Monthly update February 2025 PDF Free Download
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100%
See the end of this report for disclaimer
A look back at Jan and ahead to Feb
The SET is expected to recover in February after a steady decline, with many
negatives already priced in. Meanwhile, we are starting to see slowing in US dollar
and US bond yields, even though the Fed has kept interest rates unchanged. This
is expected to support fund flows into emerging markets. Additionally, the current
valuation of the market is attractive. We assign support levels at 1320-1330 and
1300 as a point where a rebound is likely; resistance is at 1360, and if it breaks
through, signal would be positive, with the next resistance at 1380.
The SET continued to move down in January. The main pressure was a lack of
investor confidence, particularly concerning governance issues at some mid-to-
small cap stocks. Further damaging sentiment were concerns about government
stability. Foreign factors also impacted, especially the uncertainty surrounding
Trump's trade policies. Together, these factors pulled the market down for the third
month, since November 2024.
In Jan, foreign investors were net sellers for the fourth month at Bt11bn, rising
from a net sell of Bt10bn in December. US$3bn flowed out of Asia-Pacific stock
markets: the largest was Taiwan at US$1.3bn, Malaysia at US$0.6bn, Vietnam at
US$0.3bn, Indonesia at US$0.2bn, Thailand at US$0.2bn, South Korea at US$0.2bn
and the Philippines at US$0.1bn
The SET has likely already priced in many negative factors, though it still lacks
support. Since the beginning of the year, it has significantly underperformed global
markets, reflecting the many negatives. External factors still show an improving
economic outlook and interest rate trends. Therefore, our recommended
investment strategy is: 1) Stocks expected to benefit from government
consumption stimulus measures, such as Easy E-Receipt and the second phase of
the Bt10,000 giveaway during the Chinese New Year celebrations; 2) high-dividend
stocks with dividend yield exceeding 3% to generate portfolio cash flow; 3) earnings
plays that have not yet reflected 4Q24 profit in their prices and have the potential
for consistent dividend payments.
This month: Domestic: 1) Feb 5 – CPI for Jan; 2) Feb 19 – GDP for 4Q24; 3) Feb 24 –
trade balance for Jan; 4) Feb 26 – BOT’ MPC meeting. Foreign: 1) Feb 3 – US ISM
manufacturing PMI for Jan; 2) Feb 5 – US ISM services PMI for Nov; 3) Feb 7 - US
non-farm employment change and unemployment rate for Jan; 4) Feb 12 – US CPI
for Jan; 5) Feb 13 – US PPI for Jan; 6) Feb 14 – US retail sales for Jan; 7) Feb 19 –
FOMC meeting minutes; 8) Feb 27 – US GDP for 4Q24; 9) Feb 28 – US core PCE
price index for Jan.
SET valuation at various PERs using consensus 2025F EPS (updated at end-Jan) Analyst
-15%
-10%
-5%
EPS
2025F
5%
10%
15%
P/E 81.3 86.1 90.8 95.6 100.4 105.2 110.0
12.5 1,016 1,076 1,135 1,195 1,255 1,315 1,375
13.0 1,057 1,119 1,181 1,243 1,305 1,367 1,430
13.5 1,097 1,162 1,226 1,291 1,355 1,420 1,484
14.0 1,138 1,205 1,272 1,339 1,406 1,473 1,539
14.5 1,179 1,248 1,317 1,386 1,456 1,525 1,594
15.0 1,219 1,291 1,363 1,434 1,506 1,578 1,649
Ekpawin Suntarapichard
Fundamental Investment Analyst
on Capital Market
(662) 949-1029
ekpawin.suntarapichard@scb.co.th
Pobchai Phatrawit
Fundamental Investment Analyst
on Capital Market
(662) 949-1014
pobchai.phatrawit@scb.co.th
Jaradsak Woragidbumrung
Fundamental Investment Analyst
on Securities
(662) 949-1018
jaradsak.woragidbumrung@scb.co.th
Sureeporn Charoenchongsuk
Database
(662) 949-1025
sureeporn.charoenchongsuk@scb.co.th
Supattra Jairew
Research Assistant
(662) 949-1023
supattra.jairew@scb.co.th
Monthly update February 2025
Databook
SET index Close: 31/01/2025 1,314.50 -85.71 / -6.12%(MoM) Avg. Bt38,235mn
SET50 index Close: 31/01/2025 856.40 -49.83/ -5.50%(MoM) Avg. Bt28,274mn
Data book
February 2025 2
Table of contents
Market Recap 3
Economic Indicators 4
Economic Calendar 5
INVX Sector Valuations 6
Consensus Sector Valuations 7
Regional Valuations 8
Foreign Fund Flows 9
Low Valuation 10
High Valuation 11
Property Funds 12
Yield Tracker 19
Director Trading 20
Recommendation & Forecast Changes 21
NVDR Trade Highlights 22
Percentage Total Return 23
Warrants 24
Investment Recommendations 27
MARKET RECAP
Page 3
February 2025
January events
Source: SET, InnovestX Research
Date
SET
%
Value
Event
Index
Chg.
(Btmn)
2-Jan-25 1,379.85 (1.54) 36,853
The market fell sharply, pulled down by DELTA (
-
8.85%) and GULF (
-
4.62%) both on concerns over the 15% Global Minimum Tax, which took
effect on January 1 and is expected to eat into profit.
3
-
Jan
-
25
1,384.76
0.36
29,604
The market recovered slightly, with buying returning to stocks that had lost significant ground the day before, including DEL
TA and GULF.
6-Jan-25 1,372.65 (0.87) 37,213
The Thai stock market fell sharply, led by a plunge in power plant stocks. This followed a statement by Thaksin Shinawatra, a
n advisor to the
PM, that electricity costs this year should be reduced to Bt3.70/unit, a decrease of 11% from the current Bt4.15.
