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- Understanding the Tourism Tax
Photo Credit: Bangkok Post Delays in Implementing Thailand’s Tourism Tax: An Overview Although the cabinet approved the National Tourism Policy Committee’s proposal to collect a tourism fee from international visitors in February 2023, the scheme has yet to be put into practice. The initiative has faced multiple delays primarily due to political decisions rather than […]
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Photo Credit: Bangkok Post
Delays in Implementing Thailand’s Tourism Tax: An Overview
Although the cabinet approved the National Tourism Policy Committee’s proposal to collect a tourism fee from international visitors in February 2023, the scheme has yet to be put into practice.
The initiative has faced multiple delays primarily due to political decisions rather than challenges in execution.
Recently, the new Tourism and Sports Minister expressed interest in advancing the collection of the tax. However, it now appears unlikely that the tax will be enforced within the four-month window initially promised by the current government.
What is the Tourism Tax and How Does It Work?
The concept of a tourism tax in Thailand was introduced under Section 10/2 of the 2019 National Tourism Policy Act. Its purpose is to fund tourism development projects and provide insurance coverage for foreign visitors.
This approach is similar to other international examples, such as Japan’s ¥1,000 departure tax. Between 2017 and 2019, the Thai government allocated between 300 million and 400 million baht annually to cover unpaid medical expenses for foreigners treated at public hospitals, according to previous administrations.
However, the implementation of this levy was disrupted by the COVID-19 pandemic, which saw international tourist arrivals plummet from 6.6 million in 2020 to just over half a million in 2021, before rebounding to 11 million in 2022. These conditions made launching the tax less feasible.
On February 14, 2023, the government led by Prayut Chan-o-cha and Tourism and Sports Minister Phiphat Ratchakitprakarn approved in principle a draft for the tax. The proposed rate was set at 300 baht for air arrivals and 150 baht for land or sea arrivals, applicable only to overnight visitors.
The cabinet assigned the Immigration Bureau the task of revising relevant regulations under the Immigration Act, requiring proof of payment at entry points. The Thai Tourism Promotion Fund Committee was tasked with overseeing the project, supported by five subcommittees focusing on fund screening, project evaluation, regulation updates, fee collection, and insurance.
Despite being structurally prepared, the scheme was delayed due to inconsistent political support amid shifts in government leadership.
Reasons Behind the Delays
Over the past three years, the tourist tax has faced considerable setbacks. Even when officials showed enthusiasm, actions were delayed or halted, often awaiting the next government administration.
Within the private sector, opinions remain divided. The Tourism Council of Thailand (TCT) strongly supports the initiative, predicting it could generate over 11 billion baht annually if foreign tourist arrivals reach 39 million, similar to pre-pandemic levels in 2019.
In contrast, the Thai Hotels Association (THA) urged caution, raising concerns about potential negative perceptions of the tax, especially since the tourism industry has not yet fully recovered.
The tax was initially scheduled to be introduced on June 1, 2023. However, in April, Minister Phiphat announced a postponement to September 1 due to difficulties in implementing the collection method, specifically because airlines’ booking systems could not differentiate foreign travelers from locals to include the tax.
Airlines noted that their systems generally combine charges like the passenger service fee with the total fare for all passengers, regardless of nationality, making selective applications challenging.
As the government transition concluded in August 2023, Minister Phiphat stated the tax would be postponed indefinitely, with a shift in priorities to boost tourism with eased entry policies, such as visa exemptions for 53 countries.
The subsequent administration under Srettha Thavisin did not prioritize the tax, citing the need to encourage foreign visitation instead. However, after Srettha’s removal in 2024, his successor Paetongtarn Shinawatra allowed the Tourism and Sports Minister Sorawong Thienthong to revisit preparations for the tax.
In October 2024, Minister Sorawong indicated the tax was ready for the first phase of implementation for air passengers, though full rollout would take at least six months. Aiming for cabinet approval in January 2025, the plan was again postponed due to declining tourist numbers—particularly a 30% drop in Chinese arrivals—and uncertain demand.
Meanwhile, the government introduced the online TM6 immigration system in May to facilitate tax collection, aiming for full integration by the final quarter. Just before the government’s departure, the tax was postponed yet again in July, citing the unpredictable tourism market.
Although the new Tourism and Sports Minister Artthakorn Sirilatthayakorn does not oppose the tax, the limited term of the current administration—only four months—makes it unlikely to move forward, according to permanent secretary Natthriya Thaweevong.
