Category: The Bangkok Post

Escalating conflicts in the Middle East and spreading political unrest across Europe are weighing on global investment sentiment, leaving Thailand’s stock market vulnerable to further volatility in the near term, according to Globlex Securities.

Wilasinee Boonmasungsong, research director at Globlex, expects the Stock Exchange of Thailand (SET) index to move between 1,530 and 1,580 points this week, with the domestic market likely to track weakness in overseas equities.

Geopolitical tensions have intensified following increased Houthi attacks in Saudi Arabia, prompting the US State Department to order non-essential personnel and their families to leave the area.

Reports of potential new US military strikes against Iran, with the US and Israel reportedly planning further action after the US midterm elections, have added to the uncertainty.

Europe is facing pressure as protests over the cost of living and public services spread from France to other countries. According to CNBC, hundreds of thousands of people have taken part in demonstrations, raising concerns about the region’s political and economic stability.

A prolonged crisis could weigh on Thai exports by weakening European purchasing power and demand for goods, while also disrupting logistics networks.

Together, these external risks could undermine investor confidence and increase pressure on global equity markets, said Ms Wilasinee.

Despite the uncertain outlook, Globlex predicts domestic infrastructure spending and developments in Thailand’s capital market could offer some support.

The Transport Ministry is scheduled to seek cabinet approval for a 5.8-billion-baht central budget allocation to extend the electric train scheme offering fares of 17-45 baht, including a 40-baht all-day fare on the Red and Purple lines, through the end of 2027.

The Bangkok Mass Transit Authority is also preparing public consultations on a project to lease 2,320 electric buses worth more than 23 billion baht, alongside plans to restructure fares.

Meanwhile, the SET expects initial public offerings to regain momentum in 2027 following the IMF-World Bank meetings, supported by fundraising plans involving large companies and funds worth more than 50 billion baht.

Investors are expected to monitor economic data released by the Bank of Thailand after its Monetary Policy Committee meets.

Retail investors are also watching China’s September industrial profit along with US indicators including private sector employment, durable goods orders, consumer confidence, new home sales, manufacturing activity, third-quarter GDP and the personal consumption expenditures price index.

In addition to the Federal Reserve’s meeting, meetings of the European Central Bank and the Bank of Japan could offer hints to investors.

Globlex recommends selective investment in stocks expected to benefit from government support for residential solar installations, including Gunkul Engineering (GUNKUL), Gulf Development (GULF) and Solartron (SOLAR).

A new bus route has been added on the resort island to serve commuters and travellers between the airport and Rawai beach.

The electricity-powered, air-conditioned buses made their debut on Sunday, with fares starting at 40 baht and ending at 120 baht.

The 51-kilometre Route 8580 offers 16 trips from 5.45am to 8pm, at roughly one-hour intervals, with 25 stops along the way.

The new line, the fifth on the island, is operated by the Phuket Provincial Administration Organisation.

The office plans to extend the route from the airport to the Tha Chatchai checkpoint on the northern tip of the island, Phuket PAO president Raywat Arreerob said on Tuesday.

Thailand’s social security system is becoming increasingly inadequate to support its rapidly ageing population, with people over 60 projected to account for a third of the population over the next 25 years, according to Kiatnakin Phatra Financial Group (KKP).

The bank’s study found that people over 60 currently account for 24% of Thailand’s total population. The country is moving towards becoming a fully aged society, while its income per capita remains relatively low.

Moreover, Thailand is ageing faster than its regional peers despite having a comparatively low income level.

Amid limitations in government welfare provisions, Thais need to pay greater attention to retirement planning. More than 54% of Thai workers remain outside the social security system, while the old-age allowance covers only around 7% of their living expenses. Meanwhile, the pension system and Social Security Fund reserves are facing mounting pressure from demographic changes.

