Indorama Ventures PCL

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.

Krungsri Securities maintains its Base-Best target for the Thai stock market index this year at 1,680-1,750 points, based on EPS of 103 baht, up from 98 baht, at a P/E of 17.0 times. The near-term momentum comes from the earnings quality of two main groups: those benefiting from energy and inflation, and those gaining momentum from the upstream AI CAPEX cycle, which is expected to help listed companies' profits continue expanding for at least two more quarters, namely the third and fourth quarters of this year. The research team assigns an Overweight investment weighting to three main groups: the group benefiting from the CAPEX cycle, covering the power sector with a recommendation for GULF, banking with a recommendation for KBANK, electronic components with a recommendation for DELTA, and construction contracting with a recommendation for SCC; the NTM Re-ratings group with potential to recover over the next 12 months or re-enter the MSCI index, such as THAI, PTTGC and TOP; and the agriculture and food group, covering agricultural substitutes, which benefits from Super El Niño, such as IVL. At the same time, it has raised its forecast for Thailand's GDP this year to 2.1% from 1.9%, supported by private investment rising 8.6% and exports rising 14.0%. Meanwhile, the pipeline of large-scale investment covers FDI/BOI, the PDP2026 worth 2.14 to 2.48 trillion baht, and mega projects worth 1.3 trillion baht. For the fourth quarter of 2026, the research team expects the index to move within a support range of 1,560 to 1,550 points and a resistance range of 1,680 to 1,750 points, with top picks for the fourth quarter of 2026 being TOP, PTTGC, SCC, IVL, GULF, DELTA and KBANK.

Boston Consulting Group, or BCG, the World Business Council for Sustainable Development, or WBCSD, and the Council for Inclusive Capitalism have jointly developed the Just Transition Financing Framework to connect financial structures with tangible impact, particularly by helping SMEs and MSMEs access opportunities, adapt, and compete in the green and digital economy. The framework consists of seven parts covering funding sources, types of capital, intermediaries and partners, support mechanisms, funding recipients, ultimate beneficiaries, and use of funds. There are four groups that must be taken into account: workers, consumers, SMEs and MSMEs, which account for roughly 99% of businesses and contribute about 35% of GDP, and communities. This concept was one of the key topics at the ESG Symposium 2026 under the theme ASEAN in Action: Powering Inclusive Green Transition on September 1, 2026 at SCG headquarters, featuring case studies from Saraburi Sandbox, Indorama Ventures, or IVL, which issued a Sustainability-Linked Bond worth 10 billion baht, and Petronas, which has more than 1,022 suppliers participating in its programme through more than 55 training sessions, with 95% of participants reporting that they genuinely gained knowledge and developed skills. Conclusions from the workshop indicated that the design of Just Transition Financing should begin with the beneficiaries and the purpose of the funding, and then determine the appropriate mechanisms, intermediaries, types of capital, and funding sources, while using Blended Finance to reduce investment risk for SMEs.

Bualuang Securities stated that the Thai stock market has once again cleared the domestic political hurdle after the court ruled that the lawsuit over barcodes and QR codes on election ballots did not violate the constitution. It views that policies pursued over the past nine months can continue, and that the government's stable footing is a positive for the outlook of Thai equities going forward. It also noted that the market is beginning to see stocks rotate out of the banking group, in line with its recommendation to take profits for a trading round, and is starting to gradually take profits in the commodities group to rotate into the next group such as power producers. As for concerns over US bond yields approaching a peak, it assesses this as consistent with the statistical view, with the implication that a correction tends to follow after hitting a high for the month. It therefore maintains its recommendation to begin accumulating stocks that move inversely to bond yields, and has added power producers BGRIM and GPSC to the portfolio. Meanwhile, the average Dubai price last week fell 11.84 US dollars per barrel week-on-week to 113.06 US dollars per barrel, and Singapore refining margins recovered 3.17 US dollars per barrel week-on-week but remained negative at -1.44 US dollars per barrel. The highlight this week is the sharp recovery in petrochemical spreads across all products, with Ethylene up 34 US dollars per tonne to 278 US dollars per tonne, Propylene up 19 to 283 US dollars per tonne, HDPE up 94 to 423 US dollars per tonne, and PP up 164 to 523 US dollars per tonne, which outperformed the energy group this week. The NEX coal price rose 1% week-on-week to 143.92 US dollars per tonne, while the BDI gained 2% week-on-week to 3,432 points and Supramax rose 2% to 1,779 points. The World Container Index fell 1% week-on-week to 4,468 points. It also recommends switching from refinery stocks into petrochemicals, choosing IVL and PTTGC, while maintaining an equal weight in the energy group versus the market, an overweight in the petrochemical group, and an underweight in the shipping group.

