Asia Plus points to investment opportunities in September, highlighting stocks benefiting from a weaker baht and rising oil prices.

Asia Plus Securities views the Thai stock market in September as still facing pressure from geopolitical risks, rising oil prices, and foreign capital outflows. However, investment opportunities remain due to sector switching and a weaker baht. They highlight BBL, PTT, and BCH as top picks.

On September 1, 2569, Asia Plus Securities assessed the investment outlook for September 2569, stating that global financial markets continue to face increased risks from renewed geopolitical tensions in the Middle East. This has led to higher crude oil prices and increased inflationary pressure, while US government bond yields have risen to their highest levels in a year, putting pressure on foreign capital flows and likely causing them to continue flowing out of risky assets worldwide, including the Thai stock market.

However, Asia Plus Securities believes that despite the numerous risk factors in the September market, there are still opportunities for selective stock investment, particularly in stocks that benefit from a weaker baht, rising commodity prices, and those with strong fundamental support. Furthermore, the high proportion of commodity stocks in the Thai stock market structure will help to keep the Thai stock index less volatile than other regional markets.

Geopolitical tensions push Brent crude oil to $90.

Tensions between the United States and Iran have escalated again after the US attacked an island in the Strait of Hormuz, while Iran retaliated by launching attacks on US allies in the United Arab Emirates and Jordan. This directly impacted global energy supply and immediately pushed crude oil prices higher.

Brent crude oil prices surged to $90.49 per barrel, while WTI crude oil prices rose to $86.27 per barrel, resulting in the cumulative average WTI price for 2569 surpassing that of 2565.

High energy prices are fueling inflation and increasing the likelihood that the Federal Reserve will keep interest rates high for a longer period. The latest interest rate forecasting tool has revised the probability of the Fed raising rates at its September meeting to 65.4% from 57% previously.

As the yield on 10-year U.S. Treasury bonds rose to 4.75%, its highest level since January 2568, it put pressure on the prices of high-trading technology stocks worldwide.

A key factor to watch closely is the release of the August consumer price index. Europe will release its figures today, with markets expecting a 3.3% year-on-year increase, up from 2.9% the previous month. The US will report its figures on September 11th, with markets expecting a flat growth of 3.4%.

Bitcoin is at risk of a correction; watch for speculative opportunities in Tesla stock.

Regarding the digital asset market, Asia Plus Securities warns investors to be cautious of a short-term correction in Bitcoin in September, as historical data over the past 10 years shows that September is the month with the worst Bitcoin returns, being the only month with negative returns.

Coupled with the US midterm elections in November this year, and given that Bitcoin prices tend to decline in September based on historical data from 2561 and 2565, our research team recommends that investors take short-term profits in stocks or funds linked to digital assets, such as DR: COIN01 and DR: HOOD80. They should also monitor progress on key legislation, such as the Clarity Act, in mid-September, which could be a catalyst for a further recovery.

Individual technology stocks, such as Tesla, rose 5.5% on positive news ahead of the launch of its self-driving Cybercab car on Thursday in Austin, Texas. This is an invite-only event.

For initial information, the Cybercab is a two-seater vehicle with no steering wheel, controlled by an AI4 artificial intelligence system for fully autonomous driving. The market is closely watching the pricing, after Elon Musk previously indicated a price of around $30,000. However, the market estimates only an 18% chance of reaching that price. Our research recommends speculative trading via DR: TSLA80.

Foreign capital outflows are weakening the baht, creating opportunities for three groups of Thai stocks.

For the Thai stock market, pressure from the strengthening US dollar and high global interest rates is resulting in continued outflows of foreign capital.

In August 2026, foreign investors were net sellers in the Thai stock market, accumulating a cumulative total of 24,565 million baht. In the futures market, foreign investors continued to accumulate net selling positions for the second consecutive month, totaling over 51,000 contracts. This has led to a weakening trend for the baht, which is currently trading at 33.16 baht per US dollar.

However, the weakening baht has created opportunities for certain Thai stock sectors to benefit. Asia Plus Securities has identified three prominent groups:

1. 1. Export-oriented companies benefited from the higher value of foreign currency earnings converted back into Thai baht, led by HANA, SVI, DELTA, and KCE, as well as the food and agriculture sector including TU, ITC, AAI, CPF, GFPT, STA, NER, STGT, and SAT.
   2. Tourism Sector: The weakening of the Thai baht has increased the purchasing power of foreign tourists and supported activity in the tourism industry, led by AOT, AAV, BA, MINT, CENTEL, and ERW.
   3. The hospital group has benefited from the continuous increase in foreign patients traveling to Thailand for medical treatment, led by BH, BDMS, PR9, and BCH.

Commodity stocks, accounting for 26%, helped support the market.

The research team stated that the Thai stock market structure is stronger than other markets in the region, due to the high proportion of market capitalization held by commodity groups, totaling 26%. This is broken down into energy (20%), food (4%), and petrochemicals (2%), followed by electronics components (17%) and commercial banks (15%).

Therefore, when global commodity and crude oil prices rise due to geopolitical tensions, it will attract more capital flows into Thai commodity stocks and stocks with foreign revenue.

These signals were reflected in the counter-market gains of rubber, electronic component, and oil refinery/petrochemical stocks, led by STA (up 7.01%), KCE (up 6.14%), and TASCO (up 5.95%), as well as IRPC and SPRC, which closed significantly in positive territory.

September's focus is on selecting individual stocks, highlighting BBL, PTT, and BCH.

Under market conditions of volatile foreign capital flows and investment sector rotation, our research team recommends a **selective stock selection** strategy, focusing on high-dividend stocks, stocks benefiting from domestic factors, and upstream energy stocks. Our top picks for the month are **BBL, PTT, and BCH**.

BBL directly benefits from the sustained high interest rate environment, which supports net interest margin and interest income in the second half of the year. Meanwhile, the current share price is attractive, trading at a book value of just 0.6x, significantly lower than the commercial banking sector average of 1.2x.

PTT is a key stock that directly benefits from the strong recovery in global crude oil prices due to conflicts in the Middle East. It is suitable for short-term investors looking to speculate on the direction of global energy prices.

As for BCH, the Q3 2569 earnings outlook shows a strong recovery after passing the lowest point. It also boasts a large customer base of 1.02 million insured individuals and the potential to receive further positive factors from the Social Security Office's increase in medical fees at the end of October.

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