KGI Securities raises 2026 SET index target to 1,820 points

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Summary · why it matters

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.

Gulf Energy Development Public Company Limited ▼

CP ALL Public Company Limited ▲

Central Pattana Public Company Limited ▲

Kasikornbank Public Company Limited ▲

Krung Thai Bank Public Company Limited ▲

Impact on stocks 5

Financials▲ · 2 stocks

Kasikornbank Public Company Limited

▲ PositiveCapitalrelevance

KGI raises SET target and highlights KBANK as one of few attractive large domestic stocks.

Krung Thai Bank Public Company Limited

▲ PositiveCapitalrelevance

KGI raises SET target and highlights KTB as one of few attractive large domestic stocks.

Energy Transition & Power Demand▼ · 1 stocks

Gulf Energy Development Public Company Limited

▼ NegativeCapitalrelevance

KGI notes GULF's high profit base in Q2 2025 causes sharp year-on-year decline, and energy sector's best quarter may be behind.

Digital Finance & Tokenization▲ · 1 stocks

CP ALL Public Company Limited

▲ PositiveCapitalrelevance

KGI raises SET target and highlights CPALL as one of few attractive large domestic stocks.

Real Estate▲ · 1 stocks

Central Pattana Public Company Limited

▲ PositiveCapitalrelevance

KGI raises SET target and highlights CPN as one of few attractive large domestic stocks.