DBS Vickers Securities (Thailand) said in an analysis that it is maintaining its Neutral investment weighting on energy and petrochemical stocks, noting that the five business groups, namely upstream, refining, petrochemicals, power plants, and oil retail, each have different drivers. It highlighted eight top picks. The upstream group, which includes PTTEP and PTT, faces short-term pressure from lower oil prices, with Dubai crude falling 11.84 US dollars to 113.06 US dollars per barrel, though still well above the 2025 average of about 70 US dollars per barrel. The top pick in this group is PTTEP. The refining group, which includes BCP, IRPC, PTTGC, SPRC, and TOP, is supported by a recovery in Singapore refining margins of 3.17 US dollars to minus 1.44 US dollars per barrel. The top picks are BCP and SPRC. The petrochemical group, which includes IRPC, IVL, PTTGC, SCC, and TOP, benefits from a broad increase in price spreads after naphtha prices fell 33 US dollars per ton. The top picks are PTTGC and SCC. The power plant group, which includes BGRIM, GPSC, and GULF, has improved in the short term on weaker JKM gas prices, down 1.80 US dollars to about 26 US dollars per million British thermal units. The top picks are GULF and GPSC. The oil retail group, which includes OR and PTG, benefits from a 0.71 baht increase in diesel marketing margins to 2.00 baht per liter after pump retail prices were raised on September 24, 2026. The top pick is PTG.

Bualuang Securities reported that the average Dubai price last week fell 11.84 US dollars per barrel week-on-week to 113.06 US dollars per barrel, driven by expectations for negotiations to end the US-Iran war and by rising supply after Saudi Arabia restored the East-West pipeline. Meanwhile, Singapore refining margins recovered 3.17 US dollars per barrel week-on-week but remained negative at -1.44 US dollars per barrel. The highlight this week was a sharp rebound in petrochemical price spreads across every product tracked: Ethylene rose 34 US dollars per tonne to 278 US dollars per tonne, Propylene gained 19 to 283 US dollars per tonne, HDPE gained 94 to 423 US dollars per tonne, and PP gained 164 to 523 US dollars per tonne, a recovery more pronounced than in the energy group this week. On coal, the NEX price rose 1 percent week-on-week to 143.92 US dollars per tonne. Dry bulk freight rates improved, with the BDI up 2 percent week-on-week to 3,432 points and the Supramax index, a key indicator for PSL and TTA, up 2 percent to 1,779 points, while the World Container Index fell 1 percent week-on-week to 4,468 points. Given that refinery share prices have already priced in a high level of refining margins, the recommendation remains to switch from refinery stocks into petrochemicals, choosing IVL and PTTGC. The Red Sea blockade also continues to support freight rates and opens short-term trading opportunities in shipping stocks. The brokerage maintains an equal weight on the energy group, an overweight on petrochemicals, and an underweight on shipping.

Krungsri Securities estimates that the flood situation in Bangkok, caused by a strong low-pressure cell in the Bay of Bengal that has strengthened the southwest monsoon, will have a negative short-term impact on the Thai stock market. Krungsri economists estimate the impact at about 0.16% of GDP, assuming the floods affect 25% of Bangkok's GPP for one week, since Bangkok is the main economic area accounting for roughly 34% of GDP in 2024. They estimate that the SET is likely to fall by 0.25-0.5% in response, given the limited impact. The research team notes that the main severity occurred during the weekend holiday, and that mechanisms to reduce the impact now exist, such as working and studying from home, while the industrial sector, including industrial estates, has not yet seen any significant impact. However, the monsoon trough passing through the main EEC area must be monitored. As for dam water levels on 27 September 2026, they stood at 77% nationwide, compared with 88% on 27 September 2011, and water discharge through Nakhon Sawan province remains about 2-3 times lower than in 2011, leading to the assessment that compounding effects from water released from the North are unlikely to occur in 2026, with the risk picture significantly lower than in the severe flood year of 2011. Stocks that benefit in the short term include consumer staples retailers such as CPALL, mass transit, and groups that benefit from home repairs such as HMPRO, GLOBAL, DOHOME, SCC and TASCO. Groups viewed negatively include insurance, hire purchase, banking, tourism, aviation, property, restaurants and industrial estates. Krungsri picks Global Plays Energy Security stocks, namely TOP, PTTGC, IVL and the components maker DELTA, ahead of trading gains in consumer staples retailer CPALL, and recommends accumulating tourism stocks AWC and ERW on dips.

