Krungsri CBAM Research Desk
Krungsri Research is the economic research and sector-intelligence division of Bank of Ayudhya (Krungsri, SET: BAY), Thailand's fifth-largest commercial bank by assets and a subsidiary of MUFG. Publishes Thailand macroeconomic outlooks, industry sector reports, and trade analysis covering areas including CBAM impacts, EV supply chain, and ASEAN trade corridors. Reports are widely distributed to Krungsri clients, media, and policy audiences. Operates as an internal research centre and not a separately listed entity.
Snapshot
Headline numbers a buyer checks first.
Parent bank (BAY) total assets
THB 2.4 tn
FY2023
Research focus area
CBAM, trade, macro
Ongoing
CBAM reports published
~10+
2023–2024
Parent ownership
MUFG (72.15%)
2024
Profile overview
Krungsri Research is the economic research and sector-intelligence division of Bank of Ayudhya (Krungsri, SET: BAY), Thailand's fifth-largest commercial bank by assets and a subsidiary of MUFG. Publishes Thailand macroeconomic outlooks, industry sector reports, and trade analysis covering areas including CBAM impacts, EV supply chain, and ASEAN trade corridors. Reports are widely distributed to Krungsri clients, media, and policy audiences. Operates as an internal research centre and not a separately listed entity.
Research coverage areas
Macro outlook
Thailand quarterly economic forecasts
Krungsri Research publishes quarterly Thailand GDP growth forecasts, exchange-rate outlooks, and BOT rate-decision previews distributed to BAY corporate and retail clients. MUFG Japan macroeconomic research input provides a Japan-ASEAN lens that differentiates Krungsri Research from purely domestic bank-research centres.
CBAM and trade
Carbon border, EU trade-flow analysis
Krungsri Research produced influential early Thai analysis on the EU Carbon Border Adjustment Mechanism (CBAM) impacts on Thai cement, aluminium, steel, and textile exporters. The analysis is cited in Ministry of Industry and BOI policy documents as a reference for Thai industrial-sector CBAM readiness.
EV supply chain
Automotive and EV sector reports
BAY's commercial banking franchise in automotive manufacturing drives Krungsri Research to publish EV supply-chain transition reports covering Thai Tier-1 suppliers, battery-material risk, and Japanese OEM strategy in Thailand. Reports are referenced by investors and corporate-strategy teams.
SME and corporate
Sector intelligence for BAY clients
Sector intelligence reports covering food processing, petrochemicals, retail, healthcare, and logistics sectors — aligned with BAY's corporate and SME lending portfolio. Reports serve a dual purpose: thought-leadership for institutional audiences and credit-risk signalling for BAY relationship managers.
Thai bank economic research centre comparison
In-house research divisions of major Thai commercial banks, key publications
Krungsri Research
Parent bank
BAY (MUFG)
Notable research
CBAM impact on Thai exporters; EV supply chain transition
KResearch
Parent bank
Notable research
GDP forecasts, SME surveys, CBAM exposure
TMBThanachart Analytics
Parent bank
TMBThanachart (TTB)
Notable research
Household debt, savings, financial inclusion
| Research centre | Parent bank | Notable research |
|---|---|---|
| Krungsri Research | BAY (MUFG) | CBAM impact on Thai exporters; EV supply chain transition |
| SCB EIC | SCB | Consumer spending, tourism, real-estate cycle |
| KResearch | KBANK | GDP forecasts, SME surveys, CBAM exposure |
| TMBThanachart Analytics | TMBThanachart (TTB) | Household debt, savings, financial inclusion |
Key drivers 2025-2026
CBAM
EU CBAM transition-period analysis
The EU CBAM entered its transition phase in 2023 and becomes fully operative from 2026. Krungsri Research's CBAM-sector-exposure analysis will be updated as the transition phase progresses and Thai cement, aluminium, and fertiliser exporters begin reporting embedded-carbon data to EU importers.
Automotive
Japanese OEM and Chinese EV investment analysis
BAY's significant Japanese corporate client base (via MUFG) makes Krungsri Research the most Japan-informed Thai bank research unit. Japanese OEM Thailand investment decisions, Chinese EV newcomer factory commitments, and EV-ecosystem supply-chain restructuring are primary automotive-research priorities.
Regional
ASEAN trade-corridor and FDI analysis
Thailand's positioning within ASEAN as a China-plus-one manufacturing destination drives Krungsri Research's FDI-flow and supply-chain-migration analysis. Research covering ASEAN intra-regional trade, US-China tariff-driven factory relocation, and RCEP trade-flow impact is relevant to BAY's regional corporate-banking clients.
Where this profile is featured
Reports that reference this entity in their operator concentration or analysis.
Featured in
Thai CBAM Exposure: Cement, Aluminium, and the Textile-Rotation Bet
Thailand-CBAM-readiness assessment; sector-by-sector exposure analysis.
Featured in
Thailand-EU Corridor: CBAM Scope-Expansion and Finished-Goods Expor...
Thailand-CBAM-readiness assessment; sector-by-sector exposure analysis.
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Parent
Bank of Ayudhya
Internal research division of Bank of Ayudhya (Krungsri, MUFG subsidiary).
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Reports featuring this profile
Thailand EU CBAM & UK CBA Carbon Border Impact 2027 Market Intelligence
Sector-by-sector CBAM impact analysis; THB 28B exposure estimate is the most cited Thai number
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Sits alongside 4 other Atlas profilesThai CBAM Exposure: Steel, Aluminium, and the Textile Rotation
Thailand-CBAM-readiness assessment; sector-by-sector exposure analysis.
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Sits alongside 2 other Atlas profilesThailand-EU Corridor: CBAM and the Finished-Goods Export Risk
Thailand-CBAM-readiness assessment; sector-by-sector exposure analysis.
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Sits alongside 2 other Atlas profilesThailand Indorama Ventures: PET Recycling and CBAM Positioning
Krungsri Research published Thailand CBAM impact analysis
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Sits alongside 2 other Atlas profiles