The SET Index and Thai equities could come under renewed pressure following intensifying border tensions with Cambodia, as market sentiment turns cautious amid reports of military clashes at Ta Muen Temple.
Bualuang Securities (BLS) and Finansia Syrus Securities (FSS) have both issued timely assessments, urging investors to review which firms have the most exposure to Cambodia at a time of heightened geopolitical risk.
Bualuang Securities notes that any further escalation in diplomatic conflict between Thailand and Cambodia places revenue streams at risk, especially for companies with sizable Cambodian operations.
CBG, with over 10% of total revenue from Cambodia, tops the list for highest risk. Stocks with 5–10% exposure include OSP and SCCC. Meanwhile, BH, BDMS, BCH, MAJOR, BTG, BCP, IRPC, SPRC, TOP, PTTGC, SCC, and OR have between 1–5% exposure to the Cambodian market. CPALL, CPAXT, BJC, and BGRIM are among firms with lower than 1%.
Similarly, Finansia Syrus Securities flags companies with significant business dependence on Cambodia. SAV has full exposure with 100% of its operations tied to the country. CBG generates about 13% of its revenue from Cambodia, AEONTS 8%, BH 5%, CPF and BTG each between 3-4%, and BDMS, SCC, NEO, ICHI, OR, and GLOBAL range between 2% to 3%.
BCH stands at 1.7%, SCGD at 1.5%, and HANA at 1.4%. Leading retailers (CPALL, CPAXT, BJC), hospitality groups (MINT, CENTEL, ERW), and major banks (BBL, KBANK, SCB) have Cambodian business activities at less than 1% of total revenue.
The brokerage firms underline that the overall sentiment for the SET Index could experience negative pressure from the conflict, and the impact will be felt most acutely in companies listed with higher revenue dependence on Cambodia.
