Phillip Securities (Thailand) noted in its analysis that the financial sector is likely to benefit more from the “Thai Chuay Thai Plus” scheme than from the previous “Half-Half Plus” scheme. This is because the new measures, while similar to the previous one, have a higher proportion of government support—with the state covering 60% of the payment and the citizens only contributing 40%. The funding limit is also higher and covers more recipients. Consequently, this new program is anticipated to stimulate domestic consumption and positively affect retail loan operators.
Nevertheless, Phillip maintained its weighting for the financial sector at “Neutral,” viewing that the aforementioned measures may support the demand for short-term loans, especially those intended for daily living expenses and loans connected to low- to middle-income earners. At the same time, if consumers’ purchasing power improves, the asset quality of operators in the group may also improve accordingly.
Moreover, Phillip highlighted Tidlor Holdings Public Company Limited (SET: TIDLOR) as the outstanding pick in the group, setting a target price at THB 22.90, as the equity is expected to directly benefit from this project. TIDLOR was also joined by Singer Thailand Public Company Limited (SET: SINGER), which showed both loan growth and a reduction in non-performing loans (NPL) during the previous Half-Half Plus program.
Additionally, TIDLOR has further supporting factors from the back-to-school season, which is a period of increased household demand for funds, and a trend of declining interest rates that help ease financial costs. TIDLOR also has strengths from its insurance brokerage business, which provides continuous fee income and diversifies its revenue base, reducing reliance on the lending business.
According to data from 8 listed finance companies during 4Q25—when the Half-Half Plus scheme was in effect—total loans grew by 0.03% from the previous quarter. Although the increase was small, it was comparably better than the average contraction of 0.78% over the prior three quarters. Meanwhile, the group’s NPLs also declined by 0.43%, this reflects the positive impact of the economic stimulus measures on loan disbursement and debt quality.
However, at the individual company level, Krungthai Card Public Company Limited (SET: KTC) recorded the highest loan growth during the Half-Half Plus project, rising by 4.37% in contrast to the previous three-month average contraction of 1.28%. Meanwhile, SINGER was able to reduce NPLs the most, with a 2.14% reduction from 19.43% to 17.30%.
