Krung Thai Bank Public Company Limited

Sansiri's digital bonds offered through the Pao Tang app were fully subscribed within just 67 seconds, reflecting investor confidence in Sansiri despite the fragile real estate market. The attractive returns and strong financial structure drew investors. Mr. Wichan Wiriyaphusit, Chief Financial Officer of Sansiri, expressed gratitude to investors. Meanwhile, Mr. Ravin Boonyanusas, an executive from Krungthai Bank, stated that this success confirms confidence in the Sansiri brand and the efficiency of the Pao Tang app, which facilitates convenient, secure, and transparent investment access.

Gulf Development Public Company Limited (GULF) is preparing to offer for sale to the general public a total of 4 tranches of bonds and digital bonds, with tenors of 4-10 years, between October 19-21, 2026. The bonds have been rated "AA-" with a "Stable" outlook by Tris Rating on August 24, 2026. Tranches 1, 2, and 4 will be offered through 8 leading financial institutions at a price of 1,000 baht per unit, with a minimum subscription of 100,000 baht. Tranche 3, which is a digital bond with a 7-year tenor, will be offered through the "Pao Tang" application, with Krungthai Bank as the underwriter, at a price of 1,000 baht per unit, with a minimum subscription of 1,000 baht and a maximum of 50 million baht per transaction. The company will use the proceeds to repay maturing bonds and to support investments in renewable energy and digital infrastructure. In the second quarter of 2026, GULF achieved a record operating profit of 12.332 billion baht, up 74%, and total revenue of 50.294 billion baht, up 24% from the same period last year.

The Ministry of Commerce reported that Thailand's export value in July 2026 stood at 34.8 billion US dollars, expanding 21.6% year-on-year, higher than the market's expectation of 17.8%. Meanwhile, imports for the same month were 38.4 billion US dollars, up 37.8%, lower than expected, resulting in a trade deficit of 3.61 billion US dollars, less than forecast. Products with good growth include rubber, processed chicken, pet food, processed canned seafood, and electronic goods. Stocks in these sectors, such as STA, GFPT, ITC, TU, DELTA, HANA, and KCE, benefit accordingly. In the first seven months of the year, exports totaled 232 billion US dollars, up 18.2%, while imports were 267 billion US dollars, up 37.8%, with a trade deficit of 35.4 billion US dollars. The Ministry of Commerce sees support from global demand for technology products and digital infrastructure, as well as accelerated imports to prepare for US trade policies. Meanwhile, brokers like Krungsri Securities and Phillip Securities view positively on export-related stocks and recommend top picks such as DELTA, HANA, KCE, AMATA, GULF, GPSC, KBANK, and KTB.

SCB X Bank (SCB) has announced an interim dividend of 2 baht per share, paid from retained earnings, with the XD date set for September 8, 2026, and payment on September 25, 2026. Meanwhile, KGI Securities (Thailand) expects most banks to pay interim dividends at 15-20% of their full-year dividend, except TTB, which may pay up to 50%. KKP is expected to increase dividends strongly, driven by a 65% profit growth in the first half. For 2026, KTB is expected to have a payout ratio of 80%, and KBANK 65%. KBANK paid a special dividend of 2 baht per share in 2025. Despite recent share price increases, dividend yields for SCB, KKP, KTB, and TISCO remain above 6%. KGI Securities prefers KBANK, KTB, and KKP due to strong earnings support and solid financial positions.

KGI Securities views that commercial banks will gradually pay interim dividends for the first half of 2026, expecting KKP and TTB to offer attractive yields. Meanwhile, SCB, KKP, KTB, and TISCO have full-year dividend yields exceeding 6%. TTB has announced an interim dividend of 0.081 baht per share, with the XD date on September 7, 2026, and payment on September 25, 2026. KGI expects KKP to pay a total dividend of 7.65 baht per share for 2026, representing a yield of 6.7%; KTB to pay 2.73 baht per share, yielding 6.2%; SCB to pay 11 baht per share, yielding 7.2%; and TISCO to pay 7.75 baht per share, yielding 6.2%. Meanwhile, KBANK is expected to pay 14.50 baht per share, yielding 5.7%; BBL to pay 10 baht per share, yielding 5.3%; and TTB to pay 0.14 baht per share, yielding 4.9%. KGI continues to favor KBANK and KTB over other banks, citing that loan recovery and net interest margin (NIM) have bottomed out and will support performance. KKP is also favored due to strong profit growth of 65% year-on-year in the first half of 2026 and the potential for credit costs to fall below 1%.