“These factors show that relying solely on government welfare is insufficient to maintain a reasonable quality of life after retirement. Government social welfare benefits could also decline over the next 20 years as the financial burden continues to increase,” said Pipat Luengnaruemitchai, chief economist at KKP.

According to the bank’s study, as many as 86% of Thais have yet to establish a savings plan or have been unable to follow through with one. In addition, more than 80% of their savings are concentrated in bank deposits and other low-risk assets, which typically generate returns insufficient to keep pace with inflation. As a result, nearly 70% of elderly people still rely on financial support from their children or have to continue working to earn a living.

Furthermore, Thais are expected to live longer. Around 47% of people who reach the age of 60 are projected to live until at least 85. Meanwhile, Thailand’s medical cost inflation is forecast to rise to 14.8% in 2026, significantly outpacing headline inflation.

Mr Pipat said the pressure is being compounded by rising healthcare costs, as health insurance policies increasingly adopt co-payment arrangements that require policyholders to shoulder a greater share of medical expenses. Consequently, investment strategies capable of generating returns above inflation while providing sufficient cash flow to support retirement living have become increasingly essential.

As part of efforts to help cope with these challenges, KKP on Monday introduced a two-stage retirement investment strategy designed to help investors accumulate wealth before retirement and generate regular income after leaving the workforce.

According to Narit Kosalathip, KKP’s head of personal investment advisory, the first stage features four KKP Ready Retire funds targeting retirement in 2035 and 2045, including retirement mutual fund (RMF) options. The funds automatically adjust their investment risk levels as investors approach retirement before transitioning into retirement income funds.

The second stage comprises KKP Lifelong Income and KKP Advanced Income, which combine high-quality dividend-paying stocks with fixed-income assets to help investors combat inflation. An automatic redemption mechanism enables retirees to receive regular cash flows, supporting either long-term wealth preservation for inheritance purposes or planned withdrawals to finance their retirement lifestyles.

Thailand’s industrial systems and seasoned workforce are its strongest competitive advantages as companies look to diversify production across Southeast Asia.

But infrastructure bottlenecks in grid capacity, green energy and high-end technical skills need to be addressed to help drive future investment, according to Jan Metzger, global head of coverage banking at Standard Chartered.

“Converting investment commitments into bankable projects requires sound commercial fundamentals,” Mr Metzger told the Bangkok Post.

“Lenders need confidence in demand and cash flows, supported by credible customer or offtaker commitments, appropriate financing tenor, and access to critical utilities and infrastructure.”

For digital infrastructure and hyperscalers, which demand round-the-clock power together with international zero-carbon mandates, energy reliability and sourcing are key.

“For power-intensive developments, project assessment must also address electricity supply, grid capacity, renewable-power access, water management, land use and the regulatory environment,” Mr Metzger said.

“For EV [electric vehicle] manufacturing, the same discipline extends across energy use, environmental requirements, and the sustainability of the wider supply chain.”

The Thai government has pushed for new investment in future technologies, including data centre hyperscalers, cloud service providers, and EV manufacturers.

This year the Board of Investment also tailored the incentives offered to foreign investors to focus more on green standards, domestic supply-chain integration and a “fast pass” process for strategic tech projects.

Overseas interest has boomed this year, with foreign direct investment applications during the first nine months reaching 1.55 trillion baht, up 62% year-on-year. Digital investments from companies such as TikTok System and Global Switch accounted for nearly 70% of the total project filings in value terms, according to the BoI.

Mr Metzger said that across Southeast Asia, different markets offer different strengths.

“Vietnam has strong momentum in export-oriented manufacturing, Malaysia has established capabilities in semiconductors and higher-value electronics, while Indonesia combines a large domestic market with natural-resource advantages, including in the EV battery value chain,” he said.

For Thailand, decades of supporting global auto and electronics supply chains are a key differentiator.

“Thailand’s distinct proposition is the depth of its industrial systems and established operating environment,” Mr Metzger said. “Its automotive, components and electronics industries bring strong supplier networks, production expertise and an experienced manufacturing workforce.”

