Infraset Public Company Limited

The Constitutional Court has ruled that the Election Commission's use of barcodes and QR codes on constituency MP ballots on 8 February 2026 does not violate the constitution, after the Ombudsman filed a petition arguing that the codes could be traced back to individual voters and would breach the principle of secret voting. The court found that in practice tracing is extremely difficult and that adequate safeguards are in place. That election therefore remains valid and does not need to be rerun, and the court merely recommended considering alternative security measures for future elections. The outcome removes the most severe scenario the capital markets had feared, namely a nationwide annulment of the election leading to a political and policy vacuum. With the ruling of no wrongdoing, it is expected to be positive for overall market sentiment and for foreign investor confidence thanks to reduced political risk, especially for large-cap stocks with high foreign holdings and sectors that depend on continuity of government policy, such as construction contractors, power, industrial estates and banks, since the government can continue administering the country as normal. The investment themes that benefit most include industrial estates AMATA and WHA, power producers GULF, GPSC, BGRIM and GUNKUL, contractors STECON, CK, PYLON and INSET, banks KBANK, KTB and KKP, and component makers DELTA and HANA. Meanwhile, in overall trading yesterday, the Thai stock index closed at 1,594.30 points, down 8.07 points, while Thai Airways, or THAI, closed at 6.05 baht, down 0.10 baht or 1.36%, amid a backlog of more than 5,600 pieces of unclaimed baggage. Thai Airways management explained that the main cause was a shortage of manpower, especially baggage handling teams and staff holding ground operation licences who were affected by flooding and unable to travel to work. In addition, Bangkok is Thai Airways' main aviation hub, so when a large number of employees are affected at the same time, the operating system comes under heavy pressure. The issue arose while Thai Airways is pressing ahead with its rehabilitation plan and its operating results have begun returning to profit. What the market and investors must therefore monitor from here on is not just the numbers in the financial statements, but also the efficiency of the operating system and the ability to cope with a crisis.

Sakbaworn Pookkhanasut, Managing Director of Infraset Public Company Limited, or INSET, disclosed that the National Semiconductor and Advanced Electronics Industry Policy Committee, known as the semiconductor board, has set a roadmap and is driving the Made-in-Thailand chip goal, targeting 500 billion baht in investment within five years, or by 2030, and 2.5 trillion baht within 25 years, or by 2050. The company views this as positive for its Data Center business, because building chips within Thailand will bring more Data Center users, and if the government allocates electricity well, such as through a Smart Grid system, it would also benefit Data Center investment. As for the earnings outlook for the third quarter of 2026, after two months it remains in line with plan and continues to grow from the second quarter of 2026. At the end of the second quarter of 2026, the company had a backlog of about 5.838 billion baht, of which roughly 30 to 40 percent is expected to be recognized as revenue this year and about 10 to 15 percent next year. Its six Hyperscale Data Center projects have a combined capacity of about 335 megawatts, and only 20 to 35 percent of revenue has been recognized so far. The remaining 60 to 80 percent will be gradually recognized in the second half of the year and partly continue into the first half of 2027. Currently the company has seven projects awaiting bidding results, with a combined value of more than 5 billion baht, comprising five Data Center projects, one telecommunications infrastructure project and one maintenance job that provides recurring revenue. All bidding results are expected in the third and fourth quarters of 2026. On the analyst side, Krungsri Securities Public Company Limited said Thailand has a high chance of attracting more foreign investment to build up its production base for electronic components and semiconductors, with five industry groups set to benefit: industrial estates such as AMATA and WHA; construction contractors such as STECON, CK and INSET; electronics firms such as DELTA, HANA, KCE and CCET; energy companies such as GULF, GPSC and BGRIM; and banks such as KTB and KBANK. Meanwhile, Yuan Ta Securities (Thailand) Company Limited expects INSET's earnings in the second half of 2026 to remain at a high level, driven by an acceleration in Data Center construction work, and estimates a fair price range for fundamental speculation in 2026 of no more than 5.00 baht. It recommends waiting for the share price to correct until the upside is sufficiently wide before accumulating again.