Krungthai Card Public Company Limited, or KTC, has completed the acquisition of 100 percent of the ordinary shares of Win Performance Company Limited, or WIN. As a result, WIN becomes a subsidiary of KTC and part of the financial business group of Krung Thai Bank Public Company Limited, or KTB, with approval from the Bank of Thailand. KTC paid for the shares in cash at 29.50 baht per share, for a total transaction value of 295 million baht for 10 million shares, out of total registered capital of 100 million baht. WIN operates in the debt collection business, including legal work and other related support services. The main objective of this investment is to support the strategic plan for managing operating costs and generating revenue through future strategic cooperation between KTC and companies in Krung Thai Bank's financial business group. Before the transaction, WIN's shareholder structure consisted of Siam Sport Television Company Limited holding 70 percent, Brookton Capital Limited holding 18 percent, S and K Service 2019 Company Limited holding 5 percent, Mr. Pornlert Benjakul holding 5 percent, and Glisten Intertrade Company Limited holding 2 percent. After the transaction, KTC will become the sole shareholder with 100 percent ownership, and there will be a board of directors of four members: Mr. Peerapong Pitpiboonpathit, Mr. Pornlert Benjakul, Ms. Asimon Waenduongden, and Mr. Raiwin Worawongsatit.

Krungthai CIO views global equity markets as being in a consolidation phase due to rising bond yields and oil prices, while listed company earnings remain strong. The S&P 500 fell 1.4% and the Nasdaq fell 2.1% last week. The US 10-year bond yield rose 4.2 basis points to 4.73%, and Brent crude oil prices increased 6.6% to 94.4 dollars per barrel. Krungthai CIO recommends a stay invested strategy, gradually accumulating technology and semiconductor stocks during price declines, while maintaining 6 to 12 month gold price targets of 4,915 and 5,315 dollars per ounce.

Finansia Syrus Securities said commercial bank loans under its coverage expanded 0.1% month on month in July 2026, bringing overall growth to 2.4% from the same period a year earlier and 2.6% since the start of the year, above its full-year estimate of 1.7%. Krung Thai Bank, or KTB, posted the strongest monthly loan growth at 2.1%, followed by Kiatnakin Phatra Bank, or KKP, up 1.1%, and Tisco Financial Group, or TISCO, up 0.1%. Bangkok Bank, or BBL, Kasikornbank, or KBANK, SCB X, or SCB, and TMBThanachart Bank, or TTB, saw loan contraction. Loan growth was concentrated mainly in state enterprise and business loans, supported by demand for production credit, inventory build-up from higher oil prices, and various investment projects. Retail loans were mixed, with housing loans, personal loans, and some secured loans still growing. Total deposits in July rose 0.6% from the previous month, 4.3% from a year earlier, and 2.0% since the start of the year, growing faster than loans and leaving the group's loan-to-deposit ratio at a comfortable 83.2%. KBANK, KKP, KTB, SCB, and TTB all recorded deposit growth, especially in current and savings accounts. FSS expects banking group earnings to remain strong during 2026 to 2028, as fee income from wealth management and capital markets, cost control, and good asset quality help offset softer net interest income. Strong business loan demand and well-managed funding costs are also supportive of net interest margins. Third-quarter 2026 profit is expected to be flat or slightly higher than the previous quarter. FSS picks BBL with a target price of 240 baht and KTB with a target price of 47.30 baht as top picks. It also maintains buy ratings on KKP with a target price of 125 baht, KBANK at 265 baht, TTB at 3.05 baht, and SCB at 170 baht, while recommending a hold on TISCO with a target price of 132 baht, citing an attractive average dividend yield of about 5% per year.

Krungthai Bank has launched a new auspicious debit card, Krungthai Ultra Care Guan Yin, under the concept of divine protection and a protective card. The card features an image of Guan Yin, symbolising compassion and good fortune, along with 24-hour worldwide accident coverage of up to 1,000,000 baht. Medical expenses from accidents are covered up to 20,000 baht per incident with no limit on the number of incidents, and no upfront payment is required at more than 400 network hospitals nationwide. The card also covers goods purchased with the card up to 35,000 baht per item, for two items per year, protects cash stolen within 30 minutes after withdrawal from Krungthai Bank ATMs, and provides 24-hour roadside emergency assistance. The average cost starts at just 5 baht per day, with an annual fee of 1,599 baht and a card issuance fee of 100 baht. Insurance is underwritten by Krungthai Panich Insurance. Applicants from 18 August to 31 December 2026 receive three special auspicious wallpapers free, and applicants from 18 August to 30 November 2026 additionally receive a free limited-edition portable auspicious bag.