Yet Thailand must also evolve if it is to capture the next wave of investment.

“To maintain its competitive position, Thailand can continue to strengthen its engineering capabilities, technology adoption and workforce skills, while addressing considerations such as grid flexibility, renewable-energy integration and exposure to fuel price volatility,” Mr Metzger said.

“The opportunity is to capture higher-value activities within Asean’s increasingly interconnected supply chains.”

Amidst an uncertain geopolitical environment, chief financial officers are focusing on resiliency and risk mitigation.

“In a more fragmented and volatile world, the priority for treasurers is to protect margins and ensure the business can continue trading, investing and meeting its obligations across a range of currency, interest-rate and geopolitical scenarios,” Mr Metzger said.

“Companies are also diversifying funding across banking partners, markets, currencies and tenors, maintaining committed facilities and improving visibility and control over cash. Regional liquidity structures, trade finance and supplier-finance programmes can help reduce trapped liquidity, strengthen critical suppliers and prevent a single disruption from constraining the wider business.”

For Standard Chartered, its presence in over 50 markets across Asia, Africa and the Middle East gives the bank a unique view on the needs of companies trading across borders.

Initiatives such as the EU’s Carbon Border Adjustment Mechanism, for instance, has placed greater compliance and cost pressures on exporters in sectors such as steel, cement and electricity.

Mr Metzger said Standard Chartered had focused heavily on providing transition finance solutions to assist clients’ moves towards decarbonisation.

“Transition finance can support credible, investable decarbonisation plans through measures such as renewable-power procurement, energy-efficiency upgrades, electrification and process improvements,” he said.

Crucially, these credit lines are governed by rigorous performance benchmarks rather than broad environmental, social and governance labels.

“Financing can be linked to time-bound targets, measurable capital expenditure and appropriate governance, helping businesses preserve international market access while reducing the carbon intensity of their operations,” said Mr Metzger.

A clause in the new amnesty law could give former prime minister Thaksin Shinawatra a route to challenge convictions and seek the return of 46 billion baht in seized assets, a political scientist has warned.

Olan Thinbangtiew, deputy dean of Burapha University’s Faculty of Political Science and Law, told the Bangkok Post on Monday that Thaksin’s petition to the Peaceful Society Promotion Committee may rely on a clause revoking Council for National Security (CNS) orders.

The Assets Examination Committee (AEC), which initiated cases against Thaksin, was set up under a CNS order. Mr Olan said Thaksin’s lawyers could argue that because the Peaceful Society Promotion Act revokes CNS orders, the AEC’s actions and resulting cases should be invalidated.

He compared this with the “fruit of the poisonous tree” principle: If the process initiating a case was unlawful, its findings could be challenged.

Mr Olan said this could offer a way around Section 3, which excludes four categories from amnesty, including corruption and lese-majeste offences under Section 112 of the Criminal Code.

He said Thaksin’s cases differed from those of former premier Yingluck Shinawatra, which went to court via the National Anti-Corruption Commission and the State Audit Office.

If the petition is granted, Mr Olan said, Thaksin could have the cases cleared and seek the return of about 46 billion baht, potentially with interest. The panel has not ruled, and neither outcome is assured.

Thaksin seeks amnesty in four cases he says arose from political conflicts from 2005 to 2016, including the 46.37-billion-baht asset seizure.

Mr Olan said a favourable ruling could restore Thaksin’s influence and give the Pheu Thai Party leverage with the Bhumjaithai-led government, which depends on Pheu Thai and Klatham Party support.

However, Democrat leader Abhisit Vejjajiva questioned whether Thaksin qualified, saying any improper ruling would face scrutiny.

The hacking of Binance has renewed concerns over digital-asset security and the growing threat of artificial intelligence (AI)-powered cyber-attacks, potentially boosting demand for cybersecurity services while adding to short-term market volatility.

