Thai equity analysts at Trinity Securities project the SET index could break its 2018 record of 1,852.51 points if corporate earnings-per-share hit 117 baht as forecasted, requiring a 16x P/E multiple and stable interest rates around 1%. BofA's August data shows Thailand's Earnings Revision Ratio at 3.07x—highest in Asia ex-Japan—reflecting strongest analyst upgrades in the region. Positive structural backdrop includes diversified sector strength, MSCI index weight increase expected at end-August, and potential for continued FDI inflows; key risks include stricter investment incentive screening by government potentially reducing actual investment flows.