Asia Plus says fiscal 2027 budget bill unlocks public investment, boosts CK and STECON

IndustryAnalystMacro
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Summary · why it matters

The research department of Asia Plus Securities stated that the passing of the draft annual expenditure budget bill for fiscal year 2027, worth 3.788 trillion baht, marks the start of a new round of accelerated public investment, with investment budget as high as 789 billion baht, or 20.8% of the total budget. It views the construction contractor group as the most direct beneficiary, as this unlocks bidding and accelerates investment in large-scale projects, especially rail systems, motorways, expressways, and logistics infrastructure, which will be a key source of backlog replenishment over the next 2-3 years. This makes CK and STECON the stocks most closely linked to the acceleration of budget disbursement. For the construction materials group, public investment will help support demand for cement, concrete, and domestic construction materials amid a property sector that is still recovering only modestly, with SCC, SCCC, and TPIPL as the main beneficiaries of the construction cycle recovery, while TASCO is supported by budgets for road and highway network maintenance. The research department has a positive view on the public investment theme, seeing the passing of the fiscal 2027 budget bill as an important catalyst confirming the return of the country's infrastructure investment cycle over the next 1-3 years. It recommends overweighting stocks that directly benefit from the opening of bidding and accelerated construction of public projects as the first priority, with CK and STECON as the top picks of the contractor group, while SCC and TASCO are the main representatives of the construction materials group. Issues to monitor going forward are the speed of budget disbursement, the opening of bids for transport projects, the gradual signing of new work contracts, and progress on PPP projects, which will be key factors for the timing of revenue recognition, backlog replenishment, and profit recovery in the construction materials and construction contractor groups in the period ahead.

Impact on stocks 6

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

CK named as top pick and most direct beneficiary as the fiscal 2027 budget unlocks bidding and accelerates large-scale public construction projects, replenishing backlog.

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

Public investment from the fiscal 2027 budget bill supports demand for cement, concrete, and domestic construction materials, with TPIPL named as a main beneficiary of the construction cycle recovery.

Theme Impact 1

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