Suwat Sinsadok, Managing Director of Globlex Securities, told "Than Hoon" that oil prices are likely to remain elevated for at least another six months, with a base-case floor of 70 to 80 dollars per barrel and a chance of swinging up to 80 to 90 dollars per barrel. He noted that commercial and strategic petroleum reserves in many countries around the world have fallen to very low levels. He also pointed out that a key window of roughly one to two months could see the opposing sides return to the negotiating table, under pressure from the U.S. general election and the start of winter. Even if talks conclude, repairing damaged production facilities in Russia and the Middle East will take time, meaning supply will not recover quickly over the next six months. On investment strategy, he still favors the energy and refinery groups, viewing the government's move to skim 4 baht per liter from refining margins as a negative but tolerable factor, because global refining margins, or GRM, remain above 10 dollars per barrel and the diesel crack spread is around 50 dollars per barrel. PTT is the top pick, while TOP is given a fundamental target price of 88 baht, BCP just over 75 baht, and SPRC 15.50 baht. For petrochemicals, he recommends focusing on stocks that also have refineries, seeing IRPC and PTTGC as beneficiaries, followed by IVL.

September earnings estimates for the SET were revised up a further 0.7% month on month and 15.6% since the start of the year, driven mainly by sectors benefiting from higher energy and commodity prices. Petrochemicals led the way with a 6.2% month-on-month increase, as PTTGC rose 13% and IVL gained 7%. The energy sector rose 1.8%, led by refiners BCP up 26%, TOP up 10% and SPRC up 9%, which lifted the estimate for sector heavyweight PTT by a further 2%. The agricultural sector rose 2.1% on higher rubber prices, with STA's earnings estimate revised up 26%. However, the upward revisions are no longer as broad-based as before: fuel station operators PTG fell 26% and OR dropped 4%, while power plant groups SPP, BGRIM and GPSC slipped 2% and 1% respectively. In real estate, LH fell 1% and ORI dropped 13%, reflecting a growing divergence in earnings estimate trends between sectors and individual companies. Stocks still seeing upward revisions included AWC up 8%, CENTEL up 5%, BJC up 4%, CRC up 3%, AMATA up 8% and GUNKUL up 2%.

Bualuang Securities (BLS) has revised up its earnings estimate for the Thai stock market in September by 0.7% month-on-month and 15.6% since the start of the year. Piriyapon Kongwanich, Director of Investment Analysis for Wealth Management, said the main driver came from groups benefiting from energy and commodity prices amid prolonged wars. The petrochemical group was raised 6.2% month-on-month, led by PTTGC up 13% and IVL up 7%, while the energy group rose 1.8% on refineries BCP up 26%, TOP up 10% and SPRC up 9%, pushing PTT up another 2%. The agricultural group rose 2.1% on higher rubber prices, with STA raised 26%. On the other side, groups whose costs are linked to energy prices were revised down, led by PTG down 26% and OR down 4%, as well as SPP power plants such as BGRIM down 2% and GPSC down 1%. Meanwhile, businesses sensitive to the economy such as property, LH down 1% and ORI down 13%, also faced downgrades. This reflects a clearer divergence in earnings direction between industry groups and individual companies. The strategy therefore focuses on Earnings Leaders with strong profits. CRC is expected to post core profit growth of 25 to 30% year-on-year in the third quarter of 2026 from same-store sales growth of around 2% and revenue growth of about 4% year-on-year. CBG is supported by domestic energy drink sales growing 10% year-on-year. BH and BDMS are entering a seasonal profit recovery period. AOT, AWC and CENTEL benefit from tourism entering the high season, with AOT's winter slots from October 2026 to March 2027 up 4% year-on-year and AWC's RevPAR in July to August up 23% year-on-year, while CENTEL rose 5 to 6% year-on-year. AMATA is supported by data center demand adding clarity to profits, and GUNKUL benefits from a recovery in wind power plants along with investment opportunities in transmission systems.

The US Federal Reserve voted unanimously 12–0 to raise interest rates by 0.25% to a range of 3.75–4.00%, its first hike since 2023, and signaled it may raise once more this year. Its latest projections put the year-end 2026 rate at about 4.1%, with 2027 likely holding steady before a possible cut in 2028. Several brokers assess the meeting as negative for the Thai stock market in the short term, because US Treasury yields and the dollar are likely to strengthen, which could pressure foreign capital flows and share prices, especially growth stocks and those with high P/E ratios, amid inflation still above the 2% target and oil prices holding above 100 dollars a barrel, forcing the market to cope with a prolonged period of high interest rates. Tisco Securities estimates the SET will move in a range of 1,570–1,660 points, with support at 1,570–1,580 points and resistance at 1,630 and 1,660 points, and highlights the energy and commodities group such as PTTEP, PTT, SPRC, TOP, IVL, PTTGC, CPF, TFG, GFPT, TVO, SCGP and SCCC; the banking and insurance group such as KBANK, KTB, TTB, BLA and TLI; and the AI, infrastructure and power group such as HANA, AMATA, WHA, GULF, EGCO, ADVANC, TRUE and STECON. Meanwhile, Krungsri Securities favors domestic and defensive plays with clear revenue and cash flow, especially BDMS and BCH, and warns that expensive, rate-sensitive stocks such as DELTA could come under pressure if the Fed signals more sustained rate hikes than the market expects.

