DBS Vickers says 6 stocks to benefit from Thai Help Thai Plus scheme heading to Cabinet on Sept 22

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3▲5 ▼0Impact / 5
Summary · why it matters

The Ministry of Finance is preparing to submit the Thai Help Thai Plus scheme to the Cabinet meeting on September 22, 2026, seeking approval for more than 30 million existing eligible recipients. The scheme will use the remaining budget from the 400-billion-baht emergency loan decree for the energy crisis, which still has roughly 40,000 to 50,000 million baht left. The measure grants 1,000 baht for two months under the same 60-to-40 ratio as before, while state welfare cardholders will receive a top-up of 700 baht, combined with the normal 300 baht entitlement, totaling 1,000 baht per month. The benefits can be used from October 1, 2026 to November 30, 2026. An analysis by DBS Vickers assesses the measure as slightly positive, with the Thai Help Thai Plus amount close to the previous estimate of 1,000 baht per two months, while the state welfare card top-up is more generous than the earlier expectation of 700 baht but for only one month. It views the stocks benefiting most in terms of domestic revenue proportion as NEO with a target of 31.00 baht, CBG with a target of 67.00 baht, and OSP with a target of 20.00 baht. For the food and beverage group benefiting from higher domestic consumption, these include CBG, with domestic branded own revenue at 35% of total revenue; OSP, with domestic beverage revenue at 66% of total revenue; SAPPE, with domestic revenue at 27% of total revenue; and SNNP, with domestic revenue at 79% of total revenue, split into 65% modern trade and 35% traditional trade. For the consumer goods group, these include NEO, with domestic revenue at 92% of total revenue, and OSP, with domestic personal care revenue at approximately 12% of total revenue.

Impact on assets 5

Consumer Staples▲ · 5 stocks
Carabao Group Public Company Limited
CBG
▲ PositiveDemandrelevance

DBS Vickers names CBG among stocks benefiting most from the Thai Help Thai Plus stimulus boosting domestic consumption, with 35% of revenue from domestic branded own sales.

Neo Corporate Pcl
NEO
▲ PositiveDemandrelevance

DBS Vickers names NEO as benefiting most from the scheme, with 92% of revenue from domestic sales, making it highly leveraged to the consumption boost.

Osotspa Public Company Limited
OSP
▲ PositiveDemandrelevance

DBS Vickers names OSP among top beneficiaries, with 66% of revenue from domestic beverages and ~12% from domestic personal care, exposed to higher consumption.

Sappe Public Company Limited
SAPPE
▲ PositiveDemandrelevance

DBS Vickers lists SAPPE in the food and beverage group benefiting from higher domestic consumption, with 27% of revenue from domestic sales.

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