BLS eyes Q4 earnings growth for SET

Listed Thai companies are expected to post solid year-on-year earnings growth in the fourth quarter of 2025, with momentum likely to continue into the first quarter of 2026, even as political uncertainty weighs on market sentiment, says Bualuang Securities (BLS).

- NUNTAWUN POLKUAMDEE

Piriyapon Kongvanich, head of equity research at BLS, said aggregate net profit of companies listed on the Stock Exchange of Thailand (SET) is projected to rise 19% year-on-year in the last three months of 2025, but decline 9% quarter-on-quarter, reflecting seasonal factors and sector-specific headwinds.

According to the SET, listed companies reported a net profit of 859 billion baht in 2024, of which 165 billion baht was earned in the final quarter.

The key earnings drivers in last year's fourth quarter included continued growth in mobile and internet service revenue, additional power generation capacity coming onstream, stronger earnings contributions from overseas power assets, particularly those in the US, and lower natural gas costs for small power producers.