Thailand’s Finance Ministry is expected to roll out a new phase of the “Half-Half” co-payment program as soon as the government signals its approval, according to analysts from Yuanta Securities. With a 25 billion baht budget already earmarked and a well-established digital payment platform in place, the scheme could be operational as soon as October, pending official green light.
Analysts believe this program will provide a direct boost to consumer purchasing power while simultaneously supporting small businesses across the country. With more than a million participating shops and swift onboarding capability, analysts expect a significant uplift in domestic consumption if the plan launches within the next 30–45 days.
Drawing on experience from previous rounds between 2020 and 2022, Yuanta Securities points out that while the scheme primarily benefited small merchants—excluding corporate chains—the wider retail sector saw a gradual recovery in same-store sales growth that paralleled Thailand’s rebound from pandemic lows. In this upcoming phase, modern trade operators with both retail and wholesale exposure, such as CPAXT, BJC, and CRC, are seen as major beneficiaries. If the scheme is implemented by October, these companies could see support for their sales momentum into the final quarter of 2025, complementing funds from the country’s Digital Wallet initiative.
Yuanta notes the advantage of the project’s ready-made infrastructure and widespread familiarity among consumers, predicting a swift return of consumer confidence and improved economic liquidity once the program resumes.
Krungsri Securities echoed this positive sentiment, identifying a broad range of listed companies that stand to benefit. The brokerage recommends retail and convenience store stocks such as TNP, CPALL, BJC, and CPAXT, given that consumers are likely to exercise their spending power in these channels. For food and beverage players, OSP, CBG, ICHI, and MALEE are set to ride the wave of increased fast-moving consumer goods purchases.
Additionally, Krungsri sees secondary upside for companies like CPF, BTG, TKN, and SAPPE, whose products are sold via modern retail channels. The anticipated return of Khon La Khrueng, therefore, is widely expected to inject positive momentum across a spectrum of consumer, food, and retail stocks.
