Mr. Yunyong Thaicharoen, Chief Economist and Sustainability Officer at the SCB Economic Intelligence Center (SCB EIC), stated that Thailand continues to attract foreign investors in the data center business, thanks to robust infrastructure and supportive government measures. However, some approvals and investments are currently on hold, pending policy reviews and support measures, as well as assessments of environmental impacts and adjustments to electricity and water pricing structures.
At present, the government is in the process of establishing a Data Center Committee to review policy directions and develop new guidelines, expected to be clarified within this year. The focus is on four key areas: maximizing economic benefits and enhancing local content, ensuring the reliability of electricity and water resources, setting environmental standards for data centers, and conducting environmental impact assessments at both the area and national level.
Although these processes may temporarily slow down investment in the short term, they are seen as essential mechanisms for fostering proper and sustainable industry growth. The construction phase will yield positive impacts for the construction sector, IT industry, electrical systems, cooling systems, network infrastructure, and security systems.
Meanwhile, there are limitations regarding local content, as most critical equipment needs to be imported and reliance on foreign specialists is necessary. Once data centers become operational, utility providers and firms specializing in operation and maintenance will directly benefit, although long-term job creation is expected to be modest.
Mr. Yunyong highlighted that private investment remains a key engine for Thailand’s economy, as reflected in the ongoing growth of applications for investment promotion from the Board of Investment (BOI), particularly in high-tech sectors. Actual investment in 2Q26 rose by 27%, while a slowdown is anticipated in the latter half of the year from a high base.
Data centers are seen as a significant investment opportunity going forward. Thailand must do more than attract foreign capital; it must build an ecosystem and supply chain that better links Thai enterprises to ensure broader economic benefits. Constraints on public finances have reduced the government’s capacity to drive the economy directly, with next year’s budget growing only 0.2%—below the inflation rate—while public debt is projected to approach 70% of GDP.
The budget ‘Thai Help Thai’ stimulus program is nearly exhausted, with about THB 40 billion remaining, likely enough for just over a month. The follow-up ‘Extra Thai Help Thai’ measure is expected to run from October to November.
As a result, the government will need to shift from direct fiscal spending to regulatory and policy incentives to spur private sector investment, especially through clear energy policies such as the country’s Power Development Plan (PDP), which supports renewable energy alongside carbon capture and storage technology. While the state may need to invest around THB 360 billion in power grid development, it is expected to attract private investment of up to THB 1.4 trillion over the next decade.
For Thai businesses, leveraging data center investment toward harnessing artificial intelligence is crucial, particularly by enabling SMEs to apply AI for greater efficiency and added value. The banking sector is also poised to support supply chain financing that will benefit both data center parent companies and supply chain participants, while real estate firms and landholders are expected to gain from the expansion of data center projects, although initial benefits may be unevenly distributed.
Balancing the economic opportunities of data center expansion with environmental concerns, resource security, and energy sustainability will be critical. The government must establish clear regulations and foster an investment-friendly ecosystem to translate foreign capital into tangible benefits for Thai businesses.
According to Finansia Syrus Securities (FSS), this investment trend continues to positively impact related stocks, especially in construction and industrial estates. The analyst maintains a ‘Buy’ recommendation on STECON Group (SET: STECON), raising its 2027 target price to THB 22.50 per share.
Finansia maintains the company’s 2026 core profit estimate at THB 1.48 billion, a 47% increase year-on-year, and raises its 2027 and 2028 estimates by 44% and 40% to THB 1.74 billion and THB 1.84 billion, respectively. The increase is based on higher expected revenue for 2027-2028, assuming STECON will win three new data center projects in 2H26.
Additionally, STECON is expected to start recognizing annual dividend income of THB 180-190 million from its 10% stake in a Chonburi data center project starting in 4Q26, which will further support company performance going forward.
Globlex Securities also recommends a ‘Buy’ on WHA Corporation (SET: WHA), setting a 2027 fair value target at THB 5.40 per share. The brokerage estimates WHA’s 2026 total revenue at THB 17.7 billion (+16% year-on-year) and net profit at THB 5.56 billion (+8% year-on-year), primarily driven by an increase in land transfers to 2,500 rai, following success in attracting data center clients, and income recognition from asset sales in 2H26.
WHA’s gross profit margin is expected to improve to 49.4% from 48.7% last year on higher land prices, as well as increased water and power revenues, solidifying the stock as another major beneficiary of continued data center investment in Thailand.
