Thai Stocks: Individual Stock Movements and Economic Outlook

As of July 30, 2026, the Thai stock market is seeing active movements across various individual stocks in different sectors. Asian Alliance International (AAI), a producer of pet food and processed seafood, believes the 12.5% US tariff on Thai products will not materially impact its business. The company highlighted its structural advantage in skilled labor for wet pet food production and its expansion into the growing European market. A weaker Thai baht is also expected to support profitability, with the second half of 2026 anticipated to outperform the first. Central Plaza Hotel (CENTEL), which operates hotels and resorts, expects advance bookings for two Pattaya hotels to exceed 70%, with average daily rates (ADR) projected to increase 10-15% year-on-year, driven by the Thailand edition of Tomorrowland scheduled for December. This indicates the resilience of Thailand's tourism sector. Carabao Group (CBG), a manufacturer and distributor of energy drinks, aims to maintain its full-year earnings growth target of 10-20%, supported by increased market share in domestic and Asian markets, expansion of CJ More stores, and growth in Myanmar and Vietnam. Initiatives to reduce logistics costs and enhance supply chain resilience are being implemented by shifting production closer to destination markets. KCE Electronics (KCE), a printed circuit board manufacturer, is forecast to see a sequential and year-on-year increase in its second-quarter (2Q26) net profit. Higher automation is expected to reduce labor costs, contributing to increased revenue and a lower selling, general, and administrative (SG&A) to sales ratio. In contrast, Delta Electronics (Thailand) (DELTA) reported weaker-than-expected quarterly earnings due to rising costs and raw material shortages. However, earnings are expected to improve in the third quarter (3Q26) due to seasonal recovery and improved sourcing from alternative suppliers. Ichitan Group (ICHI) has seen its core earnings forecasts for 2026-2028 revised upwards, driven by lower PET resin costs, growth in its alkaline water business, and a clearer El Niño pattern. Muangthai Capital (MTC), a non-bank lender, has secured a US$70 million social loan package from Bank of China (Hong Kong) and Bank of China (Thailand) to support its microfinance business expansion, diversifying its funding sources. SCB X, a financial technology holding company, is accelerating its transformation into an AI-first organization by leveraging AI for deeper customer insights. The company plans to prioritize customer support over aggressive loan growth amid persistent volatility and uncertainty in the Thai economy for the remainder of 2026. TISCO Financial Group (TISCO) anticipates flat year-on-year earnings as it maintains a prudent approach to new lending amid unfavorable macroeconomic and geopolitical conditions. The group is focusing on increasing non-interest income and maintaining asset quality. Overall, while the Thai economy is recovering amidst uncertainty, individual companies are pursuing growth through their respective strategies. The strength of the tourism sector remains a key highlight. Source: ThaiCapitalist