7-Jan-25 1,390.88 1.33 39,007
The market rebounded, closing above Monday's high, supported by the recovery of DELTA and GULF
.
8-Jan-25 1,387.72 (0.23) 35,326
The market dipped, in line with regional stock markets, on concerns that the Fed might slow down interest rate cuts following
the stronger
-
than
-
expected US ISM services PMI for December and new job openings for November.
9-Jan-25 1,362.97 (1.78) 46,868
The market fell sharply again, across all industry groups. Petrochemical stocks, especially IVL, plunged, on discouragement o
ver China's
December inflation report, which showed lower
-
than
-
expected growth and a contraction in the PPI.
10
-
Jan
-
25
1,367.99
0.37
42,719
The market rebounded, supported by the rise in the GULF
-
ADVANC
-
INTUCH trio.
13-Jan-25 1,354.34 (1.00) 42,966
The Thai stock market fell in line with regional and US stock markets (on Friday), following better
-
than
-
expected US job data, which raised
investor concerns that the Federal Reserve might put off the next step down in interest rate.
14-Jan-25 1,340.25 (1.04) 56,435
DELTA fell with a big
-
lot transaction recorded at Bt134/share. Analysts speculate that this may be a transaction by Delta Taiwan to transfer
shares as collateral for the issuance of convertible bonds valued at US$525mn.
15-Jan-25 1,353.17 0.96 44,217
The market recovered in the afternoon, supported by rises in the GULF
-
INTUCH
-
ADVANC trio, and PTTEP.
16-Jan-25 1,352.56 (0.05)
40,377
The market opened with a jump, similar to other regional stock markets, in response to the lower core inflation rate in the U
S for December
compared to November. However, the market later declined.
17-Jan-25 1,340.63 (0.88)
37,538
The market fell sharply in the afternoon session. We expect this reflected portfolio downsizing ahead Trump’s inauguration on
Monday.
20-Jan-25 1,340.50 (0.01) 25,982
The Thai stock market closed flat, supported by electronic component manufacturers such as DELTA and CCET, on a rebound after
a sharp
fall last week. Share prices of oil businesses PTTEP and SPRC fell in line with the drop in crude oil prices.
21
-
Jan
-
25
1,352.53
0.90
38,004
The market rebounded in line with most international stock markets, driven by a rise in power plant stocks, electronic compon
ents and banks.
22-Jan-25 1,361.77 0.68 43,896
The market continued to rebound on rising bank prices after most reported YoY growth in 4Q24 and exceeded analyst expectation
s.
23-Jan-25 1,344.17 (1.29) 34,421
The market fell sharply, pressured by drops in bank stocks, on sell
-
on
-
fact after earnings releases.
24
-
Jan
-
25
1,354.07
0.74
30,792
The market recovered, supported by a rise in ICT and petrochemical businesses.
27-Jan-25 1,340.94 (0.97) 30,685
The Thai stock market declined, pressured by the drop in the stock prices of DELTA and CCET, particularly DELTA, which fell b
y 6.12%, having
the most negative impact on the market and being the highest traded stock of the day. Investors are concerned about
the impact of China's
large language model, DeepSeek, which can process more intelligently or similarly to ChatGPT but at a fraction of the cost an
d with more
hardware options.
28
-
Jan
-
25
1,345.77
0.36
36,716
The market opened lower than Monday's close but recovered to close higher than Monday's close. DELTA and CCET continued to de
cline.
29
-
Jan
-
25
1,343.19
(0.19)
27,350
The market continued to rise, supported by the recovery of DELTA and bank stocks.
30-Jan-25 1,335.64 (0.56)
29,535
The market declined, primarily pressured by the drops in DELTA and CCET, which were the highest traded stocks of the day.
31-Jan-25 1,314.50 (1.58) 53,363
The market further declined, pressured by foreign investor sell
-
offs, likely as a risk reduction measure ahead of President Trump's potential
announcement of a 25% tariff on imports from Canada and Mexico, and a 10% tariff on imports from China, expected t
his coming Saturday.
1,355.49 38,176
Source: SET, InnovestX Research
ECONOMIC INDICATORS
February 2025
Thailand – Leading Economic Indicators
Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 YtD \ P
ACTIVITY & PRICES (% YoY)
Capacity Utilization (%)
60.0 58.6 58.5 60.2 59.0 58.0 58.6 57.4 57.6 58.5
Private Consumption Indicators
- Retail Sales (at 2019 prices)
29.3 14.9 13.8 21.9 31.6 20.5 20.8 15.1 n.a. 16.1
Private Investment Indicators
- Imports of Capital Goods 1/ (at 2010 prices)
15.8 (8.7) (6.9) 9.6 2.9 9.5 17.0 4.1 21.1 10.0