Gastech 2026 announced partnerships and investment plans during its first three days worth a combined $40 billion, covering agreements ranging from memoranda of understanding to purchase contracts and investment plans across the energy value chain. China Gas Holdings and Venture Global LNG agreed to buy 0.5 million tonnes per year of LNG from the United States over 20 years, starting in 2030. Samsung Heavy Industries closed a deal to build LNG carriers and crude oil tankers worth $1.2 billion, while the state of Sarawak concluded talks with Indorama Ventures and partners from Japan on downstream natural gas and petrochemical investment worth about $1 billion in Bintulu. In addition, PETRONAS, PTTEP JDA and the Thailand-Malaysia Joint Authority signed a 35-year production sharing contract and a natural gas sales agreement in the Thailand-Malaysia Joint Development Area. GE Vernova and B.Grimm Power signed an agreement to supply gas turbine technology and long-term services in Thailand and Malaysia. Eni signed a memorandum of understanding with the government of Senegal to assess the oil potential of five offshore exploration blocks, and Horacio Marín, chairman and chief executive of YPF, announced plans to sign two to three LNG sales contracts for the Argentina LNG export project. Supawan Teerarat, director of the Thailand Convention and Exhibition Bureau, or TCEB, said the event drew more than 50,000 participants from over 150 countries and is expected to generate about 14.62 billion baht in economic value.

InnovestX Securities assesses that the Thai stock index on September 10, 2026, may pull back and consolidate after the investment atmosphere returned to a risk-off stance, driven by the rise in the 10-year US government bond yield and continuously climbing oil prices, which brought the market back to worrying about inflation trends and the direction of US interest rates. It estimates support at 1,605 and 1,600 points, with resistance at 1,625 and 1,630 points. The key pressure comes from Brent crude oil, which rose 3.4% to reach 100 dollars per barrel, the highest since May 22, amid supply concerns after heightened tensions in the Middle East, while demand from China has begun to recover. This is seen as a short-term positive for energy stocks PTTEP, BCP, TOP, SPRC and IRPC, as well as petrochemical stocks PTTGC and IVL, but a negative factor for SPP power plants such as GPSC and BGRIM due to rising fuel cost risks. Meanwhile, the US bond market has resumed creating pressure after the US Treasury's buyback of long-term bonds came in at 6 billion dollars, which, although double the previous amount, was still below the market's expectation of 7 to 8 billion dollars. As a result, 2-year and 10-year US bond yields rose 0.04%, and the market assigns more than 60% weight to the possibility that the Fed may raise rates to curb inflation. This high bond yield environment is seen as a positive factor for insurance stocks such as BLA and TLI. Meanwhile, foreign fund flows still show positive signals: on September 9, foreign investors net bought 3,137 million baht of Thai stocks, with cumulative net buying of 10,038 million baht since the start of September and 61,407 million baht since the start of the year, in contrast to domestic institutional investors who net sold 960 million baht, securities company accounts which net sold 1,260 million baht, and retail investors who net sold 917 million baht. On September 9, the SET closed at 1,617.89 points, down 4 points or 0.25%, with trading value of 81,330.74 million baht. For investment strategy, InnovestX recommends Selective Buy, focusing on stocks with specific positive factors, divided into three main themes: Policy and Domestic Play, Global Macro & Bond Yield Play, and Laggard Play. For the Global Macro & Bond Yield Play group, it gives weight to energy stocks PTTEP, BCP, TOP, shipping stocks PSL, TTA, as well as banking stocks KTB, BBL, KBANK and life insurers BLA, TLI. The Laggard Play group includes AP, PR9, SAWAD, HMPRO, BDMS, TU, BCH, MTC and TIDLOR.

Indorama Ventures Public Company Limited (IVL) reported its operating results for the second quarter of 2026, with a net profit of 5,961 million baht, reversing from a net loss of 521 million baht in the same period last year. The improvement was driven by all four business segments, particularly the PET business, which benefited from the 'local for local' model and higher China Integrated PET Benchmark Spreads, which rose to 279 US dollars per ton. For the first half of the year, the company reported total revenue of 245 billion baht, up 4% year-on-year, and EBITDA of 29.7 billion baht, up 61%. Net profit stood at 3,144.9 million baht, compared to a loss of 1,833 million baht in the same period last year. The financial position strengthened, with net debt decreasing from 236 billion baht to 226 billion baht, and the net debt-to-equity ratio improving from 1.83 times to 1.56 times. The company expects results to moderate from the exceptionally strong level in Q2/2026, but the underlying outlook remains positive.

