Shares connected to the “Anutin Charnvirakul” were in the spotlight as market participants speculated on the possible nomination of Anutin Charnvirakul as Thailand’s 32nd prime minister in the parliamentary session scheduled for September 5.
This watchlist includes firms such as Stecon Group Pcl. (STECON), STP & I Pcl. (STPI), Hemaraj Industrial Property and Leasehold Fund (HPF), Clover Power Pcl. (CV), DOD Biotech Pcl. (DOD), and real estate investment funds likeMFC Industrial Investment Freehold and Leasehold Real Estate Investment Trust (MII), MFC-Nichada Thani Property Fund (MNIT), and MFC-Strategic Storage Fund (M-STOR).
As of 10:24 local time in Bangkok, the share price of DOD, STPI and STECON rose 4.23%, 1% and 1.94%, respectively.
According to analysts at Yuanta Securities (Thailand), equities with political connections are expected to outperform following the House’s inclusion of the prime ministerial vote in its agenda for September 5, after a consensus between the Bhumjaithai and People’s Parties to nominate Anutin Charnvirakul for the top job.
Analysts recommend accumulating Stecon Group shares, highlighting a robust project backlog valued at 100 billion baht—excluding the U-Tapao Airport development—with forecasts for an additional 20 billion baht in contract signings in the second half of 2025. The stock is currently trading at a 2025 price-to-earnings ratio (PER) of 7.3 times, offering a dividend yield of approximately 4.5%.
Maybank Securities (Thailand) has also listed STECON as their top pick, setting a strategic target price of 9.00 baht. The firm believes that if the PM vote proceeds on schedule, budget disbursements for fiscal year 2026 will occur as planned, providing a significant tailwind for the construction sector and STECON’s expansive project pipeline.
Operating results for the latter half of 2025 are expected to show year-on-year profit growth, thanks to healthier gross margins and the absence of last year’s losses from the Orange Line project. The valuation is based on a 2025 PER of 14.7 times, with estimated dividend yields at 3.1%.
Meanwhile, Pi Securities recommends buying STECON with a price target of 9.40 baht, buoyed by continuous earnings momentum in the second half of the year, underpinned by a backlog exceeding 100 billion baht and relief from quarterly losses on the Yellow and Pink Line projects, improving by more than 100 million baht per quarter.
CGS International (Thailand) maintains a “buy” call on STECON, projecting strong results in coming quarters and setting a target price of 8.50 baht.
However, Kantara Ladawan na Ayutthaya, executive director of Finansia Syrus Securities, noted in ‘Kaohoon Program’ on YouTube prior to the selection that stocks linked to Anutin have previously risen, pricing in the possibility of PM selection. Thus, he would not recommend this as an entry point. Instead, he recommended stocks that could benefit from future policies that Anutin is planning to propose, if he is elected.
