Bangkok Bank PCL

ASL Securities said budget disbursement for fiscal year 2026 came in better than target, with 3.62 trillion baht disbursed out of a total budget of 3.78 trillion baht, or 95.83%, above the 93% target and 4.58% higher than the same period a year earlier. This reflects improved efficiency in channeling state funds into the economy, with capital expenditure accelerating notably year on year. Capital spending disbursed reached 586 billion baht, or 75.07% of the 781 billion baht investment budget, up 8.63% year on year. Meanwhile, capital expenditure set aside for carry-over disbursement in fiscal year 2027 stood at 193 billion baht, or 24.75% of the capital expenditure budget, and the government has set a deadline to accelerate the creation of commitments for both carry-over and fiscal 2027 investment budgets within the second quarter of fiscal 2027. Given these factors, ASL Securities views this as positive sentiment for groups tied to public investment. It recommends the construction sector, namely CK and STECON, which benefit directly from accelerated public investment and disbursement, and the banking sector, namely KTB, BBL and KBANK, which benefit indirectly through increased liquidity flowing into the system and a recovery in loan demand. KTB stands out for its government customer base, while BBL and KBANK stand to gain from a recovery in corporate lending and the subsequent pickup in private investment.

Kanthara Ladawan Na Ayudhya, an executive director at Finansia Syrus Securities Public Company Limited, or FSS, said the overall Thai stock market still faces short-term pressure, with the SET Index likely to move in a sideways-down pattern after falling more than 35 points earlier, and this is not yet the moment to aggressively add to positions. Key support sits at 1,561 points, while resistance is at 1,612-1,620 points. Over the longer term, the firm still targets the index above 1,700 points next year if a major positive catalyst emerges. External factors to watch include crude oil prices holding high around 102 dollars per barrel, which would add pressure on inflation and interest rates, as well as bond yields that may stay elevated for a prolonged period. The market prices only about a 25% chance that the Fed will raise rates at its October 2026 meeting, but as high as roughly 80% for the December 2026 meeting. On foreign fund flows, slight positive signals have emerged after foreign investors flipped back to long futures positions following seven consecutive days of short positions. For investment strategy, FSS recommends a wait-and-see approach and a focus on stock-specific selection. Its top picks for October are BBL, DELTA and STA, while PTTEP benefits from high oil prices. FSS sets a fundamental value of 290 baht for DELTA and 166 baht for PTTEP.

The government is pushing ahead with a national catastrophe insurance system, with total premiums of 15.5 billion baht, covering approximately 30 million households. This breaks down into 15 billion baht for residential insurance and 500 million baht for group accident insurance. It marks a move to bring the public sector in as a major insurance buyer and significantly increases the total premium value generated, or premium pool, for the insurance industry. Coverage includes floods, windstorms, and earthquakes, up to 100,000 baht per event per household. In the case of death from an accident caused by a disaster, coverage is 2 million baht per person, and total permanent disability is 200,000 baht per person. Coverage begins on 1 October 2026 and runs to 1 October 2027. Companies directly linked to the scheme include Bangkok Insurance, Dhipaya Insurance, Muang Thai Insurance, and Thai Vivat Insurance. Meanwhile, KTB is indirectly linked through Krungthai Panich Insurance, and BBL has indirect exposure through its roughly 9.99% stake in BKIH. ASL Securities sees this as positive for the insurance sector in terms of premium growth and expanding insurance penetration, and recommends gradually accumulating TIPH, KTB, and BBL, with TIPH the standout stock benefiting directly from the catastrophe insurance theme.

