Category: The Bangkok Post

Foreign brokerages remain bullish on Thai equities, noting they could raise their Stock Exchange of Thailand (SET) index targets if the government delivers on key economic and investment policies.

CLSA Securities (Thailand), Kiatnakin Phatra Securities, BofA Securities and UBS Securities (Thailand) set year-end SET index targets of 1,680 points, while DBS Vickers Securities (Thailand) expects 1,720 points.

Speaking at the Thailand Focus 2026 investment forum, Pornchai Prasertsintanah, vice-chairman of investment banking for Southeast Asia and country head Thailand at UBS Securities (Thailand), said foreign institutional investors remain underweight on Thai equities, with cumulative net selling of US$10-13 billion over the past three years, although buying has recently resumed.

He said investors are conducting more in-depth research on Thailand, but a significant increase in allocations will depend on policy execution, particularly the power development plan and measures to promote artificial intelligence (AI) and data centre investment.

Global funds want to see stronger participation by local funds first, which could help build confidence and encourage foreign investors to return more aggressively, said Mr Pornchai.

Supachoke Supabundit, president of Kiatnakin Phatra Securities, said strategists typically begin issuing forecasts for the following year in the fourth quarter. If earnings estimates and economic growth improve, there could be further upside to current SET index targets, provided the government follows through on its policies, he noted.

SET president Asadej Kongsiri said foreign investor sentiment towards Thailand has improved, particularly following the recent election that provided greater political clarity.

Foreign investors are increasingly constructive, selective and growth-focused, with interest in digital infrastructure, data centres, AI, private sector investment and the energy transition, while focusing on companies with strong earnings visibility and competitive advantages rather than buying across the market, said Mr Asadej.

Samir Kogar, country head of CLSA Securities (Thailand), said political stability, geopolitical neutrality and Thailand’s supply chain and logistics capabilities are key attractions. The country’s potential with AI and data centres also provides room for growth.

Thai equities remain relatively attractive on valuation, with the forward price-to-earnings ratio at just over 12 times, excluding some big-cap companies such as Delta Electronics (Thailand), compared with about 15 times for regional markets.

The forum attracted 220 institutional investors from 74 financial institutions worldwide, including first-time participants from Switzerland, New Zealand and Israel seeking to gain insights into Thailand’s development and growth potential.

Executives from 77 companies listed on the SET and the Market for Alternative Investment with a combined market capitalisation of 16 trillion baht, representing 80% of the entire market as of Aug 25, participated in the three-day event.

“A shift has occurred from information gathering towards actual investment interest in opportunities,” said Mr Asadej, adding that improving market performance, stronger foreign inflows, credit rating upgrades and government policies supporting investment have strengthened Thailand’s appeal in the eyes of global investors.

Khon Kaen police have issued a second summons for a 62-year-old woman known as ‘Aunt Da’ to acknowledge a trespassing charge after she failed to respond to an initial summons for blocking an entrance to a temple earlier this month.

Chommanee Noichan had until Thursday to answer the first summons, but she failed to appear and did not contact police or provide any explanation for her absence, Pol Col Yossawat Kaewsuebtunyanij, superintendent of the Muang Khon Kaen police station, said on Friday.

Ms Chommanee represents the heirs of a Khon Kaen man who donated the land on which the forest temple was built three decades ago. They have been fighting to reclaim the land in a dispute that centres on whether title can legally be transferred to the temple.

The dispute escalated on Aug 10 when vehicles and construction materials were brought in to block access to the temple. Security video showed ‘Aunt Da’ at the scene, leading to a trespassing charge.

Officers on Friday issued a second summons to answer the charge, giving Ms Chommanee another 15 days to report to the station.

Pol Col Yossawat said investigators had already gathered sufficient evidence in the case and were proceeding in accordance with legal procedures.

If Ms Chommanee fails to respond to both summonses without contacting police or providing a valid reason for her absence, officers will proceed with the next step, which is to seek a warrant for her arrest, he said.

Video from Aug 10 also showed nine other men involved in the incident. Police have images of their faces but investigators have been unable to identify them to issue summonses.

Pol Col Yossawat also said an ex-soldier allegedly involved in the incident had yet to meet investigators. He urged all those involved to report as soon as possible, saying police would ensure fairness to everyone.

Abbot has deed

Earlier, Phra Kru Adulyasananithet, 72, the abbot of Wat Pa Adulyaram, said the 21 rai of disputed land on which the temple stands was donated by Khon Kaen resident Hiang Phimsri, who died in 1991.

The senior monk recently produced what he said was the original title deed for the land plot.

The abbot also lodged as lodged an objection to an application by Hiang’s heirs for a replacement deed, and is asking to have the property registered in the temple’s name.

