Mr. Suwat Wattanapornprom, Director of the Research Division, Investment Strategy, at Krungsri Securities (KSS), stated in “Kaohoon” program on November 17, 2025, that the Stock Exchange of Thailand (SET) Index could face negative sentiment from the news of the U.S. suspending trade negotiation with Thailand.
However, Mr. Suwat noted that this suspension is unlikely to affect the tariff rate of 19%. The suspension only prevents the two nations from finalizing the specific details of the agreement, such as the rule of origin. He further added that the market has not been concerned about this development yet, citing Thailand’s Credit Default Swap (CDS) and exchange rate to US Dollar that remain between 41 – 41.5 bps and 32.4 THB/USD, respectively.
Other developments investors should focus on include Thailand’s stimulus measures, such as the “Clear Debt, Move Forward” program and “Half-Half Plus” scheme, and the release of U.S. economic figures following the delay caused by the government shutdown. This information can hint whether the Federal Reserve will cut the interest rate this December.
Mr. Suwat also highlighted the feud between China and Japan after Beijing issued a travel warning. He stated that this could benefit Thailand’s tourism, aviation, hospital, and retails sector, as Chinese tourists could shift their focus toward Thailand. He recommended Airports of Thailand PCL (SET: AOT) based on the estimated increase of Chinese tourists, the Erawan Group PCL (SET: ERW) based on its Chinese customer base, and Central Plaza Hotel PCL (SET: CENTEL) based on its strong growth during the third quarter.
Regarding CENTEL’s acquiring a 40% stake in Lucky Suki, Mr. Suwat pointed out that this will benefit Lucky Suki since one of CENTEL’s main businesses is food business. The company has a strong network of suppliers which could assist Lucky Suki’s expansion. As for the drop of MK Restaurant Group PCL (SET: M)’s stock, Mr. Suwat noted its new suki business has not boosted the company’s earnings yet. Due to the new business opening up M’s mid-low price range market, the analyst expected this will potentially boost M’s market share in the segment, compared to none before the launch. This will also boost the medium and long term growth for the company as well.
Regarding the National Economic and Social Development Council (NESDC)’s report showing third quarter GDP growth of 1.2% YoY, below the market’s expectations of 1.3% – 1.7%, Mr. Suwat stated that the data would create negative sentiment and prompt selling pressure for a short period of time. He noted that investors will focus on the political movement, such as the possibility of an election in January, estimating how it will impact the market.