Bualuang Securities' Research team estimates that the combined core profit of the banking sector in the third quarter of 2026 will be 42.9 billion baht, up 5% YoY and 7% QoQ, higher than the third-quarter 2026 GDP estimate of 2.0% YoY. Two main factors support this: lower provisioning and growing fee income. For provisioning, the sector's average rate is expected at 1.30%, down 17bps YoY and 2bps QoQ, while the average non-performing loan ratio to total loans is expected to edge up slightly from 2.98% at the end of June 2026 to 3.00% at the end of September 2026. The ratio of loan-loss reserves to non-performing loans is expected at 204.1%, flat QoQ. Total net fee income is expected at 40.3 billion baht, up 14% YoY and 5% QoQ, driven mainly by the wealth management business, whose combined net asset value of bank-owned asset management companies stood at 7.8 trillion baht at the end of August 2026, up 4% since the start of the quarter and up 11% YoY. Securities brokerage fee income is likely to grow significantly both YoY and QoQ, from securities trading value expected to rise 64% YoY and 34% QoQ in the third quarter of 2026. Counting total net profit of the banking sector in the third quarter of 2026, it is expected at 55.2 billion baht, down 11% YoY and flat QoQ, due to lower average net interest margin and lower mark-to-market gains on financial instruments. Banks expected to post YoY core profit growth are KKP +73%, TISCO +23%, BBL +20%, KBANK +5% and TTB +4%, while KTB is expected to see core profit fall 11% YoY and SCB is expected to be flat YoY. For the fourth quarter of 2026, combined core profit is expected at 39.7 billion baht, up 10% YoY but down 8% QoQ, on higher operating expenses. For 2027, the banking sector's combined net profit is expected at 221 billion baht, up 1% YoY, supported by loan growth expected at 2% YoY and net fee income growth of 4% YoY, while average net interest margin has likely already passed its trough in the second quarter of 2026 after most loan and deposit rate adjustments were completed.

Bangkok Bank, or BBL, has provided loan financing to Sansiri Capital for the acquisition of The Lake Como EDITION, an ultra-luxury five-star hotel on the shores of Lake Como in Italy. The deal was underscored by the presence of Chartsiri Sophonpanich, President of Bangkok Bank, together with Chansak Fuangfu, Niramarn Laisathit, and Chanon Sophonpanich, Senior Executive Vice Presidents and Executive Vice Presidents of Bangkok Bank, alongside Srettha Thavisin, former Prime Minister and co-founder of Sansiri, Napat Thavisin, Managing Director of Sansiri Capital, and Wichan Wiriyaphusit, Chief Financial Officer of Sansiri, highlighting the strategic partnership between Bangkok Bank and Sansiri Capital, also known as the Sansiri Capital Trophy Fund. On this occasion, the bank stated that the move represents Sansiri Capital's expansion of its investment portfolio into overseas markets and reflects Bangkok Bank's role as a leading regional bank ready to support Thai entrepreneurs with financial services and business networks abroad.

Three securities firms have shared their outlooks for the Thai stock market in the final stretch of the year, along with their SET index targets and top stock picks for investment in the fourth quarter of 2026. Each has a different view and set of recommendations based on fundamentals and market trends. InnovestX has set a SET index target of 1,715 points for 2027 and named its top picks for Q4/2026: AMATA, CENTEL, CRC, KTB and PR9. ASPS estimates a SET index target of 1,720 points for 2026 and selected CPN, CBG, THAI, BDMS, BBL, COM7, STECON and GUNKUL as its top picks. KSS expects the SET index to trade in a target range of 1,680 to 1,750 points in 2026 and highlights TOP, PTTGC, SCC, IVL, GULF, DELTA and KBANK as its top picks.

Asia Plus Securities estimates the SET index target at the end of 2026 at 1,720 points, based on an assumption of 2026 earnings per share of 95 baht per share. It notes that the overall investment picture in the fourth quarter faces the risk of accelerating inflation from the Middle East war that has dragged on for more than 7 months, which pressured the average September 2026 WTI crude oil price to 95.6 dollars per barrel, up 50% compared with the previous year. Meanwhile, the United States is collecting import tariffs from trading partners at an effective rate as high as 12.5% to 19%, up from the previous 2% to 2.5%, and investment in data centers and AI infrastructure has pushed prices of software and computer equipment up 25.4% compared with the previous year, hitting a new high. On the Thai economy, the ratio of public debt to GDP stands at 67.45%, close to the fiscal discipline ceiling of 70%, while the impact of flooding is estimated at approximately 5 billion to 10 billion baht, which could drag third-quarter GDP growth down to 2.2% to 2.5%. The research department has adjusted its strategy from index selection to selective stock selection, focusing on stocks that benefit from the high season and the low base effect, namely CPN, CBG, THAI, BDMS, BBL, COM7, STECON, and GUNKUL, and recommends holding cash at around 10% to 15% of the portfolio.