The Ministry of Finance is pushing for three scoring systems in the economy to channel capital more effectively. Mr. Phayong Sriwanich, President of Krungthai Bank, revealed that in addition to the credit scoring of the National Credit Bureau, or NCB, there will also be the Ari Score developed by the Ministry of Finance, and the TCG Score of the Thai Credit Guarantee Corporation, which is used for SMEs. The Ari Score will be proposed to the Cabinet within August, for actual use in the next two months. Combined with data from Nok Krasib, an AI chatbot system on the Thung Ngern application that helps analyze store sales, Dr. Ekaniti Nitithanprapas, Deputy Prime Minister and Minister of Finance, has assigned the Government Savings Bank to extend loans to more than 1.1 million small merchants participating in the Thai Chuay Thai Plus program, using data from Nok Krasib as loan evidence to reduce informal debt. Mr. Songphon Cheewapanyaroj, Director of the Government Savings Bank, said the bank is preparing to extend loans using the Ari Score as alternative behavioral scoring data alongside Nok Krasib data, expecting to bring a large number of small merchants into formal debt. Meanwhile, Mr. Sittikorn Direksoonthorn, Director and General Manager of the Thai Credit Guarantee Corporation, revealed that the corporation is in discussions with the Government Savings Bank to join in guaranteeing such loans.

Siam Commercial Bank has launched the SCB GOLD MARKETPLACE feature on its SCB EASY app, bringing together three major gold retailers, Hua Seng Heng, Mae Thong Suk, and YLG, in one place. Customers can trade gold in US dollars through an SCB e-FCD account with no fees, starting from 0.05 baht weight of gold, or about 6,000 baht, and can withdraw physical gold. Kasikornbank has responded with a USD gold trading service through K PLUS in partnership with Hua Seng Heng, with a minimum of just 10 US dollars, or around 300 baht, no fees, and interest of 2.25 percent per year on K PLUS Global Savings accounts. Meanwhile, Krungthai Bank's Pao Tang app also offers a Gold Wallet feature for trading gold in US dollars with a special exchange rate and interest of 2.25 percent per year as well. Thipa Navawatthanasap, chief executive officer of YLG Bullion and Futures, said younger investors, especially Gen Z, are increasingly turning to small-scale gold investment through smartphones. Chinese Gen Z investors start buying gold from age 14, and investors aged 16 to 27 worldwide account for 15.4 percent.

Krungthai Bank, together with Sansiri, is offering Sansiri digital bonds with a 5-year tenor and a fixed coupon of 3.70% per annum, paying interest every 3 months, through the bond trading wallet on the Pao Tang application. The minimum subscription is 1,000 baht, in multiples of 1,000 baht, up to a maximum of 50 million baht per transaction. Subscription opens nationwide simultaneously from 8.30 a.m. on 27 August 2026 until fully subscribed, or no later than 3.00 p.m. on 31 August 2026, with allocation on a first-come, first-served basis. The bonds are registered, unsubordinated and unsecured, with a bondholder representative. They were assigned a credit rating of BBB+ with a stable outlook by Tris Rating on 3 August 2026. This collaboration gives Thai investors an opportunity to grow alongside Sansiri, whose strength is reflected in first-half 2026 results: net profit of 1.869 billion baht, total revenue of 14.235 billion baht, and sales of 25.5 billion baht, or 53% of the full-year target. The company closed sales across 12 projects worth more than 18 billion baht. For the second half, Sansiri is ready to launch 21 new projects worth a combined 27 billion baht. Interested investors can prepare for subscription in advance through four steps: download and install the Pao Tang app, register for the bond trading wallet service, complete an investment risk assessment, and top up the wallet or link a deposit account with Krungthai Bank. Investors can buy and sell bonds through the digital channel in real time, 24 hours a day, receiving bonds immediately upon purchase and cash immediately upon sale. The system displays bond holdings and trading prices all in one place.

