According to the report, vehicle bookings at the Thailand International Motor Show 2026 have reached a record high of 132,951 units, an increase of 55,572 units or 71.8% from the previous year. The top five brands with the most bookings are BYD, Toyota, Omoda & Jaecoo, MG, and Changan (DEEPAL-NEVO).
Yesterday, the share price of TISCO Financial Group Public Company Limited (SET: TISCO) rose by THB 1.00, closing at THB 115.00, up 0.88%, with a total trading value of THB 855.8 million. Kiatnakin Phatra Bank Public Company Limited (SET: KKP) increased by THB 0.75, closing at THB 78.75, up 0.96%, with a trading value of THB 212.8 million.
InnovestX Securities assess that the strong bookings are a minor positive factor for banks with a high proportion of hire purchase (HP) loans, such as TISCO, KKP, TMBThanachart Bank Public Company Limited (SET: TTB), and Bank of Ayudhya Public Company Limited (SET: BAY).
Especially for TISCO, which has a hire purchase loan proportion as high as 44%, and an electric vehicle (EV) loan portfolio of about 9 – 10%—the highest in the group—thus likely to benefit more from the high volume of EV bookings than other banks. This may result in TISCO’s HP loan growth outperforming competitors.
However, banks still remain cautious in expanding hire purchase loans, as they continue to face pressures from inflation, a slowing economy, and concerns over asset quality risks in the event of defaults among EV borrowers.
Considering these factors, the securities firm expected that banks will maintain HP loan growth targets at a low single-digit level, despite the strong car bookings at the Motor Show. The recommendation remains Neutral for banking stocks, including TISCO, KKP, TTB, and BAY.
At the same time, the increase in EV bookings is expected to help clarify long-term demand for EV charging stations in Thailand. However, short-term impact on profits remains limited, as many charging station businesses are still in high-investment phases, while service usage rates are still low. Therefore, most businesses are still making losses or only slight profits.
The outlook remains neutral for retail oil stocks such as PTT Oil and Retail Business Public Company Limited (SET: OR), Bangchak Corporation Public Company Limited (SET: BCP), and PTG Energy Public Company Limited (SET: PTG) since the expansion of charging stations remains in line with previous plans, reflecting strategic positioning more than accelerated demand.
InnovestX also assesses that the outlook for Thailand’s automotive industry still faces risks from geopolitical factors, especially tensions in the Middle East, which may affect demand for automobiles both domestically and in export markets going forward. There are also risks from rising raw material costs, such as steel and plastic pellets, which may increase and impact auto part manufacturers in the second half of 2026.
