Last week, Thailand Board of Investment (BOI) approved investment projects totaling THB 240 billion. The majority consists of 11 data center projects with a total value of over THB 184.74 billion.
Additionally, the BOI has selected the first batch of 16 projects for the Thailand FastPass mechanism. These are large-scale projects with investment value exceeding THB 1 billion in selected high-tech industries, providing significant economic benefits. This includes hyperscale data centers.
Koraphat Vorachet, Assistant Managing Director and Head of Research at Krungsri Securities, stated that the trend of data center investment in Thailand is rapidly expanding due to the rising demand for computing power and capacity supporting AI, turning into a new megatrend for Thailand’s economy over the next three to five years. This serves as an important driver for stocks in the industrial estate and infrastructure sector.
Thailand’s infrastructure technology sector (Infra Tech) continues to grow, especially with investments in the data center business. It was found that by 2025 (as of December 11), the total investment in this sector reached approximately THB 578,085 million, showing significant growth from the pre-2025 period, which stood at around THB 375,230 million.
Investment data indicates that prior to 2025, most major investors came from the United States, Singapore, and multinational partners such as Amazon Web Services (AWS), with the highest investment value of THB 190 billion, followed by Google at THB 36 billion and Microsoft at approximately THB 30 billion. This reflects the confidence of major tech firms in Thailand’s potential as the digital hub of the region.
Meanwhile, in 2025, new investment accelerates noticeably, with Chinese investors playing a more prominent role, led by ByteDance (TikTok) with an investment value of THB 126 billion, and Beijing Haoyang Cloud Data Technology at over THB 72.67 billion. There are also continuous investments from Singapore, Japan, Malaysia, and the U.S.
For companies directly linked to Thailand, there are several significant-value projects: 1) Zenith Data Center (Thailand) at around THB 54.9 billion, 2) GSA Data Center Co., Ltd. (GULF-Singtel-AIS) at over THB 30.611 billion, as well as various projects by Thai companies and partners in the energy and infrastructure sectors.
This situation has a positive impact on several stock groups, especially industrial estates and power generation sectors. Noteworthy stocks directly benefiting include WHA Corporation Public Company Limited (SET: WHA), Amata Corporation Public Company Limited (SET: AMATA), and Gulf Development Public Company Limited (SET: GULF).
WHA benefits from increasing demand for industrial land from global data center providers, as many projects require large land plots with complete utilities. This trend boosts land sales and infrastructure services, as WHA’s in-park electricity, water, and data communication systems directly meet technology operators’ demand.
AMATA, another key industrial estate, is well-equipped in infrastructure and space to support regional high-tech projects. Large investors are increasingly moving or expanding their investments due to geographical advantages and stable electricity costs, resulting in a continuous rise in land sales and ready-built factory leasing deals.
GULF directly benefits from high-density power demand of data centers, which require substantial and highly stable electricity. The company’s large-scale power plants and energy infrastructure are well suited to specialized loads, including investments in smart grids and network connections, making GULF a chosen player in multiple major deals.
Bualuang Securities noted that the first-phase data center investment projects, after BOI investment incentives approval, will directly benefit several key industries: the industrial estate sector—such as WHA and AMATA—and construction contractors, such as Stecon Group Public Company Limited (SET: STECON). Utility and power distribution groups, such as WHA Utilities and Power Public Company Limited (SET: WHAUP) and B.Grimm Power Public Company Limited (SET: BGRIM), will also benefit.
The next development phase will pivot from data centers to AI centers, focusing on creating “added value” through the supply chain, especially the power supply system, to drive the domestic production of equipment and components for data centers.
However, Thailand still lacks regulations on use of domestic production. As such, most investors still rely on foreign imports, such as cables or other infrastructure equipment. But if measures promoting usage of local content or a share of locally produced materials and value are introduced, it will significantly support the local industry.
If more data center equipment is manufactured in Thailand, it will be an important positive factor for Delta Electronics (Thailand) Public Company Limited (SET: DELTA), allowing production to shift from imported raw materials to increased domestic parts usage, thus improving cost and production efficiency.