Krungsri Securities Public Company Limited said Krungthai Bank expects investment loan demand from the government and private sectors to remain intact, with disbursements expected in the fourth quarter of 2026. In the first half of 2026, total loans stood at 3.6% compared with the start of the year, against the bank's 2026 financial target of 0-2%, while the securities firm forecasts 4%. On net interest margin, Krungthai Bank views the second quarter of 2026 as already reflecting the full-quarter impact of policy rate cuts, with the second half of 2026 likely to be stable. Overall, net interest margin remains in the middle to upper end of the bank's target range of 2.35-2.50%. For non-interest income, Krungthai Bank sees fee income as still able to grow, with the main driver coming from wealth management, whose share rose to 36% in the second quarter of 2026 from 33% in the first quarter of 2026, representing growth of 29% year-on-year and 7% quarter-on-quarter, thanks to a diverse product range such as Global Market, strong asset management, and greater client engagement activities. Regarding the impact from fee reductions on 19 items, Krungthai Bank sees an annual fee income impact of around negative 1-2%. In the third quarter of 2026, the bank will recognise the remaining 75% of its investment in Thai Airways International shares. Krungsri Securities estimates that, under assumptions of a cost price of 2.5452 baht and a closing price for Thai Airways International shares on 30 September 2026 of 5.5 baht, Krungthai Bank will recognise a fair value through profit or loss investment gain of 2.941 billion baht. On dividends, Krungthai Bank is confident it can maintain a normal dividend payout of 40-60%, while any special dividend will be considered based on the bank's business plan at that time. Krungsri Securities has a positive view on Krungthai Bank because total income is likely to beat expectations, driven by 2026 total loan growth likely to exceed forecasts and non-interest income likely to beat expectations from wealth income and the recognition of Thai Airways International shares. The firm maintains a buy recommendation and a 2027 target price of 55 baht, as it expects the bank to sustain a return on equity of 10% and an annual dividend yield of 6%. For the first half of 2026, it expects a payout of 0.43 baht per share, a yield of 1.0%, with low asset quality risk, and expects the bank to benefit from a new investment cycle and the end of the rate-cut cycle.

Analysts at Yuanta Securities Thailand expect Krung Thai Bank, or KTB, to pay a total dividend for 2026 of 2.52 baht per share, representing a dividend yield of 5.8 percent, including a special dividend, with a payout ratio of 75 percent, down slightly from 77 percent in 2025. The interim dividend is expected at 0.42 baht per share, representing a yield of 1 percent. Analysts expect third-quarter 2026 operating results to decline from a year earlier due to a high base, but to grow from the previous quarter, supported by higher net interest income in line with the loan portfolio. Net interest margin, or NIM, is expected to be stable, and provisioning is expected to decline from the previous quarter because the coverage ratio remains high and asset quality is strong. For full-year 2026, net profit is expected at 47.031 billion baht, down 2.5 percent from a year earlier, but it is expected to return to growth of 5.3 percent in 2027. The analysts maintain a trading recommendation because the share price has limited upside compared with a 2027 fundamental value of 44 baht.

The Government Savings Bank is preparing to launch loans for small merchants, using AI Nok Krajib and alternative data to help analyze and approve credit, in line with the policy of Deputy Prime Minister and Finance Minister. Songpol Chevapanyaroj, President of the Government Savings Bank, revealed that the bank and Krungthai Bank are currently considering the project and expect to launch it soon. It will use data from AI Nok Krajib together with alternative data such as debt repayment behavior statistics and payment history through the bank's QR Code system, Maha Heng, to calculate alongside the Ministry of Finance's Ariigsor system. Currently, the Government Savings Bank has a database of more than 2.4 million retail and grassroots customers, while the new project will help link data on merchants from various systems, such as merchant groups under the Thai Chuay Thai Plus 60/40 project, where a number of merchants still have not received help with funding or remain outside the system. The project's approach will not rely mainly on traditional collateral, but will focus on simulating and calculating debt repayment ability from actual trading behavior and cash flow, in order to make credit analysis more accurate and open opportunities for small merchants to access formal funding sources more comprehensively.

UBS has raised its target for the Thai stock market index to 1,680 points in its base case. In the best case, the index could climb to test a high of 1,840 points, while in the worst case it could fall to 1,460 points. The bank also recommends six top picks: CP All, Central Pattana, Gulf Energy Development, Krung Thai Bank, PTT, and True Corporation. At the same time, it has removed Advanced Info Service, Bangkok Dusit Medical Services, Berli Jucker, and Asset World Corp from its recommended list. Trading data from the start of the year through 17 August 2026 shows UBS has accumulated net sales of 5.50 billion baht, with net sales of 3.24 billion baht in August alone. Mongkol Puangpetra, managing director of Apollo Wealth Securities, views the 1,680-point level as a target many parties have already assessed, but reaching 1,820 points would be very challenging. Even though second-quarter profit for the Thai stock market hit a record high of about 380 billion baht, and trailing twelve-month profit reached 1.2 trillion baht, he recommends gradually selling to lock in profits when the index approaches 1,630 to 1,650 points, and keeping an eye on PTT and PTT Exploration and Production, which may pay higher-than-normal dividends.

