Maybank Securities (Thailand) (MST) remains bullish on domestic consumption play for Thai stocks following the upcoming policy statement by the new government, expecting to boost spending among Thais and foreigners in the final quarter of 2025.
The government’s policy statement is scheduled for Sept 29-30, followed immediately by a special cabinet meeting on Sept 30 evening. There is potential for approval of projects to utilize the THB26b remaining from the FY25 central budget (originally earmarked for the Digital Wallet program), supplementing the FY26 central budget stimulus of THB25b. This would add fiscal momentum to economic stimulus. Policy highlights are expected to focus on the economy, with the proposed “Co- payment Plus” scheme possibly launching as early as late Oct. Additional stimulus for tourism and debt relief measures should also become clearer.
In addition, MST remains positive on domestic consumption plays, favoring CPAXT, MTC, SAK, and ICHI.
Yesterday, Ekniti Nitithanprapas, Thailand’s Deputy Prime Minister and Finance Minister, announced that the government is moving ahead with the latest version of the Half-Half co-payment scheme, called ‘Kon La Krueng Plus’, aiming for the earliest possible rollout by late October 2025.
The measure is part of the administration’s ‘Quick Big Win’ strategy to jumpstart the economy in the short term while maintaining a focus on long-term fiscal discipline.
Ekkanit emphasized that the new phase of ‘Kon La Krueng Plus’ will consider fiscal discipline while being tailored to reward individuals who are registered in the tax system with greater benefits than those outside it.
He confirmed that the proposal will go before the Cabinet in the second week of October 2025 and clarified that the initiative will be funded with the existing budget. The precise funding allocation and format of the scheme are still under discussion with relevant agencies.
Lavaron Sangsnit, Permanent Secretary of the Ministry of Finance, added that once Cabinet approval is secured, registration for both consumers and merchants will open the following week. The government anticipates that spending under the new scheme could begin as early as the end of October; if not, it will be pushed to November or December 2025.
