Maybank sees a positive view for Thailand’s retail and tourism sectors if the cabinet reintroduces economic stimulus packages, such as Shop Dee Me Kuen and We Travel Together, as a New Year’s gift to the public, as those measures are expected to boost Thai consumption and tourism early next year.
Maybank Securities (Thailand) (MST) anticipates that the 2023 New Year gift measures will be proposed at today’s Cabinet meeting, which will help to promote the domestic economy early next year. Initially, the following measures are likely to be suggested in this round:
Shop Dee Me Kuen: At this time, the purchase amount of goods and services is expected to be divided into two parts: the first part will be a purchase of products with a paper tax invoice (Traditional) that can be deducted up to 30,000 baht, and the second part will be a purchase via electronic system with an electronic tax invoice to lower tax by an extra 10,000 baht.
Tourism-boosting measures: Maybank expects 1.5 million benefits from “We Travel Together Phase 5” to boost Thai tourism. The cabinet also considers expanding entertainment venue hours to attract foreign tourists.
Energy measures: extending aviation fuel excise tax reduction to encourage tourism and lower travel costs.
The new round of economic stimulus measures is expected to contribute to GDP growth next year. Therefore, Maybank recommends investors to gradually accumulate equities in the retail sector (CRC, CPN, CPALL, MAKRO, HMPRO) and tourism sector (AOT, SPA, CENTEL).