BANGKOK, THAILAND – The Stock Exchange of Thailand moved to reconsider a long‑standing ban on listing alcohol producers, testing both market strategy and social attitudes.
SET chairman pushes to end listing taboo
In a bid to modernise the market, SET chairman Kitipong Urapeepatanapong sought to open the exchange to breweries and spirits makers.
“We urgently need to adapt before we lose these companies to foreign exchanges,”
said Kitipong, chairman of the SET. The push followed the painful precedent of Thai Beverage (ThaiBev), which listed in Singapore in 2005 after protests by activists and monks, depriving Thailand of a multibillion‑dollar flagship listing.
Analysts question growth prospects
Kitipong suggested that public sentiment might have shifted, pointing to loosened afternoon sales ban hours on alcohol as a signal of change. Financial analysts, however, reacted cautiously to the proposal. Kitpon Praipaisarnkit of UOB Kay Hian supported broader investment choices but doubted the sector’s potential, saying,
“I wonder how much capital large breweries like ThaiBev still need for capacity expansion. The market seems limited.”
said Kitpon Praipaisarnkit, analyst at UOB Kay Hian.
Slow expansion in a sizeable market
He argued instead for a focus on high‑growth high‑tech sectors, the so‑called S‑curve industries, to bring fresh, dynamic companies to the exchange. Data showed a mixed picture: the Thai alcohol market was valued at 19.8 billion US dollars in 2025 and was projected to reach 24.1 billion dollars by 2034. This implied an annual growth rate of just 2.2 percent, seen as solid but far from the explosive expansion that typically draws large waves of investors, with demand driven mainly by tourism and changing lifestyles.
Potential psychological boost for IPO pipeline
Some market watchers saw at least a symbolic benefit. Koraphat Vorachet of Krungsri Securities hoped for a lift to the sluggish IPO market, stating,
“Such a policy could be a positive catalyst and make the SET more attractive overall.”
said Koraphat Vorachet, strategist at Krungsri Securities. After months of thin listings, any major new name was viewed as a possible signal of renewed momentum, even if the underlying sector lacked strong growth.
Thai equities under heavy pressure
The broader backdrop for the Thai stock market remained challenging. The SET Index closed 2025 at 1,259 points, a decline of 10 percent from 2024. Foreign investors withdrew 107.1 billion baht (around 2.7 billion euros) from Thai equities, according to Soraphol Tulayasathien of the SET, who cited
“the dissolution of parliament, the strong baht and the expected economic slowdown in 2026.”
said Soraphol Tulayasathien, SET executive. Against this environment, the debate over brewery IPOs appeared to some observers like an attempt to dress up a sinking ship with colourful flags.
Test of social change beyond finance
Ultimately, the decision over listing beer and spirits producers went beyond balance sheets. Whether alcohol companies would be admitted to the SET was framed as a test of social change in Thailand. The exchange now faced a choice between taking the step and risking renewed protests, or staying cautious and potentially missing an opportunity, a decision many saw as a measure of how modern the Thai economy truly was.