Asia Plus highlights contractors and construction materials as beneficiaries of the 2027 budget worth 3.788 trillion baht

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Asia Plus Securities assesses that the construction contractor and construction materials sectors will be the main beneficiaries of the passing of the draft Annual Budget Expenditure Act for fiscal year 2027, worth 3.788 trillion baht, marking the start of a new round of accelerated public investment. The budget includes investment spending of as much as 789 billion baht, or 20.8% of the total budget, and the Ministry of Transport plans to push forward a total of 262 investment projects covering roads, railways, electric trains, ports, and airports. Meanwhile, local budgets of nearly 395 billion baht will help expand construction and maintenance work in the regions. The research team states that the construction contractor group benefits most directly, especially rail systems, motorways, expressways, and logistics infrastructure, which will be an important source of backlog replenishment over the next 2-3 years, making CK and STECON the stocks most linked to accelerated budget disbursement. As for the construction materials group, public investment will help support demand for cement, concrete, and domestic construction materials amid limited recovery in the real estate sector, with SCC, SCCC, and TPIPL the main beneficiaries of the construction cycle recovery, while TASCO is supported by budgets for road and highway network maintenance. The research team names CK and STECON as its top picks in the contractor group, and SCC and TASCO as the main representatives of the construction materials group, noting that issues to monitor going forward are the speed of budget disbursement, the opening of bids for transport projects, the gradual signing of new contracts, and progress on PPP projects.

Impact on stocks 6

Materials▲ · 2 stocks
Industrials▲ · 1 stocks
CH. Karnchang PCL
CK
▲ PositiveDemandrelevance

Named as the contractor most linked to accelerated budget disbursement, with rail/motorway/expressway projects replenishing backlog over 2-3 years.

Artificial Intelligence▲ · 1 stocks
Climate Adaptation & Water▲ · 1 stocks
Energy Transition & Power Demand▲ · 1 stocks
TPI Polene Public Company Limited
TPIPL
▲ PositiveDemandrelevance

TPIPL named a main beneficiary of the 3.788-trillion-baht 2027 budget as public investment supports demand for cement, concrete, and domestic construction materials.

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