CLSA (Thailand) has raised its SET index target for end-2026 to 1,700 points from 1,620 points, based on a PE of 16.5 times. It maintains a positive view on the Thai stock market. Although high oil prices may pressure US inflation, Thai inflation is expected to stay within the lower bound of the Bank of Thailand's 1-3% target. Meanwhile, the yield spread for 2-year and 5-year government bonds has risen only 0.10% since January 2026, reflecting limited domestic financial pressure. CLSA has also raised its 2026/2027 earnings per share (EPS) estimates for the market to 102.8/99.7 and selected 8 top stocks: PTTGC, TOP, IVL, CPALL, KBANK, SCB, CPN, and DELTA. It sees energy companies benefiting from strong refining margins (GRM), retail companies with strong SSSG, and banks with dividend yields of 5-7%. DELTA is expected to post record-high profits in Q3/2026, while CPN will accelerate in Q4/2026 due to mall expansions and high-season tourism.

Africa's packaging market is forecast to reach $58.46bn by 2031, but the investment opportunity increasingly extends beyond production capacity into recycling, regional manufacturing and packaging infrastructure. The market was estimated at $47.14bn in 2026, with plastic packaging accounting for 48.19% of revenue in 2025 and flexible packaging growing faster than the overall market. Recent deals include ALPLA's full acquisition of its Egyptian joint venture with Taba in January 2025, and a planned food-grade recycled PET facility in Lagos by Indorama Ventures, Nigerian Breweries and Genesis Energy, targeting 45,000 tonnes of annual capacity by 2027. Recycling infrastructure is a key focus, with Kenya's 2024 extended producer responsibility regulations and World Bank research showing only $14bn of $198bn in tracked circular-economy investment reached low- and middle-income countries. Regional manufacturing is also emerging, supported by Afreximbank's $450m credit facility with ARISE Integrated Industrial Platforms for industrial parks across several African countries, though infrastructure reliability remains a critical factor in investment decisions.

Brokers point out that the new round of US-Iran conflict has pushed Brent crude prices above $91-92 per barrel. Krungsri Securities has identified 8 top energy stocks: PTT, PTTEP, TOP, SPRC, BCP, PTTGC, SCC, and IVL. Meanwhile, DBS Securities views the energy sector as neutral, favoring PTTEP, TOP, SPRC, BCP, PTTGC, and GULF. It notes that refineries face short-term impacts from lower Singapore refining margins, which have dropped to $10.6 per barrel, while petrochemical margins recover due to higher feedstock costs, and power plants see limited impact from fuel cost pass-through mechanisms.

Shares of Indorama Ventures (IVL) rose 3.48% to 25.25 baht after CLSA Securities raised its target price to 32.00 baht from 28.00 baht, while maintaining an OUTPERFORM rating. CLSA noted that the PET supply trend is passing its peak, and 2026 will be the last year with new capacity entering the market. Concerns over the MEG assets in the US have eased after management confirmed no impairment provision, and spreads in Q3/2026 are expected to beat market expectations due to low inventory levels. CLSA also raised its net profit forecasts for 2026-2028 and views the interim dividend payment as reflecting management confidence.

Asia Plus Securities reported that the average Dubai crude oil price increased by 2.78% week-on-week to $89.37 per barrel, while Nymex and Brent averages decreased by 1.36% and 3.90% respectively, to $81.47 and $88.14 per barrel. The Dubai crude price was supported by ongoing uncertainty in the Middle East following the U.S. attack on Iran's missile bases, and Iran has not yet opened the Strait of Hormuz. Meanwhile, U.S. crude oil inventories rose by only 95,000 barrels, lower than the expected 1.6 million barrels. However, the Singapore refining margin reference average decreased by 33.24% to $14.58 per barrel, as investors eased concerns over progress in negotiations to reopen shipping routes. Meanwhile, the average JKM LNG price in the Asian market increased by 6.21% to $23.53 per million BTU, driven by demand for gas reserves to support higher electricity consumption in summer. The research department recommends trading PTTEP (FV@170B) based on changes in oil prices, and recommends trading TOP (FV@68B) based on fund flows into the energy and petrochemical sectors, as well as PTTGC (FV@42B) and IVL (FV@26B) in the petrochemical group, which are expected to have passed their lowest point.

Indorama Ventures (IVL) shares surged as much as 5.78% to 24.20 baht before closing the morning session at 23.80 baht, with trading value of 2,756 million baht. This boosted PTTGC and SCC, which rose in tandem. The market expects petrochemical spreads to improve amid reports that Venezuela is considering withdrawing from OPEC, which would increase crude supply and lower feedstock costs. Yuanta Securities (Thailand) recommends a "Buy" on IVL with a target price of 27.50 baht, forecasting net profits of 4,500 million baht and 8,500 million baht for 2026 and 2027, respectively. Meanwhile, Krungsri Securities sets a target price of 28 baht, noting that Venezuela's withdrawal may not immediately impact oil prices but would reduce OPEC's bargaining power and provide positive sentiment for anti-commodity groups such as power plants GULF, GPSC, and petrochemicals IVL and SCC.

