CLSA raises SET index target to 1,700 points for end-2026, highlights 8 top stocks

Analyst
โดย Kaohoon·TH·Read original
Summary · why it matters

CLSA (Thailand) has raised its SET index target for end-2026 to 1,700 points from 1,620 points, based on a PE of 16.5 times. It maintains a positive view on the Thai stock market. Although high oil prices may pressure US inflation, Thai inflation is expected to stay within the lower bound of the Bank of Thailand's 1-3% target. Meanwhile, the yield spread for 2-year and 5-year government bonds has risen only 0.10% since January 2026, reflecting limited domestic financial pressure. CLSA has also raised its 2026/2027 earnings per share (EPS) estimates for the market to 102.8/99.7 and selected 8 top stocks: PTTGC, TOP, IVL, CPALL, KBANK, SCB, CPN, and DELTA. It sees energy companies benefiting from strong refining margins (GRM), retail companies with strong SSSG, and banks with dividend yields of 5-7%. DELTA is expected to post record-high profits in Q3/2026, while CPN will accelerate in Q4/2026 due to mall expansions and high-season tourism.

Impact on stocks 8

Digital Finance & Tokenization▲ · 2 stocks
Materials▲ · 1 stocks
Energy Transition & Power Demand▲ · 1 stocks
Real Estate▲ · 1 stocks
Electrification & Mobility▲ · 1 stocks
Critical Materials & Supply Chain▲ · 1 stocks
Indorama Ventures PCL
IVL
▲ PositiveSupplyrelevance

Energy companies benefit from strong refining margins (GRM), impacting IVL.

Financials▲ · 1 stocks
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