Analysts at InnovestX Securities said that on September 23, 2026 in New York, the US-ASEAN Business Council and the US Chamber of Commerce organized a meeting bringing senior executives from leading companies together with the Prime Minister of Thailand. The government reaffirmed Thailand's position as a regional hub and gateway to the 700-million-person ASEAN market, while accelerating the finalization of trade agreement terms with the United States and facilitating investment through improvements to the Thailand Fast Pass system. This helped push the value of investment promotion applications in the first half of 2026 to 44 billion US dollars, up 37% year on year, with a goal of lifting Thailand's competitiveness into the world's top 20 by 2030. Yesterday, on September 24, 2026, the Prime Minister visited Google's office at Pier 57 and held talks with Ruth Porat, President and CIO of Alphabet and Google. Google confirmed its investment in the EEC area of Chonburi province through an environmentally friendly data center development plan and a Google Cloud Region project in Bangkok, with a combined value of 1 billion US dollars, or about 36 billion baht. It also plans to establish an Open Data institute to develop digital workforce skills and create opportunities for Thai startups. The analysts therefore view the trade negotiations, progress on Thailand Fast Pass, and the clarity of real investment money at the level of 36 billion baht from a giant like Google as significantly boosting confidence in attracting FDI in technology and clean energy to relocate and expand investment into Thailand, especially the development of Green Data Center standards and SI technology, which will accelerate demand for digital infrastructure, namely data centers, cloud network systems, renewable power, and telecommunications equipment. The advance discussions also help build strong momentum and pave the way for the signing of MOUs or actual investment agreements during the World Bank-IMF global meetings in Bangkok in mid-October, which will support a positive atmosphere for the Thai stock market in the fourth quarter of 2026. The investment strategy therefore recommends Selective Buy in three main themes expected to benefit. The first is the Investment Play theme, expected to benefit directly from the accelerating domestic investment cycle, comprising the industrial estate groups WHA and AMATA, the renewable power plant groups GULF, GPSC, BGRIM, and GUNKUL, the contractors STECON and CK, and the digital infrastructure groups ADVANC, TRUE, and INSET. Next is the Banking Re-rating Play theme, which is seen as still having upside and the chance to be re-rated from accelerating loan growth driven by the private-sector investment cycle that is beginning, and the end of the interest rate cutting cycle, namely BBL, KBANK, and KTB. Finally, the Consumption Play theme will benefit in the short term from accelerating user numbers driven by travel by the US executive delegation and global participants in the World Bank-IMF meetings in October, while in the long term it will benefit from an overall stronger domestic economy, namely the tourism groups AOT, CENTEL, ERW, and MINT, and the commerce groups CPALL, CRC, and CPN.

The government is preparing to invest in a smart grid system, or intelligent power network, with short-term approval expected for a pilot project budget of approximately 10 billion to 20 billion baht, drawn from the 200 billion baht energy transition allocation under the 400 billion baht emergency loan decree. Concrete progress is expected to begin this year. Naphan Chaisaen, Deputy Managing Director of Research and a fundamental investment analyst covering the capital market at Bualuang Securities, told Than Hoon that the medium-term smart grid roadmap for 2022 to 2031 consists of five pillars. The first is Demand Response, which will replace household electricity meters with millions of smart meters, starting in high-usage areas such as Bangkok, its vicinity, major cities, and industrial estates in Rayong and Chachoengsao. Companies with potential in this area are FORTH, SKY, INSET, ALT, and PCC. Next is RE Forecasting, which involves system integrators such as TKC, SECURE, and SAMART. Then comes Microgrid and Prosumer, with GUNKUL and BGRIM. Next is ESS, or energy storage systems, with EA and GPSC. Finally, EV Integration involves FORTH and EA. Investment in the smart grid can also be accelerated without waiting for full clarity on the new Power Development Plan, and it will serve as key infrastructure to support the massive electricity consumption of data centers in the future without affecting electricity costs or the stability of power supply for the general public.

Krungsri Securities stated that the direction for operating Data Centers in Thailand is progressing continuously, with the draft Digital Infrastructure Services Business Act B.E. ...., the main law establishing the regulatory framework for data center, cloud service, and digital platform businesses. It requires operators to obtain licenses from the Ministry of Digital Economy and Society and to post collateral. Meanwhile, large data centers that use electricity up to the threshold must secure their own electricity and water sources, are prohibited from competing for water from public water sources, must use clean energy according to the proportion set by the state, must be located in urban planning areas permitted for factory operations, must conduct EIA/EHIA, and are required to store personal data of Thai individuals and Thai juristic persons within the country as a primary requirement. On the progress of subordinate legislation, the DC Board approved preliminary criteria requiring data centers using electricity from 0.5 megawatts and above to formally register with the Ministry of Digital Economy and Society, and instructed three subcommittees on infrastructure, urban planning, and environment to expedite the drafting of minimum standards for completion within February 2026. Meanwhile, the Bangkok Metropolitan Administration and the Department of Public Works and Town and Country Planning are reviewing a new urban planning draft designating zoning for large data centers in industrial zones in purple areas on the outskirts of the city, and acknowledged progress on the TH-DC Dashboard system by BDI in collaboration with the Ministry of Digital Economy and Society to serve as a national central database. The research department assesses this progress as overall positive and views it as positive sentiment for Infra Tech theme stocks, namely industrial estate developers AMATA and WHA, contractors STECON, PYLON, and INSET, power companies GPSC, BGRIM, WHAUP, and GUNKUL, as well as banks KBANK, KTB, and BBL.