What Tourists Should Know About the Tax
Ms. Natthriya explained that the tax structure remains unchanged. The 300-baht fee includes up to 60 baht for tourist insurance. Powered by Krungthai Bank, the system allows for online pre-payment, similar to South Korea
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8 November 08 2025Bangkok Newshttps://bangkokone.news/?p=210555 - New AirAsia Group Prepare to Lead Operations of Seven Airlines
Photo credit: Bangkok Post All airlines operated by AirAsia will be consolidated under the new AirAsia Group by next month following the completion of Capital A’s restructuring, with the goal of becoming the world’s first low-cost carrier fleet composed entirely of narrow-body aircraft. Tony Fernandes, CEO of Capital A Bhd, announced that two separate entities […]
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Photo credit: Bangkok Post
All airlines operated by AirAsia will be consolidated under the new AirAsia Group by next month following the completion of Capital A’s restructuring, with the goal of becoming the world’s first low-cost carrier fleet composed entirely of narrow-body aircraft.
Tony Fernandes, CEO of Capital A Bhd, announced that two separate entities will eventually be formed: a unified AirAsia Group overseeing the airlines, and Capital A responsible for non-aeronautical businesses.
AirAsia X will be rebranded as AirAsia Group to manage seven airlines, focusing on narrow-body aircraft operations across multiple hubs in Southeast Asia. The group’s fleet will include long-range Airbus A321XLRs, with plans to establish new hubs in the Middle East and Europe.
Fernandes noted that all airlines will operate as distinct legal entities, with operations in Thailand set to merge. He also mentioned that the group has canceled outstanding orders for wide-body Airbus A330 aircraft and plans to retire these within the next 5-6 years.
To expand further in the region, the group is exploring the launch of AirAsia in Vietnam but currently has no plans to enter the Singapore market. Fernandes stated that, over the next decade, the group aims to grow its fleet to over 600 aircraft from the current 255, enabling it to serve 155 million passengers—more than doubling current passenger numbers—and operate across 175 destinations, up from 143.
Meanwhile, Capital A will oversee five companies, including ADE, an engineering firm that has established an entity in Thailand and is looking to develop new hangars and line maintenance facilities. Other subsidiaries include logistics operator Teleport, online travel platform MOVE, food and beverage brand Santan, and brand licensing and IP business AirAsia Next.
Fernandes highlighted that before the pandemic, the group primarily generated revenue from airlines, but it has since transformed into a broader ecosystem. Additionally, Capital A signed a letter of intent (LOI) with Bahrain’s Ministry of Transportation and Telecommunications to explore turning Bahrain into a Middle Eastern hub.
The LOI lays a foundation for extensive cooperation in airline operations, cargo and logistics, maintenance capabilities, and talent development, marking a strategic move to strengthen connections between Southeast Asia and one of the world’s fastest-growing aviation regions.
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7 November 07 2025Aviationhttps://bangkokone.news/?p=210551 - Vietjet Becomes Thailand’s First Low-Cost Airline to Use Sustainable Fuel
Photo Credit: Vietjet Vietjet Thailand has become the first low-cost carrier in Thailand to operate flights using a 1% blend of sustainable aviation fuel (SAF), as it waits for the delivery of its more fuel-efficient Boeing 737-8 aircraft, which has been delayed due to the US government shutdown. Woranate Laprabang, CEO of Vietjet Thailand, stated […]
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Photo Credit: Vietjet
Vietjet Thailand has become the first low-cost carrier in Thailand to operate flights using a 1% blend of sustainable aviation fuel (SAF), as it waits for the delivery of its more fuel-efficient Boeing 737-8 aircraft, which has been delayed due to the US government shutdown.
Woranate Laprabang, CEO of Vietjet Thailand, stated that the Bangkok-Phu Quoc flight began using SAF yesterday, with plans to extend its usage to other routes next year, including Bangkok to Cam Ranh and Danang. He highlighted that SAF can reduce carbon emissions by up to 80% compared to traditional A-1 jet fuel.
Following standards set by the International Civil Aviation Organization, the airline aims to use a 5% SAF blend across all routes by 2030, projecting a reduction of 153,000 tonnes of carbon emissions over the next six years. The airline is also working on a memorandum of understanding with PTT Oil and Retail Business Plc to secure a sustainable fuel supply in the future.