Government Cash Balance (Bt bn)
35.1 (130.6) 162.2 (91.4) (60.5) 138.6 (399.8) (75.6) 53.4 (46.6)
Inflation
0.19 1.54 0.62 0.83 0.35 0.61 0.83 0.95 1.23 0.40
EXTERNAL ACCOUNT (US$ bn)
Exports 2/
22.76 25.94 24.49 25.56 26.00 25.66 26.89 25.45 24.32 297.05
% Change YoY
5.9 7.6 (0.3) 15.3 11.4 1.1 14.2 9.1 8.4 8.4
Imports 2/
22.52 22.94 22.07 24.70 23.56 23.19 25.45 23.43 22.44 277.78
% Change YoY
6.60 (2.93) (0.61) 15.81 8.54 9.52 17.08 2.28 13.42 13.42
Trade Balance
0.24 2.99 2.42 0.86 2.44 2.47 1.45 2.02 1.88 19.27
Current A/C 3/
(0.49) (0.04) 1.65 (0.27) 1.31 1.16 0.66 2.03 2.92 12.35
Balance of Payments
(0.5) (0.0) 1.7 (0.3) 1.3 1.2 0.7 2.0 2.9 12.3
Official Reserves (US$ bn)
221.1 224.3 224.3 230.6 235.7 243.0 238.6 237.5 237.0 237.0
MONEY & BANKING (Bt bn)
Monetary Base
2,790.3 2,679.1 2,601.7 2,621.8 2,640.3 2,816.1 2,723.7 2,712.9 2,780.8 2,780.8
% Change YoY
4.4 6.4 3.5 2.9 2.4 10.9 (0.0) 2.1 5.4 5.4
Narrow Money
3,137.9 3,115.2 3,075.1 3,042.7 3,045.9 3,237.0 3,166.9 3,191.3 3,244.4 3,244.4
% Change YoY
1.2 3.0 3.5 3.4 3.8 9.2 6.7 6.1 4.7 4.7
Broad Money
25,857.3 25,865.3 25,721.0 25,714.9 25,577.5 25,793.8 26,194.9 26,280.7 26,322.4 26,322.4
% Change YoY
2.6
3.1
3.0
3.2
2.7
3.1
4.1
3.8
3.3
3.3
Other Depository Corporations Deposits 4/
25,212.5
25,262.4
25,165.6
25,168.1
24,992.8
25,130.9
25,575.4
25,577.3
25,620.8
25,620.8
% Change YoY
2.2
2.6
2.5
2.8
2.2
2.5
3.7
3.2
2.9
2.9
INTEREST & EXCHANGE RATES
Repurchase Rate, 1 day (Month End)
2.50 2.50 2.50 2.50 2.50 2.50 2.25 2.25 2.25 2.44
Interbank O/N
2.45 2.45 2.45 2.45 2.45 2.45 2.32 2.10 2.20 2.39
MLR 5/
7.05-7.28 7.05-7.28 7.05-7.28 7.05-7.28 7.05-7.28 7.05-7.28 6.90-7.28 6.90-7.16 6.90-7.16 6.90-7.16
Fixed Deposit (1 year) 5/
1.60-1.70 1.60-1.70 1.60-1.70 1.60-1.70 1.60-1.70 1.60-1.70 1.45-1.70 1.45-1.70 1.45-1.50 1.45-1.50
Avg. Baht/US$ (Reference rate)
36.79 36.64 36.70 36.30 34.75 33.36 33.37 34.45 34.18 35.30
5/ As quoted by the 5 largest banks
Source: BoT
1/ Excluding transportation 2/ BOP Basis 3/ From October 2006, the reinvested earning data (R.E.) is included in the Financial Account, with corresponding
contra entry under "Investment Income" item by the same amount in the Current Account. Also, adjustm
4/ Other Depository Corporations (ODCs) comprise Domestically Registered Commercial Banks, Branches of Foreign Banks, International Banking Facilities,
Finance Companies, Specialized Banks, Saving Cooperatives (or Thrift and Credit Cooperatives) and Money
P = preliminary; E = Estimate (except for inflation, BoP, international reserves, interest and exchange rates)
Page 4
ECONOMIC CALENDAR
February 2025
Date Indicator Report
period
Thailand
02/03/2025
S&P Global Thailand PMI Mfg
Jan
51.4
Business Sentiment Index
Jan
48.4
02/06/2025
CPI YoY
Jan
1.23%
CPI NSA MoM
Jan
-0.18%
CPI Core YoY
Jan
0.79%
02/07/2025
Gross International Reserves
Jan-31
$241.8b
Forward Contracts
Jan-31
$24.1b
Consumer Confidence
Jan
57.9
Consumer Confidence Economic
Jan
51.4
02/14/2025
Gross International Reserves
Feb-07
--
Forward Contracts
Feb-07
--
02/17/2025
GDP YoY
4Q
3.00%
GDP SA QoQ
4Q
1.20%
GDP Annual YoY
2024
1.90%
02/18/2025
Car Sales
Jan
54016
02/21/2025
Gross International Reserves
Feb-14
--
Forward Contracts
Feb-14
--
Customs Exports YoY
Jan
8.70%
Customs Imports YoY
Jan
14.90%
Customs Trade Balance
Jan
-$11m
02/26/2025
BoT Benchmark Interest Rate
Feb-26
2.25%
Mfg Production Index ISIC NSA YoY
Jan
-2.11%
Capacity Utilization ISIC
Jan
55.97
02/28/2025
BoP Current Account Balance
Jan
$2925m
Gross International Reserves
Feb-21
--
Forward Contracts
Feb-21
--
Exports YoY
Jan
8.40%
Exports
Jan
$24318m
Imports YoY
Jan
13.40%
Imports
Jan
$22436m
Trade Balance
Jan
$1882m
BoP Overall Balance
Jan
$1835m
Last report
Page 5
INVX SECTOR VALUATION
Page 6
February 2025
INVX sector valuation and forecasts
Sector
23A
24F
25F
23A
24F
25F
23A
24F
25F
23A
24F
25F
Agribusiness
(36.9)
48.0
(3.0)
8.9
6.0
6.2
7.5
10.3
9.2
1.6
3.4
3.2
Automotive
1.3
(34.5)
12.9
5.9
9.0
8.0
11.0
7.0
7.8
10.6
5.7
6.3
Banking
16.7
7.0
1.7
8.3
7.8
7.7
8.9
9.0
8.7
5.3
5.8
6.2
Commerce
13.7
18.1
14.7
24.6
20.8
18.1
5.9
6.8
7.5
2.3
2.5
2.8
Construction Materials
(40.6)
(25.9)
28.1
15.2
20.5
16.0
3.4
2.6
3.3
4.1
3.9
3.9
Electronic Components
10.9
11.6
3.2
75.9
68.0
65.9
21.1
20.2
18.4
0.4
0.5
0.5
Energy & Utilities
(28.5)
(5.1)
12.7
10.2
10.8
9.6
8.6
7.8
8.3
5.0
4.8
5.0
Finance & Securities
(6.2)
3.8
7.7
14.1
13.6
12.6
13.4
12.8
12.6
1.9
2.4
2.5
Food & Beverage
n.m.
n.m.