Infraset Public Company Limited, or INSET, has won the auction for three USO 3 projects in the northern region, worth 1.2485 billion baht, as part of the TI joint venture, which comprises True Internet Corporation and INSET, with INSET holding a 49% investment stake. The National Broadcasting and Telecommunications Commission has signed the announcement of the winning bidders for high-speed internet services under the USO 3 project across all five groups via e-bidding, totaling 5.4237 billion baht, of which the northern region work won by INSET is a part. Managing Director Sakbaworn Pukkanasut said the company is awaiting the results of new project auctions worth a combined 5 billion to 6 billion baht. If it secures additional work in the second half of 2026, it could push the backlog past 5.8 billion baht. The company is also pressing ahead with expanding its Data Center and AI business, with six dedicated engineering teams and plans to grow to eight teams. Operating results in 2026 are expected to continue growing from 2025, after the first six months of 2026 saw net profit of 105.22 million baht.

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.

Land and Houses Securities Public Company Limited stated that the direction of the BOI's investment promotion policy is beginning to shift from focusing solely on the value of applications toward tracking actual investment that materialises and the benefits to the Thai economy, including linking SMEs into supply chains, workforce skill development, research and development, and technology transfer. At the same time, the BOI has added 17 more projects under the Thailand FastPass scheme with a combined value of 121 billion baht, while FastPass projects from earlier rounds have already seen more than 21 billion baht in actual investment. The brokerage views that reducing procedures and easing constraints on project implementation will help accelerate the transition from investment plans to actual spending, and that increasing linkages with domestic operators will help investment money flow through to Thai businesses and workers more effectively. It assesses that the benefits to the SET will not be evenly distributed across all industries, but will favour companies that can clearly convert investment money into domestic revenue, especially industrial estate groups, Data Center contractors, electrical and public utility network providers, and banks with business customer bases and project loans. The beneficiary stocks include AMATA and WHA on demand for industrial land, with WHA recording land sales of 1,199 rai in the first half of 2026 and 1,464 rai in pending transfer sales, while AMATA had land sales of 377 rai in the first half of 2026 and pending transfer sales of about 18.4 billion baht. INSET benefits from Data Center investment, with second-quarter 2026 revenue from Data Center work rising to 670 million baht, up 451% year on year, from six projects totalling 335 MW, lifting net profit to 64 million baht, up 652% year on year, with a backlog at the end of the second quarter of 2026 of about 4.5 billion baht, rising to about 5.7 to 5.8 billion baht after winning new work in the third quarter of 2026. BGRIM, GULF and RATCH have opportunities from electricity demand and Data Center expansion, with BGRIM developing a Hyperscale Data Center in Chonburi targeting maximum service capacity of 96 MW, while GULF aims to expand Data Center capacity to 300 to 500 MW within three to five years, and RATCH is in talks with five to six operators with potential to support about 300 to 1,400 MW. WHAUP and EASTW are supported by rising water demand, with EASTW having begun supplying water to Data Center customers in Chonburi since May 2026 and planning to add two more customers within this year. GUNKUL expects its backlog at the end of 2026 to be about 5 to 6 billion baht, supporting revenue in 2027, while BBL and KBANK have opportunities from financial services across the entire investment chain, from project loans and business loans to working capital, cash management services and foreign exchange transactions.

