Bualuang Securities (BLS) has reported an outlook of the commerce sector, expressing a positive view towards the ongoing promotion of the “Half-Half Plus Phase 2” program. This comes after Ekniti Nitithanprapas, Minister of Finance, revealed preparations to implement the policy after the new government has been formed.
The Half-Half Plus Phase 2 policy will primarily focus on income distribution to small retailers. Whether the budget will be used in 2026 or 2027 depends on the timeframe for forming the new government. Preliminary data from the previous Half-Half Plus Phase 1 showed a total budget allocation of THB 44 billion, which helped stimulate GDP by approximately 0.3%.
BLS views the continuation of the Half-Half Plus policy in the next phase as a key catalyst for gradually reviving domestic purchasing power, which will directly benefit same store sales growth (SSSG) of wholesale operators.
The brokerage firm estimated that CP Axtra Public Company Limited (SET: CPAXT) will benefit the most, followed by Berli Jucker Public Company Limited (SET: BJC), which operates the Donjai network, and Central Retail Corporation Public Company Limited (SET: CRC) with its Go Wholesale network, respectively.
Referring to statistical data during the first round of the Half-Half Plus program, SSS figures for all three operators in November improved by about 0.5-1% over October. Besides the wholesale segment, the research team also expects a recovery in domestic beverage sales.
Stocks expected to lead the beverage market include Ichitan Group Public Company Limited (SET: ICHI), followed by Carabao Group Public Company Limited (SET: CBG), and Osotspa Public Company Limited (SET: OSP).