12.7
n.m.
13.0
11.5
(2.2)
7.4
8.1
0.4
2.1
2.2
Health Care Services
(4.3)
9.5
7.0
23.9
21.9
20.4
17.8
18.6
17.9
2.9
3.1
3.4
Information & Communication Technology
(9.1)
67.8
11.6
52.8
31.5
28.2
10.6
21.7
23.1
2.1
2.2
2.8
Insurance
0.7
19.4
13.2
12.4
10.4
9.2
8.9
9.9
10.3
4.3
3.3
3.8
Packaging
(10.4)
(24.3)
(4.2)
13.7
18.1
18.9
4.6
4.0
3.9
3.3
3.3
2.4
Petrochemicals & Chemicals
n.m.
(36.6)
n.m.
n.m.
n.m.
11.1
(0.6)
(0.9)
4.8
4.3
3.4
4.2
Property Development
(4.8)
(8.1)
8.8
10.1
11.0
10.1
8.8
7.8
8.2
6.4
5.2
5.3
Tourism & Leisure
332.0
12.2
6.7
21.2
18.9
17.7
8.1
8.4
8.4
2.2
1.8
1.9
Transportation & Logistics
n.m.
132.0
29.2
114.8
49.5
38.3
3.9
8.5
10.1
0.7
1.3
1.6
Core Profit INVX
(16.6)
11.2
12.2
16.0
14.4
12.9
7.6
8.1
8.7
3.2
3.3
3.6
Net Profit INVX
(2.8)
7.3
17.4
Source: InnovestX Research
Price as of Jan 31, 2025
Note: Total number of companies included in our universe is 92, accounting for 74
%
of SET market capitalization.
INVX 2025 sector valuation map
.
Source: InnovestX Research
INVX 2025 profit estimates - Changes 1M and 3M
Source: InnovestX Research
Yield (%)
Core Profit Growth (%)
Core PER (x)
ROE (%)
Agri.
Auto
Commerce
Conmat Energy
Fin & Sec.
Health
ICT
Insure
P…
Prop
Tourism
Trans
INVX Universe
(5.0)
(4.0)
(3.0)
(2.0)
(1.0)
0.0
1.0
2.0
3.0
4.0
2 4 6 8 10 12 14 16 18 20 22 24 26
ROE
(%)
(PER / Core Profit Growth)
(50)
(40)
(30)
(20)
(10)
0
10
AGRI
AUTO
BANK
COMM
CONMAT
ENERG
FIN
FOOD
HELTH
ICT
INSUR
PKG
PETRO
PROP
TOURISM
TRANS
Change from 1M ago
Change from 3M ago
CONSENSUS VALUATION
Page 7
February 2025
SET Consensus EPS PE Band
Source: InnovestX Research, SET, Bloomberg Finance L.P.
Change in consensus 2025 profit estimates
Source: Bloomberg Finance L.P.
PER on 2025 consensus earnings
Source: Bloomberg Finance L.P.
(20)
(15)
(10)
(5)
0
5
Agribusiness
Automotive
Banking
Commerce
Construction Material
Energy
Fin & Sec
Food
Health Care
ICT
Insurance
Packaging
Petrochemicals
Property
Toursim & Leisure
Transportation
Total Market
Change from 1M ago
Change from 3M ago
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
Jan-05
Jul-05
Jan-06
Jul-06
Jan-07
Jul-07
Jan-08
Jul-08
Jan-09
Jul-09
Jan-10
Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
Jul-17
Jan-18
Jul-18
Jan-19
Jul-19
Jan-20
Jul-20
Jan-21
Jul-21
Jan-22
Jul-22
Jan-23
Jul-23
Jan-24
Jul-24
Jan-25
Jul-25
(SET Index)
35.0x
29.4x
23.8x
18.2x
12.6x
7.0x
0
5
10
15
20
25
30
Jan-24
Feb-24
Mar-24
Apr-24
May-24
Jun-24
Jul-24
Aug-24
Sep-24
Oct-24
Nov-24
Dec-24
Jan-25
Banking Commerce Energy ICT Property
PER (x)
REGIONAL VALUATIONS
February 2025
MSCI Thailand (US$) performance relative to MSCI Asia ex-Japan (US$)
Source: Bloomberg Finance L.P. (prices as of Jan 31, 2025)
Changes in 2025 consensus earnings
% change in Thailand earnings
-1M -3M
% change (1.56) (4.08)
Source: Bloomberg Finance L.P.