Phetchsrivichai Enterprise Public Company Limited, or PCE, reported second-quarter 2026 net profit up 59.5%, driven by higher revenue recognition from value-added products, especially biodiesel (B100) and refined bleached deodorized palm oil (RBDPO), along with strong cost control. Executive Pornpipat Prasitsupaphol said that in the second half of 2026 the company will push into the production and sale of biodiesel (B100) to serve domestic consumption under government policy, and will expand its edible palm oil production plant, expected to be completed in the fourth quarter of 2026, to capture high growth opportunities in the food industry. Meanwhile, T.A.C. Consumer Public Company Limited, or TACC, is pressing ahead in the beverage market with two new "pang yen" menu items, matcha green tea pang yen and Thai tea pang yen, to be sold at All Cafe outlets in 7-Eleven stores nationwide from August 13, 2026. Executive Chatchavee Wattanasuk expressed confidence that the new products will be well received and will help drive 2026 revenue growth of more than 10% in line with the target. Thai Reinsurance Public Company Limited, or THREL, reported second-quarter 2026 net profit surging 239% to 32 million baht, with reinsurance premiums received up 6% to 1,112 million baht and insurance operating profit jumping 69% to 59 million baht, pushing its combined ratio down to 88.8%. Chief Executive Wipol Vorasahut said he is confident 2026 results will swing back to profit as targeted. Infraset Public Company Limited, or INSET, reported second-quarter 2026 earnings of 63.66 million baht, up 652.33% from the same period a year earlier, reflecting continued growth in its data center and cloud businesses. Its board approved an interim cash dividend of 0.05 baht per share, with payment set for September 9, 2026. Managing Director Sakbovorn Pukkanasut said the outlook for the second half is bright and that the company will bid for more than 5 billion baht in new work. Euroasia Total Logistics Public Company Limited, or ETL, reported first-half 2026 service revenue of 1,083 million baht, an increase of 227.4 million baht, or 27%, from the same period a year earlier, with gross profit tripling on continued growth in trip volumes, supported by imports of electronics and data center goods and the relocation of manufacturing bases within ASEAN, according to executive Thanet Mekhintarangkoon.

True Internet Corporation, under True Corporation, or TRUE, is one of the winners of the auction for the project to provide universal basic telecommunications services and social services, Phase 3, or USO 3, which the NBTC announced on 11 September 2026. TRUE won 2 of 5 groups: the northern group, worth 1.25 billion baht, together with Infraset, or INSET, and the central group, worth 762 million baht, together with Wire and Wireless. As a result, the two projects have a combined contract value of approximately 2.01 billion baht. For the remaining 3 regions, the winners include groups whose members are Thaicom, or THCOM, Interlink Telecom, or ITEL, and Turnkey Communication Services, or TKC. The proportion held by TRUE in each joint venture group has not yet been disclosed. The financial benefit figures estimated from the full contract value therefore represent the upper bound, and the revenue actually recognised by TRUE may be lower than the estimate in line with its participation proportion in the project. Payment terms are divided into 2 phases. In the first phase, network planning and installation, payment is received in 3 installments within the first year after signing, accounting for 47% of the contract value. The other phase, 53%, is gradually recognised over 5 years. Tisco Securities expects the contract signing to take place in late 2026, leading TRUE to begin recognising revenue from the first-phase work in 2027 of approximately 945 million baht, or only 0.5% of its total revenue estimate of 192 billion baht, while revenue from the operating phase will begin to be gradually recognised from 2028. Although the auction result is a positive factor, the impact on estimates remains limited because government work carries relatively low margins. Assuming a net margin of 5%, the additional net profit would account for only 0.2% of the net profit estimate of 27.5 billion baht. Tisco Securities maintains its buy recommendation on TRUE with a fair value based on discounted cash flow of 16 baht per share, based on a weighted average cost of capital of 8.3%, equivalent to a 2026 price-to-earnings ratio of 23 times, below the 5-year historical average of 27 times.

Infraset Public Company Limited, or INSET, announced that its share buyback programme for financial management has ended on 15 September 2026. Managing Director Sakbaworn Pukkanasut stated that the company repurchased a total of 4 million shares, representing 0.49% of all issued shares, with a total value of 11.33 million baht, against a budget framework set at no more than 116 million baht and a maximum buyback of 40 million shares, or 4.92% of all issued shares. The programme was approved by the company's board of directors meeting on 10 March 2026, and the buyback was carried out through the Stock Exchange of Thailand's trading system between 16 March and 15 September 2026.

The global AI investment wave is driving foreign capital into Thailand's infrastructure sectors, including data centers, power systems, cooling systems, PCB and storage. Data from Kasikorn Thai shows that in the first half of 2026, Thailand received investment promotion applications totaling 1.47 trillion baht, up 37% from a year earlier, while foreign capital rose 80% to 1.36 trillion baht, led by the digital and electronics industries. Among the stocks seen as direct beneficiaries is DELTA, which makes power supply and cooling systems for data centers and is ramping up commercial production of liquid cooling systems. HANA is viewed as the Thai stock market's new AI proxy, with AI-related products set to enter production lines in the second half of 2026. KCE is expected to benefit from the semiconductor upcycle and tight PCB supply, which could support selling prices and profits in the second half of 2026. SMT gains from the shift to optical connectivity, while CCET benefits from rising demand for both HDD and SSD storage as AI computing generates massive volumes of data. INSET has seen a flood of project inquiries, while WHA and AMATA stand to gain because data center businesses use roughly 12 to 16 times more electricity and water than general industrial plants, meaning industrial estate revenue does not end on the day land is sold but continues through long-term utility income. If foreign capital flows and data center investment accelerate further in 2027, the Thai stock market may see an increasingly clear picture of an AI ecosystem.

