BANGKOK, Thailand – Thailand’s stock market has entered a bullish phase and could climb to 1,700 points within the next year, supported by sustained foreign capital inflows, rising foreign direct investment (FDI), and stronger corporate earnings, according to the Federation of Thai Capital Market Organizations (FETCO). Paiboon Nalinthrangkurn, Chairman of FETCO, said the Thai market is likely to remain on an upward trend over the next one to two years despite risks from geopolitical tensions in the Middle East and renewed global trade tariffs.
He cited several positive factors supporting the outlook, including resilient global economic growth, Thailand’s geopolitical neutrality, and increasing FDI as multinational companies diversify their investments. While FDI may take time to fully translate into economic growth, it is expected to become a key long-term driver of the Thai economy. Paiboon also noted that analysts expect earnings of listed companies to grow by 8–10% annually over the next three years. Foreign investors have also returned to Thai equities after a decade of net outflows totaling 761 billion baht. In the first half of this year alone, overseas investors recorded net purchases of 75.9 billion baht, with further inflows expected.
He added that Thai equities remain attractively valued. Excluding shares of DELTA, which have experienced significant price volatility, the market is trading at a price-to-earnings ratio of about 13.3 times, making it competitive compared with regional peers. FETCO also highlighted the long-term benefits of the Jump+ initiative, aimed at improving transparency and unlocking shareholder value. More than 470 companies, representing around 61% of listed firms, currently trade below their book value.
Regarding the proposed Thailand Individual Savings Account (TISA), Paiboon said the initiative has evolved from a short-term market stimulus into a long-term savings program designed to encourage disciplined investing while providing stable liquidity for the capital market. Addressing recent concerns over the Thailand Securities Depository (TSD) data leak, he said the incident had little impact on investor sentiment because it was detected quickly and contained. However, he urged all capital market organizations to strengthen cybersecurity defenses against increasingly sophisticated cyberattacks.
Paiboon also downplayed concerns over recent weakness in U.S. technology stocks, saying the impact on Thailand should be limited because many Thai companies operate in the midstream and downstream segments of the semiconductor supply chain, which continue to benefit from growing demand driven by AI and data center expansion. Among the sectors FETCO sees as most attractive are banking, energy, telecommunications and digital infrastructure, industrial estates, tourism and retail, as well as companies expected to benefit from the Jump+ value enhancement initiative.