KGI Securities Thailand has raised its 2026 SET index target to 1,820 points, seeing upside of about 12% from current levels after its latest earnings-per-share estimate revisions and an increase in its target price-to-earnings multiple to 14.8 times, which is the 10-year average minus 0.5 standard deviation. In the second quarter of 2026, combined profit of companies under KGI's coverage was 302 billion baht, up 13% from a year earlier and from the previous quarter, about 10% above the Bloomberg consensus. But excluding the energy and petrochemical sector, which benefited from surging oil prices and wider product spreads because of the US-Iran war, quarterly profit would have fallen 26% from a year earlier and 6.2% from the previous quarter. The sharp year-on-year profit decline was due to an unusually high profit base at GULF in the second quarter of 2025, when a large one-time gain was booked. KGI views the new target as quite challenging because the earnings estimate upgrades are concentrated in the energy sector, which is cyclical and trades at a lower price-to-earnings multiple than other sectors, and the best quarter for energy may already be behind us. As a result, only a few large domestic stocks still offer attractive risk-reward, such as CPALL, CPN, KBANK, KTB and GULF.

KGI Securities has raised its 2026 SET index target to 1,820 points after second-quarter 2026 profit for companies under its coverage came in 10% above expectations. Combined profit was 302 billion baht, up 13% from both a year earlier and the previous quarter. Excluding the energy and petrochemical sectors, however, profit fell 26% year-on-year and 6.2% quarter-on-quarter, due to a high base from GULF's special profit in the second quarter of 2025. The research team said 40% of stocks under coverage beat earnings expectations, 41% were in line, and 20% missed. Electronics, transport, and banking delivered strong results, while tourism and media were broadly neutral. Momentum in earnings-per-share upgrades is peaking and is expected to stabilise over the rest of the year. The new target still implies 12% upside from current levels, but it is quite challenging because earnings upgrades are concentrated in the energy sector, which is cyclical and trades at a lower price-to-earnings ratio than other sectors. Stocks that still offer upside to target prices include CPALL, CPN, KBANK, KTB, and GULF.

Krungthai Bank is preparing to launch PromptFund, a real-time mutual fund trading innovation available 24 hours a day on the Krungthai NEXT app, allowing investors to buy funds and receive units immediately, or sell funds and receive money in their account instantly. Rawin Boonyanusasna, head of money market and capital market business at Krungthai Bank, said the service uses blockchain technology and digital financial infrastructure to link payments and unit delivery in real time, reducing the limitations of the previous settlement period of one to five business days. PromptFund will initially be available for the Krungthai Government Money Market Fund, or KTSV-KTB, managed by Krungthai Asset Management, or KTAM. The fund has a risk level of one and invests mainly in government debt instruments, making it suitable for investors who want to manage short-term liquidity or park money while waiting to invest. Investors can choose between two transaction types: a standard type in which they buy or sell units with the asset management company according to the fund's processes and settlement cycles at the net asset value price, and a real-time type in which they buy or sell units directly with Krungthai Bank and receive units or money in their account immediately through Krungthai NEXT and participating branches at the bank's bid or offer price.

Krungthai Panich Insurance Public Company Limited, or KPI, has joined with Krungthai Bank to launch the GEN U INTER insurance plan for students travelling to study abroad. It provides medical coverage for illness and accidents of up to 5 million baht, including up to 500,000 baht for returning to Thailand for continued treatment, along with 24-hour emergency assistance. The plan also covers travel risks, property, and tuition fees, with tuition compensation of up to 500,000 baht, and coverage for travel and accommodation expenses for parents travelling to care for an inpatient of up to 5,000 baht per day. Policyholders can choose coverage periods from 3 to 25 months and main coverage limits from 3 to 5 million baht, with premiums starting at around 6,000 baht.

Bualuang Securities assesses the SET Index over the final five months of 2026 to be in a sideways-up trend, with a range of 1,580 to 1,700 points. Mr. Piriyapol Khongwanit, Director of Investment Analysis for Wealth Management at Bualuang Securities, stated that first-half earnings of Thai listed companies grew strongly, leading to an upward revision of the market's earnings per share estimate by about 4% to 103 baht. When rolling over to mid-2027, the SET Index target becomes 1,710 points. The index is expected to peak in the fourth quarter, supported by the high season for tourism, stable high crude oil prices, and continued foreign capital inflows. Notably, net inflows in July reached as high as 47 billion baht, bringing total net purchases since the start of the year to around 74 billion baht. In the second half, there is potential for additional foreign inflows of 160 to 200 billion baht. On investment strategy, a barbell portfolio is recommended, balancing growth stocks and high-dividend stocks, highlighting five key themes: Long-term Growth, such as GULF, WHAUP, and GUNKUL; Defensive and Yield Play, such as KTB; Normalization and Stimulus, such as COM7, CRC, ERW, and CBG; Event Play from Super El Niño, such as CPF, BTG, and ICHI; and Geopolitical and Inflation Hedge, such as PTT and PTTGC. It also advises avoiding property and asset management stocks due to fragile domestic purchasing power. Meanwhile, US technology stocks remain positive despite short-term corrections, recommending accumulation of quality growth names with clear earnings and valuation support. For Thai technology stocks, only short-term speculative trading is suggested. Mr. Chaiporn Nompitakcharoen, Managing Director of Securities Business at Bualuang Securities, disclosed that for the final five months, the recommended portfolio allocation is 74% equities, 22% fixed income, and 4% alternative assets and gold. The US stock market is viewed as the most attractive, while the firm continues to expand its wealth advisory business and promote block trades to capture the uptrend.