Nares Laopannarai, president of the Thai Digital Asset Association, said the breach had dealt a serious blow to investor confidence, given Binance’s position as the world’s largest cryptocurrency exchange, with nearly half of global crypto traders using the platform, according to his assessment.

Following earlier concerns over hardware-wallet security, the incident could further weaken confidence in digital assets and dampen cryptocurrency trading, he said.

The breach involved unauthorised withdrawals from Binance’s online wallets, with the exchange estimating losses at about US$6.3 billion.

Binance said it would cover the losses and that around $3 billion in affected assets had been frozen. The company said its investigation was ongoing and found no evidence that wallet security keys had been stolen.

Chayanon Rakkanjanan, chief executive and co-founder of Finnomena Funds, said stablecoin issuers Tether (USDT) and Circle (USDC) had suspended transactions and frozen some assets following the incident.

While the measures helped limit potential losses, they also raised questions about the decentralised nature of digital assets, as issuers can freeze users’ holdings. This may reassure investors that stolen funds can be contained, but it also raises concerns about financial freedom and control over their assets.

CYBERSECURITY DEMAND

Mr Chayanon said initial market concerns centred on the risk that the incident could spread to the wider financial system. Investors feared further attacks on major financial market operators, including the New York Stock Exchange, prompting some to sell risky assets and hold cash.

However, the breach did not trigger wider financial disruption or widespread forced selling, he said. Subsequent declines in global equities were largely driven by other concerns, particularly doubts over the earnings and cash flow of major technology companies investing heavily in AI infrastructure.

Hackers reportedly used AI tools to identify weaknesses in Binance’s online wallet system, highlighting how the technology could make cyber-attacks more sophisticated.

The incident is expected to increase demand for cybersecurity services, particularly AI-powered systems that can monitor networks, identify weaknesses and detect threats. Businesses will need to strengthen their defences as cyber-risks become more complex.

However, the development of AI-powered attacks is outpacing security rules and regulations, creating challenges for businesses and regulators, Mr Chayanon said.

INVESTMENT STRATEGIES

Thai brokerages, including InnovestX Securities, Bualuang Securities and Kasikorn Securities, said the incident had added to an already fragile investment environment, alongside expectations of higher interest rates for longer, corrections in technology and AI stocks and the expiry of options contracts worth $11 billion.

Lower bond yields could reduce borrowing costs for AI companies investing in infrastructure, supporting their longer-term earnings prospects, according to brokerage research.

Analysts viewed the recent decline in major technology stocks as a short-term setback, with investment in AI infrastructure continuing.

Mr Chayanon advised investors against rushing to sell at a loss, while cautioning against buying more shares until clearer signs of recovery emerge.

Investors could maintain exposure to technology and global equities through funds such as B-INNOTECH and KKP GNC, while diversifying into healthcare, Thai ESG funds and dividend-paying Thai stocks to balance portfolio risk.

The Energy Policy and Planning Office (Eppo) has laid out a roadmap to introduce electric vehicles (EVs) and charging stations across government agencies, describing it as a crucial step towards clean energy and the country’s net-zero emissions target.

Under the initiative, Eppo is promoting guidelines for EV adoption and the installation of charging points at public-sector workplaces, designed to lay the foundation for a shift towards cleaner, more efficient transport that fits the way the government operates.

The scale of the challenge is large. Government agencies own or lease more than 180,000 vehicles procured between 2006 and 2026, yet battery electric vehicles (BEVs) make up only about 1% of that fleet.

An energy official who requested anonymity said Eppo believes the switch would bring benefits that go beyond environmental protection.

He said it would lower energy costs and long-term operating expenses, raise operational and safety standards and position the government as a role model for clean-energy use.

It would also reduce air and noise pollution and improve the overall energy efficiency of public agencies.

To translate the plan into concrete action, Eppo is pushing key measures.

