UBS increases Thai stocks to “Overweight”, sees attractive valuations, similar to the Covid period

UBS adjusts Thai stock recommendation to “Overweight” from “Neutral”, sees attractive valuation, similar to the Covid period, Thanachart Securities recommends buying target stocks with inflowing fund flows

On March 19, 2025, Thanachart Securities stated in an analysis that a "positive" sentiment is beginning to be seen after foreigners returned to buying Thai stocks yesterday (March 18), totaling 886 million baht, after selling for six consecutive days.

Meanwhile, foreign brokerage firm UBS has upgraded its recommendation for Thai stocks to “Overweight” from “Neutral,” viewing valuations as attractive, close to pre-COVID levels, and believing that price declines have passed their lowest point. Furthermore, the introduction of Thai ESG Extra helps offset maturing LTF funds.

Thanachart Securities stated that if comparing stocks with interesting valuations, good profit growth, and starting to see signs of foreign accumulation, it recommends “buying” as follows:

• The group that sees the inflow of capital (Fund Flow) likes CENTEL CBG MINT CKP.
• Groups where Fund Flow is flowing out but the fundamentals are good, there is a chance to see Fund Flow flowing in again. Like KBANK CPALL TRUE BDMS CPN WHA.

The Stock Exchange of Thailand (SET) revealed that UBS Global Research, in an analysis dated March 18, 2568, has upgraded its investment rating in Thailand to overweight due to key factors such as:

Government policies (e.g. fiscal stimulus), tourism recovery and a K-shaped recovery in consumption should boost market sentiment, while redemptions of LTFs expiring in 2568 will be offset by new tax incentive schemes. Thus, downside risks appear to be largely priced in, with Thai equities seen nearing Covid lows.

UBS has selected 8 top stocks with high growth potential and the ability to generate good returns for investors during this period. These include Airports of Thailand Public Company Limited (AOT), CP All Public Company Limited (CPALL), PTT Exploration and Production Public Company Limited (PTTEP), and True Corporation Public Company Limited (TRUE).

Kasikornbank PCL (KBANK), Krungthai Bank PCL (KTB), Central Retail Corporation PCL (CRC) and PTT Global Chemical PCL (PTTGC)

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