Feedback gathered at the Jefferies Asia Forum 2026 suggests foreign investor interest in Thailand’s stock market has climbed to the highest levels seen in recent years. The forum, which included presentations by six leading Thai companies and a series of institutional investor discussions focused on the Stock Exchange of Thailand outlook, highlighted a mix of optimism and caution among market participants.
Political stability a key attractor
Delegates repeatedly cited the improved political situation following recent elections as the principal factor behind growing demand for Thai equities. Investors made clear, however, that while the political backdrop has become more supportive, many will await concrete signs that the new government can translate stability into enhanced economic potential before committing additional capital.
Capital repositioning from developed markets
Another recurring theme at the forum was the relocation of assets from developed economies, particularly the United States, toward emerging markets including Thailand. Participants pointed to relatively attractive local valuations as a catalyst for potential flows, suggesting Thailand is benefiting from a broader reassessment of risk and return across global portfolios.
What investors see in Thailand
Institutional investors at the forum identified three primary selling points for the Thai market: low valuations, comparatively high dividend yields among several large-cap names, and the possible positive influence of the Stock Exchange of Thailand’s Jump+ program. Investors noted that high dividend yields for some large-cap stocks are at least partly a function of market de-rating in recent years, and several asked for more details on the Jump+ program to determine whether it could produce outcomes similar to Value-Up initiatives seen elsewhere.
Rising oil prices and fiscal limits as the main downside
Participants singled out rising oil prices as the principal risk to Thailand’s market. Given the country’s substantial reliance on imported energy, investors expressed concern that Thailand could be more adversely affected than other nations. While the government is attempting to manage domestic energy prices, forum feedback highlighted limited fiscal room to sustain prolonged intervention. Several investors warned that once energy-driven inflation filters into the real economy, the market could suffer a meaningful setback.
Geopolitical hopes temper selling
Some investors said they are currently reluctant to liquidate positions in part because they hope the Middle East conflict will not escalate further and will subside, thereby normalizing any related economic effects. That expectation is contributing to a degree of investor patience in the near term.
Sector focus: banking and healthcare
Forum discussions centered on the banking sector, including how rising energy costs might influence interest rates and asset quality for lenders. The healthcare sector also drew notable attention, with several attendees highlighting potential implications for BH in particular.
Summary
At the Jefferies Asia Forum 2026, institutional attendees signaled heightened foreign interest in Thai equities driven by political stabilization, attractive valuations and dividend yields, and potential benefits from the SET’s Jump+ program. Rising oil prices, constrained fiscal capacity to control energy costs, and geopolitical uncertainty were highlighted as the main risks. Banking and healthcare were the sectors most discussed.