Officials are required to revise procurement and vehicle-leasing rules to accommodate EVs, including establishing clear guidelines on usage and safety standards for EVs.

The government should designate a specific agency to supervise, monitor and evaluate progress across the civil service.

The goal is to make the government’s transition to EVs tangible rather than aspirational.

“The government is encouraging the state sector to adopt EVs today to support a sustainable energy and transport system in the long run,” the official said.

Eppo said its proposal is based on a consultancy firm’s study. The findings are being prepared for further implementation, meaning they do not yet constitute a final policy.

The initiative comes as demand for EVs in Thailand is growing rapidly.

Thailand registered 22,587 new EVs and electric motorcycles in September 2026, up 89.7% from a year earlier, according to the Federation of Thai Industries (FTI), citing statistics from the Department of Land Transport.

Passenger EVs alone reached 19,425 units, a 98.6% year-on-year jump.

During the first nine months of this year, total EV registrations hit 191,273 units, an 83% increase over the same period in 2025, with electric passenger cars accounting for 167,789 of the total.

The FTI expects full-year 2026 registrations to reach between 200,000 and 220,000, compared with roughly 120,000 in 2025.

For charging infrastructure, Thailand had 5,021 charging locations with 15,290 connectors nationwide as of the end of September.

Eppo is also leading a separate effort to unify the country’s fragmented charging networks under an “EV Roaming Hub” scheme, with a single payment standard.

Analysts say converting the government fleet to EVs would create steady, large-scale demand that could attract more EV manufacturing in Thailand and help bring down prices for consumers.

The government’s Solar for the People scheme offers households subsidies of up to 50,000 baht to install solar power systems, but consumers should weigh installation costs, eligibility requirements and potential savings before signing up.

The government aims to extend the programme to one million households. Solar panels can be installed on rooftops, on the ground or on floating structures, but the subsidy will not cover the full installation cost. Whether the investment pays off depends largely on household electricity consumption, property suitability and financing costs.

Who is eligible?

The scheme is open to Thai nationals whose names match those registered against household electricity meters. Each person or meter can receive the subsidy only once.

Eligible households can install systems with capacities of 5-10 kilowatts through the Metropolitan Electricity Authority (MEA), Provincial Electricity Authority (PEA) or contractors registered with either agency.

State welfare card holders can also participate, but must forgo their 300-baht monthly electricity bill subsidy for 20 years.

Registration runs from Oct 27 to Jan 31, 2027. Households taking out loans must complete the disbursement process by Dec 31, 2027.

How much does it cost?

The standard package for a 5kW single-phase system is capped at 140,000 baht, including VAT. After the maximum 50,000-baht subsidy, households would pay the remaining 90,000 baht.

The package covers site surveys, system design, installation, grid connection, permits and after-sales service. It also includes a seven-year installation warranty, fire insurance and annual panel cleaning for seven years.

However, batteries, additional roof structures, upgrades to existing electrical systems and work beyond basic installation are excluded.

The published information does not specify a standard price for a 10kW system, so households considering a larger installation should request a detailed quotation.

How much can one save?

Savings depend on system capacity and how much electricity a household uses during daylight hours.

The MEA estimates that a 5kW system could reduce monthly electricity bills by 1,800-2,200 baht, while systems ranging from 5-10kW could generate savings of about 2,200-4,400 baht.

The PEA estimates that a 5kW system could support two refrigerators, four air conditioners and 25 light bulbs. A 10kW system could support four refrigerators, eight air conditioners and 50 light bulbs.

These are indicative figures, not guaranteed savings. Actual results depend on electricity consumption, installation conditions and the amount of power generated.

Households can also sell surplus electricity to the MEA or PEA at 2.20 baht per unit, subject to the applicable arrangements. For households using loans, revenue from surplus power sales will first go towards reducing the loan principal, with any remaining amount returned to the household.

