Thailand’s Prime Minister Anutin Charnvirakul, accompanied by several cabinet ministers and senior officials, visited Hat Yai, Songkhla, on November 30, marking his fifth visit to the area. He met with local business operators, surveyed flood damage to offer support, and participated in a meeting to discuss challenges and relief measures for affected businesses.
In response to southern flood victims, state banks, including GH Bank and Government Savings Bank (GSB), have launched assistance packages. The measures include loan payment deferrals, interest rate reductions, special renovation loan programs, and fast-track insurance claims.
GH Bank introduced specific relief measures covering existing and new borrowers, home repair loans up to 300,000 baht, expanded credit for reconstruction, and support for NPL customers, with flexible repayment terms and interest reductions. The bank also expedited insurance claims for affected homeowners and provided mortgage relief in cases of total property loss.
Government Savings Bank offered a three-month debt moratorium for eligible borrowers in disaster zones, with interest waived during this period and options for debt restructuring. Additional easing was provided for business loan promissory notes, allowing a 90-day extension for those affected by the floods.
Krungsri Securities (KSS) wrote that the Thai stock market is entering a ‘Rebuilding Phase,’ signaling a period of recovery as immediate risks—such as flooding in southern Thailand—continue to subside. Recent data shows that water levels have been steadily receding since November 27, and the actual economic impact from the floods is ‘more limited than the market feared.’
The estimated business losses stand at approximately 19.7 billion baht, representing only 0.11% of Thailand’s 2025 GDP and lowering market earnings by less than 1 baht per share. As a result, KSS maintains its 2025 earnings forecast at 87 baht per share and its target for the SET Index at 1,370 points.
KSS identifies two key stock groups as likely leaders in the recovery. The first includes companies poised to benefit from reconstruction activities and a downtrend in interest rates, such as Siam Global House (GLOBAL), a structural winner in building materials; Advanced Info Service (ADVANC), a notable dividend and infrastructure play; and Gulf Development (GULF), which stands to gain from lower funding costs and infrastructure investment themes.
The second group consists of stocks that may rebound after excessive sell-offs. These include Muangthai Capital (MTC), which is expected to recover as flood concerns ease; Central Plaza Hotel (CENTEL), which is supported by the high tourism season and faced limited real impact; and Bangkok Dusit Medical Services (BDMS), which experienced only a minor reduction in revenue from the southern region.
Additionally, home improvement retailers such as Home Product Center (HMPRO), with the largest store presence in the area, and Dohome (DOHOME) may see short-term sales disruptions, but could benefit from a turnaround during the rebuilding period.
Siam Global House (GLOBAL), despite not having branches in the affected area, could also see sales recover as reconstruction efforts progress. Electricity Generating (EGCO) is expected to increase output at the Khanom power plant, helping to compensate for disruption at other facilities affected by the floods.
KSS stated that the stock market is now entering a ‘Rebuilding Phase’ similar to what was seen in 2017 and 2020, with near-term risks easing. As monetary and fiscal policy drivers become clearer, Thai equities—which are currently trading at deep value—could see renewed interest from investors, making this an opportune accumulation period.
