บทวิเคราะห์ (Research)

2Q25 earnings of KGI universe stocks grew 33% YoY and 21% QoQ. However, decent growth as due partly to the huge extra gain from GULF*. Meanwhile, utilities, hotel and banks had decent beat ratios, while industrial estate and petrochemical and electronics sector looked disappointing. Following the clarity on US reciprocal tariffs and stable GDP revision, Thai 2025 EPS improved a bit in recent weeks and pushed up the SET Index target to 1,309 which offers a limited upside from the recent, strong market recovery. Hence, investors should be more selective and focus on themes like i) interest rate sensitive sectors that are seeing earnings bottoming out like property (AP*, SPALI*) and ii) sectors entering their high seasons in coming months like healthcare and tourism; we like BCH* and CENTEL*.