The People’s Party has proposed replacing the fixed 2.20-baht purchase rate with a 1:1 net metering system, under which each unit of electricity supplied to the grid would be credited against one unit drawn from it.

The party argues that this would give households a stronger incentive to invest in solar power and encourage wider adoption without relying as heavily on direct government subsidies.

Can loans cover the cost?

The Government Savings Bank, Government Housing Bank and Bank for Agriculture and Agricultural Cooperatives are among the participating lenders.

Under an illustrative financing arrangement provided by the Finance Ministry, a household buying a 140,000-baht system could borrow the full amount to pay the installer. The 50,000-baht subsidy would then be deducted from the loan principal, leaving 90,000 baht to repay.

At an annual interest rate of 2.5% over seven years, monthly repayments would be about 1,200 baht.

Households should compare their monthly repayments with expected electricity savings and income from surplus power sales. Savings may not cover instalments if consumption is low or most electricity is used at night.

Is it suitable for everyone?

Not necessarily. Daytime electricity consumption is a key factor in determining whether a solar installation is worthwhile.

Households that use air conditioning and other appliances during the day are more likely to benefit directly from solar generation. Those that are mostly empty during daylight hours may use less of the electricity produced.

A battery can store surplus electricity for use at night, but it is not included in the standard package and would add to installation costs.

Roof condition, available space and exposure to sunlight also affect suitability. A site survey can help determine the system capacity that can be installed safely and efficiently.

Price controversy

Questions have been raised over pricing transparency after Treerat Sirichantaropas, a Democrat Party energy adviser, highlighted a discrepancy between the amount sought from contractors and the price advertised to consumers.

Mr Treerat posted on Facebook a PEA survey of contractors in its Northern Region asking whether they would accept 110,000 baht, excluding VAT, to install a 5kWp single-phase system.

He compared this with an MEA advertisement offering a similar installation for 140,000 baht, including VAT, questioning who would benefit from the 22,300-baht difference after VAT was taken into account.

The comparison has raised questions about procurement costs and whether households are getting value for money.

Collusion concerns

Another concern is whether the scheme’s registration requirements could give larger companies an advantage over smaller solar installers.

Contractors must provide a 50,000-baht guarantee for each installation, refundable once the system is connected to the MEA or PEA grid. They must also provide a separate 10,000-baht guarantee covering seven years of maintenance.

Small operators may struggle to meet these financial and administrative requirements. An installer in Dan Khun Thot district of Nakhon Ratchasima said the guarantees could prevent businesses with limited capital from joining the scheme.

The installer called on the government to ease the requirements and give smaller operators, particularly those serving rural communities, a fairer opportunity to participate.

Prime Minister Anutin Charnvirakul said the government must ensure the criteria are fair while maintaining safety standards. Both installers and equipment must meet the required standards because the systems will be connected to household electricity networks, he said.

Tax deduction alternative

Households may opt for a separate tax deduction of up to 200,000 baht for actual equipment and installation expenses under a tax measure running until Dec 31, 2028.

However, the tax deduction cannot be combined with the 50,000-baht subsidy. Households should compare the potential tax benefit with the direct subsidy before deciding which option offers greater savings.

How can households check installers and equipment quality? Households should use contractors registered with the MEA or PEA and check their technical expertise, engineers’ professional licences and relevant training.

Solar equipment must comply with International Electrotechnical Commission (IEC) and Thai Industrial Standards (TIS) requirements.

Before signing a contract, households should request the brands and models of the panels, inverters and other equipment, together with certification documents and written warranty terms.

They should also distinguish between the package’s seven-year installation warranty and warranties covering individual components, which may have different terms.of-cycle plan

Solar panels and related equipment will eventually need to be replaced or disposed of.

The Industry Ministry has been assigned responsibility for developing disposal measures, but the published scheme information does not specify a collection, recycling or disposal system.

