After the Thai stock market has experienced continued declines in trading value, the latest report from the Stock Exchange of Thailand (SET) shows combined average daily trading value for the SET and mai at 39.473 billion baht, down 27.9% from the same month in 2024. As a result, during the first 10 months of the year, the combined average daily trading value stood at 42.659 billion baht.
This downturn in trading value has led securities companies—which primarily rely on their brokerage business as a core revenue stream—to face a drop in income and net profits (including net losses). Some brokerage firms have had to scale down their operations or seek alternative strategies to escape increasing losses.
Recently, it was reported that Phillip Securities (Thailand) is expecting to acquire Pi Securities from major shareholder Country Group Holdings Public Company Limited (SET: CGH), acquiring a 90.98% stake. The deal is valued at around 2 billion baht.
Currently, Pi Securities has three major shareholder groups: Country Group Holdings holds 90.98%, Chinatrust Real Estate Co., LTD holds 8.40%, and Thai Fuji Finance and Securities Co., Ltd. holds 0.14%.
According to reports, Country Group Holdings recorded a net loss of -161.39 million baht in the first nine months of 2025. CGH explained that the loss came from a drop in brokerage fee revenue from Pi Securities, decreasing by 98.60 million baht or 15.60% compared to the same period last year, in line with the reduction in overall market trading value.
Phillip Securities recently concluded a strategic acquisition agreement with RHB Securities (Thailand) at the end of 2024, marking a significant industry consolidation among Thai securities companies. Phillip Securities is part of the Phillip Capital Group, headquartered in Singapore, with over US$50 billion in assets under management.
Maybank Securities Restructuring
It was also reported that another major firm, Maybank Securities (Thailand), has restructured by reducing its workforce significantly and plans to downsize by nearly 100 more employees.
In response to inquiries, Maybank Securities stated: “The company has restructured its operations and personnel to reinforce readiness in line with a new strategy aimed at enhancing work quality, service standards for clients, and long-term competitive capabilities. This transformation aligns our team structure with the company’s future growth direction.”
“We recognize this move affects some work structures, so we have prepared comprehensive transition support measures to ensure smooth operations for affected employees.”
“Our business philosophy is the well-being of our people and maintaining the quality of service to customers and business partners. We believe this restructuring will enable the company to respond more agilely to industry changes, drive innovation, and sustain long-term growth objectives.”
ASCO President: Brokerage Firms Must Adapt
Pichet Sithi-Amnuai, President of Bualuang Securities and President of the Association of Securities Companies (ASCO), said that the overall decline in trading value in the Thai stock market has continued from last year. Since most brokerages still rely on brokerage business as their mainstay, each firm must adapt its business model to generate alternative revenues, such as issuing Depositary Receipts (DR), expanding into wealth management, and other services.
He also commented on each brokerage’s financial status, emphasizing the need to maintain their Net Capital Ratio (NCR) as required by the Securities and Exchange Commission (SEC). So far, there have been no news reports of any brokerage facing NCR issues. If such problems arise, the SEC may order a halt to certain transactions or provide a time frame for corrective action.