The Minister of Tourism and Sports expects to reach a conclusion on the budget source and operating conditions for the Thai Travel Plus scheme within this week or next, before submitting it to the cabinet for formal approval in August. Minister of Tourism and Sports Sorawong Thienthong revealed that the scheme is a partial expense support measure to stimulate domestic travel, generating income for hotels, restaurants, the service sector, and operators in tourist areas, especially attractive and secondary cities. On the funding side, it is still under consideration by the Ministry of Finance, with Deputy Prime Minister and Finance Minister Pichai Chunhavajira to decide whether to use loans or the central budget as appropriate for the objectives and economic situation. The initial operating system will use Krungthai Bank's Pao Tang application as the main channel. Permanent Secretary of the Ministry of Tourism and Sports Natthriya Thaweevong stated that there is an idea to adjust the accommodation subsidy payment to a fixed rate per night, such as 2,000 or 3,000 baht per night per entitlement, so that people can choose hotels themselves according to their budget and to address the problem of hotels opportunistically raising prices. Only legally registered hotels may participate. In addition, consideration is being given to increasing the spending limit from the original 500 baht to a higher amount to distribute income to community restaurants, local products, and health services such as spas and traditional Thai massage. The scheme is expected to start in October, which is the beginning of the new fiscal year and coincides with the start of the tourism season, with an initial duration of three months, and may be extended if entitlements are not fully used.

Asia Plus Securities assesses that the global investment landscape is facing challenges on all fronts, amid a sharper-than-expected slowdown in US employment, which fuels hopes that the Federal Reserve will hold its policy rate at the September meeting. Meanwhile, domestic factors are receiving a significant boost from the rapidly strengthening baht, supported by continued foreign inflows into the Thai bond market, with cumulative net purchases this month exceeding 9.2 billion baht. The baht recently touched 32.98 per US dollar. The research team has identified three main industry groups in Thailand that stand to benefit positively from the strong baht. The first group comprises large-cap stocks that are prime targets for foreign fund flows, including commercial banks such as KBANK, SCB, BBL, and KTB; retail and tourism plays like AOT, CPALL, and CRC; telecoms such as ADVANC and TRUE; and construction materials like SCC. The second group consists of companies with high foreign-currency debt or costs, including power and energy firms such as GULF, BGRIM, GPSC, and PTTEP, and airlines like AAV. The third group covers businesses that rely heavily on imported raw materials, including agriculture and food companies such as TFG and TVO. In addition, the research team recommends portfolio strategies to navigate volatility, highlighting safe-haven stocks combined with gold as a hedge, and names SYNTEC, PTT, and GUNKUL as top picks for the Thai stock market, along with LITE01 and ZIJIN80 for overseas investment.

Krungsri Securities forecasts Thai stock market profits for the second quarter of 2026 at 250 to 280 billion baht, down 15 to 24 percent from a year earlier and down 19 to 26 percent from the previous quarter. The refinery group saw volatile earnings on the downside, while the industrial goods, ICT, and power sectors are expected to post profit growth. The research team recommends a speculative strategy on stocks whose results will stand out or have passed their trough. Stocks expected to show Q2 profit growth both year-on-year and quarter-on-quarter include PTTEP, SCC, SCGP, ADVANC, TRUE, BH, IVL, THANI, TNP, MOSHI, BA, AP, INSET, and ADVICE. Stocks for which Q2 is likely the year's low point and earnings will accelerate in the second half of 2026 include KTB, KBANK, AOT, BDMS, EGCO, ICHI, THAI, and TFG. The top picks are ADVANC, SCC, IVL, BH, KBANK, AOT, and ICHI.

