ASL Securities says fiscal 2026 budget disbursement beat target, boosting contractor and bank stocks

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Summary · why it matters

ASL Securities said budget disbursement for fiscal year 2026 came in better than target, with 3.62 trillion baht disbursed out of a total budget of 3.78 trillion baht, or 95.83%, above the 93% target and 4.58% higher than the same period a year earlier. This reflects improved efficiency in channeling state funds into the economy, with capital expenditure accelerating notably year on year. Capital spending disbursed reached 586 billion baht, or 75.07% of the 781 billion baht investment budget, up 8.63% year on year. Meanwhile, capital expenditure set aside for carry-over disbursement in fiscal year 2027 stood at 193 billion baht, or 24.75% of the capital expenditure budget, and the government has set a deadline to accelerate the creation of commitments for both carry-over and fiscal 2027 investment budgets within the second quarter of fiscal 2027. Given these factors, ASL Securities views this as positive sentiment for groups tied to public investment. It recommends the construction sector, namely CK and STECON, which benefit directly from accelerated public investment and disbursement, and the banking sector, namely KTB, BBL and KBANK, which benefit indirectly through increased liquidity flowing into the system and a recovery in loan demand. KTB stands out for its government customer base, while BBL and KBANK stand to gain from a recovery in corporate lending and the subsequent pickup in private investment.

Impact on assets 5

Financials▲
Industrials▲
CH. Karnchang PCL
CK
▲ PositiveDemandrelevance

CK recommended as a construction firm benefiting directly from accelerated public investment and budget disbursement.

Artificial Intelligence▲
Digital Finance & Tokenization▲
Bangkok Bank PCL
BBL
▲ PositiveDemandrelevance

BBL named as a bank benefiting indirectly from increased liquidity and a recovery in corporate lending from accelerated public investment.