Although SAF currently costs more than twice the price of Jet A-1 fuel, Woranate assured that the increased cost will not significantly affect ticket prices, as only a small 1% blend is used. The airline plans for its entire fleet to transition to Boeing B737-8 aircraft, which are expected to reduce fuel consumption by over 15% compared to the Airbus A320s they currently operate.
The first delivery of these new jets has been postponed four times this year, with recent delays attributed to the US government shutdown—the longest in US history. Woranate mentioned that the airline has been told that the initial two planes are expected to arrive this month, with registration taking 2-3 weeks, making them ready for service before Christmas.
Vietjet anticipates receiving an additional five aircraft in December and two more in January, slightly behind schedule. In 2024, the airline plans to add 13 new planes, followed by over 10 more in 2027, with the goal of reaching a fleet of 50 aircraft by 2028.
In light of the delays, which impacted many passengers on routes such as Bangkok to Tokyo (Narita) and Osaka, Woranate assured that all affected tickets would be fully refunded or rerouted through other Vietjet services. The airline also plans to launch new routes in the coming months, including flights from Bangkok to Nakhon Si Thammarat in December, as well as services to Ahmedabad and Kolkata in India, and additional flights to Cam Ranh, Vietnam, in January next year.
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7 November 07 2025Aviationhttps://bangkokone.news/?p=210548 - Credit Card Usage Expected to Stay Weak in Q4
Credit card spending in the final quarter of the year is anticipated to stay subdued, aligning with the overall economic outlook, despite the government’s implementation of stimulus measures. Yuttachai Teyarachakul, managing director and head of personal financial services at UOB Thailand, stated that although several initiatives, including the “Khon La Khrueng Plus” co-payment scheme, were […]
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Credit card spending in the final quarter of the year is anticipated to stay subdued, aligning with the overall economic outlook, despite the government’s implementation of stimulus measures.
Yuttachai Teyarachakul, managing director and head of personal financial services at UOB Thailand, stated that although several initiatives, including the “Khon La Khrueng Plus” co-payment scheme, were introduced to boost domestic consumption, it’s too soon to determine their impact on consumer spending in the fourth quarter.
He noted that credit card spending through UOB Thailand remained stable during the first nine months of this year compared to the same period last year, and the bank expects spending levels to remain consistent in the final quarter.
Overall, credit card expenditure increased by 2-3% during the first nine months, according to Mr. Yuttachai.
“UOB Thailand saw growth in spending among upper-income customers (earning at least 200,000 baht per month), particularly in dining, travel, and luxury goods,” he added.
He also mentioned that the bank has been cautious with new card acquisitions this year, focusing on maintaining asset quality amid heightened economic risks. This strategy has helped UOB Thailand keep its non-performing loan ratio for credit cards below the market average of around 2%.
In a related note, UOB’s Asean Consumer Sentiment Study 2025 revealed that 45% of consumers made more purchases via social media over the past year, though 47% are delaying purchasing decisions. Many consumers now participate in live-streams for entertainment, product comparisons, and price evaluation, which causes delays in buying but enhances brand engagement and awareness.
Atis Ruchirawat, head of Krungsri Consumer (the unsecured lending division of Krungsri Bank of Ayudhya), predicted ongoing contraction in both credit card and personal loan portfolios this year, following the trends observed in the first nine months.
However, Krungsri expects modest growth in credit card spending, projecting total expenditure via Krungsri cards to reach 400 billion baht by year-end, a 2% increase from 286 billion baht in the first nine months of 2025.
He also highlighted that the government’s personal income tax deduction scheme for domestic tourism is expected to further stimulate spending in sectors like hospitality and restaurants.
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7 November 07 2025Bangkok Newshttps://bangkokone.news/?p=210545 - Inflation Continues to Ease for Seventh Consecutive Month
According to the Ministry of Commerce, the headline Consumer Price Index (CPI) dropped by 0.76% year-on-year to 100 in October, marking the seventh consecutive month of decline. Nantapong Chiralerspong, Director-General of the Ministry’s Trade Policy and Strategy Office (TPSO), credited this ongoing decrease to government efforts to ease living costs, reductions in energy prices, and […]
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According to the Ministry of Commerce, the headline Consumer Price Index (CPI) dropped by 0.76% year-on-year to 100 in October, marking the seventh consecutive month of decline. Nantapong Chiralerspong, Director-General of the Ministry’s Trade Policy and Strategy Office (TPSO), credited this ongoing decrease to government efforts to ease living costs, reductions in energy prices, and lower prices for essential goods such as pork, chicken eggs, fresh vegetables, and fruits.
