In the latest portfolio strategy report from Goldman Sachs, the MSCI Asia Pacific ex Japan (MXAPJ) index experienced a 2% decline the previous week, mainly driven by a 6% drop in Korea, and a 3% drop each in China and Taiwan which led to significant foreign outflows.
Despite this trend, Thailand bucked the regional trend and posted a 6% gain. Notably, financials and software sectors, which outperformed commodities and tech hardware, while countries like Korea and Taiwan saw strong foreign outflows totaling US$5.1 billion.
In a positive development for Thailand, the public fund ‘Vayupak‘ will offer its Type A unit for public subscription from September 16 to 20, set to launch in October with a maximum size of THB 150 billion (~US$4.5 billion), accounting for 2% of the SET free float and 0.9% of total market capitalization.
Thailand’s market has recently rebounded strongly by 12% over the past month. This is after a 25% decline since early 2023. The launch of the new fund is expected to bring both sentimental and liquidity support, attracting foreign capital back to the market.
As a result, Goldman Sachs upgraded Thailand to market weight, raising the 12-month SET target from 1,450 to 1,550, based on a higher target fPE of 16.0X. The report also identified 24 companies with high ESG ratings and promising growth potential as potential investment targets.
| Valuation | ||||
| 2025 P/E (x) |
2024 P/B (x) |
2024 Dividend (%) |
SET ESG | |
| PTT | 9 | 0.8 | 5.9 | AAA |
| ADVANC | 22 | 8.4 | 3.7 | AAA |
| CPALL | 21 | 4.6 | 2 | AAA |
| KBANK | 7 | 0.6 | 5.1 | AAA |
| CPAXT | 28 | 1.2 | 2.1 | AAA |
| SCC | 12 | 0.8 | 2.9 | AAA |
| KTB | 6 | 0.6 | 5.2 | AAA |
| CPF | 14 | 0.8 | 2.8 | AAA |
| CRC | 19 | 2.6 | 2 | AAA |
| SCGP | 17 | 1.4 | 2.2 | AAA |
| WHA | 14 | 2.3 | 3.6 | AAA |
| BCP | 5 | 0.7 | 5.3 | AAA |
| BANPU | 8 | 0.5 | 6.6 | AAA |
| AMATA | 9 | 1.2 | 3.3 | AAA |
| GULF | 29 | 5 | 1.8 | AA |
| BDMS | 26 | 4.5 | 2.5 | AA |
| SCB | 8 | 0.7 | 9.1 | AA |
| INTUCH | 20 | 6.9 | 4.3 | AA |
| CPN | 15 | 2.7 | 3 | AA |
| TTB | 9 | 0.8 | 6.4 | AA |
| MINT | 18 | 1.9 | 1.8 | AA |
| HMPRO | 18 | 4.8 | 4.2 | AA |
| BEM | 28 | 3 | 2.1 | AA |
| OSP | 21 | 4.1 | 4.4 | AA |