Buakhai Sornsamut, the administrator of Hiang’s estate, applied for the replacement deed after claiming the original document had been lost.

Ms Chommanee, whose mother was a sister of Hiang’s wife, runs a real estate business in Bangkok with her husband.

The Government Pension Fund (GPF) is adopting a combination of risk factor analysis and strategic asset allocation to manage its funds amid heightened economic volatility and rapid global changes, according to its new chief.

Soraphol Tulayasathien, secretary-general of the GPF, said on Thursday that the traditional approach of using asset allocation to diversify risk is becoming less effective.

“In the past, diversification meant investing in assets such as stocks and bonds, with bond prices typically rising when stocks fell. But in some situations today, stocks and bonds can decline simultaneously. As a result, pension funds overseas have begun exploring a new investment management concept known as the total portfolio approach,” said the former executive at the Stock Exchange of Thailand (SET).

“Rather than looking at investments by asset class, the approach focuses on risk factors. For example, given current concerns over the impact of inflation and war, funds need to consider how best to diversify their investments against these risks.”

For the SET, Mr Soraphol said the GPF believes performance remains strong, supported by robust fundamentals. Although GDP grew by only 1.9% in the second quarter of this year, private investment expanded by as much as 14%, indicating that investment in new growth sectors is beginning to take shape. This suggests the Thai bourse still has room to grow, although investors should diversify risks and take a long-term view of their investments, he noted.

Although many investments have generated good returns this year, challenges remain including the war and US tariffs, which affect GDP and inflation, as well as the Federal Reserve’s interest rate policy and volatility, said Mr Soraphol.

The GPF manages total funds of 1.6 trillion baht and has nearly 1.3 million members. The fund’s goal is to offer members sufficient savings to support themselves in retirement.

The average level of post-retirement income considered sufficient for living expenses is 37,000 baht per month, though 73% of GPF members remain below that level.

Saving more and starting early are key to ensuring that members have sufficient funds for retirement, he said. However, the average age at which civil servants begin government service has risen to 29, from 24.

GPF regulations allow members to increase their savings by as much as 27% on top of the mandatory 3% contribution, bringing the total contribution to 30% of salary.

However, 65% of members have not increased their contribution rate. Of the 35% who raised their savings contributions, nearly half increased their rate by only 1-3 percentage points.

Only 35,000 members increased their contributions by the maximum additional 27%, said Mr Soraphol.

According to the GPF’s investment performance data as of Aug 16, the return on the General Investment Plan was 8.08%, while the Life Path Plan for members under 50 returned 17.2%.

Investments in Thai equities returned 34.7%, overseas investments 24.2%, REITs 15.8%, the Vayupak Fund 12.3%, shariah investments 20.4%, and gold investments 5.58%.

A new regulation setting out clear procedures for deporting foreign nationals from Thailand has come into effect, following its publication in the Royal Gazette.

The Prime Minister’s Office Regulation on Deportation B.E. 2569 (2026) took effect on Friday, the day after it was published in the Royal Gazette. It was signed by Prime Minister Anutin Charnvirakul on Aug 26.

The regulation sets out procedures for deporting two categories of foreign nationals: those whose conduct is deemed to threaten public order, good morals or public wellbeing, and those convicted of specific offences – including illegal entry, illegal employment, illegal business operations, document forgery or crimes carrying prison terms of five years or more.

Under the new rules, the Department of Corrections must notify the Interior Ministry’s permanent secretary at least 50 days before releasing a foreign inmate, who falls into these categories, so that a deportation order can be considered without delay. The Interior Minister has the authority to issue such orders, which may also include a ban on re-entering the kingdom.

The regulation also lays out a process for handling diplomatic requests from third countries or international organisations seeking to have a deportee sent to their territory instead – for instance, on humanitarian grounds such as protection from torture or inhumane treatment – provided the requesting party covers all related costs and the deportee consents in writing. Such transfers must be completed within 30 days of the request, extendable twice by up to 30 days each.

Prior to this regulation, Thailand had no standing procedural framework specifically governing deportation, despite having laws under which such actions were authorised.

Thailand will host the International Civil Aviation Organisation’s (ICAO) Advanced Air Mobility Symposium in December, creating opportunities for investment, technology development and stronger global aviation cooperation.

Deputy Prime Minister and Transport Minister Phiphat Ratchakitprakarn on Thursday presided over the signing of an agreement between the Thai government and ICAO to prepare for the second Advanced Air Mobility (AAM) Symposium 2026.

ICAO selected Thailand to host the event from Dec 1-3 under the theme “From Vision to Implementation: Enabling the AAM Ecosystem”.

