Asia Plus says fiscal 2027 budget bill unlocks state investment, boosts SCC and TASCO

MacroIndustry
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Summary · why it matters

Analysts at Asia Plus Securities assess that the passing of the draft annual expenditure budget bill for fiscal year 2027, worth 3.788 trillion baht, will mark the start of a new round of accelerated public investment. Of that total, investment budget accounts for as much as 789 billion baht, or 20.8% of the entire budget. The Ministry of Transport is preparing to push forward a total of 262 investment projects, covering roads, railways, electric train lines, ports and airports. Meanwhile, local budgets of nearly 395 billion baht will help expand construction and maintenance work in the regions. The research team views the construction contractor group as the most direct beneficiary, especially rail systems, motorways, expressways and logistics infrastructure, which will replenish backlogs over the next 2-3 years, making CK and STECON the stocks most linked to accelerated budget disbursement. For the construction materials group, public investment will support demand for cement, concrete and domestic construction materials amid a property sector that is still recovering only modestly, with SCC, SCCC and TPIPL the main beneficiaries of the construction cycle recovery, while TASCO gains support from road and highway network maintenance budgets. Key issues to watch going forward are the speed of budget disbursement, the opening of bids for transport projects, the gradual signing of new contracts, and progress on public-private partnership projects, with CK and STECON as the top picks in the contractor group, while SCC and TASCO are the main representatives of the construction materials group.

Impact on stocks 6

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

Named as most linked to accelerated budget disbursement and top pick in contractor group as public investment replenishes backlogs.

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

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

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