Week Ending: 11 September 2026

Thailand TH Sector

Utilities

For the week ending 11 September 2026, Utilities advanced 2.06% with 18 advancing, 6 declining, and 10 unchanged constituents. The index is equal weighted and built from country-listed equities.

Current architecture Upward Expansion

The activity fan is positively ordered above a rising Trend Line with price accepted above it.

77 technical evidence
Index751.19 1 week2.06% Breadth53% Members34
Country 🇹🇭 Thailand · TH
Universe country-listed
Price basis Adjusted weekly close

Trend architecture

Index, activity fan and structural anchors

Rolling 156-week evidence. Trend Signal points mark weeks when price, trend and the activity fan confirmed together.

Index Value Trend Line Fair Value Activity Lines Constructive architecture Transitional architecture Defensive architecture
Current architecture Upward Expansion 19 completed weeks in this state
Trend acceptance 12.8% Index versus Trend Line
Persistence 100% Positive across every horizon
Participation 53% 18 advancing, 6 declining

Investor positioning lens

Is the evidence ready for capital?

A rules-based technical classification using trend, breadth, persistence, relative strength and path quality.

Current posture Positioning window open

Trend, participation and relative evidence are sufficiently aligned for selective exposure.

77 technical evidence
out of 100
Evidence balance

Five-pillar map

Position
Trend
90
Breadth
49
Persistence
80
Relative
92
Risk quality
84
What supports the view
  • The index remains above a constructive Trend gate.
  • Constituent trends show positive multi-horizon persistence.
  • Relative performance is improving within its parent hierarchy.
What restrains conviction
  • Breadth remains too narrow or inconsistent for a high-conviction position.
  • Positive contribution is concentrated in a small leadership cohort.
Independent sentiment overlay Sentiment held separate

Qualified news coverage is too thin to alter the technical positioning view.

Evidence that would change the view
  1. A completed weekly close below the Trend Line at 666.23 would weaken the constructive case.
  2. Breadth falling below 45% while the index holds up would signal narrowing leadership.
  3. A turn to negative 13 and 26-week parent-relative performance would remove the rotation edge.

This is a weekly research classification, not personal investment advice. Sentiment is reported as an independent confirmation layer and does not alter the technical score.

Trend state and durability

Architecture, persistence and constituent regimes

The index path is tested against the underlying security-level trend evidence.

Index architecture Upward Expansion

The activity fan is positively ordered above a rising Trend Line with price accepted above it.

State age19 weeks
Trend gateUp
Fan width6.41%
Fast versus slow change-1.04 pts
Above 67% Below 0%
Six completed weeks of price acceptance relative to the full Activity Line fan.
Index persistence

Positive across every horizon

100% agreement

The 13, 26, 39 and 52-week trends all point upward, giving the advance broad horizon agreement.

13-week
13.3%
26-week
29.1%
39-week
28.4%
52-week
12.8%
Regime age25 weeks 52-week flips3 52-week boundary666.09
Constituent trend persistence

Is the index move broadly durable?

100% coverage
Coherent positive56%
Coherent negative6%
Average horizon agreement80%
Positive horizon share77%
Weakening positives1
Repairing negatives7

34 constituents measured as of 11 Sep 2026. Median trend age is 26 weeks.

Custom stage map

Where constituents sit in the cycle

97% coverage
Stage 1 · Basing39%13 securities
Stage 2 · Advancing49%16 securities
Stage 3 · Distribution0%0 securities
Stage 4 · Declining12%4 securities
Re-acceleration watch0 Transition watch6 Relative strength leaders42% Fair Value repairs12

Measured as of 11 Sep 2026. Stages summarize price, Activity Line architecture, Fair Value position and relative evidence.