The Thai golf community is mourning the loss of 15-year-old junior golfer Aeyavarin “Aeya” Pradubyart, who passed away following a lightning strike during a junior golf tournament in Chachoengsao on Sunday.

The incident occurred amid a thunderstorm, when a lightning strike hit the golf course, leaving Aeyavarin critically injured. A 31-year-old female caddie was also injured in the incident, but initial reports indicated that her injuries were less severe than those sustained by Aeyavarin.

Following the incident, course staff and rescue teams rushed to provide assistance. Aeyavarin was found unconscious with no vital signs, and CPR was performed until her heartbeat was restored. She was then transported to Bang Nam Priao Hospital for further treatment.

However, Aeyavarin’s mother, Natcha, announced her daughter’s passing on Monday on her personal Facebook page, sharing a heartbreaking message:

“You were the bravest, my dearest Aeya. Your heart stopped the moment you were struck by lightning for nearly an hour. You fought back 10 times over, enduring through the night just to wait for your father to fly back so you could say one final goodbye. Rest peacefully, my beloved child.”

Aeyavarin, who was a registered member of the Thai Student Golf Union (TSGU), was a rising star junior golfer. She won the girls’ Class B event in the first leg of the Junior Asian Tour 2026 in March via a playoff and was due to compete in more tournaments this year.

Ratchaburi hope to salvage a point against Vissel Kobe in the AFC Champions League Elite on Tuesday.

The Japanese side have won three in a row, while Ratchaburi have collected a single point. Their goalless draw with Kashiwa Reysol ended a two-match losing start, but head coach Worrawoot Srimaka admitted his side have plenty of room for improvement.

Ratchaburi remain winless in the competition and, without a marked change, face elimination at the first hurdle.

Kobe’s victory over South Korea’s Daejeon Hana Citizen equalled their longest continental winning streak. They have never lost to Thai opposition, winning two and drawing two, and coach Michael Skibbe will expect that to continue. Kick-off at Kobe City Misaki Park Stadium is at 5pm Thai time.

Port, beaten in their last three games, host Beijing FC in Pathum Thani at 7.15pm. Beijing, with seven points from three games, are well placed for the last 16, while Port were beaten 3-0 by Johor Darul Ta’zim last week.

Rayong suffer heavy defeat

Rayong’s slump deepened as they lost 4-0 at home to Lamphun Warriors on Sunday. It was their second successive defeat.

Lamphun led 3-0 by the interval through Christian Ilic in the sixth minute and a brace from Anderson da Silva, in the 30th and 37th minutes. Da Silva was sent off three minutes after the restart, but Mohammed Osman added a fourth in stoppage time.

Rayong coach Akkraporn Chalitaporn pointed to a lack of concentration. “We started the game not very well and conceded so quickly, which is a problem we have to improve,” he said. “We have not won in five games and we are in a difficult situation.”

At Thalay Luang Stadium, Sukhothai FC also lost 3-0 to Ayutthaya United on Sunday night. Thiti Thumporn’s own goal in the 72nd minute opened the scoring, Willen Mota doubled the lead in the 80th and Caique Lemes completed the win in stoppage time. Ayutthaya climbed to third on 13 points; Sukhothai remained 11th on nine.

Player abuse case

The Football Association of Thailand has firmly condemned racism after Kanchanaburi Power’s John Baggio was abused over his height by home supporters during a 2-2 Thai League 2 draw at Pattaya United.

In an official statement, the FAT said such behaviour, whether inside grounds or on social media, had no place in football. Association president Nualphan Lamsam has instructed the competitions department to gather evidence and begin disciplinary proceedings immediately.

Players found guilty of racist abuse face one to three-match bans and fines of 10,000 to 60,000 baht. Supporters can be fined 10,000 to 30,000 baht, with amplified or broadcast abuse costing up to 50,000 baht. Clubs whose fans display offensive banners risk fines of up to 100,000 baht and, for repeat offences, a three-point deduction.