Kasikornbank highlights top stocks for Q4 2026, riding the upcycle with a SET target of 1,680 points

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Summary · why it matters

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.

Impact on assets 19

Consumer Discretionary▲ · 4 stocks
Digital Finance & Tokenization▲ · 2 stocks
Bangkok Bank PCL
BBL
▲ PositiveCapitalrelevance

Kasikorn Securities highlights BBL as a stock benefiting from the new investment cycle in Q4 2026.

Energy Transition & Power Demand▲ · 2 stocks
Financials▲ · 2 stocks
Consumer Staples▲ · 2 stocks
Betagro PCL
BTG
▲ PositiveDemandrelevance

Trinity Securities recommends BTG within its favoured livestock group for Q4 2026.

Climate Adaptation & Water▲ · 1 stocks
Health Care▲ · 1 stocks
Materials▲ · 1 stocks
Real Estate▲ · 1 stocks
Electrification & Mobility▲ · 1 stocks
Synthetic Biology (non-pharma)▲ · 1 stocks
Artificial Intelligence▲ · 1 stocks
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