Kingsford Securities expects the SET index to trade sideways today within a support level of 1,600 points and resistance at 1,620 to 1,630 points, awaiting the outcome of negotiations to open the Strait of Hormuz and supported by strong earnings from large listed companies. The brokerage recommends gradually accumulating Value and Defensive Play stocks, naming 10 securities: KBANK, KTB, GULF, GPSC, ADVANC, TRUE, CPALL, BH, BDMS, and BEM. For ADVICE, it recommends speculative buying with an IAA Consensus target price of 7.80 baht, expecting second-quarter 2026 profit to rise both quarter-on-quarter and year-on-year, driven by improving gross margins as IT product prices gradually increase, while robust sales of smartphones and other goods help offset the shortage of iPhones. The market forecasts 2026–2027 profit at 401 million baht, up 50% from the previous year, and 413 million baht, up 3% from the previous year. For AP, it recommends buying with an IAA Consensus target price of 9.74 baht, benefiting from the reduction of transfer and mortgage fees to 0.01% for residential properties priced up to 7 million baht, extended until 30 June 2027. It expects second-quarter 2026 pre-sales to grow both year-on-year and quarter-on-quarter, supported by low-rise projects and a low base last year due to the earthquake. The market forecasts 2026 net profit at 4.62 billion baht, up 7% from the previous year, and 2027 net profit at 4.92 billion baht, up 6% from the previous year, with a forward PE of 5.6 times, PBV of 0.5 times, and dividend yield of 6.5%.

Krungthai Bank, or KTB, has addressed the controversy over loan defaults at CLICX. President Payong Srivanich confirmed that the lending system of the Thai bank, which has been operating for over 100 years, is robust, and that the use of alternative data benefits the economy and groups underserved by financial services. He noted that temporarily suspending lending is normal when there are attempts to challenge a new system, and warned against believing unsubstantiated information on social media. In addition, KTB plans to expand its role into a regional bank through the One Krungthai strategy and is accelerating the search for new revenue sources after the Bank of Thailand adjusted 19 basic fee items.

Sansiri Public Company Limited, in partnership with Krungthai Bank, is preparing to offer Sansiri digital bonds through the bond trading wallet on the Pao Tang application. Subscription opens on August 27, 2026. The bonds have a five-year tenor with fixed interest rates between 3.70 and 3.80 percent per annum, payable every three months. The minimum investment is just 1,000 baht, and the bonds can be traded on the secondary market 24 hours a day. These are registered, unsubordinated, unsecured bonds with a bondholder representative. They received a credit rating of BBB+ with a stable outlook from TRIS Rating on August 3, 2026. This offering reinforces Sansiri's success as the first real estate developer in Asia to pioneer digital bonds, aligning with the vision of providing retail investors with broad and equal access to investment opportunities.

Krungsri Securities views Thai equities as having positive signals from Thailand becoming an AI investment hub and the Federal Reserve likely holding interest rates steady, setting an index target of 1,600 to 1,680 points and selecting eight standout stocks in banking, power plants, tourism, and other sectors. Mr. Korrapat Vorachet, Assistant Managing Director and Head of Research at Krungsri Securities, said Thailand is being seen as a new strategic location for AI infrastructure investment in the region, with advantages from sufficient reserve power generation capacity, competitive land costs, and utilities ready to support data centers. Meanwhile, the Fed may choose to patiently hold interest rates rather than hike aggressively amid fragile signals in the US labor market, which would be positive for Asian stock markets and value-market segments. The research team maintains its index target at 1,600 to 1,680 points, expecting the market to gradually recover and have a chance to revise earnings estimates upward after the second-quarter results pass. Recommended standout stocks include KBANK and KTB in the banking group, where prices are still below book value; GULF and GPSC in the power plant group to support electricity demand from data centers; PTT and SCC, which benefit from a new wave of investment; and AOT and BH in the tourism and healthcare group, helped by lower oil cost pressures and the return of Chinese tourists.

SpaceX reported total revenue of 7.81 billion US dollars in the latest quarter, growing 92% from the same period last year and beating market expectations by about 14.8%. The main drivers were the Connectivity business, or Starlink, with revenue up 66%, and the AI business, with revenue up 247%. Net loss narrowed to 541 million US dollars from a loss of 1.01 billion US dollars a year earlier, while adjusted EBITDA rose 191% to 3.54 billion US dollars. Starlink users reached 12 million, and the company recognized revenue from Cloud Services Agreements worth a total of 14.1 billion US dollars. Bloomberg Consensus forecasts full-year 2026 total revenue to increase 106.7%, with the AI business expected to grow 420% and the Connectivity business 48.8%. Maybank Securities Thailand recommends gradually accumulating on share price weakness, setting a target price for SPACEX80, a depositary receipt referencing SpaceX shares issued by Krung Thai Bank, at 7.48 baht, implying an upside of about 79.0% from the current price of 3.86 baht.