Research from Asia Plus Securities indicates that foreign investors net sold Thai stocks for six consecutive trading days, totaling nearly 20 billion baht, pressured by US bond yields rising faster than Thai yields, flooding issues and rising political temperature, as well as a baht that continues to weaken, which increases the chance of foreign exchange losses for foreign investors. However, foreign investors are still gradually accumulating certain companies, focusing on banks, energy, and some petrochemical stocks with strong stories and laggard prices. SCB led with net buying of 2.974 billion baht, followed by PTT at 1.361 billion baht, TOP at 882 million baht, IRPC at 627 million baht, and BBL at 517 million baht. Meanwhile, the research team also recommends three standout stocks: TRUE, on the trend of third-quarter 2026 profit growing both quarter-on-quarter and year-on-year, with an expected dividend yield of about 1.2%; GULF, benefiting from positive sentiment from falling oil prices and the investment theme tied to the Power Development Plan and data centers; and PLANB, which is likely to raise its 2027 profit forecast on its share of investment in ICARE and its entry into the high season for the out-of-home advertising business in the second half of the year.

Analysts at Kasikorn Securities Public Company Limited have unveiled their Thai equity investment strategy for the fourth quarter of 2026, expecting Thailand's investment upcycle, driven by data centre investment and the PDP26 plan, to support growth momentum from the fourth quarter of 2026 through 2027. They expect power generation capacity serving data centres to rise to 5–7GW by 2030, and have raised their SET index target to 1,680 points, shifting the calculation base to an end-2027 target based on a 2027 SET EPS of 105 points and a long-term average PE of 16 times. For the fourth quarter of 2026, they highlight two themes: stocks benefiting from the new investment cycle, namely BBL, DELTA and BGRIM, and stocks with earnings recovery coupled with cost pass-through ability and room for prices to catch up, namely SCGP and CPALL. Meanwhile, analysts at InnovestX Securities have raised their 2026 SET target from 1,600 points to 1,700 points to reflect a stronger-than-expected second quarter of 2026, robust investment and economic stimulus measures, viewing 1,550 points as an attractive level for gradual accumulation, and selecting AMATA, CENTEL, CRC, KTB and PR9 as their top picks for the fourth quarter of 2026. Analysts at Trinity Securities see global stock markets in the fourth quarter of 2026 entering a tug-of-war between macro factors weighing on sentiment and micro factors still supporting the market. They estimate the SET index trading range at 1,500–1,700 points, with a base case of around 1,630 points calculated from a forward PE of 14.8 times multiplied by this year's EPS of 110 baht, and recommend a sector rotation and stock selection strategy across five favoured groups: livestock, BTG and TFG; tourism, AWC and ERW; retail with company-specific catalysts, CRC and COM7; agricultural products, STA and TVO; and beneficiaries of private-sector investment, AMATA and STECON.

Krungsri Securities maintains its buy recommendation on Bangkok Bank Public Company Limited, or BBL, and keeps its 2027 target price at 225 baht, citing four supporting factors: the maintenance of a 5% dividend yield, its position as one of the banks benefiting from the new investment cycle, the end of the interest rate downtrend, and BBL's shares trading at the cheapest valuation among banks at a forward PBV of 0.6x. For Q3/2026F, net profit is expected at 10.3 billion baht, down 25% year-on-year due to lower NIM and reduced FVTPL and investment gains, while profit rises 8% quarter-on-quarter on lower operating expenses, or OPEX.

Pie Securities stated that pressure on the Thai stock market from flooding is believed to be over, but global conditions remain under pressure from the accelerating rise in US bond yields, which have repeatedly hit new record highs. US government bond yields rose across all maturities, driven by concerns over higher inflation in line with energy prices and investors demanding greater returns in light of US debt risks. Meanwhile, the CME FedWatch tool assigns a 70% probability that the Fed will raise interest rates at its October meeting. The Dow Jones Industrial Average closed down 347 points, or 0.67%, overnight, pressured by oil prices and bond yields. Brent crude closed up 0.9% amid concerns over tight supply after Trump rejected Iran's peace proposal. The research team estimates the SET index range at 1585 to 1610 points, advises increased caution, and recommends focusing on stocks that benefit psychologically from rising yields, namely the banking group BBL, KBANK, KTB, and SCB; the export group ITC and TU; the defensive group ADVANC; and the energy group PTT, PTTEP, TOP, and PTTGC. This morning the baht continues to weaken, which may pressure foreign capital flows.

