Phillip Securities says 12.5% US tariff has limited impact on Thai stocks, advises watching electronics

Macro
โดย HoonVision·Read original
Summary · why it matters

Phillip Securities stated that the US has announced a new round of tariff hikes under Section 301, with Thailand facing a rate of 12.5%, which is higher than the previous global tariff of 10% under Section 122 that expires today. This is seen as negative sentiment for the SET Index, especially for export-oriented stocks, but the impact is expected to be limited because many key Thai export items are likely to be exempted under Annex II, particularly in the electronics sector. These include communication equipment with export value of 11 billion dollars, computer storage units at 5.2 billion dollars, and portable computers at 4.2 billion dollars, out of Thailand's total exports to the US of 72 billion dollars. Meanwhile, the rubber, processed seafood, and pet food sectors are likely to be affected. The base case assessment is that it will impact ITC's net profit by only 120 million baht, reducing the 2026 base price from 19.40 baht per share to 18.70 baht per share. TU is similarly affected due to a smaller proportion of exports to the US. For the rubber sector, companies like NER, STA, TEGH, and TRUBB face negative sentiment from potentially lower domestic rubber demand if tire competition in the US market becomes more difficult.

Impact on stocks 6

Consumer Staples▼ · 2 stocks
i-Tail Corp. PCL
ITC
▼ NegativeTariffrelevance

Article states 12.5% US tariff will reduce ITC's net profit by 120 million baht and lower base price.

Thai Union Group PCL
TU
▼ NegativeTariffrelevance

US 12.5% tariff under Section 301 negatively affects Thai exports; TU is mentioned as similarly affected due to smaller US export proportion.

Materials▼ · 2 stocks
Synthetic Biology (non-pharma)▼ · 2 stocks
© 2026 MarketDXNews