After seven months into 2026, the Thai stock market has experienced some breathers causing concern, especially profit-taking pressure in the banking sector and downward pull from major player DELTA during market corrections.
However, looking at the full year so far, Thai stocks remain positive. As of market close on 30 July 2026, the SET index rose 338.44 points, or +26.87%, from the start of the year to 1,598.11 points.
With such a bullish market, most large-cap SET100 stocks have risen. There are 82 stocks with price gains, only 17 have declined, and 1 remains unchanged.
Amid this upward trend, some stocks have clearly moved against the market. Thairath Money delves into the five worst-performing SET100 stocks since the start of 2026, the reasons behind their declines, and whether now is a good time to accumulate them.
Number 5: AAV stock.
Starting with the least declining stock on this list, Asia Aviation Public Company Limited (AAV), parent company of Thai AirAsia, saw its share price fall by 0.07 baht or -6.25% from early 2026 to 1.05 baht.
According to the Investment Analysts Association (IAA Consensus), 3 brokers recommend "buy," 7 recommend "hold," and 4 recommend "sell," with an average target price of 1.07 baht, close to the current market price, reflecting analysts’ cautious outlook.
Analysis by Pi Securities notes that AAV faces negative factors from its Q2/2026 results, heavily pressured by jet fuel prices doubling. Although the company partially raised ticket prices to offset this, it still expects a significant loss of 2,284 million baht this quarter.
In Q3/2026, despite improving fuel prices, the low tourism season will continue to pressure AAV to incur losses for another quarter before recovering toward year-end.
However, since fuel prices, while high, are not as elevated as initially forecast, the full-year loss estimate was reduced to 2,688 million baht from the previous forecast of over 4,000 million baht.
Number 4: GFPT stock.
Next is GFPT Public Company Limited, an integrated agricultural business from poultry farming to meat processing, whose shares fell 0.90 baht or -8.49% from early 2026 to 9.70 baht.
IAA Consensus data shows 6 brokers recommend "buy," 9 "hold," and 2 "sell," with an average price target of 10.19 baht.
Yuanta Securities upgraded its recommendation to "buy" and raised the 12-month target price from 10.00 baht to 14.80 baht, expecting Q2/2026 normalized profit of 570 million baht, up 11.9% from the previous quarter but down 14.2% year-on-year.
It is the only land-based farm company with profit recovery from the prior quarter. Revenue is expected at 4,695 million baht, up 10.0% quarter-on-quarter due to improved export volume and prices, pushing gross margin to 16.3% from 14.6% previously.
Furthermore, profit forecasts for 2026 were raised 10% to 2,239 million baht and for 2027 up 8% to 2,416 million baht. Q3/2026 is expected to be the best quarter due to high export season. GFPT currently trades at a 2026 P/E of only 5.4, considered undervalued by Yuanta.
Number 3: BTS stock.
Ranked third is BTS Group Holdings Public Company Limited, owner of the BTS Skytrain, with shares down 0.22 baht or -9.65% from early 2026 to 2.06 baht.
IAA Consensus shows 6 brokers’ opinions: 1 "buy," 4 "hold," and 1 "sell," with an average 2026 target price of 2.65 baht.
Innovest X Securities maintains a "hold" recommendation with a 2027 year-end target price of 2.3 baht. While the fare policy capping fares between 17-45 baht starting 1 January 2027 could boost ridership by 15-20%, unclear subsidy mechanisms and the current price near target limit upside potential.
Additionally, the U-Tapao airport project, in which BTS holds a 40% stake, remains uncertain due to delays in the high-speed rail linking three airports. BTS is negotiating with the EEC to make terms more flexible.
Number 2: BAM stock.
Second is Bangkok Commercial Asset Management Public Company Limited (BAM), which saw one of the largest declines in the SET100, with its share price dropping 1.05 baht or -13.12% to 6.85 baht since early 2026.
IAA Consensus shows 8 brokers’ views: 6 "buy" and 2 "sell," with an average 2026 target price of 7.61 baht.
Innovest X Securities maintains a "buy" rating with a target price of 7.50 baht, expecting Q2/2026 net profit of 270 million baht, up 25% quarter-on-quarter due to higher debt recovery.
However, this is down 79% year-on-year due to a high profit base from two large NPL and NPA deals the previous year. Debt recovery in Q2/2026 is expected at around 3,500 million baht, up 16% quarter-on-quarter but down 51% year-on-year.
The full-year 2026 profit forecast remains cautiously set to decline 6% from 2025. Nonetheless, BAM’s key strength lies in its attractive dividend yield of 6.5%.
Additional upside may come from the establishment of joint venture asset management companies (JVAMC) and large debt recovery deals such as Sonava Kiri Resort on Koh Kood and Indra Regent Hotel Pratunam. Major risks include cash collection challenges amid economic slowdown and weak real estate demand.
Number 1: THAI stock.
The worst-performing SET100 stock since the start of 2026 is Thai Airways International Public Company Limited (THAI), with shares falling 1.20 baht or -17.27% to 5.75 baht.
IAA Consensus shows 13 broker opinions: 5 "buy," 7 "hold," and 1 "sell," with an average 2026 target price of 7.01 baht.
Krungsri Securities notes that THAI’s inclusion in the SET50/SET100 indices in the second half of 2026 is positive for investment flows.
Krungsri estimates about 950 million baht could flow in, but short-term share price pressure comes from two simultaneous negative factors:
Krungsri references the previous unlocking on 4 February 2026 of 6.6 billion shares, which saw the share price drop as much as 14% and took over two weeks to recover to pre-unlock levels.
On fundamentals, there is upside from jet fuel prices trending lower than expected. The average jet fuel price since the start of the year was about 144 USD/barrel, recently dropping below 120 USD/barrel, below the original assumption of 160 USD/barrel.
Sensitivity analysis shows if jet fuel prices range between 110-150 USD/barrel, normalized 2026 profit would be 5.6-46 billion baht, with a target price between 6.02-7.44 baht. The recommendation remains "hold" with a target price of 5.70 baht.
Note: Prices referenced are closing prices as of 30 July 2026.
These top five worst-performing SET100 stocks this year each face distinct company-specific pressures. However, investing in sharply declining stocks carries high specific risks. Investors should study fundamentals, follow the latest broker analyses, and assess their own risk tolerance before making investment decisions.
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