Kasikorn Securities remains positive on the banking sector in the fourth quarter of 2026, expecting net interest margins to begin stabilising after pressure from falling interest rates eases. Loan growth is likely to improve on corporate lending and late-year seasonal factors. Credit cost is expected to decline gradually compared with the first half of 2026 as the need for management overlays diminishes, while fee income should accelerate on mutual fund and bancassurance sales during the tax-deduction season. Key risks to watch in the fourth quarter of 2026 are the high season for operating expenses and IT investment, which could pressure the cost-to-income ratio and short-term profits, while retail and SME lending is expected to recover only modestly, leaving asset-quality risk concentrated in SME and retail loans. On valuation, the brokerage maintains a positive view on the banking sector, selecting KKP and KTB as its top picks and BBL as an interesting laggard, with target prices of 206.00 baht for BBL, 153.00 baht for KKP and 48.00 baht for KTB.

Precious Shipping Public Company Limited, or PSL, has informed the Stock Exchange of Thailand that on 21 September 2026, its wholly owned Singapore subsidiaries, Precious Fragrance Pte Ltd and Precious Thoughts Pte Ltd, as borrowers, signed secured long-term loan agreements with Bangkok Bank Public Company Limited, or BBL, Singapore branch, for a total facility of 14.46 million US dollars, with PSL acting as guarantor. The total facility of 14.46 million US dollars is divided into two sub-facilities: a loan for the first vessel of 6.96 million US dollars and a loan for the second vessel of 7.50 million US dollars. The interest rate is based on USD SOFR plus a margin, and the drawdown period is within 12 months from the date of signing the agreements. The main purpose of the loans is to repay or refinance shareholder loans and/or to support the borrowers' operations. Under the repayment terms, each sub-facility will be repaid in a total of 32 installments, with the first installment due within 3 months after drawdown. The collateral consists of first-priority mortgages on two Handysize vessels, Benjamas Naree and Jintana Naree, as well as the assignment of insurance proceeds, claims, earnings and charter contracts with a term of 12 months or more, along with a pledge of the borrowers' shares. Meanwhile, the borrowers must maintain a minimum cash balance of 100,000 US dollars and a minimum debt service coverage ratio of 1.2 times. PSL, as guarantor, must maintain a net debt to total equity ratio of no more than 2 to 1 and total equity of not less than 225 million US dollars. In addition, PSL must maintain its status as a listed company on the Stock Exchange of Thailand, while the borrowers may not pay dividends or other returns to shareholders if an event of default occurs and remains unremedied.

The analyst at Kasikorn Securities Public Company Limited presented statistics on the impact of floods on the SET Index, noting that since 2006 flooding has occurred in Thailand more than 7 times, and the SET delivered negative returns of about 1% over a one-month period, except in 2011 when major flooding pushed the SET down 14%. The groups that outperformed were led by ICT and banks, while the finance and insurance groups fell about 2%. The electronics group fell the most, down 8%, most of which stemmed from 2011, because that flood round hit the industrial sector hard. On the economy, excluding 2011, the monthly impact was in the range of 10 to 50 billion baht, or an impact on GDP of no more than 0.1-0.3%. And if assessed from the upside of extending the half-half co-payment policy program by 2 months, it could put the GDP forecast in a range of 2.0% plus or minus. For investment strategy, Kasikorn Securities assesses the impact of this flood round on its 2026 EPS forecast as fairly limited, and estimates the SET support range at 1,565-1,580 points. It still views the decline as an opportunity to gradually accumulate bank, power plant and electronics stocks, namely KTB, BBL, DELTA and BGRIM.

