Thai Retail Stocks Rally as Government Rolls Out New Co-Payment Initiative

On Wednesday at 11:17 AM (Bangkok time), the share price of Berli Jucker Public Company Limited (SET: BJC) rose by 1.00% or THB 0.20 to THB 20.30, with a trading value of THB 44.71 million.

Ichitan Group Public Company Limited (SET: ICHI) grew by 0.76% or THB 0.10 to THB 13.20, with a trading value of THB 22.92 million.

Taokaenoi Food & Marketing Public Company Limited (SET: TKN) gained 1.79% or THB 0.10 to THB 5.70, with a trading value of THB 4.41 million.

 

Asia Plus Securities notes that Thailand’s Cabinet has given the green light to the ‘Khon La Khrueng Plus’ co-payment scheme, allocating a total budget of THB 44 billion. The funding will be drawn from two sources: THB 25 billion from the 2026 economic stimulus budget and THB 19 billion from the 2025 central budget. The program will benefit 20 million people nationwide.

Under the scheme, individuals not registered in the tax system will receive a THB 2,000 government subsidy, matching their own THB 2,000 contribution. For those who have filed tax returns, the government will provide a higher subsidy of THB 2,400, with participants also contributing THB 2,000. All transactions must be made through the ‘Pao Tang’ app, with daily spending capped at THB 200.

Merchant registration opens on October 15, covering restaurants, beverage vendors, spas, hair salons, small public transport businesses, and other small enterprises—excluding large retail chains such as 7-Eleven and other major convenience stores. Public registration will be held from October 20 to 26, with the usage period set between October 29 and December 31, 2025.

The initiative is expected to bolster GDP by approximately 0.3–0.4%. Combined with state welfare card benefits, these measures are projected to reach 33.4 million people in total. According to Asia Plus Securities, listed companies such as BJC, ICHI, and TKN stand to benefit from the scheme.