The National Broadcasting and Telecommunications Commission, or NBTC, has announced the winners of the USO 3 auction, a procurement of high-speed internet services under the project to provide universal and social basic telecommunications services in areas that lack or still have inadequate coverage, for public health, public benefit, and security purposes. The project has a total value of 5.42 billion baht, divided into 5 contracts. A subsidiary of True Corporation Public Company Limited, or TRUE, was among the winners and secured 2 contracts worth a combined 2.01 billion baht. These comprise the northern region contract, valued at 1.25 billion baht, won in partnership with Infraset Public Company Limited, or INSET, under the joint venture name TI, and the central region contract, valued at 761.50 million baht, won in partnership with Wire and Wireless Company Limited under the joint venture name TW. Meanwhile, Interlink Telecom Public Company Limited, or ITEL, and Thaicom Public Company Limited, or THCOM, joined forces under the joint venture name TCI to win 2 contracts worth 2.45 billion baht: the northeastern region contract, valued at 1.88 billion baht, and the eastern and western regions contract, valued at 564 million baht. ITEL, together with Turnkey Communication Services Public Company Limited, or TKC, under the joint venture name Interlink TKC, won the southern region contract, valued at 965.70 million baht. Krungsri Securities noted that initially no USO 3 project has been factored into its calculations. Revenue recognition from USO 3 would amount to 950 million baht; applying a net profit margin of 15% would boost profit in 2027 by 71 million baht, and by 14 million baht from 2028 onward, which is considered very small compared with TRUE's profit level of 31 billion baht in 2027.

Shares in the beneficiaries of the USO 3 universal and social telecommunications service project rose in unison after the National Broadcasting and Telecommunications Commission announced the winners of all five packages, with a combined budget of 5.42 billion baht. Leading the gainers was Interlink Telecom, or ITEL, whose shares stood at 1.66 baht, up 0.18 baht, or 12.16%. Thaicom, or THCOM, was at 10.40 baht, up 0.40 baht, or 4.00%. Infraset, or INSET, and Turnkey Communication Services, or TKC, were both at 4.54 baht, up 0.14 baht, or 3.18%. On September 11, 2026, Trairat Viriyasirikul, deputy secretary-general of the NBTC and acting secretary-general, signed the announcement of the winners of the electronic bidding for high-speed internet services under the USO 3 project across five packages. Package 1, the northern region, went to the TI consortium, comprising True Internet Corporation under True Corporation, or TRUE, and INSET, at a price of 1.25 billion baht. Package 2, the northeastern region, went to the TCI consortium, comprising THCOM and ITEL, at a price of 1.88 billion baht. Package 3, the central region, went to the TW consortium, comprising True Internet Corporation and Wire and Wireless, at a price of 761.50 million baht. Package 4, the eastern and western regions, went to the TCI consortium, comprising THCOM and ITEL, at a price of 564.00 million baht. Package 5, the southern region, went to the Interlink TKC consortium, comprising ITEL and TKC, at a price of 965.70 million baht. Asia Plus Securities said in a research note that THCOM received a boost from teaming up with ITEL to win two of the five contracts in the Phase 3 border internet project, with a combined value of about 2.45 billion baht, and assessed that the bidding outcome would generate revenue with certainty throughout the five-year contract term, with revenue recognition expected to begin in early 2027. It raised its 2027 profit forecast from 381 million baht to 729 million baht and lifted its 2027 target price from 11.30 baht to 11.80 baht using the DCF method, while upgrading its recommendation from Trading to Buy.