About 1,500 participants from its 193 member states are expected, including policymakers, aviation regulators, executives and industry representatives.

Mr Phiphat said hosting the symposium would allow Thailand to demonstrate its readiness to support emerging aviation technologies and strengthen its position as a regional aviation hub.

The event is expected to create opportunities to attract investment in advanced air mobility, unmanned aircraft, aviation technology, infrastructure, air traffic management, and research and development.

The government expects such investment to support new industries, employment, workforce development and domestic supply chains for aviation technology.

Thai businesses, universities and aviation professionals will also have opportunities to connect with international experts and technology developers, supporting knowledge transfer and research.

Mr Phiphat said AAM should be viewed not simply as a new aircraft technology but as part of the future transport system.

Thailand therefore needed to prepare its laws, safety standards, infrastructure and workforce while creating an ecosystem conducive to investment, he added.

Hosting the symposium could also give Thailand a stronger voice as international policies, standards and regulations for AAM are developed.

The Civil Aviation Authority of Thailand (CAAT) and ICAO are preparing a “Bangkok Statement” to record the outcomes of the symposium and build on the Call to Action from the 2024 AAM event in Montreal, Canada.

CAAT director-general ACM Manat Chavanaprayoon said the agency would work with ICAO, the Transport Ministry and relevant organisations to ensure the event contributed to Thailand’s long-term aviation development.

The symposium will feature international discussions, an exhibition of AAM and unmanned aircraft technologies, and flight demonstrations, he said.

The well-known Klongthom Center of tools, electronic devices, car audio systems and accessories, toys, models and home appliances started to collapse after hours of burning on Friday night. Fire was put under control afterwards.

The Bangkok Metropolitan Administration reported that the fire started at 8.42pm at the three-storey building which had a steel structure. The centre stood on a land plot of about 1,600 square metres on Worachak Road in Pomprap Sattruphai district. The district office reported that the building started to collapse at 10.16pm.

At 10.30pm Bangkok governor Chadchart Sittipunt said at the scene that the building which was on a steel structure risked collapsing under extreme heat and parts of its roof and structure started to fall. He said no one was trapped inside the building and firefighters from many units were trying to prevent the fire from expanding to nearby properties.

Detectives assumed that the fire started on the first floor where there were shops and stores which burnt fiercely, he said.

According to the Bangkok governor, firefighters were trying to contain the blaze from the outside of Klongthom Center for their own safety and its façade wall blocked water from firefighters.

The Pomprap Sattruphai district office said the blaze was put under control at 11.13pm, over two hours after it had erupted.

Klongthom Center was built about three decades ago and was well-known for wholesale and retail of electronic devices. There were about 500 shops.

A bar manager is facing backlash after a viral clip showed him shaving a female customer’s head with clippers over an unpaid bill, a case that has drawn calls for a police investigation and concern for the young woman’s welfare.

The case was brought to light by Chalida Phalamat of the Pen Nueng Foundation, who on Aug 27 shared footage of the manager shaving the woman’s head before taking her to a police station and accusing her of running up a bill without paying. The bill reportedly came to 60,000 baht and some claim the woman has done this many times before.

According to the bar’s account, the woman had used a fake ID to enter the venue on Aug 25 and had no money to cover the bill. The woman had a reputation of avoiding paying to a couple of venues. The manager then reportedly had her sign a contract agreeing to sell her hair, cut from root to tip, for 3,000 baht.

Chalida said she sympathised with the bar’s losses and the manager’s financial responsibility for the employees, but called the head-shaving excessive and unlawful, questioning why the bar did not simply file a police report instead of taking matters into its own hands.

She also raised doubts about whether the woman’s “consent” was genuine given the circumstances and questioned the bar’s explanation that the shave was for a hair donation, noting the woman’s hair had already been scissorsed short before shaving.

Chalida said the manager told her that he will contact the woman’s family for apologies and compensations.

She also urged the Ministry of Social Development and Human Security to check on the woman’s welfare, saying she may be below the age of 20 and that it is unclear whether she is a minor or has underlying mental health issues.

The woman’s mother has since disputed the bar’s version of events, saying she had offered to pay the bill in installments but was refused. She also alleged signs of physical violence, including bruising and said she would take her daughter to file a report at Bang Yai Khan police station on Friday.

Eight students were arrested after a fight between groups from two rival educational institutions broke out on the OneSiam Skywalk in Bangkok’s Pathumwan district on Friday morning, leaving four people injured.

The scene was stated to cause a scare among passersby.

Police at Pathumwan station received a report of the brawl at around 7.50am on Friday. Patrol and investigation officers were sent to the scene, where they found the groups from rival educational institutions fighting.