2025 Consensus regional valuation map
2025 - 2026 expected profit growth and PER
PER (x)
25F 26F
China 12.0 10.8
Hongkong 9.2 8.5
India 17.7 18.0
Indonesia 11.8 10.6
Malaysia 13.7 12.8
Philippines 9.1 8.3
Singapore 11.8 11.3
Taiwan 16.6 14.5
Thailand 13.8 12.7
Average
12.4 11.5
Source:Bloomberg Finance L.P., InnovestX Research
Profit Growth (%)
10.8 - 1.7
8.4 11.1
5.3 8.2
25F 26F
2.6 4.7
8.8 7.0
10.2 11.6
10.7 8.7
10.3 8.9
15.5 13.9
9.9 9.5
(10.0)
(5.0)
0.0
5.0
10.0
15.0
Hongkong
Indonesia
Malaysia
Philippines
Singapore
S. Korea
Thailand
China
Taiwan
India
Change from 1M Change from 3M
(%)
70
75
80
85
90
95
100
105
110
115
120
125
130
Dec-23
Jan-24
Feb-24
Mar-24
Apr-24
May-24
Jun-24
Jul-24
Aug-24
Sep-24
Oct-24
Nov-24
Dec-24
Jan-25
12months 3 months
6 months
1 month
Recent MSCI Thailand US$
performance vs. the MSCI APxJP:
1M -3.59%
3M -7.13%
6M +2.49%
12M -11.47%
Hongkong
Indonesia
Malaysia
Philippines
Thailand
China Taiwan
India
Average
0.0
0.5
1.0
1.5
2.0
2.5
8% 9% 10% 11% 12% 13% 14% 15% 16% 17%
(
PER/Net Profit Growth
)
ROE (%)
Page 8
FOREIGN FUND FLOWS
February 2025
Value of foreign holdings by major sectors relative to SET50 and SET Index Weight
Source: SET and InnovestX Research
Monthly estimates of foreign ownership % of SET50 index
Key Asian index performances
31/01/25
30/12/24
% Change
(MoM)
JCI
7,109
7,080
0.4
FBMKLCI
1,557
1,642
(5.2)
SET
1,315
1,400
(6.1)
PCOMP
5,863
6,529
(10.2)
ASEAN4
(5.3)
KOSPI
2,517
2,399
4.9
TWSE
23,525
23,035
2.1
FSSTI 3,856 3,788 1.8
HSCEI
7,382
7,290
1.3
HSI 20,225 20,060 0.8
SENSEX
77,501
78,139
(0.8)
Other Asean
1.7
Source: SET and InnovestX Research
Source: Bloomberg Finance L.P.
Asian Foreign Equity Portfolio Flows
(US$m) 2021 2022 2023 2024 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 YTD
Indonesia 2,688 4,267 (353) 1,154 1,418 (719) (1,063) (313) (229) 1,154
Philippines (5) (1,245) (863) (408) 346 22 (349) (103) (114) (408)
Taiwan (15,865) (44,007) 6,933 (18,203) (2,297) 1,130 (8,045) 708 (1,261) (18,203)
Thailand (1,632) 5,960 (5,507) (4,132) 867 (845) (398) (308) (330) (4,132)
South Korea (23,009) (9,665) 10,705 2,426 (5,727) (3,404) (3,203) (1,530) (1,002) 2,426
India 3,761 (17,016) 21,427 (755) 5,944 (10,428) (2,680) 1,321 (8,418) (755)
Vietnam (2,536) 1,094 (1,026) (3,578) (85) (389) (473) (91) (255) (3,578)
Emerging Asia (36,598) (60,612) 31,315 (23,497) 465 (14,633) (16,212) (316) (11,611) (23,497)
Japan 29,678 2,350 29,092 1,624 (35,744) 16,610 (1,834) (7,151) 5,919 1,624
Emerging Asia+Japan
(6,919)
(58,262)
60,407
(21,873)
(35,278)
1,977
(18,046)
(7,467)
(5,691)
(21,873)
Thailand/EM 3.3% 7.2% 11.8% 13.5% 5.2% 5.0% 2.5% 7.0% 2.8% 13.5%
Thailand/Total 2.1% 7.0% 7.3% 12.8% 1.7% 2.5% 2.2% 2.7% 1.9% 12.8%
Source: Bloomberg Finance L.P. (as of Jan 31, 2025)
*Taiwan as of Jan 22, 25 / Vietnam and Japan as of Jan 24, 25 / India as of Jan 30, 25
11.8% 12.4% 12.3% 12.6% 12.4% 11.8% 10.9% 11.2% 11.6% 10.1% 10.1% 10.5% 11.8% 14.2% 12.3%
4.1% 4.2% 4.3% 4.5% 4.6% 4.5% 4.2% 4.0% 3.7% 3.4% 3.3% 3.2% 3.1% 4.6% 2.2%
13.8% 14.1% 14.3% 14.1% 13.6% 13.2% 12.8% 13.2% 13.1% 12.4% 11.4% 11.1% 11.3%
21.7%
18.4%
4.3% 4.3% 3.0% 3.1% 2.8% 2.5% 2.3% 2.3% 2.4% 2.1% 1.9% 1.8% 1.8%
3.9%
5.0%
13.4% 13.3% 13.8% 13.8% 14.3% 14.6% 14.8% 15.5% 15.7% 15.4% 14.7% 14.9% 16.3%
13.2%
11.6%
6% 7% 7% 7% 6% 6% 6% 6% 6% 5% 5% 5% 5%
8%
9%
3.6% 3.7% 3.7% 3.8% 3.6% 3.0% 2.7% 2.3% 3.0%
2.8% 2.7% 2.7% 2.6%
1.9%
1.6%
2.9% 3.2% 3.2% 3.3% 3.1% 2.4% 2.1% 2.1% 2.1%
1.8% 1.8% 1.8% 1.9%
8.4%
7.5%
9.0% 9.3% 9.1% 9.6% 9.2% 8.6% 7.6% 7.7% 8.4%
7.2% 6.1% 6.0% 6.2%
9.9% 22.1%
30.84%28.53%29.64%28.44%29.94%33.25%36.99%36.26%34.22% 39.91%43.02%43.43%40.43%
13.9% 10.5%
Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Jan 25
SET50
Jan 25
SET
Electronic Comp
Others
Transportation
Petrochemical
Commerce
ICT
Property
Energy
Food and
Beverage
Bank
Index weight
Page 9
16
18
20
22
24
26
28
30
32
34
200
400
600
800
1000
1200
1400
1600
Jan-22
Apr-22
Jul-22
Oct-22
Jan-23
Apr-23
Jul-23
Oct-23
Jan-24
Apr-24
Jul-24
Oct-24
Jan-25
SET 50 (LHS)
% of Foreign Ownership-share (RHS)
(SET 50) (Foreign Ownership)
Foreign exposure
Added: ICT, Bank, Energy
Trimmed: Electronic,
Property, Petro
LOW VALUATION Page 10
February 2025
10 Lowest 2024 Core PER 10 Lowest 2024 P/BV(x)
Stock Price(Bt) Core PER(x) Stock Price(Bt) P/BV(x)
1 EA 3.10 4.6 1 EA 3.10 0.27
2 AP 7.95 4.8 2 IRPC 1.13 0.32
3 ORI 3.42 5.1 3 TOP 26.00 0.34
4 TOP 26.00 5.3 4 PTTGC 21.50 0.36
5 SPALI 16.80 5.6 5 BANPU 5.00 0.38
6 BBL 154.00 6.6 6 BAM 5.75 0.42
7 EPG 3.38 6.7 7 ORI 3.42 0.42
8 PSL 6.10 6.9 8 STA 15.70 0.44
9 EGCO 111.50 7.0 9 SCC 154.00 0.50
10 AAV 2.12 7.5 10 BBL 154.00 0.53
10 Highest 2024 ROE (%) 10 Highest 2024 EPS growth (%)
Stock Price(Bt) ROE(%) Stock Price(Bt) EPS Growth(%)
1 ADVANC 284.00 36.7 1 AWC 3.16 1,517.1
2 COM7 22.00 36.1 2 AAV 2.12 646.7
3 INTUCH 97.25 34.4 3 STGT 8.15 534.0
4 TQM 19.00 31.3 4 AOT 55.25 121.3
5 AAV 2.12 31.1 5 BCPG 6.45 112.6
6 BH 180.00 29.7 6 PSL 6.10 92.2
7 DELTA 126.00 28.9 7 BGRIM 15.20 57.3
8 HMPRO 8.75 24.7 8 CBG 70.50 48.1
9 CBG 70.50 23.2 9 IVL 23.00 47.9
10 MEGA 31.50 23.1 10 CPALL 52.00 34.1
10 Lowest 2024 core PER/CAGR (x)* 10 Highest 2024 dividend yield(%)
Stock Price(Bt) Core PER/CAGR Stock Price(Bt)
Dividend yield (%)
1 AAV 2.12 0.05 1 QH 1.71 7.9
2 STGT 8.15 0.12 2 SCB 125.00 7.8
3 AWC 3.16 0.13 3 SPALI 16.80 7.8
4 PSL 6.10 0.38 4 ORI 3.42 7.8
5 RATCH 28.50 0.39 5 TISCO 99.50 7.7
6 BGRIM 15.20 0.47 6 LH 4.60 7.6
7 AMATA 25.00 0.49 7 AP 7.95 7.5
8 AOT 55.25 0.66 8 TOP 26.00 6.8
9 PTG 7.45 0.66 9 TCAP 49.75 6.8
10 KTB 22.90 0.68 10 PSL 6.10 6.7
Source: Bloomberg Finance L.P. (prices as of Jan 31, 2025)
*EPS growth Y2023-Y2024
Note: Only stocks under SET100 are included on these lists.
HIGH VALUATION
Page 11
February 2025
10 Highest 2024 Core PER
10 Highest 2024 P/BV (x)
Stock Price (Bt) Core PER (x) Stock Price (Bt) P/BV (x)
1 BTS 6.15 768.75 1 PTTEP 127.50 32.01
2 PTTEP 127.50 226.06 2 DELTA 126.00 19.03
3 THG 13.60 85.00 3 ADVANC 284.00 8.84
4 TRUE 11.70 74.05 4 INTUCH 97.25 8.04
5 DELTA 126.00 71.63 5 AOT 55.25 6.30
6 AWC 3.16 45.80 6 COM7 22.00 5.47
7 BEC 4.08 40.80 7 CBG 70.50 5.47
8 AOT 55.25 40.27 8 BH 180.00 5.21
9 GULF 57.75 35.71 9 GULF 57.75 4.93
10 DOHOME 7.35 30.88 10 TRUE 11.70 4.85
10 Lowest 2024 ROE (%) 10 Lowest 2024 EPS growth (%)
Stock Price (Bt) ROE (%) Stock Price (Bt) EPS Growth (%)
1 BSRC 5.35 1.47 1 BTS 6.15 (94.2)
2 VGI 3.04 1.90 2 SCC 154.00 (70.1)
3 THG 13.60 1.95 3 IRPC 1.13 (62.9)
4 STGT 8.15 2.36 4 BCP 34.50 (59.9)
5 SCC 154.00 2.42 5 THG 13.60 (54.3)
6 BANPU 5.00 2.75 6 EA 3.10 (52.1)
7 AWC 3.16 2.86 7 BANPU 5.00 (47.0)
8 STA 15.70 3.19 8 TOP 26.00 (43.1)
9 TRUE 11.70 3.49 9 ORI 3.42 (39.9)
10 BAM 5.75 3.55 10 THANI 1.30 (34.0)
10 Highest 2024 core PER/CAGR (x)* 10 Lowest 2024 dividend yield (%)
Stock Price (Bt) Core PER/CAGR Stock Price (Bt)
Dividend yield (%)
1 THG 13.60 59.9 1 BTS 6.15 0.07
2 BCPG 6.45 6.1 2 TRUE 11.70 0.07
3 DELTA 126.00 5.5 3 PTTEP 127.50 0.21
4 SCB 125.00 5.1 4 VGI 3.04 0.23
5 KCE 22.00 4.7 5 DELTA 126.00 0.47
6 SPALI 16.80 4.1 6 DOHOME 7.35 0.50
7 BH 180.00 3.8 7 THG 13.60 0.79
8 KTC 50.75 3.8 8 MTC 43.75 0.80
9 HMPRO 8.75 3.8 9 AWC 3.16 1.14
10 ONEE 3.48 3.6 10 AOT 55.25 1.18
Source: Bloomberg Finance L.P. (prices as of Jan 31, 2025)
*EPS growth Y2023-Y2025
Note: Only stocks under SET100 are included on these lists.
