BANGKOK, THAILAND – The Stock Exchange of Thailand moved to bring the country’s three largest alcohol producers to market, seeing their listings as a key driver of growth for the domestic bourse.
SET targets new alcohol segment
The chair of the Stock Exchange of Thailand (SET), Kitipong Urapeepatanapong, said the major alcohol producers were large-scale and highly profitable companies that had so far been scarcely represented on the local exchange. According to him, their listings would not only create a new sector category but also revive investor interest and lift overall market capitalisation.
“These companies have strong fundamentals and robust earnings. Alcohol producers would be a new growth engine for the Thai stock market,”
said Kitipong.
He added that shares of spirits and brewing companies were widely accepted and actively traded on major exchanges worldwide. Internationally, they were often regarded as a defensive consumer segment with stable cash flows and steady dividends.
ThaiBev seen as first in line
Initial attention centred on Thai Beverage Plc (ThaiBev), described as the largest beverage group in Southeast Asia. Kitipong expected ThaiBev to be the first alcohol producer able to place shares on the SET as early as this year.
The plan envisioned listing not the holding company but a pure spirits subsidiary. The relevant group structure had already been prepared, while timing now depended mainly on market conditions.
“If liquidity increases and the SET Index improves, higher valuation premiums can be achieved for new listings,”
said the exchange chief.
Existing Singapore listing and BeerCo plan
ThaiBev had been listed on the Singapore Exchange (SGX) since 2006 and was counted there among the most valuable consumer stocks. The group had also announced an initial public offering of its beer unit BeerCo in Singapore but had not yet carried it out.
Benefits for domestic investors
Thai investors were already able to buy ThaiBev shares directly in Singapore or via the THAIBEV19 depositary receipt traded on the SET since August 2024. In the exchange’s view, however, a direct listing in Bangkok would offer additional advantages.
“A listing on the Thai stock market would not only increase liquidity on the SET but also make access easier for investors and reduce transaction costs and currency risk,”
said Kitipong.
Social resistance to alcohol stocks easing
Alcohol companies had long been formally eligible for listing on the SET, yet none had gone public so far. The main reasons were social reservations and concerns that raising funds on the market could be seen as promoting unhealthy consumption.
Kitipong now observed a clear relaxation on this front.
“Today we no longer expect protests against alcohol stocks. The global capital markets are open, and a listing offers investors choices,”
said the SET chair. He said experience abroad had shown that local resistance did not stop international capital flows into the sector.
Boon Rawd and Carabao on SET’s radar
Alongside ThaiBev, the exchange had approached Boon Rawd Brewery, producer of the well-known Singha beer and the country’s oldest brewer. In Kitipong’s assessment, Boon Rawd still needed further restructuring but could be ready for an IPO within about three years.
A beer-producing subsidiary of the Carabao Group, maker of Carabao beer, was also seen by the SET as structurally prepared for a potential listing in Bangkok.
Broader strategy to open market
The move to attract alcohol companies formed part of a wider SET strategy to actively bring new industries to the exchange rather than waiting for listings. In parallel, the “Jump Plus” programme, a long-term initiative under the 2026–2028 three-year plan, aimed to strengthen growth and scalability of companies on the SET and the Market for Alternative Investment (MAI).
More than 110 companies had already joined this programme. The exchange expected more visible progress to be achieved within the current year.
Potential turning point for Thai capital market
If the planned alcohol listings went ahead, they could mark a turning point for the domestic capital market. The SET anticipated broader market depth through a new consumer segment, greater appeal for institutional investors and more stable earnings structures in the index through defensive consumer stocks.
Over the longer term, the entry of the major alcohol manufacturers could strengthen the SET as a regional consumer investment hub and reduce the market’s dependence on individual sectors.