INSET's top executive stated that the Data Center board's order to temporarily halt construction of all Data Center projects for one month has no impact on the company, and sees it as an opportunity for the government to encourage more use of Thai services and Thai entrepreneurs. Meanwhile, Q3/2026 performance continues to grow as planned, with a backlog of 5,838 million baht and pending bids for new projects worth over 5,000 million baht, including an EBIT target for 2028 of 468-522 million baht. Mr. Sakbovorn Pukkanasut, Managing Director of Infraset Public Company Limited (INSET), revealed that the measure to slow Data Center construction for just one month does not significantly affect the company, and views it positively because if new criteria require Thai participation, it would be a golden opportunity to win projects. The Q3/2026 trend remains on plan and grows from Q2 due to revenue recognition from work in hand. Backlog at the end of Q2/2026 stood at 5,838 million baht, expected to recognize 30-40% this year and another 10-15% next year. For the six Hyperscale Data Center projects with a total capacity of 335 megawatts, only 20-35% of revenue has been recognized, with the remainder to be recognized in the second half and continuing into the first half of 2027. Currently, there are seven projects awaiting bid results with a total value of over 5,000 million baht, comprising five Data Center projects, one Telecom project, and one maintenance project, with results expected in Q3-Q4/2026. Under the JUMP+ plan, the EBIT target for 2028 is 468-522 million baht, with the first half of 2026 achieving 136.72 million baht and an EBIT margin target of 12.5-14.7%.

Land and Houses Securities (LHS) assesses that the SET Index in September 2026 will move within a range of 1,550–1,630 points, with a tendency to swing sideways and fluctuate according to event risk, after a strong rally and facing profit-taking. Meanwhile, fundamentals remain strong due to good listed company earnings, prompting LHS to raise its 2026 SET EPS forecast to 106 baht per share and assess a fair value of 1,700 points. It views the weakness as a consolidation rather than a downtrend. Key international factors to monitor are the FOMC meeting and the Dot Plot, while US-Iran tensions may impact oil prices. On the domestic front, Q2/2026 GDP expanded 1.9%, but private investment grew 13.4% and exports grew 12.5%, reflecting a transition to investment and export-led growth, especially in data centers and clean energy. The strategy recommends selective buying on weakness, focusing on three themes: dividend and value plays, data centers and energy transition, and earnings growth. Recommended stocks are BCP, KKP, INSET, GUNKUL, and COM7.

Land and House Securities assesses that the SET Index in September 2026 will move within a range of 1,550–1,630 points, with a tendency to fluctuate sideways and be volatile according to event risk after a strong rally and profit-taking pressure. Meanwhile, the downside is supported by strong corporate earnings. The research department has raised its SET EPS forecast for 2026 to 106 baht per share and assesses the fair value at 1,700 points, viewing the weakness as a consolidation rather than a downtrend. Foreign factors to monitor include the FOMC meeting and the new Dot Plot, as well as US-Iran tensions and the risk in the Strait of Hormuz. Domestic factors remain positive due to the investment cycle, with 2Q69 GDP slowing to +1.9% YoY, but private investment accelerating +13.4% YoY and exports expanding +12.5%, reflecting a transition to investment and export-led growth, especially in FDI, Electronics/AI, Data Center, and Digital Infrastructure. The strategy recommends selective buying on weakness, focusing on three main themes: dividend and value play, data center and energy transition, and earnings growth, with five recommended stocks: BCP, KKP, INSET, GUNKUL, and COM7.

Infraset Public Company Limited, or INSET, reported second-quarter net profit for 2026 of 63.66 million baht, up 652.33% from the same period last year. This lifted first-half net profit to 105.22 million baht, an increase of 456.04% from a year earlier, driven by its data center and cloud business. The board approved an interim dividend of 0.05 baht per share, with the stock trading ex-dividend on 25 August 2026 and payment on 9 September 2026. The company is currently bidding for and awaiting results on new projects in data centers, telecommunications, and maintenance work worth more than 5 billion baht in total. It currently has a backlog of 5.8 billion baht, which will be recognised over the next one to two years.

Several mid- and small-cap stocks reported standout profit growth for the second quarter of 2026. TITLE posted a profit of 251 million baht, up 32-fold, driven by the transfer of three major Phuket condominium projects, bringing first-half profit to nearly 293 million baht. CNT reported a profit of 159 million baht, up more than 1,900 percent, thanks to large construction projects and data center work. TKS posted a profit of 168 million baht, up 1,311 percent, boosted by share of profit from associates and its IT ecosystem portfolio. STGT reported first-half profit of 950 million baht, supported by a recovery in rubber gloves and higher margins. PAP posted first-half profit of 425 million baht and will pay a dividend of 9 satang per share. INSET has a backlog of more than 5.8 billion baht and is bidding for nine new projects worth over 5 billion baht. BKGI expects 2026 growth of up to 30 percent, driven by its cancer diagnostics business and government policies supporting genomic medicine.