Architecture breadth

How market energy is distributed

74/100 mean confidence
Upward expansion
48% 16
Rotation up
0% 0
Deceleration
24% 8
Balance
18% 6
Rotation down
0% 0
Downward expansion
9% 3
Unresolved
0% 0

Architecture breadth shows the distribution of expanding, rotating, balancing and contracting securities. It is diagnostic context and is not added as a second vote in the positioning score.

Capital rotation

Performance relative to TH Market Structure

Improving
Relative index 13-week relative trend Starting level
Rotation dashboard Improving

A rising relative line means this group is compounding faster than TH Market Structure. A falling line means capital has done better in the parent benchmark.

Relative index99.3
13-week trend96.8
4-week trend change1.53%
Weekly peer rank2 of 11
1 week
1.5 pts relative
4 weeks
2.3 pts relative
13 weeks
6.3 pts relative
26 weeks
17.3 pts relative
52 weeks
9.7 pts relative

Market internals

Participation, dispersion and path risk

Equal-weight index evidence with constituent-level breadth and dispersion.

Breadth

Participation quality

Balanced
Advancing
18
Declining
6
Unchanged
10
4-week average 39%
13-week average 43%
Risk and persistence

Path quality

52-week lens
Annualised weekly volatility17.1%
Drawdown from 52-week high0.0%
Positive weeks, last 1362%
Current directional run1 week
Turnover versus 13-week norm225%
Breadth impulse10.8 pts
Cross-section

Return distribution

34 measured
Q1 0.0% Median 0.6% Q3 2.6%
Average winner10.5%
Average loser-5.8%
Dispersion18.5 pts
Top-five upside share87%
Top-five capital share83%
Capital data coverage100%

Dispersion describes how far constituent outcomes are spreading apart. Capital concentration is contextual only; the index itself is equal weighted.

Momentum cycle

30-week persistence

Positive readings show expansion. Negative readings show contraction.

Breadth cycle

Net participation

Advancers less decliners as a percentage of measured constituents.

Industry map

Where sector leadership is forming

Performance, breadth and trend acceptance across every qualified industry.

3/4 positive
Above Trend Line4/4100% of industries
Constructive breadth2/4At least half advancing
Median industry2.01%3.79 pts dispersion
#1 Advancing

Utilities - Regulated Water

7.46%
Participation75% vs Trend29.6% vs Fair Value58.1% Members4
#2 Transition

Utilities - Renewable

3.96%
Participation53% vs Trend9.1% vs Fair Value-17.7% Members15
#3 Narrowing

Utilities - Regulated Electric

0.07%
Participation33% vs Trend14.2% vs Fair Value24.0% Members3
#4 Narrowing

Utilities - Independent Power Producers

-2.50%
Participation44% vs Trend10.5% vs Fair Value5.9% Members9

News and narrative

Does company news confirm the market tape?

Open Sentiment Intelligence
Sentiment evidence is still developing

Qualified company-level news coverage is not yet broad enough to influence the group view.

0 qualified records across 34 measured constituents.

Leadership tape

Leaders, laggards and contribution shape

Latest completed week, ranked on uncapped constituent returns.

Leading edge

1 MOREMore Return Public Company Limited
100.00% 2 SSPSermsang Power Corporation Public Company Limited
35.19% 3 TSEThai Solar Energy Public Company Limited
15.48% 4 SPCGSPCG Public Company Limited
8.74% 5 ABMAsia Biomass Public Company Limited
6.02%

Weakest edge

34 GTVGreen Tech Ventures Public Company Limited
-25.00% 33 TGEThachang Green Energy Public Company Limited
-2.65% 32 BGRIMB.Grimm Power Public Company Limited
-2.54% 31 TPCHTPC Power Holding Public Company Limited
-2.02% 30 WHAUPWHA Utilities and Power Public Company Limited
-1.35%

Constituent ledger

Sector constituents

All 34 measured constituents, ranked by latest weekly return.