Krungsri Securities said the Thai stock market between 21 and 24 September 2026 moved above the 1,600-point level, supported by positive expectations that the US leader will meet the Chinese leader on 24-25 September, which boosts the prospect of further trade easing. Meanwhile, the electronics group gained positive momentum from AI after President Trump confirmed that the US will continue developing AI despite safety concerns, together with a boost from META's new AI that is helping accelerate demand. The refinery and petrochemical group, such as TOP, SPRC and PTTGC, rose on news that the US is preparing to ban or halt diesel exports, which if implemented would tighten diesel supply in the market and push refining margins higher. The banking group, such as KBANK and BBL, also rose on positive sentiment, supported by news that Fitch Ratings raised its outlook on Thailand's creditworthiness to Stable while keeping the credit rating at BBB+. The groups that fell more sharply than others included retail, such as CRC and CPALL, which faced negative sentiment from the Cabinet resolution extending the Thai Chuay Thai Plus measure, and exporters such as CPF, whose share price fell in line with Chinese hog prices, which dropped 1.8% week-on-week to RMB 10.64 per kg, or 53.00 baht per kg, from a cost of RMB 13.50 per kg, because of oversupply. Meanwhile, Thai hog prices were flat week-on-week at 75.50 baht per kg, against a cost of 60.00 baht per kg. Market earnings for 2026F stood at 110.9 baht, up slightly week-on-week, with the groups whose estimates were revised up being petrochemicals and packaging, while the groups revised down were agriculture and property. Last week, capital flowed out of Asia excluding Japan by a total of 1.661 billion dollars, with Thailand seeing an outflow of 95 million dollars, split into net stock sales of 107.5 million dollars and net bond buying of 12 million dollars. The baht was flat at 33.3 baht.

InnovestX Securities assesses that the Thai stock market is starting to gain supportive themes after Fitch Ratings revised its outlook on Thailand's creditworthiness from Negative to Stable, while affirming the sovereign rating at BBB+. As a result, Fitch Ratings, Moody's Ratings, and S&P Global Ratings all now hold a Stable outlook on Thailand. Fitch views the improved government stability as reducing political uncertainty, and expects Thailand's economy to expand 2.3% in 2026, close to 2.4% in 2025, supported by investment in AI and data centers as well as consumption stimulus measures. It also expects general government debt to stay below 63% of GDP in fiscal 2028, an improvement from the previous estimate of 65%. On the external front, Fitch sees Thailand's position as still strong, expecting the current account to post a temporary deficit of 0.5% of GDP in 2026 before returning to a surplus of 1.5% in 2027. InnovestX sees this as positive for the Thai stock market, particularly in spurring foreign capital to flow back into big-cap stocks, commercial banks such as Bangkok Bank, KTB, and Kasikornbank, and in lowering the financial costs of listed companies, especially the finance group such as Muangthai Capital, Srisawad, and TIDLOR, as well as attracting long-term investment into future industries, including industrial estates such as Amata and WHA, power plants such as Gulf, GPSC, BGRIM, and Gunkul, and electronics components such as Hana and KCE, for a total of 14 top picks. However, it views that although the Fitch news is positive, it may support the market only in the short term, given lingering external negatives including geopolitical tensions in the Middle East and risks in the Strait of Hormuz, as well as volatility from global trade policy. It therefore recommends a Buy on Dip strategy, waiting to accumulate rather than chasing prices.

