AAPICO Hitech Public Company Limited

Asia Plus Securities' research unit says new US tariff measures under Section 301, one of the risks to Thai exports in the second half of the year, will slow exports because Thailand faces a 12.5% levy, higher than some ASEAN peers like the Philippines and Malaysia, potentially reducing competitiveness. Thailand also runs a growing surplus with the US, and markets must watch for surplus-production tariffs the US has yet to announce, which will pressure the Thai economy's export sector. Product groups hit by the 12.5% tariff include pet food, processed food, and beverages, covering stocks such as AAI, ITC, PLUS, TU, and COCOCO, as well as electronics, including HANA, DELTA, KCE, and CCET. Major Thai goods exempted from the 12.5% tariff are oil, gas, and fertiliser, which the US imports heavily, easing pressure on refinery and oil stocks like PTT, PTTEP, TOP, IRPC, and BCP, and goods already under Section 232, such as automobiles, steel, aluminium, and copper, which eases pressure on processed steel and steel pipe stocks like PAP, TMT, and SAM, and auto parts stocks like AH and SAT. The Commerce Ministry reported that Thai exports in June 2026 grew 20.8% year-on-year, above the market forecast of 15.2%, while imports rose 50.3%, above the 35.8% forecast, resulting in a trade deficit of 6.565 billion US dollars. Standout products included pet food, up 22.3%, expanding for a tenth straight month; rubber, up 12.5%, returning to growth for the first time in 14 months; and processed chicken, up 6.1%, expanding for a seventh consecutive month.

Four major technology and automotive companies from China are preparing to expand their investments in Thailand, totaling 70 billion baht within this year, focusing on the electric vehicle industry and AI and data center technology, according to a report by Asia Plus Securities. In the EV sector, Xiaomi Corporation is considering expanding its EV production base and establishing a research and development center in Thailand, while Changan Automobile is moving forward with expanding production capacity from 100,000 to 200,000 units per year by 2030, along with setting up a regional headquarters and an EV R&D center. In the AI and data center group, Innolight Technology is preparing to build a third factory in Saraburi province to expand production of optical modules, and Eoptolink Technology is preparing to expand production capacity at its factories in Chonburi and Rayong. Stocks expected to benefit include industrial estate groups such as Amata, WHA, Rojana, and Pin, automotive groups such as AAPICO Hitech, Somboon Advance Technology, and Stanley Electric, component groups such as Hana Microelectronics, Delta Electronics, KCE Electronics, and Stars Microelectronics, and energy groups such as Gulf Energy Development.