Stronger-than-expected first-quarter earnings by listed companies are reinforcing selective investment opportunities for the rest of 2026, particularly in sectors tied to foreign direct investment (FDI), digital infrastructure and domestic consumption, despite the fact that rising energy costs could pressure the real sector from the second quarter onward, says Bualuang Securities (BLS).According to Piriyapon Kongvanich, head of equity research at BLS, net profit among companies listed on the Stock Exchange of Thailand (SET) rose 29% year-on-year and 56% quarter-on-quarter in the first quarter, beating market expectations by 14.7% and exceeding BLS estimates for stocks under its coverage by 16%.
Excluding special items, core earnings surged 44% year-on-year and 45% quarter-on-quarter, also above forecasts, he said, attributing the growth to higher refinery margins and petrochemical spreads, resilient mobile and internet service revenue, lower network costs, and rising demand for artificial intelligence and data-centre-related electronics.
Increased power generation capacity and stronger overseas power plant earnings from Gulf Development (GULF) also provided significant support to market earnings.
