On Thursday, Thailand’s SET Index closed at 1,264.77 points, decreased 10.56 points or 0.83%, with a trading value of THB 15.63 billion. This figure marks the lowest trading value since January 24, 2012, or a 13 years and 11 months low.
Asia Plus Securities (ASPS) revealed that, overall, global stock markets were closed for the most part yesterday (December 25, 2025), resulting in lighter-than-usual trading volumes for those markets still open, including the Stock Exchange of Thailand (SET), due to reduced liquidity.
However, the Thai stock market is still supported by a positive factor, namely share buybacks by listed companies. In December 2025, 23 listed companies have already initiated share buyback programs, amounting to approximately THB 4 billion, the highest in five months. Cumulatively for the year 2025, buybacks have reached as high as THB 37 billion, marking a record high.
The buybacks reflect the positive outlook of listed company executives on the value of their own shares and may be a crucial factor that helps foster hope for a gradual recovery in the Thai market.
Reviewing historical statistics, years with significant share repurchases tended to mark the starting point for a market recovery in the following year. For example, in 2003, listed companies accumulated about THB 11 billion in buybacks before the SET index rose 15% in 2004.
Likewise, in 2020, buyback value was THB 24 billion, followed by a 14% gain in 2021. In 2025, accumulated buybacks surged to THB 37 billion, leading to speculation that 2026 could be another rebound year for the Thai market.
Share buybacks are a positive signal as they reduce the number of shares on the market, increasing earnings per share (EPS). The buybacks also reflect that, in executives’ view, current share prices are below their intrinsic value, said ASPS.
Nevertheless, the brokerage recommends “Speculative Buy” on stocks supported by ongoing buybacks, especially companies that have bought back shares for more than 10 out of 16 trading days this month, which helps support the recovery of share prices and share price charts.
The stocks in focus include:
1. Charoen Pokphand Foods Public Company Limited (SET: CPF), which resolved to buy back shares on October 2, 2025, with a budget of THB 8 billion for 350 million shares, representing a 4.16% proportion. The buyback period is from October 8, 2025, to April 7, 2026.
2. Sri Trang Gloves (Thailand) Public Company Limited (SET: STGT) resolved to buy back shares on September 18, with a budget of THB 1.5 billion for 220 million shares (7.68%) with a buyback period from September 22, 2025, to March 20, 2026.
3. Major Cineplex Group Public Company Limited (SET: MAJOR) resolved to buy back shares on November 11 with a budget of THB 600 million for 75.7 million shares (9.99%), during November 17, 2025, to May 15, 2026.
4. Betagro Public Company Limited (SET: BTG) approved a buyback on September 23 with a budget of THB 2 billion for 85 million shares (4.39%), from September 29, 2025, to March 27, 2026.
5. Bound and Beyond Public Company Limited (SET: BEYOND) resolved for a buyback on November 24, with a budget not exceeding THB 250 million for 29.01 million shares (10%), within December 1, 2025, to May 31, 2026.
6. Starflex Public Company Limited (SET: SFLEX) approved a buyback on December 4, with a budget of THB 45 million for 14.48 million shares (1.77%), from December 8, 2025, to May 7, 2026.
7. Infraset Public Company Limited (SET: INSET) resolved a buyback on August 5, with a budget of THB 78 million for 40 million shares (4.92%), from August 13, 2025, to February 12, 2026.
These groups of stocks may compensate for the sluggish trading value and serve as options for investors during a period when the market lacks clear supporting factors, ASPS concluded.