Rank Ticker Company Exchange Market cap Close Index contribution Return
1 MORE More Return Public Company Limited SET 502.37M 0.14 0.74 pts
100.00%
2 SSP Sermsang Power Corporation Public Company Limited SET 6.62B 7.30 0.74 pts
35.19%
3 TSE Thai Solar Energy Public Company Limited SET 1.78B 0.97 0.46 pts
15.48%
4 SPCG SPCG Public Company Limited SET 10.14B 11.20 0.26 pts
8.74%
5 ABM Asia Biomass Public Company Limited SET 574.46M 0.88 0.18 pts
6.02%
6 EASTW Eastern Water Resources Development and Management Public Company Limited SET 7.75B 5.05 0.15 pts
5.21%
7 ETC Earth Tech Environment Public Company Limited SET 1.66B 0.77 0.12 pts
4.05%
8 GUNKUL Gunkul Engineering Public Company Limited SET 43.17B 5.10 0.08 pts
2.82%
9 EA Energy Absolute Public Company Limited SET 21.24B 2.96 0.08 pts
2.78%
10 SCN Scan Inter Public Company Limited SET 558.31M 0.47 0.06 pts
2.17%
11 GREEN Green Resources Public Company Limited SET 629.88M 0.79 0.04 pts
1.28%
12 RATCH Ratch Group Public Company Limited SET 81.02B 38.00 0.04 pts
1.20%
13 WP WP Energy Public Company Limited SET 1.86B 3.76 0.03 pts
1.08%
14 TTW TTW Public Company Limited SET 41.50B 10.10 0.03 pts
0.97%
15 ROJNA Rojana Industrial Park Public Company Limited SET 11.62B 5.75 0.03 pts
0.88%
16 EGCO Electricity Generating Public Company Limited SET 70.02B 130.00 0.02 pts
0.78%
17 BCPG BCPG Public Company Limited SET 21.42B 7.20 0.02 pts
0.66%
18 NNCL Nava Nakorn Public Company Limited SET 3.52B 1.72 0.02 pts
0.58%
19 ACE Absolute Clean Energy Public Company Limited SET 12.68B 1.31 0.00 pts
0.00%
20 CKP CK Power Public Company Limited SET 19.35B 2.42 0.00 pts
0.00%
21 GULF Gulf Development Public Company Limited SET 915.07B 61.75 0.00 pts
0.00%
22 PRIME Prime Road Power Public Company Limited SET 212.72M 0.05 0.00 pts
0.00%
23 SAAM SAAM Development Public Company Limited SET 1.48B 4.66 0.00 pts
0.00%
24 SCG Ratch Pathana Energy Public Company Limited SET 3.10B 2.68 0.00 pts
0.00%
25 SKE Sakol Energy Public Company Limited SET 212.04M 0.19 0.00 pts
0.00%
26 SUPER Super Energy Corporation Public Company Limited SET 3.28B 0.12 0.00 pts
0.00%
27 TPIPP TPI Polene Power Public Company Limited SET 14.78B 1.76 0.00 pts
0.00%
28 UV Univentures Public Company Limited SET 1.91B 0.98 0.00 pts
0.00%
29 GPSC Global Power Synergy Public Company Limited SET 140.28B 49.75 -0.03 pts
-1.00%
30 WHAUP WHA Utilities and Power Public Company Limited SET 28.11B 7.30 -0.04 pts
-1.35%
31 TPCH TPC Power Holding Public Company Limited SET 389.16M 0.97 -0.06 pts
-2.02%
32 BGRIM B.Grimm Power Public Company Limited SET 50.31B 19.20 -0.07 pts
-2.54%
33 TGE Thachang Green Energy Public Company Limited SET 2.79B 1.10 -0.08 pts
-2.65%
34 GTV Green Tech Ventures Public Company Limited SET 393.93M 0.03 -0.74 pts
-25.00%

The index uses capped equal-weight weekly constituent returns. The ledger shows uncapped security returns so outliers remain visible for research.

Evidence context