IVL shares rose against the market trend by 1.00 baht, or 4.44%, to 23.50 baht, after Yuanta Securities maintained its "Buy" recommendation with a fair price of 27.50 baht. The broker noted that the medium-to-long-term industry outlook is gradually recovering, following IVL's reported net profit of 6,000 million baht for the second quarter of 2026, turning around from losses both quarter-on-quarter and year-on-year, and marking the strongest quarter in 15 quarters. Meanwhile, EBITDA grew both QoQ and YoY across all businesses, especially CPET and Indovinya, supported by the Local-to-local business structure, Shale Gas integration in North America, cost reductions, and supply disruptions that improved spreads. The CPET business saw EBITDA increase by 164% QoQ and 163% YoY, despite lower sales volumes due to maintenance shutdowns at EO/EG plants. Indovida increased by 76% QoQ and 62% YoY, while Indovinya rose by 173% QoQ and 94% YoY, and the Fiber business grew by 113% QoQ and 39% YoY. Yuanta Securities views that the earnings outlook for the second half of 2026 will slow down from the second quarter of 2026 as conditions normalize, but the company maintains its EBITDA target for 2028 at 2,000 million US dollars, and debt reduction remains on track, with Net Debt to EBITDA in the second quarter of 2026 decreasing to 1.6 times from 1.8 times at the end of last year. The broker also expects that the decline in industry capacity utilization will help margins recover from current levels. Factors to monitor include the operation of the low-return MEG plant, which could pose risks to future accounting entries. Yuanta Securities believes that the slowdown in the second half of 2026 is already factored into estimates and maintains its net profit forecasts for 2026-2027 at 4,500 million baht and 8,500 million baht, respectively, while keeping a "Buy" recommendation with a fair price of 27.50 baht, despite a reduced positive view on the stock due to slowing momentum in the second half of 2026 and less attractive dividends compared to peers. The current price offers a dividend yield for 2026 of 3.2%.

Four national business leaders — Siam Cement Group, Indorama Ventures, Airports of Thailand, and Bangkok Bank — said at Thailand Focus 2026 that the global geopolitical crisis is pushing Thailand to become ASEAN's trade, investment, and technology hub, with investment flowing steadily into data centers, biotechnology, and the green economy. They recommended that the public and private sectors accelerate regulatory improvements, expand FTAs, and adopt advanced technologies to achieve sustainable growth and guard against a flood of cheap Chinese goods. Thammasak Sethaudom of Siam Cement said the relocation of production bases to Thailand is a long-term structural change. Aloke Lohia of Indorama Ventures noted that Thailand has a strong manufacturing ecosystem and can become a capital market hub for the CLMV countries, which have a combined population of over 250 million. Paweena Chariyathitiphong of Airports of Thailand said the company holds a 95% share of domestic air passenger traffic and is negotiating new direct routes to North America. Kobsak Pootrakool of Bangkok Bank said foreign investment promotion applications have surged to record levels, and Thailand has become the world's fifth-largest producer of printed circuit boards within two years.

Four major listed companies stated that Thailand is benefiting from trade wars and global geopolitical issues, leading to continuous investment inflows and supporting the country's emergence as a regional economic hub. Mr. Thammasak Sethaudom, President of Siam Cement Public Company Limited (SCC), said that investment is not only concentrated in data center businesses but also includes biotechnology, carbon reduction technology, and green circular economy. The Thai government is driving new economic engines through four special subcommittees to improve laws, reduce restrictions, expand free trade frameworks, and develop human capital skills, with the expectation of making Thailand an economic hub within 5-10 years. Meanwhile, Mr. Aloke Lohia, Group CEO of Indorama Ventures Public Company Limited (IVL), stated that the world is placing more importance on supply chain resilience, and Thailand has a strong trade and manufacturing ecosystem, as well as the potential to become a capital market hub for the CLMV countries, which have a combined population of over 250 million. Ms. Paweena Jariyathitipong, Director of Airports of Thailand Public Company Limited (AOT), said that Thai airports have adapted well to crises, such as increasing passengers from China and Japan by over 30%, and flights from the Middle East have now returned to 100% service. Dr. Kobsak Pootrakool, Executive Vice President of Bangkok Bank Public Company Limited (BBL), stated that foreign investment promotion applications have surged to record levels, and Thailand has become the world's fifth-largest producer of printed circuit boards (PCBs). He also recommended that Thai businesses accelerate investment in technology upgrades and scale expansion to remain competitive.

