Asia Plus keeps retail sector weighting at market weight, picks CRC, COM7 and BJC as top picks

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Summary · why it matters

Asia Plus Securities said the Cabinet meeting on 22 September 2026 approved an additional 1,000 baht for the Thai Chai Thai Plus scheme, adding 500 baht per month for October and November 2026 under the same conditions, with the government paying 60% and the public paying 40%. The purchase limit for state welfare cardholders was also raised to 1,000 baht per person per month in October 2026, from 300 baht per person per month previously. The research team holds a neutral view on the impact of the scheme's extension, since the monthly amount was cut to just 500 baht from 1,000 baht during June to September 2026, and retail companies have so far received very little direct benefit from the scheme because their stores do not meet the conditions for joining the programme. The businesses likely to see a small benefit are wholesale consumer goods, fresh food and some construction materials that shops buy in to resell, which supports BJC, CPAXT, CRC and DOHOME. CPALL sees a negative effect but a fairly limited one, while HMPRO and COM7 are seen as unaffected. For third-quarter 2026 earnings trends, the research team expects the sector's combined profit to fall quarter on quarter on seasonality but to grow well year on year on positive same-store sales growth, store expansion, better margins and lower interest expenses. The research team keeps its investment weighting for the sector at market weight and still picks CRC, COM7 and BJC as top picks, given third-quarter 2026 profit trends that should grow year on year more strongly than the sector.

Impact on assets 7

Consumer Discretionary▲ · 4 stocks
Com7 PCL
COM7
± Mixedrelevance

COM7 is named a top pick on strong Q3 2026 profit growth, but the article explicitly says it is unaffected by the stimulus scheme.

Dohome Public Company Limited
DOHOME
▲ PositiveDemandrelevance

The extended Thai Chai Thai Plus scheme supports wholesale consumer goods and construction materials that shops buy to resell, which the article says benefits DOHOME.

Consumer Staples▲ · 2 stocks
Berli Jucker PCL
BJC
▲ PositiveDemandrelevance

BJC is named a top pick and a likely small beneficiary as a wholesale consumer goods business supported by the extended Thai Chai Thai Plus scheme.

CP Axtra Public Company Limited
CPAXT
▲ PositiveDemandrelevance

CPAXT is listed among businesses likely to see a small benefit from wholesale consumer goods and fresh food demand under the scheme.

Digital Finance & Tokenization▼ · 1 stocks
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