1. Dept of Highway reported 495k vehicles travelled thru M81 motorway (Bang Yai-Kanchanaburi) during trial run (Deb 26 – Jan 2,2025), expects to open full scale by end of year: positive BGSR consortium (BTS 40%, GULF 40%, STECON 10%, RATCH 10%).
2. Dec CPI rose 1.23% yoy, vs 1.4% estimate, returned to the BOT’s target range for the 1st time in 7 months, giving monetary authority scope to fend off government calls for more rate cuts.
3. Government expects its “You Fight, We Help” debt relief program will attract Bt300b or 70% of those eligible to participate between Jan 6 – Feb 28, 2025.
4. Cabinet approves Bt3.78t budget framework for fiscal year starting Oct. 1, deficit is set at Bt860b vs Bt870b current year.
5. FETCO seeks Finance Ministry approval to extend the ESG fund’s tax privilege, after meeting target in attracting Bt30b last yr.
6. ATTA said Chinese tourists during CNY may fall 10-20% short of target due to lower safety confidence among travellers following a kidnapping of Chinese actor to Myanmar by using TH as a gateway.
7. Melco Resorts & Entertainment, an operator of casinos in Macau, sets up an office in BKK, plans to invest in integrated resorts and hotels in TH, banking on approval of legalized gambling.
8. Myanmar No.2 for Thai condo sales: Thai condo transfers to Myanmar buyers ranked second after Chinese purchasers for the first nine months of 2024, overtaking Russian buyers as the neighbouring government’s crackdown on Thai condo purchases subsided. Bangkok Post
9. Corporate bond issuance flat this year: ThaiBMA predicts B900bn in 2025. Thai corporate bond issuance this year is projected to tally 850-900 billion baht, on par with last year, though the market continues to face risk from defaults and debt deferrals amid economic uncertainty, says the Thai Bond Market Association (ThaiBMA). President Somjin Sornpaisarn said the outstanding value of the Thai bond market is 17.1 trillion baht, up 3.6% from the previous year. This growth is primarily driven by the issuance of government debt instruments. Bangkok Post
10. Cheap electricity touted: PM echoes Thaksin on 3.70 baht per unit target. Prime Minister Paetongtarn Shinawatra has hinted at the possibility of bringing household electricity costs down after her father, former prime minister Thaksin Shinawatra, said during a campaign rally last week that the price could be reduced to 3.70 baht per unit this year. Bangkok Post

Bonus 7

1. Thai exports helped by strong December: Forecast for 2024 is 5% growth. TNSC projects export growth of 1-3% in the first quarter because momentum remains positive, though shippers need to monitor developments in the second quarter after US President Trump takes office on Jan 20. The Thai National Shippers’ Council (TNSC) upgraded its Thai export growth forecast for 2024 to 5% following a robust performance in December. Bangkok Post
2. Board calm on syrup issue: Export ban shouldn’t hit sugar producers. Officials do not expect China’s ban on syrup exports from Thailand to have a serious impact on Thai sugar producers. Industry officials believe Beijing’s ongoing ban on syrup exports from Thailand for food safety reasons will not affect sugar manufacturers in the country, says the Office of the Cane and Sugar Board (OCSB). Chinese authorities cited concerns over hygiene standards at Thai factories as the main reason for the ban, but the move is viewed as a trade barrier against syrup shipments from Thailand, which have continued to increase. Bangkok Post
3. Residential market seen contracting 5-10% in 2025: The residential market is projected to contract by 5-10% this year, following a slowdown last year, as younger buyers delay home purchases because of reduced confidence in the economy, according to property research firm Terra Media and Consulting. Sumitra Wongpakdee, the company’s managing director, said a recent survey found the consumer confidence index continued to decline, falling to 72 in 2024 from 76 in 2023 and 79 in 2022, after rebounding from 43 in 2020. Bangkok Post
4. Inflation level in 2024 lowest in 4 years: Consumer prices increased 0.4%. Higher prices for food and beverages were attributed for the inflation uptick, according to the Commerce Ministry. Thailand’s average consumer price index (CPI) increased by 0.4% in 2024 year-on-year, the lowest inflation in four years, according to the Commerce Ministry. The increase was primarily driven by higher prices for food and beverages, especially ready-to-eat meals, fresh fruit and non-alcoholic beverages. However, some prices decreased due to government support measures, such as electricity and diesel fuel. Bangkok Post
5. Excise tax on cars set to be rejigged: Update to aid transition to future mobility technologies. The Excise Department plans to restructure the excise tax on automobiles to support the transition from internal combustion engine (ICE) vehicles to future mobility technologies, including hydrogen-powered vehicles. Bangkok Post
6. Household debt falls faster than expected: Deleveraging pushes down the GDP ratio. Thailand’s household debt-to-GDP ratio remains high compared with other countries in the region. The Bank of Thailand expects the country’s household debt-to-GDP ratio to decline faster than previously assessed, driven by debt deleveraging efforts and the recent debt relief scheme. According to the central bank’s financial stability report for 2024, the household debt-to-GDP ratio has been decreasing because of ongoing debt deleveraging, resulting in slower growth across all consumer loan products, particularly auto loans and credit cards. Bangkok Post
7. TTB expects auto loans to increase this year: TMBThanachart Bank (TTB) expects positive auto loan growth this year, supported by signs of recovery in the country’s automotive industry. According to TTB president Thakorn Piyapan, the bank set a modest growth target for its auto loan portfolio in 2025, reversing the contraction in 2024 and in line with improvements in Thailand’s vehicle sector. Bangkok Post