Kiatnakin Phatra Securities (KKPS) recently hosted the SET Government Roadshow 2025 in Singapore, drawing keen attention from the investment community. With the theme “Confidence in Thailand’s Path Forward,” the event featured key Thai government figures including Prime Minister Anutin Charnvirakul, Finance Minister Dr. Ekniti Nitithanprapas, and Commerce Minister Mrs. Suphajee Suthumpun. Approximately 100 participants, including 60 investors and 40 corporate leaders, attended the event.
Government officials highlighted cohesive strategies to boost Thailand’s economic prospects. Dr. Ekniti outlined a five-pillar domestic economic agenda: stimulating consumption, reducing household debt, strengthening SMEs, encouraging savings, and supporting investments in the new economy. Meanwhile, Mrs. Suphajee stressed efforts to diversify trade and reinforce Thailand’s position amid global supply chain shifts, reaffirming the government’s commitment to expanding the free trade agreement (FTA) network and addressing trade issues with the US.
Despite these confidence-building messages, Singapore-based investors maintain an underweight view on Thai equities. Discussion topics included the impact of the upcoming general election, policy direction, future growth drivers, and the Bank of Thailand’s monetary stance. Regulatory skepticism persists, particularly among hedge funds constrained by exchange-imposed rules. Fundamental-driven, long-only funds also remain cautious, preferring to wait for post-election clarity before adjusting their positions.
KKPS maintains a constructive outlook on Thailand’s equity market ahead of the Q1 2026 general election. The brokerage reiterates its barbell strategy—favoring banks (KTB, KBANK), telecom (ADVANC), and resilient growth stocks (BH, CPN) for defensive stocks, while selectively accumulating pre-election beneficiaries among consumer retailers (CPALL, GLOBAL), finance firms (TIDLOR, SAWAD), and tourism-related names (CENTEL, AWC).
