Dr. Ekniti Nitithanprapas, Deputy Prime Minister and Minister of Finance (MoF), stated that the MoF is preparing to propose new measures to the Cabinet next week to support individual savings. The details of these measures are currently being finalized. The measure is expected to take the form of Thailand Individual Savings Account (TISA), which is an investment savings account for stocks.
Investors who purchase stocks on the Stock Exchange of Thailand (SET) would be eligible for tax deductions. TISA is designed to encourage greater investment by the public in Thai equities, with specific conditions and benefits. It is similar to Japan’s NISA (Nippon Individual Savings Account), which is now a permanent annual personal tax deduction scheme.
Mr. Apichat Poobunjirdkul, CISA, Senior Director of Strategic Analysis at TISCO Securities, stated that the Thai stock market could trade sideways to sideways-down during the first half of December 2025 as investors wait for clearer guidance regarding the direction of U.S. monetary policy. This comes after several U.S. economic reports were delayed, coupled with ongoing domestic political uncertainty regarding a potential parliamentary dissolution.
He suggested that this period is a good opportunity for gradual accumulation and selective buying in anticipation of increased market stability in the latter half of the month, once the key factors become clearer. There is also potential for a recovery driven by inflows from tax-saving funds.
In addition, the underlying valuation of Thai stocks—excluding Delta Electronics (Thailand) PCL (SET: DELTA)—is considered attractive, comparable to the levels seen during the COVID-19 crisis, and strong dividend yields can help limit downside risk.
Key stock themes for December include:
- Large-cap shares expected to attract Thailand ESG Fund (TESG) investment, with Advanced Info Service PCL (SET: ADVANC), CP All PCL (SET: CPALL), and Krungthai Bank PCL (SET: KTB) recommended.
- Stocks with strong dividend yields and near-term positive catalysts: AMATA Corporation PCL (SET: AMATA), with a 5-6% dividend yield and benefits from the Thailand Fast Pass measure; Bangkok Commercial Asset Management PCL (SET: BAM), with a 7% yield and a boost from the JV AMC establishment, alongside an expected policy rate cut by the Monetary Policy Committee (MPC) in December; Siam City Cement PCL (SET: SCCC), with a 7-8% yield and demand from post-flood repairs; Tipco Asphalt PCL (SET: TASCO), with a 6% yield and similar post-flood repair demand.
Major support levels for the SET Index this month are at 1,250-1,260 points, with subsequent supports at 1,220-1,230 and 1,200 points; key resistance levels are at 1,300-1,320 and 1,345 points.
Mr. Apichat added that the Federal Reserve (Fed)’s meeting in December carries high uncertainty, as delayed U.S. economic data—due to a previous government shutdown—will be released gradually, potentially causing market expectations for a Fed rate cut to fluctuate. Important upcoming data include U.S. non-farm payrolls and November inflation, to be released on December 16 and 18, respectively, after the Fed meeting on December 9-10.
Regardless of whether the Fed cuts rates this month, monetary policy is expected to further ease in the future. Meanwhile, the next MPC meeting on December 17 is expected to result in a 0.25% policy rate cut to 1.25%, which would benefit investment outlooks in the latter half of the month.
On domestic politics, short-term uncertainty persists, with the opposition considering a no-confidence motion, which could prompt Prime Minister Anutin Charnvirakul to dissolve parliament on the opening day of the second annual general parliamentary session on December 12. Any early disruption in Thai politics could hinder constitutional amendments and the progress of various government measures, particularly the “Half-Half Plus Phase 2” scheme.
TISCO Securities’ base case remains that parliament will be dissolved as originally scheduled at the end of January 2026, after the passage of the constitutional amendment in mid-January, meaning political clarity should be seen by mid-December.