PROPERTY/REIT/INFRASTRUCTURE FUND Page 12
February 2025
Net asset value 1-Yr and 10-Yr bond yield
Share price premium (discount) to NAV 12-mth Annualized dividend yield
Note: Exclude TU-PF due to abnormal and/or absent in dividend payment
(80)
(70)
(60)
(50)
(40)
(30)
(20)
(10)
0
10
20
LHHOTEL
CPNREIT
MIT
SPRIME
TLHPF
FUTURERT
IMPACT
WHART
FTREIT
AXTRART
ALLY
LHSC
PROSPECT
AIMIRT
CTARAF
INETREIT
MIPF
SIRIPRT
EGATIF
TU-PF
WHAIR
TIF1
M-STOR
LUXF
3BBIF
AMATAR
WHABT
SUPEREIF
QHOP
ISSARA
TPRIME
POPF
GVREIT
CPNCG
SSTRT
BRRGIF
MII
GROREIT
DREIT
GAHREIT
MNIT2
BTSGIF
HPF
B-WORK
DIF
QHHRREIT
CPTREIT
BOFFICE
TFFIF
LHRREIT
QHBREIT
MNIT
SRIPANWA
MJLF
M-PAT
SSPF
AIMCG
MNRF
KPNREIT
TNPF
(%)
0
2
4
6
8
10
12
14
16
18
20
3BBIF
TTLPF
B-WORK
TIF1
MJLF
CPNCG
SPRIME
MII
POPF
GVREIT
AIMCG
BOFFICE
BRRGIF
DIF
HPF
ALLY
SUPEREIF
SRIPANWA
PROSPECT
WHAIR
AXTRART
GAHREIT
WHABT
LUXF
LHHOTEL
LHSC
FUTURERT
AMATAR
INETREIT
AIMIRT
SSTRT
DREIT
FTREIT
CPNREIT
MIPF
ISSARA
WHART
TFFIF
LHRREIT
CPTREIT
KPNREIT
GROREIT
CTARAF
M-STOR
IMPACT
EGATIF
TPRIME
MNIT
BTSGIF
MNIT2
MNRF
SSPF
SIRIPRT
(%)
0
2
4
6
8
10
12
14
16
18
DIF
ISSARA
QHHRREIT
TFFIF
LHSC
MIPF
AIMIRT
LHHOTEL
SRIPANWA
LUXF
AXTRART
TPRIME
CPNREIT
WHABT
SIRIPRT
SSPF
IMPACT
GAHREIT
FTREIT
GROREIT
LHRREIT
MJLF
GVREIT
WHART
TTLPF
M-STOR
INETREIT
SPRIME
TIF1
FUTURERT
POPF
CPNCG
AMATAR
AIMCG
QHBREIT
MII
SUPEREIF
BOFFICE
CPTREIT
ALLY
PROSPECT
KPNREIT
HPF
B-WORK
WHAIR
DREIT
MNIT2
EGATIF
3BBIF
SSTRT
MNRF
TLHPF
TNPF
BRRGIF
M-PAT
QHOP
CTARAF
MNIT
BTSGIF
TU-PF
(Bt/Unit)
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
Jan-11
Aug-11
Mar-12
Oct-12
May-13
Dec-13
Jul-14
Feb-15
Sep-15
Apr-16
Nov-16
Jun-17
Jan-18
Aug-18
Mar-19
Oct-19
May-20
Dec-20
Jul-21
Feb-22
Sep-22
Apr-23
Nov-23
Jun-24
Jan-25
1-yr Bond yield 10-yr Bond yield
(%)
PROPERTY/REIT/INFRASTRUCTURE FUND Page 13
February 2025
Trailing
Property Fund
Mkt cap
Price
NAV/Share
Premium/
Dividend
Assets
Type
Nature of
Land Size
Listed
Rentable
Remarks
(Btmn)
(Jan 31, 25)
(Dec 30, 24)
(Discount) (%)
Yields (%)
Dividend
Next XD
Period
(Btmn)
Date
Agency
investment
(Rai-Ngan-Sqw)
Sponsor
Date
Area (Sqm)
BAREIT 9,400 9.10 9.93 (8.37) 7.78 n.a. n.a. n.a. 14,160 Aug-22 Siam City Appraisal Co., Ltd. Samui Airport Airport Leasehold 231.3.26.9 Bangkok Airways Sep 14, 22 123,956
(BA Airport Leasehold Real Estate Investment Trust) 14,150 Aug-22 Knight Frank Chartered
(Thailand)
ISSARA 880 8.80 13.82 (36.34) 7.15 0.16 Mar-24 Oct - Dec 24 356 Apr-15 Siam Appraisal and service Charn Issara 1 Tower Office (24 units) and
commercial
Freehold n.a. CI Nov 19, 03 6,743
(Bangkok Commercial Property Fund) 833 Apr-15 Siam Appraisal and service Charn Issara 2 Tower Office (136 units) and
commercial
Freehold n.a. 23,551
CPNCG 2,666 6.25 9.98 (37.38) 13.35 0.25 Feb-25 Oct - Dec 24 5,100 Mar-15 TAP Valuation The Offices at CentralWorld
Building
Office and commercial Subleasehold Exp. 2032 2-1-4 CPN Sept 21, 12 80,566
(CPN Commercial Growth Leasehold Property Fund)
CPTREIT 4,796 4.96 9.70 (48.87) 6.64 n.a. n.a. n.a. 3,988 Dec-15 Sallmanns (Far East) C.P. Tower 1 Office and retail mall Leasehold Exp. 2043 3-1-3 C.P. Land Dec 16, 13 44,304
(C.P. Tower Leasehold Real Estate Investment Trust)
4,755 Dec-15 Sallmanns (Far East) C.P. Tower 2 Office and retail mall Leasehold Exp. 2043 15-3-4 72,385
913 Dec-15 Sallmanns (Far East) C.P. Tower 3 Office and retail mall Leasehold Exp. 2043 4-0-0 15,226
CTARAF 1,382 4.32 5.23 (17.39) 6.19 n.a. n.a. n.a 2,426 Oct-15 CIT Appraisal Central Grand Beach Resort
Samui
Hotel Leasehold Exp.2038 25-1-47 CENTEL Oct 12, 08 38,880 Guarantee avg. div. of Bt0.9 during