For November, inflation is expected to continue its downward trend, influenced by significantly lower Dubai crude oil prices compared to the previous year, along with ongoing government measures to reduce living expenses, lower prices of produce, and decreased hotel rates aligned with the government’s domestic tourism stimulus initiatives.
Nantapong noted that while overall inflation for the year might fall below zero percent, the ‘Khon La Khrueng Plus’ co-payment scheme could help gently boost inflation. He emphasized the importance of monitoring the impact of household debt relief, as a substantial reduction in debt levels might lead to a rise in inflation.
The official also clarified that the seven-month streak of falling inflation should not be mistaken for deflation, as core inflation has actually increased. He pointed out that there are no indications of diminished purchasing power, citing that the measures to lower living costs and the co-payment scheme have supported demand.
While low inflation benefits consumers by reducing expenses, Nantapong highlighted that for the Thai economy to experience stronger growth in the long term, a higher inflation rate is desirable.
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6 November 06 2025Bangkok Newshttps://bangkokone.news/?p=210542 - Finnair Announces Increased Weekly Flights to Thailand This Winter
During the winter season, Finnair plans to operate 25 weekly flights from Helsinki, its hub, to Thailand. The airline will restart direct flights to Krabi in southern Thailand and will boost the number of flights to Bangkok. Additionally, Finnair will maintain its popular route to Phuket. For more information go to www.finnair.com
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During the winter season, Finnair plans to operate 25 weekly flights from Helsinki, its hub, to Thailand. The airline will restart direct flights to Krabi in southern Thailand and will boost the number of flights to Bangkok. Additionally, Finnair will maintain its popular route to Phuket.
For more information go to www.finnair.com
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6 November 06 2025Aviationhttps://bangkokone.news/?p=210538 - State Railway of Thailand Receives 18-Billion Baht Financial Rescue
Photo Credit: Pattarapong Chatpattarasill The cabinet has authorized a proposal from the Ministry of Transport for the State Railway of Thailand (SRT) to borrow 18 billion baht during the 2026 fiscal year to cover operational costs amid ongoing financial deficits. The proposal was put forward following reports from the SRT indicating that its revenue is […]
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Photo Credit: Pattarapong Chatpattarasill
The cabinet has authorized a proposal from the Ministry of Transport for the State Railway of Thailand (SRT) to borrow 18 billion baht during the 2026 fiscal year to cover operational costs amid ongoing financial deficits.
The proposal was put forward following reports from the SRT indicating that its revenue is insufficient to cover its expenses. The funds are intended to improve liquidity and ensure the agency can operate smoothly throughout the fiscal year, which began on October 1, according to government spokesperson Siripong Angkasakulkiat on Tuesday.
The SRT has consistently experienced losses, largely due to substantial financial commitments such as interest payments and loan servicing, Siripong explained. A significant portion of its income must also be allocated to infrastructure maintenance, including track foundations, rails, bridges, signalling systems, safety barriers, and lighting across the country.
Furthermore, the SRT faces high costs for maintaining aging assets, including stations and rolling stock, which require frequent repairs. Pension obligations also contribute significantly to the accumulating debt, which has now reached 300 billion baht.
Because of these financial pressures, the SRT’s expenses have consistently exceeded its income, resulting in a cash deficit of 18 billion baht. The approved loan aims to alleviate liquidity issues and provide working capital to support ongoing operations.
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5 November 05 2025Bangkok Newshttps://bangkokone.news/?p=210535 - E-cigarette Warning Campaign by Anti-Smoking Foundation
Photo Credit: Pattaya Mail The Action on Smoking and Health Foundation has urged the government to take strong action against the increasing use of e-cigarettes, especially among young people. This call was made by Foundation President Prof. Dr. Prakit Vathesatogkit during an event hosted by the Office of the Royal Society on Monday, held to […]
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Photo Credit: Pattaya Mail
The Action on Smoking and Health Foundation has urged the government to take strong action against the increasing use of e-cigarettes, especially among young people.
This call was made by Foundation President Prof. Dr. Prakit Vathesatogkit during an event hosted by the Office of the Royal Society on Monday, held to honor the late Dr. Atthasit Vejjajiva. Dr. Atthasit, a renowned neurologist and a key figure in Thailand’s tobacco control movement, was also the father of former Prime Minister Abhisit Vejjajiva. The event took place in Bangkok.