The resurgence of tensions in the Middle East has led to an increase in the average Dubai crude oil price last week by 4.42 US dollars per barrel, or 5%, to 93.03 US dollars per barrel. Meanwhile, the Singapore refining margin fell by 2.84 US dollars per barrel to 17.31 US dollars per barrel, due to increased regional supply and high US oil inventories. Analysts believe that the strong earnings of refinery groups have already been reflected in their stock prices and recommend switching investments to the petrochemical sector, especially IVL and PTTGC, whose share prices have risen more slowly. Most petrochemical spreads have improved, such as the Ethylene-Naphtha Spread, which increased by 93 US dollars to 242 US dollars per ton. Additionally, the blockade of shipping routes in the Red Sea could support short-term freight rates, with the World Container Index rising 4% to 4,526 points, a positive factor for RCL shares. Meanwhile, the BDI index fell 5% to 2,820 points, but Supramax vessels, which are related to PSL and TTA, increased 2% to 1,634 points. The NEX coal price index also rose 3% to 131.81 US dollars per ton, driven by strong demand in Asia-Pacific.

Indorama Ventures Public Company Limited has announced a strategic partnership with Suntory Holdings Limited, Suntory PepsiCo Beverage Thailand Company Limited, and Iwatani Corporation Thailand Company Limited to bring commercial recycled PET packaging to Thailand. The initiative will use direct flake-to-preform recycling technology, known as Flake-to-Preform, through Indovida Thailand Company Limited, a joint venture between Indorama Ventures and Iwatani Corporation. This marks the first commercial application of this technology in Southeast Asia, with expected production of recycled PET preforms equivalent to approximately 400 million PET bottles per year. Deliveries to Suntory PepsiCo Beverage Thailand will begin from 2028 onwards. The collaboration strengthens Indorama Ventures' downstream packaging business platform and reinforces the company's IVL 2.0 growth strategy.

Bualuang Securities said the petrochemical sector reported standout second-quarter 2026 results, led by PTTGC and IVL, supported by sharply higher product prices and spreads. The two companies under its coverage reported combined net profit of about 18 billion baht, swinging from a net loss in the second quarter of 2025 and growing more than 44 times from the previous quarter. Combined core profit came in at 21.5 billion baht, surging 486 percent from the prior quarter. The sharp recovery was driven mainly by geopolitical tensions in the Middle East, which tightened supply and significantly boosted petrochemical revenue and product spreads. Both companies' financial positions are expected to keep reducing debt burdens, with IVL's net debt-to-equity ratio at 1.1 times while PTTGC's is low at just 0.3 times. In the second quarter of 2026, IVL generated free cash flow of 24 billion baht, while PTTGC generated 50.1 billion baht. For the third quarter of 2026, petrochemical prices and spreads are expected to soften slightly from the previous quarter as supply begins returning to the market, but price levels should remain high compared with the same period last year, so the group's core profit is expected to keep recovering and growing on a year-on-year basis. Bualuang Securities maintains an overweight rating on the sector and names PTTGC as its top pick because of stronger earnings growth prospects, cheaper valuation and a higher dividend yield. It recommends buying PTTGC with a target price of 43 baht and buying IVL with a target price of 30 baht.

Indorama Ventures, or IVL, reported a second-quarter 2026 profit of 5.961 billion baht, swinging from a loss of 521 million baht a year earlier. As a result, first-half profit came to 3.145 billion baht, compared with a loss of 1.833 billion baht in the prior year. Total revenue was 245.3 billion baht, up 4 percent, and EBITDA was 29.7 billion baht, up 61 percent. The PET business benefited most from the local-for-local model, while the net debt-to-equity ratio fell to 1.56 times. The company expects the unusually strong market tailwinds in the second quarter to begin returning to normal, and it maintains its 2026 and 2028 targets. Dao Securities upgraded its recommendation to buy and raised its target price to 28 baht from 25 baht.

Indorama Ventures Public Company Limited, or IVL, reported second-quarter 2026 net profit of 5.961 billion baht, swinging from a loss of 521 million baht in the same period last year. First-half net profit reached 3.1449 billion baht, up 61 percent year on year, while EBITDA stood at 29.7 billion baht, also up 61 percent, supported by the Combined PET, or CPET, business from higher benchmark spreads, lower North American shale gas costs, and growth at Indovinya and Indovida. Self-help measures and the S&OE system improved production efficiency and inventory management, lifting operating cash flow after maintenance capital expenditure to 25.9 billion baht and reducing net debt from 236 billion baht to 226 billion baht, bringing net debt to equity down to 1.56 times and achieving the full-year target ahead of schedule. WHA Utilities and Power Public Company Limited, or WHAUP, posted second-quarter 2026 net profit of 532 million baht, up 276 percent year on year, pushing first-half profit to 835 million baht, up 129 percent, as the water and power businesses continued to grow. First-half water revenue rose 35 percent, while solar rooftop private PPAs reached 384 megawatts and the equity power portfolio stood at 1,070 megawatts. In the second half, the company plans to expand renewable energy in response to the new PDP and the first phase of direct PPAs totalling 2,000 megawatts. On the contest for the NBTC chairmanship, Prime Minister and Interior Minister Anutin Charnvirakul said he has signed a submission seeking a royal command to remove Dr. Saran Boonbaichaipruek from the positions of chairman and commissioner of the NBTC. Minor International Public Company Limited, or MINT, said MFG International Holding Singapore Pte. Ltd., a subsidiary of MINT, has invested in 100 percent of Bonchon International Inc., with the transaction to be completed within August 2026. Bonchon International Inc. owns the Bonchon brand intellectual property for territories outside the Americas. It has issued and paid-up capital of 406,580,000 won, divided into 40,658 ordinary shares with a par value of 10,000 won each, for a total net value of 50 million US dollars, or approximately 1.65 billion baht, plus additional adjustments based on asset values at closing. The funding source is a loan from financial institutions. The purpose of the investment is to acquire Bonchon intellectual property for territories outside the Americas, which will increase royalty and franchise fee income. After the share acquisition, Bonchon International Inc. becomes a subsidiary of MINT.