Kanthara Ladawan na Ayudhya, an executive director of Finansia Syrus Securities Public Company Limited, or FSS, disclosed that the roadshow in the United States, meetings with foreign institutional investors, and cooperation between Thai capital market agencies and the New York Stock Exchange are positive factors helping foreign investors pay more attention to Thailand, and may mark the beginning of drawing foreign capital flows, or Fund Flow, back into the Thai stock market after a period of heavy outflows. The signing of a memorandum of understanding between the Thai capital market and the New York Stock Exchange on the listing of securities in more than one market, or Dual Listing, is an important development that will help increase liquidity and raise the standards of the Thai capital market. For short-term strategy, Kanthara views that the market remains highly volatile due to US government bond yields rising to around 5.25% and oil prices that remain high. He recommends monitoring Brent crude oil at around 102 dollars per barrel; if it can hold above this level, prices may continue to rise, but for concerns to ease, prices should fall to around 91 to 93 dollars per barrel. He also recommends gradually accumulating PTT Public Company Limited, or PTT, and PTT Exploration and Production Public Company Limited, or PTTEP, when oil prices weaken, and holds a positive view on commercial banks, giving a fair value for Bangkok Bank Public Company Limited, or BBL, at 240 baht. As for the earnings outlook for the third quarter of 2026, he views that commercial banks remain continuously strong, while the export sector is interesting, especially Thai Union Group Public Company Limited, or TU, and I-Tail Corporation Public Company Limited, or ITC. Meanwhile, the hospital sector has an opportunity to recover seasonally, with attention on Praram 9 Hospital Public Company Limited, or PR9, and Bangkok Dusit Medical Services Public Company Limited, or BDMS. He assesses that the Thai stock market is still more suitable for short-term trading than for chasing prices, with a key resistance level around 1,612 to 1,620 points, and that a strong break above this level would require new positive factors to support it.

Bangkok Bank Public Company Limited, or BBL, announced that it has provided a green loan for sustainability to AP (Thailand) Public Company Limited, or AP, for the development of residential projects under the Thailand Taxonomy, the classification standard for environmentally friendly economic activities. This collaboration covers three Apitown projects: Apitown Chachoengsao 2, Apitown Chanthaburi, and Apitown Buriram. Niramarn Laisathit, Senior Executive Vice President, together with Phannda Vilayalai, Senior Vice President of Bangkok Bank, stated that the projects aim to build energy-saving homes through designs that align with wind direction and natural light, and by selecting materials that help reduce heat inside the home, as well as preparing infrastructure to support clean energy technologies such as electric vehicle charging points, in order to reduce energy use and expenses while creating an environment conducive to the long-term well-being of residents.

TTB Wealth Securities said the 10-year US bond yield has climbed to 5.11%, the highest in 20 years, after several Fed board members voiced support for further rate hikes to curb inflation, amid rising oil prices and a still-strong US economy and labor market. It views this as positive for the banking and insurance sectors, including KTB, KBANK, BBL, TLI and BLA. Meanwhile, statistically, the groups that tend to outperform in a rising bond yield environment include AMATA, WHA, DELTA, AOT, CENTEL, CPN and PR9.

Sansiri Public Company Limited, or SIRI, is proceeding with the gradual transfer of ownership for six completed projects with a combined value of 18.3 billion baht in the second half of 2026, supporting continued operational growth from the first half. Mr. Uthai Uthaisangsuk, Chief Executive Officer, stated that the projects being gradually transferred include dCondo Khiri, Via Ari, The Base Ratchada 19, Chuch Ratchathewi, and The Standard Residences Hua Hin. The company has also partnered with leading financial institutions SCB, KBANK, KTB, and BBL to help real demand customers plan loans and improve credit, increasing the chances of successful ownership transfers. On revenue structure diversification, the company aims to raise the proportion of recurring income from its services and hotel businesses from approximately 15% of total revenue at present to 25% within three to five years. Meanwhile, analysts at Krungsri Securities Public Company Limited maintain a buy recommendation with a fair value of 1.90 baht, noting that accumulated sales since the start of the year stand at 27.9 billion baht, or 68% of the 2026 sales target of 41.0 billion baht, and expect the residential business gross margin in the second half to recover from 26.4% in the first half, driven by high-margin condominiums in the backlog being gradually transferred.

