Kitpon Praipaisarnkit, senior executive vice-president at UOB Kay Hian Securities Thailand, said on Thursday that providing more alternatives for investors on the Thai bourse is the right strategy, but he cast doubt on the industry’s growth outlook.
Thailand is home to some major brewers but still has no listed alcoholic beverage producers after Thai Beverage aborted its domestic initial public offering (IPO) in 2005. Following protests by activists and Buddhist monks, Thailand’s largest whiskey and liquor maker debuted in Singapore instead.
“I wonder how much large brewers, including ThaiBev, need to raise in additional funding through IPOs for capacity expansion. The alcoholic beverage market seems to have a limited growth outlook to attract such new listings,” he told the Bangkok Post.
Instead, the SET should aim to attract companies in high-growth industries dubbed S-curve sectors, said Mr Kitpon.
To jump-start share sales in the Thai market, SET chairman Kitipong Urapeepatanapong said in a recent interview the bourse may open the door to alcoholic beverage listings.
“We urgently need to adjust ourselves before we lose those companies to other overseas stock exchanges,” he said, adding that permitting alcohol beverage producers to list would help make the domestic market more attractive.
While Mr Kitipong declined to comment on the risk of renewed protests against alcoholic beverage listings, he noted that the social environment has probably changed.
Last month, Thai authorities began allowing the sale of alcoholic beverages between 2pm and 5pm as part of a pilot programme that could be extended beyond mid-2026. Restriction on afternoon sales has been in place since 1972.
According to Report Cube, Thailand’s alcoholic drinks market is anticipated to register a compound annual growth rate of 2.2% during 2026-2034. The market size was valued at US#19.8 billion in 2025 and is projected to reach $24.08bn by 2034.
“The market demonstrates steady expansion, supported by Thailand’s strong tourism inflows, evolving consumer lifestyles, and the cultural acceptance of alcoholic beverages across social and recreational settings,” the market research firm said.
Koraphat Vorachet, assistant managing director and head of research at Krungsri Securities, said the SET policy of welcoming alcoholic beverage listing could light up the sentiment in the lacklustre IPO market.
“Such a policy, if it is approved and implemented eventually, could be a positive catalyst for Thailand’s IPO market, making the SET overall more attractive with additional stocks available for investors,” he said.
In a related development, the SET said the Thai index closed at 1,259 points in December 2025, up 0.2% from the previous month but down 10% from year-end 2024. Foreign investors bought a net B6.2bn, reducing their cumulative net selling position in 2025 to B107.1bn.
“Sentiment encountered headwinds from multiple concerns, such as parliament’s dissolution, the strong baht pressuring the export and tourism sectors, and Thailand’s anticipated economic slowdown in 2026,” said Soraphol Tulayasathien, senior executive vice-president of the SET.
The broader 2025 context revealed that Thailand’s policy rate remained relatively low compared to regional peers, suggesting limited policy space. This has contributed to foreign capital outflows from both equities and short-term bonds, he added.