Thailand’s Ministry of Interior has submitted a proposal to the Ministry of Finance requesting a revision to the number of households eligible for subsidies under the solar rooftop scheme. The proposal seeks funding from the second tranche, worth THB 200 billion, of the THB 400 billion government loan issued under the emergency decree, with a maximum ceiling of THB 75 billion earmarked for the transition to clean energy.
Under this revised plan, the subsidy per household for solar rooftop installation would be THB 50,000, and the coverage would be expanded from the original target of one million households to 1.5 million.
InnovestX Securities wrote that this project would stimulate sales of equipment and installation services, which would benefit suppliers and contractors specializing in solar systems. According to the brokerage, four publicly listed companies stand to gain the most from this initiative.
First is Gunkul Engineering Public Company Limited (SET: GUNKUL), which is expected to see increased upside from various government measures accelerating the energy transition, such as higher revenue from EPC (Engineering, Procurement, and Construction) business linked to grid expansion and improvement projects valued at THB 31 billion, supporting data centers in the Eastern Economic Corridor (EEC).
Additionally, there is an anticipation of increased investment in smart grids and solar rooftop projects funded by the 200-billion-baht tranche, as well as a 10-year transmission line improvement plan, starting from 2026, with a total budget of THB 106 billion.
Secondly, Home Product Center Public Company Limited (SET: HMPRO) is predicted to see stronger sales in the second half of the year, supported by ongoing branch expansion plans. The company plans to open 10 new stores, similar to last year, comprising five HomePro branches and five MegaHome branches, with nine in a hybrid format that involves lower investment and operating costs.
HMPRO will also benefit from cross-brand customer flow and its existing customer base, especially since only two stores were opened in the first half, making the remaining openings scheduled for the latter half key drivers of sales growth. Meanwhile, the company remains cautious on same-store sales due to continued consumer spending fragility, although large-scale project orders are likely to provide additional support.
For Dohome Public Company Limited (SET: DOHOME), accelerated disbursement of state budgets is expected to boost sales, along with the benefit from depletion of low-cost steel stock and recent declines in steel prices, which will support profitability. Profit in the first half of this year accounted for 66% of the full-year 2026 normalized profit forecast of THB 838 million. However, profit momentum is expected to slow in the second half due to seasonal factors.
Lastly, Siam Global House Public Company Limited (SET: GLOBAL) has raised its profit forecast, expecting second-half earnings to improve year-on-year. The 2026 profit forecast was upgraded by 8% due to a gross margin improvement assumption to 28.3%, compared to the previous 27.3%, offsetting the more conservative view on same-store sales.
The gross margin is forecasted to continue expanding, meeting the target range of 27-28%. The SG&A-to-sales ratio is expected to remain well managed, and the opening of three new branches will also contribute, despite the assumption of negative same-store sales as a precautionary measure.
