautious on (66-2) 684-2679

sustainability into 2H26 given macro risks. Positioning remains focused on large kae.pornpunnarath@jpmorgan.com

caps and capital return themes (Jump+), with selective interest across sectors: JPMorgan Securities (Thailand) Limited

improving sentiment on tourism (despite regulatory risks), muted engagement in

hospitals, and limited concern on politics viewed as stable. At the stock level,

debates center on CPALL rerating catalysts, BDMS growth profile, MRDIYT

liquidity (with SET50 as catalyst), and MINT’s asset monetization plan. Our key

OWs: MRDIYT, CPALL, CPN, and BH; Key avoids: BJC, CPAXT, and AOT.

• Key debates. Two-segment market. The SET’s ~+26% YTD gain has taken

most investors by surprise, particularly as performance has been highly

concentrated in a few names such as DELTA and GULF. Investors have

increasingly approached the market through a two-segment lens: DELTA vs.

the rest, reflecting its outsized index weight and the divergence in both drivers

and performance between the two. Concern in Indonesia provides tailwinds for

interest into Thailand. Appetite remains skewed towards large caps, with

limited engagement in SMIDs. Earnings momentum. With 1Q26 GDP and

earnings surprising on the upside, discussions have shifted toward how much

of this strength is sustainable.