Thailand could attract a fresh wave of foreign direct investment as artificial intelligence spending shifts from technology development toward infrastructure, with Kiatnakin Phatra Securities (KKPS) highlighting opportunities in electronics, power generation and industrial estates.
Suppapong Iemkongaek, an analyst at KKPS, said the new investment cycle encompasses data centers, power systems, electronic equipment and connectivity. Rising Board of Investment (BOI) applications from non-listed, downstream AI-related businesses underscore Thailand’s potential as a production base in the global technology supply chain.
Applications for data center investment promotion exceeded THB 700 billion in the first quarter of 2026, before slowing noticeably in the second quarter as some foreign investors awaited regulatory clarity.
Thailand currently has less than 1 GW of operating data center capacity, compared with approximately 7 GW in Malaysia. Based on continuing promotion applications, Suppapong said Thailand’s capacity could reach 3 – 5 GW within three to five years. Alongside the new power development plan (PDP), Thailand is preparing around 9 GW of electrical power capacity.
Expected regulations cover safety, zoning and domestic economic contributions, potentially including a 50% local content or service utilization requirement, Thai employment quotas and development of related applications and services. Operators may also face greater renewable or clean energy requirements to limit pressure on public electricity demand.
Major operators capable of meeting the criteria are likely to proceed with construction, while smaller players may delay investment. Nevertheless, Suppapong said Thailand retains advantages in power stability and relatively uncomplicated project approvals.
Thailand is also seeking to move beyond assembly into upstream production and design. Analog Devices’ planned upstream operations could support that transition, which Suppapong expects to take about five years, backed by qualified personnel, established supply chains and energy security.
In electronics, KKPS highlighted Delta Electronics (Thailand) Public Company Limited (SET: DELTA) as a medium- to long-term pick for AI exposure through the Thai stock market.
DELTA’s shares declined from a peak of around THB 360 – 370 to approximately THB 250, partly reflecting weaker-than-expected second-quarter 2026 net profit margins caused by temporary factors and an elevated valuation. Its price-to-earnings ratio was around 100 times, compared with approximately 20 – 30 times for Nvidia.
Despite those concerns, Suppapong highlighted DELTA’s leading market position in power supply and cooling systems, pricing power and higher operating profit margins than Taiwanese competitors.
Gulf Development Public Company Limited (SET: GULF) was the preferred power sector stock, supported by its power generation business, shareholding in fiber-network owner Advanced Info Service Public Company Limited (SET: ADVANC), and joint data center development. The company’s capital base also positions it to support investment under the new PDP.
Among industrial estates, WHA Corporation Public Company Limited (SET: WHA) was the top pick, benefiting from BOI-related investment inflows and data center land demand. WHA Utilities and Power Public Company Limited (SET: WHAUP) provides supporting energy and water services, while Amata Corporation Public Company Limited (SET: AMATA) could also benefit.
Banks could benefit indirectly through stronger long-term economic growth, while telecom operators stand to gain from connectivity demand, though earnings effects may be limited.
With IPO activity at a record low amid a sluggish Thai benchmark, AI-company listings this year may be premature, according to the brokerage. Technology and AI fundraising could become more active over the next two to three years if liquidity recovers.
Looking ahead, Suppapong identified robotics and humanoid robots as potential opportunities for Thailand’s downstream producers and assemblers. Analog chips and printed circuit boards could benefit alongside “China Plus One” production diversification driven by U.S.-China tensions.