Officers intervened and detained eight people. Four others suffered injuries consistent with physical assault and were given first aid by emergency responders before being taken to Hua Chiew Hospital for treatment.

The eight suspects were taken to Pathumwan police station for questioning and legal proceedings.

IRPC Plc, the petrochemical arm of PTT Plc, is accelerating its restructuring programme as prolonged weakness in the global petrochemical and refining industries pressures earnings and forces producers to adapt to a more challenging business environment.

The downturn is driven by significant capacity expansions, particularly in China and the Middle East, subdued demand for plastic-based consumer goods, trade tensions and rising transport costs.

In response, IRPC is moving away from commodity-grade products and reducing its exposure to petrochemical market volatility.

Torsang Chaipravat, senior executive vice-president for corporate accounting and finance at IRPC, said the company is focused on building long-term operational flexibility by improving production efficiency and aligning output more closely with market demand.

“We want to produce exactly what customers need rather than hold inventories while waiting for orders,” she said.

As part of its risk management strategy, IRPC plans to cut its reliance on Middle Eastern crude oil imports, reducing the share from 70% to 30%, to minimise risks associated with oil shipments through the Strait of Hormuz.

Ms Torsang said crude oil prices are expected to remain between US$80 and $90 per barrel in the second half of the year if geopolitical conflicts continue, but could fall to $70-80 per barrel should tensions ease.

While disruptions to oil transport linked to conflicts in the Middle East have boosted gross refining margins as a result of higher oil prices, she said the benefit has largely been offset by increased crude shipping costs, freight charges and marine insurance premiums.

The global petrochemical sector, particularly in Asia, is also facing greater feedstock price volatility and intensifying regional competition.

To protect profitability, IRPC plans to diversify its plastic resin portfolio and broaden its range of products.

The company is also pursuing asset recapitalisation by evaluating the monetisation of non-core assets. Potential projects include using its land and utility infrastructure for data centre development and expanding commercial tank farm services.

The plan also includes debt reduction measures.

IRPC is increasing its focus on higher-value products, including speciality materials and environmentally friendly products, said Ms Torsang.

The company aims to accelerate commercialisation of speciality innovations such as high-performance protective coating solutions.

In March, IRPC and Germany-based Berger, a paint and coatings manufacturer, established the joint venture IBIC to operate in the industrial steel structure paints and coatings business.

To improve competitiveness, IRPC plans to deploy artificial intelligence technologies, including AI chatbots and automated flare-monitoring and plastic-defect detection systems, while improving workforce efficiency to lower production costs.

Capital expenditure is capped at about 3 billion baht annually over the next three years, focused mainly on plant maintenance and small, high-return projects, she said.

The company also remains committed to reducing greenhouse gas emissions by 20% by 2030 and achieving net-zero emissions by 2050.

The House of Representatives has approved an emergency decree authorising the Finance Ministry to borrow up to 400 billion baht to address the impact of the energy crisis and support the country’s energy transition.

The measure was approved by 285 votes to 141, with 52 MPs abstaining. The decree, proposed by the cabinet, was debated for about 12 hours before the vote at 8.28pm on Wednesday.

The measure authorises borrowing to tackle the effects of the energy crisis and facilitate the country’s transition to cleaner energy.

During the debate, People’s Party deputy leader and list MP Sirikanya Tansakul criticised the decree, despite the Constitutional Court having ruled by a majority that it did not violate Section 172 of the constitution.

She said the ruling had established a potentially harmful precedent by adopting a broad interpretation of “economic security”, which could allow future governments to invoke emergencies to borrow money for general policy programmes.

She also warned that borrowing the full 400 billion baht could impose an interest burden of at least 10 billion baht a year, while raising public debt to 69.4% of GDP, based on assumptions of 2.5% economic growth and 2.2% inflation. If either assumption fell short, she said, public debt could exceed the 70% ceiling.

Ms Sirikanya said her party did not oppose measures to help people affected by the crisis, but criticised the proposed “Thais Help Thais Plus” co-payment scheme, which requires people to contribute alongside the government.

She also questioned the lack of clear plans for the remaining 200 billion baht and alleged irregularities involving proposed solar-related projects and possible “kickbacks”.

She called on the National Anti-Corruption Commission to scrutinise the spending before all the funds were approved.

Prime Minister Anutin Charnvirakul defended the decree, saying the government’s intention was honest, transparent and focused solely on the country and its people.

He acknowledged that the funds were borrowed money, not budgetary funds, and therefore carried a cost. However, he said the government had assessed that the benefits of the programmes would outweigh the borrowing costs, noting that the applicable interest rate was 1.2%.