The atmosphere in the Thai stock market recently has been lively and vibrant, as the market index rose this week during the final announcement period for 2025 corporate earnings.
The main focus and highlight this round has been the 2025 earnings reports of listed companies, which have gradually been released and surprised many, especially since there had been some concerns about the economy and corporate profits.
However, as the actual numbers emerged, these worries began to fade and instead became a key driver boosting confidence in the Thai stock market.
Nevertheless, securities analysts note that in the short term, there could be pressure from large stocks going ex-dividend, such as ADVANC, and volatility from MSCI index portfolio adjustments, possibly causing some market pauses.
As of 10:10 a.m. today, the SET Index stood at 1,527.53 points, down 6.11 points or -0.41% from the previous day.
Entering the final stage of 2025 and Q4/2025 earnings announcements, the overall results have positively surprised the market.
Many companies reported outstanding profit growth, outperforming analysts’ forecasts. Not only were the profit figures impressive, but the listed companies also generously declared dividends to reward shareholders.
The sectors that drew the most attention were commercial banks and telecommunications, which not only demonstrated strong cash flows but also declared impressive dividend levels.
These dividend injections not only brought smiles to investors but also acted as a strong magnet attracting new investment funds into fundamentally strong, dividend-yielding stocks, helping stabilize and support the index during this period.
Listed companies announce better-than-expected profits.
Analysts generally hold a positive view. KASIKORNBANK Securities assesses that the short-term investment atmosphere looks bright, directly supported by Q4/25 earnings of listed companies.
Data gathered from analysis of 113 companies shows profits exceeded KASIKORNBANK’s expectations by 5.0% and beat market forecasts by 9.4%.
A closer look reveals 43 stocks performed better than expected compared to only 26 that underperformed, leading the market to revise its 2026 Thai stock market earnings per share (EPS) forecast upwards to 93.60 baht.
Foreign investors continue their buying spree.
PHYA Securities views the key domestic drivers as the awaited earnings results and annual dividend announcements, citing KBANK’s total dividend payout of 12 baht per share as a clear short-term positive factor.
Meanwhile, the index’s continuous rise alongside foreign net buying exceeding 57 billion baht year-to-date partly reflects improved political stability in Thailand.
Looking back to 2022, foreign investors accumulated up to 260 billion baht in Thai stocks, indicating there remains considerable potential for continued inflows, at least until U.S. tech stocks recover.
However, PHYA Securities cautions that these capital flows may not be sustainable if Thailand’s economic growth remains limited and forward P/E ratios begin to rise, estimating today's trading range between 1,525 and 1,545 points.
Watch for large dividend announcements from listed companies that may exert short-term pressure.
Krungsri Securities offers a strategic view highlighting U.S. fund flows shifting from tech stocks to value stocks, benefiting emerging markets—especially ASEAN and Thailand with high value stock proportions.
In the short term, pressure may arise from large stocks like ADVANC going ex-dividend and volatility from MSCI index rebalancing, possibly causing market pauses.
However, the medium-term recommendation remains "buy" since Thai stock valuations are still reasonable. Recently, Krungsri Research raised Thailand’s GDP growth forecast to 2.0% from 1.8%, recommending focus on sectors driving the economy such as investment and tourism.
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