Fitch Ratings (Thailand) Limited has revised the outlook on the long-term foreign-currency international credit ratings, or Long-Term IDRs, of five Thai banks, namely EXIM, KTB, TTB, SCBT and UOBT, to "Stable" from "Negative," while keeping the credit outlook for BBL at "Stable." The ratings that were affirmed are EXIM and KTB at BBB+, TTB and BBL at BBB, and SCBT and UOBT at A-. Fitch also affirmed the government support ratings for EXIM, KTB, TTB and BBL, and affirmed the shareholder support ratings for SCBT and UOBT. For BBL, Fitch kept its Viability Rating, or VR, unchanged and revised the outlook on its funding and liquidity factor score to "Stable" from "Negative." This outlook revision follows the upgrade of Thailand's sovereign credit outlook to "Stable," which reflects the government's capacity to provide extraordinary support to the banking group, which remains strong, amid domestic economic conditions recovering better than previously assessed. On subsidiaries, Fitch revised the credit outlook for KTB's Cayman Islands branch to "Stable" from "Negative," keeping its rating at BBB+ in line with the parent bank. Factors that would positively affect the ratings in the future include an upgrade of Thailand's sovereign rating, which would lead to an upgrade of government support and the long-term credit ratings of the banking group, though the chance of a near-term upgrade may still be limited. Risks that could lead to a downgrade include a downgrade of the sovereign rating or an economic recession significantly worse than expected.

The Alternative Real Estate Investment Trust, or ALLY, is preparing to issue and offer no more than 151,500,000 additional trust units with a par value of 9.7996 baht per unit as of 30 June 2026, representing a fundraising value of no more than 757.5 million baht, at a maximum offering price of no more than 4.75 baht per unit. Mr. Kawin Iamsakulrat, Chief Executive Officer of Allie REIT Management Company Limited, as the trust manager, stated that existing trust unitholders whose names appear in the register on the eligibility record date of 15 September 2026 will receive pre-emptive subscription rights in proportion to their existing holdings, at a ratio of 1 existing trust unit to 0.1386 new trust units, amounting to no more than 121,200,000 units, or approximately 80% of the total offering. The remaining approximately 30,300,000 units will be offered to specific investors and/or the general public at the same price. The trust will invest in three new projects, namely Charn at The Avenue Chaengwattana, Sai Mai Avenue, and The Zone Town in Town, with a combined value of no more than 1.4958 billion baht, which is more than 12% below the combined lowest appraisal value of independent property valuers. The distribution yield in the first year after investment is expected to be around 10% per year, based on the maximum offering price of 4.75 baht per unit, and this investment will expand the portfolio to 18 projects with total asset value reaching 15.151 billion baht. For subscriptions, general investors and institutional investors that do not submit bookbuilding forms may subscribe at the maximum offering price between 28 September and 2 October 2026 through Bangkok Bank Public Company Limited at all branches nationwide, except micro branches, through the Bangkok Bank Mobile Banking online system, and through all trust unit co-distributors. Institutional investors that submit bookbuilding forms, along with KE Group, will subscribe at the final offering price, which will be announced by 2 October 2026, between 5 and 6 October 2026. Bangkok Bank Public Company Limited is the distribution manager, together with five co-distributors: Asia Plus Securities Company Limited, Dao Thailand Securities Public Company Limited, Maybank Thailand Securities Public Company Limited, Tisco Securities Company Limited, and Yuan Ta Thailand Securities Company Limited, distributing on a best-effort basis. If the final offering price is lower than the maximum offering price, the difference in subscription payment will be refunded to investors as specified in the prospectus.

KGI Securities (Thailand) says large corporate loans grew strongly in August 2026, with short-term money market loans and interbank lending rising sharply at every bank except Siam Commercial Bank, which shifted its excess liquidity into bond investments instead. Overall money market loans grew 14% month on month, with BBL and KBANK posting the strongest growth among the large banks at about 18% month on month each, followed by TTB at 14% month on month and KTB at 13% month on month, while KKP recorded growth of as much as 36% month on month. Retail loans declined broadly, with only KTB lending aggressively, as most banks applied cautious lending criteria, including for housing loans and hire purchase loans, with SCB and TTB seeing their hire purchase loan portfolios contract because of stricter standards on electric vehicles. KTB, however, appears to have a more aggressive policy on housing and retail lending, which should be positive for its net interest margin, while total loans and money market lending grew 1.4% month on month compared with deposits at 0.5% month on month. KGI says growth in private investment accelerated in August, in line with the recovery in lending, and large banks should be the main beneficiaries, with KTB, KBANK and BBL standing out the most, while the momentum in private investment could drive full-year loan growth about 2% above the banks' financial targets.