Infraset Public Company Limited, or INSET, reported second quarter 2026 net profit of 63.66 million baht, up 652.33 percent from the same period last year, with total revenue of 722.52 million baht, an increase of 217.58 percent from 227.51 million baht a year earlier. First half profit was 105.22 million baht, up 456.04 percent from 18.92 million baht, while total revenue reached 1.376 billion baht, up 162.16 percent from 525.20 million baht. The board approved an interim cash dividend of 0.05 baht per share, totaling 40.12 million baht, with the record date for shareholders entitled to the dividend set for 26 August 2026 and payment on 9 September 2026. The company is currently bidding for nine new projects worth more than 5 billion baht in total, comprising six data center projects, one telecom project, and one merger and acquisition project. Its current backlog stands at 5.8 billion baht, which will be recognized as revenue over the next one to two years, and the company expects 2026 performance to set a new record high.

Infraset Public Company Limited, or INSET, has announced an interim cash dividend of 0.05 baht per share from its operating results for the period from January 1, 2026 to June 30, 2026. The board of directors passed a resolution on August 11, 2026, setting the record date for shareholders entitled to receive the dividend on August 26, 2026, with the XD date on August 25, 2026. The dividend will be paid on September 9, 2026.

Krungsri Securities forecasts Thai stock market profits for the second quarter of 2026 at 250 to 280 billion baht, down 15 to 24 percent from a year earlier and down 19 to 26 percent from the previous quarter. The refinery group saw volatile earnings on the downside, while the industrial goods, ICT, and power sectors are expected to post profit growth. The research team recommends a speculative strategy on stocks whose results will stand out or have passed their trough. Stocks expected to show Q2 profit growth both year-on-year and quarter-on-quarter include PTTEP, SCC, SCGP, ADVANC, TRUE, BH, IVL, THANI, TNP, MOSHI, BA, AP, INSET, and ADVICE. Stocks for which Q2 is likely the year's low point and earnings will accelerate in the second half of 2026 include KTB, KBANK, AOT, BDMS, EGCO, ICHI, THAI, and TFG. The top picks are ADVANC, SCC, IVL, BH, KBANK, AOT, and ICHI.

Analysts expect that the clarity of the new Data Center business regulations, which the government is preparing to approve, will help attract investment and benefit stocks in technology infrastructure, power, construction contracting, telecommunications, and industrial estates. The Board of Investment has already approved Data Center and Cloud Service projects worth over 958 billion baht. Power plant and utility groups such as WHAUP are expected to benefit from sales of industrial water and electrical systems, while GUNKUL, GULF, BGRIM, and STECON will gain from engineering systems, clean energy, and Data Center building construction. In the electronics sector, DELTA is highlighted as a standout stock due to demand for power supply systems and cooling technology for AI servers. HANA and KCE are supported by orders for high-end printed circuit boards, and WHA benefits from selling land in industrial estates to foreign investors. Additionally, BCPG is gaining from natural gas power plants in the United States that are seeing electricity demand from Data Centers, while INSET, ITEL, and SYMC have opportunities to undertake Data Center system installation, co-location services, and fiber optic network projects.

INSET is preparing to bid for a data center project worth approximately 70 billion baht from True IDC, an existing client, and is confident of a high chance of winning due to familiarity and past experience. The company currently has a backlog of about 6.4 billion baht and is awaiting results for another 4 to 5 new projects worth a combined 5 billion baht, with outcomes expected in the third and fourth quarters of 2026. Meanwhile, Krungsri Securities has raised its 2026 profit forecast for INSET by 10.6 percent, projecting a 477 percent surge in earnings, and set a new target price of 6.15 baht.

Krungsri Securities says True IDC is in talks to borrow around two billion US dollars, or about 67 billion baht, to invest in a new data centre on the outskirts of Bangkok, according to a Bloomberg report. The research team estimates the sum represents 0.35 percent of GDP and will be positive for the Thai stock market, as well as stocks in related investment themes. Among the groups expected to benefit first are banks KBANK and KTB, contractors STECON, PYLON, and INSET, along with TRUE as a company within the same group.

Infraset Public Company Limited, or INSET, has received the Key Project Breakthrough Award at the Huawei Thailand Supplier Convention 2026. This award reflects INSET's capabilities in mechanical, electrical, and plumbing engineering, or MEP, which is a critical component in the construction and expansion of artificial intelligence infrastructure and national data centers. INSET is participating in the Thailand AI Ecosystem Initiative to elevate Thailand into an AI hub for ASEAN. The event was held at the Queen Sirikit National Convention Center, bringing together partners and leaders in the technology industry to update on Industrial AI trends and exchange business strategies.

