Halfway through May 2026, the Thai stock market atmosphere has been more "heated" than many expected, facing pressures from the global economy, geopolitical conflicts, and profit-taking after the end of Q1/26 earnings announcements.
Despite the market's volatility, certain stocks have surged strongly, especially in the power plant, electronic components, and packaging sectors, attracting investor attention due to sharp price increases.
Leading the pack is GUNKUL, which topped the SET100's one-month best performers with nearly a 50% stock price increase, followed by three electronic components stocks—HANA, KCE, and CCET—that rose in tandem with the global technology industry, along with SCGP, which revived investor interest after a strong Q1 earnings surprise.
Thairath Money reviews past statistics and investigates the drivers behind these stocks becoming "rising stars," questioning whether these groups can maintain momentum or if prices are overheating beyond fundamentals.
Recently, the stock price of Gunkul Engineering Public Company Limited (GUNKUL), a power and utilities business owner, has surged dramatically. It ranks as one of the best one-month performers in the SET100, with stock price changes as follows:
These gains reflect positive fundamentals and government policies. In Q1/26, the company reported a normalized profit of 445 million baht, up 3.1% from the previous quarter, mainly supported by increased solar power generation due to seasonal factors and higher trading business revenue.
Additionally, the company declared a dividend of 0.10 baht per share for Q1/26, representing an attractive dividend yield of 3.1%.
Analysts at Asia Plus Securities forecast continued profit improvement in Q2/26, supported by seasonal power production and long-term benefits from government measures offering individual income tax deductions up to 200,000 baht for solar rooftop installations, with GUNKUL operating a comprehensive business model.
They recommend a "buy" rating and have raised the 2026 price target to 3.80 baht per share but advise caution and suggest accumulating shares gradually during price corrections.
Ranks two, three, and four among the top one-month performers in the SET100 belong to electronics components companies HANA, KCE, and CCET, which have all posted strong positive returns. Their one-month returns are as follows:
Hana Microelectronics Public Company Limited (HANA)
KCE Electronics Public Company Limited (KCE)
Cal-Comp Electronics (Thailand) Public Company Limited (CCET)
Kijphon Praipaisarnkit, Deputy Managing Director and Strategist at UOB Kay Hian Securities (Thailand) Public Company Limited, commented to Thairath Money that the recent strong rise in electronics components stocks is driven mainly by three factors: following the global technology stock trends, expected strong earnings growth, and benefits from the weaker baht exchange rate.
However, after the Q1/26 financial results, which showed mixed performance, he assessed that these stocks may face increased profit-taking pressure going forward, as prices have already factored in much positive news.
Moreover, earnings recovery remains unclear for several companies, with key challenges including rising raw material costs, especially copper prices, posing risks that could slow earnings recovery compared to market expectations.
Currently, stock price levels are not especially attractive for new purchases, and investors should exercise caution since some stocks' previous gains were due to very low valuations, but prices have now exceeded book values.
The market must closely monitor whether earnings can genuinely recover, which could prompt reevaluation of these stocks' attractiveness.
Ranked fifth is SCG Packaging Public Company Limited (SCGP), which surprised investors with Q1/26 net profit of 1,566 million baht, up 74% year-on-year and 30% quarter-on-quarter.
Excluding special items, core profit reached 1,494 million baht, growing 63% year-on-year and 73% quarter-on-quarter, exceeding analyst and market expectations.
This drove the stock price increases as follows:
The main profit drivers were the recovery of integrated packaging business, better-than-expected recycling profitability, effective control of selling and administrative expenses, and lower interest costs and tax rates.
Analysts at Bualuang Securities forecast Q2/26 core profit growth compared to last year, supported by strong demand for packaging paper across ASEAN.
However, they expect a slight slowdown from the previous quarter due to the Songkran holiday and reduced exports caused by geopolitical tensions in the Persian Gulf.
Analysts maintain a "buy" recommendation, raising the price target to 25.00 baht per share, reflecting expected outstanding 34% profit growth in 2026 versus 2025.
Note: Return data as of market close on 14 May 2026.
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