Krungsri Securities said Thailand has signed the ASEAN-Hong Kong Investment Agreement, or AHKIA, to open up investment markets between the two sides and attract investment from Hong Kong in high-potential target industries, focusing on automobiles, auto parts, and printed circuit boards, or PCB. In addition, the agreement will help promote supply chain connectivity and give Thai investors the opportunity to expand their businesses into Hong Kong to connect with the Chinese market. The research team assesses that sentiment toward the SET is positive given the continued approach of drawing foreign investment. Stocks that benefit from the investment theme include industrial estates AMATA and WHA, as well as banks KBANK, KTB, KKP, and BBL.

Kasikorn Thai Securities said in a Thai equity strategy analysis for the fourth quarter of 2026 that Thailand is entering a new upward investment cycle, driven by data center investment and the new Power Development Plan, or PDP2026. It raised its target for the Stock Exchange of Thailand index to 1,680 points, shifting the calculation base to an end-2027 index target under the assumption of market earnings per share of 105 points in 2027 and a price-to-earnings ratio of 16 times, which is in line with the long-term average. Kasikorn Thai Securities expects electricity generating capacity serving data center demand in Thailand to rise to roughly 5 to 7 gigawatts by 2030, following the expansion of data center operators and investment in artificial intelligence infrastructure. For its fourth-quarter 2026 investment strategy, Kasikorn Thai Securities divided its approach into two main themes and selected five standout stocks: BBL, DELTA, BGRIM, SCGP and CPALL. The first theme covers stocks that benefit from the new investment cycle, namely BBL, DELTA and BGRIM, while the second focuses on stocks whose earnings are likely to recover and which can pass on costs, namely SCGP and CPALL.

Foreign investors returned to buying Thai stocks, with net purchases of 52.68226 billion baht from the start of the year through September 22, comprising 6.60989403 trillion baht in buys and 6.55721177 trillion baht in sells. In September alone, net buying reached 1.31328 billion baht, from 626.56138 billion baht in buys and 625.24810 billion baht in sells, marking the highest foreign buying in two months and making the Thai stock market the most sought-after in ASEAN. The supporting factor came from Meta's launch of a new AI model with higher processing efficiency, offered free of charge, which the market expects will extend its advertising business and accelerate demand for AI CAPEX, benefiting Thai component stocks, especially DELTA and HANA. Meanwhile, Infra Tech stocks drew support from the NBTC's proposal for a data center board to set new investment criteria, including requiring operators to have power purchase agreements and water supply certificates, to use domestic materials no less than 50%, and to add sustainability requirements. This is expected to boost industrial estate stocks such as AMATA and WHA, power stocks such as GULF, BGRIM and GUNKUL, bank stocks such as KBANK, KTB, KKP and BBL, as well as contractor stocks such as STECON, PYLON and INSET. At the same time, the Cabinet meeting approved extending the Thai Help Thai Plus 40/60 Phase 2 project by another 2 months, from October 1 to November 30, 2026, with a total budget of 42.69 billion baht, and approved an additional 700 baht per person in product purchase credit for state welfare cardholders for October only, bringing the total injection to 1,000 baht per person. This measure is expected to benefit retail stocks such as CPAXT, BJC and CPALL, as well as consumer goods stocks such as CBG and OSP, in a second-round effect.

Krungsri Securities reported that the setting of new Data Center investment criteria is making continuous progress. Most recently, the NBTC proposed to the Data Center Board three key conditions: operators must have adequate utilities, meaning they must have power purchase agreements, or PPAs, and sufficient water supply service certifications; they must use domestically produced structural materials, construction work and electrical systems at a proportion of no less than 50% to support Thai industry; and a sustainability requirement, or Go Green, must be added, requiring operators to have guidelines to reduce environmental impact, cut carbon emissions and have electronic waste management plans. The research department assesses that this rapid and clear adjustment of the criteria is positive for Thailand's economic direction in the period ahead, and the Local Content condition will help circulate Data Center investment money into other industries. Stocks expected to gain positive sentiment include Infra Tech theme stocks such as AMATA and WHA, power group stocks GULF, BGRIM and GUNKUL, banking group stocks KBANK, KTB, KKP and BBL, and construction group stocks STECON, PYLON and INSET.