Prof. Dr. Prakit highlighted the concerning rise of e-cigarette consumption among Thai youths. Referencing data from the National Statistical Office, he noted that the number of e-cigarette users increased more than eleven times from 2021 to 2024, with over 250,000 individuals aged 15–24 identified as regular users.
He also warned about the dangers posed by new-generation e-cigarette products, such as “toy pods,” “nose pods,” and “nicotine pouches,” which are often designed to look like toys or inhalers to appeal to teenagers. These products, widely marketed on social media, contain highly concentrated nicotine, which can lead to irregular heart rhythms, sudden cardiac arrest, and elevate depression risk among youth by two to three times. Prof. Prakit emphasized that such devices often act as a “gateway” to other addictive substances.
The lecture, delivered in memory of Dr. Atthasit, also served to celebrate his lifelong contributions to public health and his leadership in Thailand’s anti-smoking initiatives, which earned international recognition.
Dr. Atthasit served as Dean of Mahidol University’s Faculty of Medicine at Ramathibodi Hospital, Deputy Public Health Minister, Mahidol University President, President of the Royal Society, and a senator.
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5 November 05 2025Bangkok Newshttps://bangkokone.news/?p=210530 - Bangkok Luxury Condo Market Booms Amid Rising Demand
Despite the global economic slowdown, Bangkok’s ultra-luxury condominium market continues its growth trajectory, driven by enduring demand from Thailand’s wealthy elites and international investors, according to property consultancy Colliers Thailand. Phattarachai Taweewong, Colliers Thailand’s research and communication director, explained that high-end condos serve both as investment assets and symbols of status, providing wealth preservation and […]
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Despite the global economic slowdown, Bangkok’s ultra-luxury condominium market continues its growth trajectory, driven by enduring demand from Thailand’s wealthy elites and international investors, according to property consultancy Colliers Thailand.
Phattarachai Taweewong, Colliers Thailand’s research and communication director, explained that high-end condos serve both as investment assets and symbols of status, providing wealth preservation and long-term capital growth.
“Ultra-luxury units are primarily concentrated in prime locations such as Thong Lor–Phrom Phong–Ekkamai, Wireless–Lang Suan–Lumpini, Sathorn, and along the Chao Phraya River, where demand from local and foreign buyers remains robust,” he noted.
GLOBAL BRANDS Elevate the Market
A rising trend in new developments involves collaborations with international luxury hospitality and design brands like Aman and Porsche Design, reshaping Bangkok’s premium property landscape.
Large units, typically ranging from 300 to over 1,000 square meters, cater to multi-generational living and high-net-worth individuals.
This focus on genuine buyers has helped stabilize the market amid the turbulence of global conditions, Mr. Phattarachai added. The Porsche Design Tower Bangkok set a record last year, reaching 1 million baht per square meter, with penthouses selling for over 1.4 billion baht each, ranking among Asia’s priciest.
While the mainstream condo segment remains subdued, the luxury sector continues to attract affluent buyers from Thailand and abroad, with many viewing Bangkok as a safe haven comparable to Singapore, Hong Kong, and Dubai.
Emerging Players and New Developments
Phattarachai stated that Bangkok’s luxury market is evolving into a regional hub, with units priced between 500 million and 1 billion baht continuing to sell steadily due to strong end-user and investment interest. Major listed developers like Sansiri, SC Asset Corporation, Noble Development, Quality Houses, Proud Real Estate, and Ananda Development are ramping up their presence in this space, with several new projects scheduled for 2026. Examples include Sansiri’s project on Sarasin Road, Ananda’s luxury tower on Rama IV Road, and an 11-unit condo on Sukhumvit Road.
Joint ventures, such as City Realty and Hong Kong’s Swire Properties, also demonstrate long-term confidence in the market. Additionally, private and family-owned firms are entering the ultra-luxury segment, offering diverse designs and emphasizing architectural identity, privacy, and craftsmanship. New entrants like CG Capital from the Chirathivat family, 1.6 Development from the Chearavanont family, Nailert Group, and Swiss-backed Helvetic Thai are broadening the sector’s landscape.
Consistent Market Momentum
Supply for units above 300,000 baht per square meter remains limited but resilient, with only 6,600 units launched over the past decade, valued at approximately 205 billion baht. After pandemic-induced setbacks, the segment experienced a revival in 2024 with nearly 1,000 new units and is expected to sustain momentum with over 1,000 units projected for 2025–26, mainly from large developers.
Upcoming flagship projects include Still Sukhumvit by SC and Tokyo Tatemono, InterContinental Residences Bangkok Asoke by CG Capital, and Upper House and The Wireless Residences by City Dynamic, slated for late 2025.
