Kiatnakin Phatra Hosts SET Roadshow in Singapore
Kiatnakin Phatra Securities (KKPS) recently hosted the significant SET Government Roadshow 2025 in Singapore, an event that successfully attracted keen interest and substantial attention from the regional investment community.
The roadshow, held under the theme “Confidence in Thailand’s Path Forward,” featured several key Thai government figures, including Prime Minister Anutin Charnvirakul, Finance Minister Dr. Ekniti Nitithanprapas, and Commerce Minister Mrs. Suphajee Suthumpun.
The gathering saw the attendance of approximately 100 participants, a group composed of 60 influential investors and 40 prominent corporate leaders, underscoring the event’s importance.
Government officials used the platform to highlight their cohesive and multi-pronged strategies designed to fundamentally boost Thailand’s economic prospects and restore investor confidence.
Dr. Ekniti specifically outlined a comprehensive five-pillar domestic economic agenda.
This ambitious plan focuses on: actively stimulating domestic consumption, rigorously reducing the country’s high household debt levels, strengthening the capacity and resilience of Small and Medium Enterprises (SMEs), encouraging systematic savings among the populace, and actively supporting investments directed toward the new economy sectors.
Meanwhile, Mrs. Suphajee detailed the government’s efforts to strategically diversify trade partners and reinforce Thailand’s strong position amidst the ongoing global supply chain shifts, reaffirming the government’s commitment to aggressively expanding the free trade agreement (FTA) network and resolving persistent trade issues with the US.
Investor Caution Persists Despite Government Confidence
Despite the coordinated delivery of these confidence-building messages from high-ranking government officials, Singapore-based investors, who are key players in the region, largely maintain an underweight view on Thai equities.
The discussions during the Kiatnakin Phatra roadshow were wide-ranging, covering critical topics such as the anticipated impact of the upcoming general election, the expected direction of future policy, the potential new drivers for future economic growth, and the crucial monetary policy stance of the Bank of Thailand.
Regulatory skepticism remains a notable concern, particularly among international hedge funds whose strategies are often constrained by rules imposed by the exchange itself.
Similarly, fundamental-driven, long-only funds are also maintaining a distinct caution, expressing a preference to wait for definitive clarity and certainty following the general election before committing to major adjustments in their current market positions.
This cautious stance highlights a fundamental desire for reduced political and regulatory uncertainty before revisiting the Thai market.
The brokerage firm Kiatnakin Phatra Securities, however, holds a more constructive and optimistic outlook on the Thailand equity market, even as it approaches the critical first quarter of 2026 general election.
The firm’s continued confidence suggests a belief that the underlying economic fundamentals and corporate earnings will prevail over short-term political anxieties, positioning them to guide investors strategically through this pre-election phase.
KKPS Strategy and Favored Equity Sectors
In light of the prevailing market caution and the upcoming political event, Kiatnakin Phatra Securities reiterates its well-defined “barbell strategy” for navigating the Thai equity market.
This strategy recommends a dual approach: first, favoring specific defensive stocks that offer resilience during uncertain times, and second, selectively accumulating shares in companies expected to benefit from the pre-election spending cycle and the eventual economic recovery.
For the defensive side of the barbell, the firm favors shares in the banking sector, specifically highlighting strong performers like KTB and KBANK, the telecom sector with ADVANC, and resilient growth stocks such as BH and CPN.
These selections are based on their stable earnings profiles and ability to withstand market volatility.
For the aggressive, pre-election beneficiary side, the strategy recommends selectively accumulating stocks in consumer retailers like CPALL and GLOBAL, finance firms such as TIDLOR and SAWAD, and various tourism-related names, including CENTEL and AWC.
This balanced approach by Kiatnakin Phatra aims to maximize returns while mitigating risks associated with the upcoming political transition.
The roadshow, despite the investor’s current ‘underweight’ status, served a vital function in presenting the government’s commitment to economic reform and stability, providing the necessary foundational data for investors to re-evaluate their positions once the post-election clarity materializes, ultimately keeping the Thai market on the investment radar for future capital allocation.