Koraphat Vorachet, Assistant Managing Director and Head of Research at Krungsri Securities, said infrastructure, energy, and digital services stocks are likely to benefit significantly from the expansion of the data center business. GULF is the top large power plant stock to watch, given its capacity to meet rising electricity demand from data center investments, while GPSC and BGRIM are also interesting power plant plays. In digital services and cybersecurity, stocks to watch include BBIK, BE8, and SECURE. INSET is a key player in system integration and infrastructure construction for data centers. The cabinet has approved Thailand's first Big Data strategic plan, covering 2025 to 2027, aiming to develop the country's data infrastructure, promote AI adoption, and train at least 160,000 personnel by 2027, while targeting economic value from Big Data to grow by no less than 35 percent by 2027.

Krungsri Securities, or KSS, assesses that the Thai stock market is in a consolidation phase, with resistance framed at 1,650 and 1,665 points and support at 1,630 and 1,626 points. This comes amid pressure from Brent crude oil prices surging past $100 per barrel, the US 10-year Treasury yield climbing to test 4.7%, its highest in 1 year and 7 months, and the baht weakening to a 15-month low of 33.82 per dollar. Also weighing are US import tariff measures under Section 301 at rates of 10 to 12.5% on 60 countries, effective from 24 July 2026, though the impact on Thailand is limited as key exports like electronic parts and semiconductors are not covered. KSS expects stocks in the energy, energy security, and commercial banking sectors to be the main pillars supporting the index. It recommends standout energy stocks including PTT, PTTEP, BCP, TOP, and SPRC. In banking, it recommends KBANK and KTB. In telecoms, it recommends ADVANC and TRUE. In construction, it recommends STECON, PYLON, and INSET. In industrial estates, it recommends AMATA and WHA.

Dao Securities assesses that the Thai stock index is likely to swing sideways in a narrow range near the short-term target of 1,630 to 1,650 points, amid global investor caution toward technology stocks and the still-sensitive war situation. The Thai market is supported by fund flows and higher crude oil prices, but caution is needed against profit-taking as it approaches resistance levels. On the domestic front, discussions between the prime minister and President Xi Jinping have led to the acceleration of the Thailand-China railway project and expanded cooperation in technology and AI, which is expected to support industrial estate and technology stocks. Meanwhile, the Ministry of Transport is pushing ahead with a common ticket policy for electric trains at 17 to 45 baht and studying congestion charges to subsidize mass transit systems. Overseas, the US stock market recovered on semiconductor stocks, but investors are still watching earnings from major technology companies. The Middle East situation remains tense even though Iran has signaled openness to diplomatic talks. The Chinese stock market rebounded after a national fund stepped in to buy and support the market, and authorities prepared to meet with financial institutions to restore confidence. The investment strategy focuses on Selective Buy, benefiting from fund flows and China-Thailand cooperation. Oil stocks such as PTTEP, TOP, and SPRC continue to benefit from US-Iran tensions, while stocks expected to gain from the World AI Conference include ADVANC, TRUE, INSET, AMATA, WHA, GULF, GPSC, DELTA, HANA, and KCE. The recommended portfolio adds MTC and OR, comprising MTC, OR, WHA, GULF, TOP, HMPRO, TRUE, CRC, PTTEP, and PTT, each at a 10% weighting.

Dao Securities assesses that 10 Thai stocks will benefit from China's artificial intelligence policy, following discussions between Thailand's prime minister and President Xi Jinping, during which China expressed readiness to support Thailand as a regional hub for electric vehicle manufacturing, artificial intelligence, and data centres. The stocks expected to gain include ADVANC, TRUE, INSET, AMATA, WHA, GULF, GPSC, DELTA, HANA, and KCE. Dao has added WHA, GULF, and TOP back into its recommended portfolio, amid an overall market roiled by Middle East tensions and a global sell-off in technology shares. However, energy stocks such as PTTEP and oil refineries continue to receive a boost from surging oil prices.

Dao Securities Thailand estimates the SET Index will trade in a range of 1,620 to 1,650 points this week, expecting volatility from heightened Middle East tensions after Iran's military launched attacks on US bases, pushing Brent crude oil prices above 90 US dollars per barrel for the first time since 11 June 2026. In terms of investment strategy, the firm recommends selective buying of stocks benefiting from the conflict and capital inflows. Top picks in the oil sector include PTTEP, TOP, and SPRC. Stocks expected to gain from the Thai prime minister's visit to China for discussions on AI and EV cooperation include ADVANC, TRUE, INSET, AMATA, WHA, GULF, GPSC, DELTA, HANA, and KCE. Dao Securities has adjusted its recommended portfolio, bringing WHA, GULF, and TOP back into the portfolio.