Strategy - Thailand Mid-year 2026: Selective rotation

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Strategy - Thailand Mid-year 2026: Selective rotation

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Strategy - Thailand

Mid-year 2026: Selective rotation

Equity Strategy

SET target raised to 1680 (higher index concentration) 17 July 2026

After a strong run in 1H (SET +26%, SET ex-DELTA +17%) outperforming ASEAN peers Equity Strategy

(+7%) and reaching our 2026 SET target, we revise up our SET Index target for this year ASEAN | Thailand

to 1680 (17.6x P/E target) from 1600 (17.4x P/E) previously, with a bull-bear range of Worathep Wongviriyasit ^^^

~1500 to ~1800. The main reason for our revision is a bigger DELTA contribution to the Research Analyst

SET Index, currently ~300pts (19% of market capitalization) versus ~200pts (15% of Kiatnakin+66 2 305Phatra9215 Securities

market capitalization) in prior forecasts. We have already priced in 10% 2026 EPS worathep.wong@kkpfg.com

growth and do not expect to see meaningful earnings upgrades in 2H given the gradual Sarachada Sornsong ^^^

macroeconomic recovery and weak consumption sentiment. ResearchKiatnakin AnalystPhatra Securities

sarachada.sorn@kkpfg.com

Better opportunities sit in broader market (SET ex-DELTA) Komsun Suksumrun ^^^

We maintain year-end SET ex-DELTA target at 1395 (+6% from the current level). Our Research Analyst Kiatnakin Phatra Securities

target implies 15.2x P/E (+1 S.D. of the long-term average excl. Covid) and 9% EPS komsun.suks@kkpfg.com

growth, supported by a gradual improvement in the macro outlook post the US-Iran Sirichai Chalokepunrat ^^^

conflict and global rotation from momentum toward value and R.E.A.L. assets (see APAC Research Analyst Kiatnakin Phatra Securities

equity strategy note), where the Thai market relatively stands out with light foreign sirichai.chal@kkpfg.com