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.

Petrochemical product spreads are beginning to signal a recovery, while refining margins continue to rise. Dubai crude oil prices weakened by 6.96 US dollars per barrel to 80.88 US dollars per barrel, driven by expectations of ceasefire negotiations between Iran and the United States. The Wealth Research team at Bualuang Securities noted that most petrochemical spreads increased last week, following a decline in naphtha feedstock costs in line with crude oil prices. Petrochemical stocks such as IVL and PTTGC have still lagged the refinery sector, making them increasingly attractive. Meanwhile, Singapore market reference refining margins rose by 2.85 US dollars per barrel to 29.68 US dollars per barrel. The Newcastle Export Index coal price fell by 0.83 US dollars per tonne to 132.76 US dollars per tonne, and the Baltic Dry Index dropped 25 points to 2,679 points.

Crude oil prices rose sharply, supported by the re-escalation of conflict in the Middle East, which tightened some energy product supplies. The average Dubai crude price increased by 10.34 US dollars per barrel week-on-week to 87.84 US dollars per barrel, while the Singapore market reference refining margin rose by 0.94 US dollars per barrel week-on-week to 26.83 US dollars per barrel. Petrochemical spreads narrowed as naphtha feedstock costs rose faster than product prices, with the ethylene spread falling by 106 US dollars per tonne week-on-week to minus 14 US dollars per tonne, and the propylene spread declining by 86 US dollars per tonne week-on-week to 36 US dollars per tonne. The Wealth Research team at Bualuang Securities noted that the blockade of shipping lanes in the Red Sea could support freight rates in the short term, and recommended rotating investments from refinery stocks into petrochemical stocks such as IVL and PTTGC, whose share prices have lagged.

DELTA shares closed down 7.37% on July 30, 2026, after the Thai stock market reopened, bringing the two-day decline to 43 baht, or 14%, and dragging the SET Index to close at 1,598.11 points, down 26.36 points or 1.62%. Turnover was heavy at 112.05 billion baht, with the main selling pressure coming from securities company proprietary accounts, which offloaded 3.42 billion baht, foreign investors selling 1.74 billion baht, and domestic institutions selling 1.19 billion baht, while retail investors bought back 6.36 billion baht. Electronics stocks were hammered by the global sell-off in technology and semiconductor shares, with the ETRON Index plunging 7.38% to close at 29,900.84 points. Bualuang Securities recommends rotating out of electronics into laggard petrochemical names such as IVL and PTTGC, while highlighting upstream energy plays like PTTEP and PTT, which stand to benefit from Dubai crude oil prices surging by 10.34 dollars to 87.84 dollars per barrel amid Middle East tensions. Meanwhile, TISCO ESU sees funds rotating into fundamentally strong energy and basic materials stocks, riding the commodity cycle recovery.

Bualuang Securities is advising investors to rotate from refinery stocks into petrochemical stocks that are still lagging, highlighting IVL and PTTGC as standout picks to benefit long-term from crude oil prices surging past 87 dollars per barrel amid escalating Middle East tensions. The average Dubai crude price last week rose by 10.34 dollars to 87.84 dollars per barrel, while the Singapore GRM increased further to 26.83 dollars per barrel. In petrochemicals, although most product prices rose, the chemical spread weakened because naphtha prices increased faster. Bualuang Securities maintains an overweight rating on the petrochemical sector and views that if tensions ease, oil and petroleum product supply will return to the market and pressure prices going forward. As for the Thai stock market today, caution is needed on pressure on the electronics sector from a global sell-off in chip and AI hardware stocks that has spread heavily, especially the KOSPI which plunged more than 12 percent intraday and triggered circuit breakers for a second consecutive day. Meanwhile, global oil prices surged more than 7 percent, supporting positive sentiment for upstream energy and commodity hedges such as PTTEP, PTT, PTTGC, IVL, and IRPC.