DAOL Securities (Thailand) noted that the government is preparing to extend the ‘Thai Helps Thai Plus’ program and the new phase of the state welfare card scheme. Originally set to end on September 30, 2026, the measures will now be extended for an additional two months, from November to December 2026. The proposal will be submitted to the Cabinet for consideration on September 22, 2026.
The extension of the ‘Thai Helps Thai Plus’ program will utilize the initial THB 200 billion previously allocated as a reserve for both schemes. There will be no reallocation of funds from other areas. The program will also maintain the co-payment ratio at 60:40, to be facilitated via the ‘Paotang’ application.
For the state welfare card, the scheme will continue to provide full assistance as before, with a 100% benefit allocation. The government has set September 30, 2026, as the date to announce the list of eligible recipients for the new phase, who can begin using the benefits from October 1, 2026. The recipients will be drawn from a pool of new registrants who have passed verification and selection according to established criteria.
Currently, 26 million individuals benefit from the ‘Thai Helps Thai Plus’ program, while 9.5 million have qualified for the state welfare card. Approximately 5 million more are in the process of appealing their qualifications. In total, up to 40 million individuals are vying for these benefits.
DAOL maintains a positive view of the extended measures, noting increased timeline clarity. Stocks predicted to benefit most, based on the proportion of domestic revenue, include NEO, CBG, and OSP.
Within the food and beverage group, CBG, with a target price of THB 67.00, has 35% of its total revenue generated from domestically branded products. OSP, with a target price of THB 20.00, derives 66% of its income from domestic beverages. SAPPE, targeted at THB 35.00, sees 27% of its revenue from domestic sales, while SNNP, with a target price of THB 8.00, generates 79% of its income domestically, with 65% from modern trade and 35% from traditional trade.
In the consumer goods segment, NEO, with a target price of THB 31.00, stands out with 92% of its total revenue coming from domestic sales. OSP also benefits in this sector, earning approximately 12% of its revenue from domestic personal care products.
