The overall Thai stock market in 2026 showed clear signs of recovery. The SET Index surged from the start of the year, revitalizing investment sentiment.
This market rise not only reflects positive economic outlooks but has also significantly boosted the market capitalization of many listed companies, driven by their earnings and growth trajectories.
Currently, the Stock Exchange of Thailand has four listed companies whose market capitalization has surpassed 1 trillion baht, namely:
Note: Market Cap based on closing price on 4 Jun 2026.
Thairath Money explores details of these trillion-baht stocks, how much their prices have surged, and analysts’ views on future investment directions.
Starting with Delta Electronics (Thailand) Public Company Limited, or DELTA, this company leads the AI era in the Thai stock market with explosive growth, becoming the highest-valued company in the country.
DELTA is a global leader in manufacturing and exporting power supply products and electronic devices, focusing on innovations aligned with future trends such as electric vehicle components, data center solutions, and artificial intelligence systems in high global demand.
Since the beginning of 2026, DELTA’s stock price has risen by 183.00 baht or 105.78%, from 173.00 baht to 356.00 baht (closing price on 4 Jun 2026), pushing its market capitalization to 4,440,678.55 million baht. The stock trades at a P/E of 156.32 times and a P/BV of 41.69 times.
Maybank Securities recommends "hold" with a raised target price of 336.00 baht, citing continued global spending growth on AI and data centers, and the launch of high-margin liquid cooling solutions into the market as key supports.
DELTA’s core profit is expected to grow sharply by 61% in 2026 and continue increasing by 40% in 2027. Additionally, moving production of high-voltage DC systems (400V/800V) from its Taiwanese parent to Thailand could provide further positive factors.
However, investors should monitor risks such as potential slowdowns in electric vehicle demand in the US and Europe, and AI investments possibly not growing as robustly as expected.
Currently, DELTA trades at a relatively high forward P/E for 2026, reflecting strong positive expectations as a key AI supply chain producer. Analysts believe much of the positive factors are already priced into the stock.
Advanced Info Service Public Company Limited, or ADVANC, is Thailand’s top telecom network provider, covering mobile, high-speed internet, and digital solutions for corporate clients. It has transformed into a digital technology leader, known for generating strong cash flow and maintaining a premium customer base.
Since early 2026, ADVANC’s share price rose 47.00 baht or 15.02%, from 313.00 baht to 360.00 baht, increasing its market capitalization to 1,070,715.50 million baht. It trades at a P/E of 21.08 times and a P/BV of 8.89 times.
Yuanta Securities upgraded their recommendation to "buy" with a target price of 390.00 baht after better-than-expected Q1 2026 normalized profits.
Key drivers include growth in mobile and home internet revenue, successful customer migration from prepaid to postpaid plans, and efficient cost management of network and depreciation expenses.
ADVANC’s profits are expected to grow strongly over the next 2-3 years, supported by an industry structure dominated by two major players leading to moderate competition. Normalized profits for 2026 are forecast to rise about 14% from the previous year.
Currently, the stock offers an attractive 2026 dividend yield of 4.8%, which helps limit downside risk for the share price.
PTT Public Company Limited, or PTT, is the nation’s energy backbone, covering petroleum exploration and production, natural gas, refining, petrochemicals, retail, and alternative energy businesses amid challenges from government policies and global volatility.
Since early 2026, PTT’s share price increased 4.75 baht or 14.84%, from 32.00 baht to 36.75 baht, raising its market capitalization to 1,049,690.11 million baht. The stock trades at a P/E of 11.24 times and a P/BV of 0.89 times.
Kasikorn Securities recommends "hold" with a target price of 40.70 baht, noting Q1 2026 earnings recovery driven by petroleum exploration, petrochemical, and refinery businesses benefiting from geopolitical tensions. Gas separation business also gains from new gas cost structures enhancing profits.
However, profit growth faces risks from potential government price interventions and possible slowdowns in domestic energy consumption.
Despite solid operations, dividend upside is limited due to PTT’s need for high cash flow—about 230 billion baht—to maintain national energy security and invest in expansion. Share price gains may depend on strategic partnerships unlocking future value.
Gulf Energy Development Public Company Limited, the newest member among trillion-baht stocks, is a leading power producer in Thailand and the region, rapidly expanding into infrastructure, digital businesses, data centers, and satellite ventures.
Its stock reached a high of 67.25 baht, up 25.50 baht or 61.08% since early 2026, pushing market capitalization to 1,004,704.08 million baht. The stock trades at a P/E of 11.27 times and a P/BV of 2.90 times.
Asia Plus Securities recommends "buy" with a target price of 71.25 baht, citing strong short- and long-term growth. In 2026, GULF targets 10-15% revenue growth, driven by commercial operation start-ups of over 695 megawatts of new power plants.
Higher electricity prices in the US and the future growth of wholly owned data center businesses are expected to become key profit drivers, with normalized profits forecast to reach new highs continuously.
However, investors should watch for risks including delays in power plant projects under construction, unexpected maintenance shutdowns, and fluctuations in exchange rates and loan interest rates.
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