Analysts have raised the target price for Krung Thai Bank shares to 55 baht from 41 baht, after increasing profit forecasts for 2026 to 2028 by 2 to 11 percent. They noted that KTB is the highest-quality stock in the banking sector, with a high proportion of government and civil servant loans repaid through payroll accounts, helping to reduce asset quality risk. Its combined corporate and government loan exposure accounts for as much as 46 percent of total loans, positioning it to benefit from Thailand's new investment cycle. Fee income is expected to grow at an average of 10 percent per year from 2026 to 2028, with earnings per share growing at an average of 7 percent. KTB boasts the highest return on equity in the sector at 10 percent in 2026, rising to 12 percent in 2028. The stock remains inexpensive at a 2027 price-to-book ratio of 1.3 times, with dividend yields of 5.8 percent and 6.5 percent in 2026 and 2027.

Tisco Securities has raised its 2026 target for the Stock Exchange of Thailand index to 1,670 points from 1,600 points, viewing the Thai stock market as a safe haven amid Middle East tensions and supported by improving economic fundamentals. It recommends overweight positions in banking, transport, healthcare, and tourism sectors in the second half of the year. The Tisco Economic and Strategy Analysis Centre has revised its GDP forecast for next year to 2.1 percent from 1.7 percent, after the Constitutional Court ruled that the 400 billion baht emergency loan decree is constitutional, allowing the inclusion of the impact from the latter 200 billion baht loan for energy transition in the estimates. The new SET Index target of 1,670 points is based on a forward price-to-earnings ratio of 17.6 times and SET earnings per share for 2026 and 2027 of 88.4 baht and 95.0 baht, respectively. For August, five-year and ten-year historical data show the SET Index has a 70 to 80 percent chance of closing positive, with average returns of 1.5 to 2.9 percent, supported by seasonal speculative buying around second-quarter earnings announcements, expectations of interim dividends, and the Thailand Focus event in late August, which historically has helped the SET Index rise in the two weeks following the event with a nearly 70 percent chance of a positive close and an average return of 1.4 percent. Top stock picks for August are CENTEL, COM7, CPN, GULF, KBANK, KTB, and PTT, with support levels at 1,570 and 1,540 points and resistance at 1,630 to 1,640 and 1,660 points. For foreign investment via depositary receipts, TENCENT80 and TRIPCOM80 are recommended.

Analysts at Yuanta Securities Thailand, or YUANTA, say the formation of five working groups under the Joint Public-Private Sector Consultative Committee, or Krung-Or, will boost money circulating in the economy by as much as 600 billion to 800 billion baht per year if the country's investment ratio can be lifted from the current 22 to 23 percent to 30 percent of gross domestic product as targeted. The plan is divided into three phases: a short-term phase of six months, a medium-term phase of two years, and a long-term phase of four years, covering strategies in investment, artificial intelligence and digital technology, the green economy, finance, and healthcare. Stocks expected to benefit directly include GULF, GUNKUL, KTB, STECON, CK, FORTH, SKY, PIS, DITTO, SAMART, and TASCO, especially power-plant operators and companies likely to win project work from the public sector. Analysts recommend closely monitoring progress in the first six months, because if the plan is executed as scheduled it will help restore confidence and support long-term earnings growth.

Krungsri Securities says True IDC is in talks to borrow around two billion US dollars, or about 67 billion baht, to invest in a new data centre on the outskirts of Bangkok, according to a Bloomberg report. The research team estimates the sum represents 0.35 percent of GDP and will be positive for the Thai stock market, as well as stocks in related investment themes. Among the groups expected to benefit first are banks KBANK and KTB, contractors STECON, PYLON, and INSET, along with TRUE as a company within the same group.

Pi Securities assesses that eight commercial banks will pay high interim dividends, with the full-year average dividend yield for the banking group expected at 5.7%, excluding special dividends. Thanadech Rungsrithananon, Director of Research at Pi Securities, notes that SCB, KKP, and TISCO will have dividend yields of no less than 6%. SCB is expected to pay 10.42 baht per share for the full year, representing 6.8%. KKP is expected to pay 7.50 baht per share, representing 6.3%. TISCO is expected to pay 7.75 baht per share, representing 6%. For BBL, despite a decline in profit, it is still expected to pay the same 10 baht per share for the full year, representing 5.3%. KBANK is expected to pay 12 baht per share for the full year, representing 5.1%. Meanwhile, KTB is expected to pay 2.09 baht per share, representing 5%. TTB is expected to pay 0.13 baht per share, representing 4.6%. CREDIT is expected to pay 1.05 baht per share, representing 4.5%. BAY is expected to pay 1.40 baht per share, representing 3.5%. Regarding the profit trend for the second half of the year, Thanadech views that if capital market income is excluded, profits will not be spectacular, as net interest margins are starting to stabilize and loans may rise slightly in line with private sector investment.