The year 2025 may be remembered by Thai investors as a "year of discomfort," as the Thai stock index declined against expectations amid a sluggish economic recovery, lackluster corporate earnings, and continuous capital outflows.
Many investors have shifted their focus from chasing growth stocks to emphasizing survival, capital preservation, and selecting genuinely quality stocks amid thinning market liquidity and hopes pinned on external factors such as foreign Fund Flow.
Major investors and securities analysts agree that the Thai stock market next year will not be a field where "anyone entering wins," but rather a game of rigorous selection. Some sectors may still offer opportunities, while others should be cautiously avoided. Thus, having deep market insight is more important than merely reacting quickly.
Thairath Money We explore investment perspectives for 2026 from major investors and brokers on where the charm of Thai stocks remains amidst a still "challenging" market, which stocks to choose, and which sectors to avoid in preparation for the upcoming challenging year.
Dr. Ratchchayut Jirapornprapa, also known as “Dr. Win”, a major investor, told Thairath Money that the overall picture for the Thai stock market in 2026 will remain "challenging" as the SET index dropped over 10% last year and the mai market fell more than 30%.
The main reason is that earnings per share (EPS) of listed companies have yet to show clear growth, while stock valuations remain moderate—not low enough to attract substantial funds without a significant earnings recovery.
Furthermore, the once-prominent liquidity of Thai stocks is diminishing. Daily trading volumes, which used to reach 70-80 billion baht, have fallen to only 20-30 billion baht per day.
This means the Thai stock market must rely heavily on foreign investment Fund Flow, as foreign trading accounts for more than half of the market. Without foreign funds returning, the market will struggle to rise given thinning domestic liquidity, making it necessary for relevant capital market agencies to restore investor confidence.
Regarding stock selection, Dr. Win recommends a "Very Selective" strategy, carefully choosing individual stocks. He sees hospital stocks as attractive—they are defensive with strong earnings but have been pushed down to low price levels, offering potential recovery.
Additionally, the tourism sector, especially airlines with good profit margins and hotels expanding their business structures, will benefit from gradually improving tourist numbers.
Conversely, he advises against investing in finance stocks next year. Although some expect benefits from declining interest rates, Dr. Win is concerned about hidden non-performing loans (NPLs) and debt collection issues, which keep stock prices from rising.
He also flags energy and petrochemical sectors as risky due to low oil prices and unrecovered price spreads. He warns to be cautious of stocks with high debt burdens or many bonds maturing next year, as low market liquidity may make roll-overs difficult.
However, Dr. Win sees elections as a potential turning point if a credible government and cabinet are formed, which could restore market confidence. There is also hope for capital market support measures like LTF funds to attract institutional money and counteract strong foreign selling pressure.
. Kavee Chookitkasem, Chief Investment Officer at Yuanta Securities (Thailand) Public Company Limited, said that growth stocks may not reappear in the next 2-3 years. However, the continuous decline in Thai stocks has lowered valuations in some industries significantly.
For example, service sector stocks—including retail, tourism, and telecommunications—that once drove the Thai market to 1,850 points in 2018 now see many companies achieving new profit highs, but their stock prices have not risen because the market is pressured by external factors.
When asked about the current charm of Thai stocks, he pointed to reasonable prices and high dividend yields of 4-7%, especially among SET50 stocks. Thus, whether the 2026 market can rise remains limited in upside, but the downside is also contained.
Excluding DELTA, the market would be trading near 1,000 points, meaning many large-cap, fundamentally strong stocks are priced at valuations last seen when the index was at 1,000 points. This reflects that the Thai market has already priced in bad news, and valuation will attract investors back for dividends.
An important trend to watch in 2026 is the emergence of a new S-Curve related to Thailand becoming a Data Center supply chain, supported by infrastructure such as utilities, water, electricity, renewable energy, communications, and transportation—positive factors that will attract investment over the next 2-3 years.
Surviving in such a challenging market requires effective portfolio management to handle all scenarios—whether the economy grows or contracts, or conflicts and wars arise. Acquiring more knowledge, managing portfolios, and diversifying risks are key to maintaining investment balance and achieving satisfactory returns amid market volatility.
Analysts at Yuanta Securities (Thailand) Public Company Limited shared their views on the Wealth Designs by Yuanta program on 22 Dec 2025, saying the Thai stock market has a chance to perform better in 2026 than in 2025.
After three consecutive years of decline (2023–2025), the Thai market is the only one worldwide with such a prolonged losing streak. Therefore, 2026 is expected not to be a fourth consecutive down year.
Supporting factors include a clear global and Thai interest rate down cycle, which will be a major positive driver for the stock market, alongside political factors like elections and the formation of a stable new government to boost investor confidence.
Although Thailand’s P/E valuation may not be very attractive as it normalizes, its dividend yield remains outstanding and among the highest compared to major markets globally.
Key industries and notable stocks to watch in 2026 include:
1. Energy and petrochemicals: Ending of the Russia-Ukraine war will reduce energy costs and support earnings recovery, along with high dividend yields. Examples include PTT, BCP, SPRC, TOP, IVL, BANPU, and PTTEP.
2. Finance and insurance: Benefiting from lower financial costs due to falling interest rates. Recommended to accumulate or trade stocks like BAM, KTC, and SAWAD.
3. Telecommunications and infrastructure funds (REITs): Focusing on stable dividend income in a low interest rate environment. Examples include ADVANC, TRUE, 3BBIF, CPNREIT, and LHHOTEL.
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