Prime Locations Continue to Dominate
More than 80% of ultra-luxury supply is concentrated in central districts such as Sukhumvit, Thong Lor, Chidlom, and Sathorn, where proximity to public transit, dining, retail, and healthcare sustains high prices.
Riverside projects like Banyan Tree Riverside and The Residences at Mandarin Oriental Bangkok appeal to buyers seeking privacy and scenic views. Emerging neighborhoods like Ekkamai and Phrom Phong offer more accessible entry points.
However, the Wireless–Chidlom–Ploenchit corridor remains Bangkok’s premier luxury zone, with developments like 98 Wireless and Sindhorn Residence exemplifying its status. Land prices have exceeded 4 million baht per square wah, reflecting persistent scarcity and strong investor interest.
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4 November 04 2025Bangkok Newshttps://bangkokone.news/?p=210526 - Gulf Declines KBank’s Proposal for Share Repurchase
Kasikornbank (KBank)’s share repurchase program has attracted market attention following reports that the bank requested its major shareholder, Gulf Development (Gulf) Plc, to refrain from selling its KBank shares during the buyback period. Analysts believe this move aims to ensure compliance with the Bank of Thailand’s regulations regarding ownership limits in financial institutions. Sources indicate […]
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Kasikornbank (KBank)’s share repurchase program has attracted market attention following reports that the bank requested its major shareholder, Gulf Development (Gulf) Plc, to refrain from selling its KBank shares during the buyback period.
Analysts believe this move aims to ensure compliance with the Bank of Thailand’s regulations regarding ownership limits in financial institutions.
Sources indicate that KBank was concerned that if Gulf—holding over 5% of the bank’s shares—were to sell shares directly to KBank, it could violate central bank rules. Under these rules, shareholders with more than a 5% stake must obtain approval before selling, and such shares cannot be sold directly to the bank; instead, they must be sold to other investors.
Gulf, however, declined to comply, citing its fiduciary duty to act in the best interests of its shareholders. The company clarified in a filing to the Stock Exchange of Thailand (SET) that the bank’s buyback program does not restrict Gulf’s right to trade its shares.
“As a listed company, Gulf is obligated to manage its investment portfolio flexibly and in a way that maximizes shareholder value. Its investment in KBank is considered highly liquid with favorable valuation metrics, including low price-to-book (P/BV) and price-to-earnings (P/E) ratios, along with an attractive dividend yield,” Gulf stated.
Recently, Gulf’s stake in KBank increased to over 5%, up from 4.53% as of March 13, 2025.
Therdsak Thaveeteeratham, Executive Vice President of Asia Plus Securities (ASPS), explained that KBank’s cautious stance was likely a preventive measure to avoid regulatory issues.
“Since Gulf’s investment is purely financial and it has not appointed representatives to KBank’s board, this request is intended to prevent violations of the Bank of Thailand’s rules. It may also set a precedent prompting other financial institutions to remind their major shareholders to exercise caution during buyback periods,” he said.
Therdsak further noted that Gulf has the legal right to sell its shares but would need to do so to another investor if it wishes to participate indirectly in the buyback.
An anonymous analyst suggested that KBank might be concerned that Gulf could sell a large portion of its holdings during the buyback, which could depress the share price and complicate the repurchase process.
“If Gulf doesn’t sell, it simplifies KBank’s buyback efforts and could enhance benefits to earnings per share (EPS) and return on equity (ROE). Conversely, if Gulf sells, it might exert downward pressure on the stock and increase the bank’s repurchase costs,” the analyst remarked.
Market commentators also interpret Gulf’s stance as a sign of its desire to continue benefiting from its investment in KBank—through dividends and strategic cooperation, especially if its stake rises to 10-20% in the future.
“The refusal to comply with KBank’s request reflects Gulf’s intent to retain flexibility in managing its portfolio for maximum return. It also highlights differing interests between the major shareholder and the issuing company, both acting within their rights to optimize value,” said another analyst.
According to Maybank Securities, with a buyback budget of up to 8.8 billion baht, KBank is expected to maintain its dividend payout at 10.5–12 baht per share for 2025, resulting in a dividend yield of approximately 5.8–6.6%. They noted that the repurchase program demonstrates effective capital management and provides an alternative way to deliver shareholder value beyond regular dividends.
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4 November 04 2025Bangkok Newshttps://bangkokone.news/?p=210522