Bualuang Securities forecasts the SET Index will trade sideways-up between 1,580–1,700 points in the second half of 2026, supported by strong H1 corporate earnings (+28.9% YTD as of July), foreign inflows (47 billion baht in July alone), and policy tailwinds from the new Power Development Plan and Direct PPA framework. Headwinds include weak domestic consumption due to high household debt and cost of living. Analysts recommend a Barbell Strategy across five themes (power/data centres, bank dividends, retail/tourism recovery, livestock/beverage plays, and energy hedges) to navigate the K-shaped recovery and capitalize on large-cap strength while protecting capital.