'08-12
(Centara Hotels Resorts Leasehold Property Fund)
HPF 2,284 4.86 10.86 (55.24) 10.62 n.a. n.a. n.a. 4,703 Oct-15 K.T. Appraisal 104 Factories in various
locations
Factory Freehold (47 factories) 144-3-79 HEMARAJ Jan 23, 14 95,941 Min. guarantee of Bt369.3mn for 3
years (Bt205/sqm/mth)
(HEMRAJ Industrial Property and Leasehold Fund) Factory Leasehold (57 factories)
Exp. 2044
58-0-25 54,176
KPNREIT 425 2.36 9.26 7.82 6.61 n.a. n.a. n.a. 1,853 Feb-15 Bangkok Property Appraisal KPN Tower Office Freehold 2-2-15 CBNP (Thailand) May 3, 13 25,978
(KPN Property Fund)
LHRREIT 1,749 5.30 10.86 (51.19) 6.98 0.07 Mar-25 Oct - Dec 24 1,430 May-15 TAP Valuation Centre Point Thonglor Service Apt. Freehold 17-3-50 LH Mar 5, 12 156units
(Land and Houses Freehold and Leasehold Property Fund) 1,204 May-15 TAP Valuation Centre Point Promphong Service Apt. Freehold 76units
725 May-15 TAP Valuation LH Villa Sathorn Service Apt. Leasehold Exp. 2038 37units
LUXF 1,582 8.05 12.04 (33.12) 9.32 n.a. n.a. n.a. 2,144 Feb-15 CBRE Pa Koh Hotel Villas Freehold 79-3-74 Jun 6, 07 1,402 Min. inc. (before fund exp)
(Luxury Real Estate Investment Fund) Jun 08-Jun 09 = Bt136.3mn
Jun 09-Jun 10 = Bt135.7mn
Jun 10-Jun 11 = Bt145.5mn
Jun 11-Jun 12 = Bt145.6mn
Jun 12-Jun 13 = Bt145.6mn
MII 1,041 6.05 9.74 (37.89) 12.37 0.23 Mar-25 Nov - Dec 24 801 Aug-15 DTZ Debenham 16 factories in TFD Industrial
Estate
Factory Freehold 34-1-31.6 TFD Dec 27, 12
(MFC Industrial Investment Property and Leasehold Fund) 425 Aug-15 DTZ Debenham 18 factories in Laem Chabang
Industrial Estate
Factory Leasehold 29-1-40 Total Industrial Service 19,350
65 Aug-15 DTZ Debenham 2 factories in Nava Nakorn
Industrial Promotional Zone
Factory Freehold 5-2-27 TFD
282 Aug-15 DTZ Debenham 17 bdgs in Kingkaew
Warehouse Project
Commercial Office Bdg Leasehold Exp. 2036
(+30)
25-1-96 TFD 15,034
M-PAT 237 2.26 6.05 (62.67) 1,045 Apr-15 Knight Frank Patong Heritage hotel Hotel Freehold 2-2-68 Patong Heritage Jun 24, 14 183 units Leased back for 5 years
(MFC Patong Heritage Property Fund) Fixed rental Y1= Bt84mn; Y2 =
Bt84mn; Y3 Bt84mn; Y4 Bt89mn; Y5
Bt89mn
MIPF 1,729 9.10 12.27 (25.82) 7.25 0.33 Mar-25 Jul - Dec 24 2,249 Sep-15 Agency for real estate Maleenont Tower Office Freehold 3-0-74 Maleenont Mar 8, 05 49,119
(Millionaire Property Fund) Production House Production Studio Freehold n.a. Maleenont 12,699
MJLF 1,373 4.16 10.75 (61.32) 13.45 0.15 Mar-25 Oct - Dec 24 2,137 Dec-15 Bangkok Property Appraisal Major Cineplex Ratchayothin Entertainment Complex Leasehold Exp 2037
(+30)
6-2-38 MAJOR Jul 18, 07 28,096
(Major Cineplex Lifestyle Leasehold Property Fund) 625 Dec-15 Bangkok Property Appraisal Major Cineplex Rangsit Entertainment Complex Leasehold Exp. 2082 10-0-8 MAJOR 15,384
1,072 Dec-15 Bangkok Property Appraisal Suzuki Avenue Ratchayothin Shopping Center Leasehold Exp. 2040 9-0-0 MAJOR 3,035
MNIT 320 2.32 5.15 (54.94) 5.60 0.04 Mar-25 Oct - Dec 24 304 Jun-15 K.T. Appraisal Sunshine Place SDH Freehold n.a. Nichada Aug 11, 05 20 units 20 SDH = price Bt265.675+30
(MFC -Nichada Thani Property Fund) 398 Jun-15 K.T. Appraisal Raintree Residence SDH Freehold n.a. Nichada 20 units 20 SDH = price Bt328.7+35
MNIT2 502 5.00 8.31 (39.83) 5.40 0.08 Mar-25 Oct - Dec 24 1,005 Nov-15 Siamimperial Appraisal The Regent at Nichada Thani SDH Freehold n.a. Nichada Mar 3, 09 58 units LT lease contract to Nichada Property
(Btmn/Yr)
(MFC -Nichada Thani Property Fund 2) 09 = 79; '10=79; '11=81
12=81; '13=81; '14=82
15=82; 2M16=14
MNRF 241 2.24 7.90 (71.64) 5.09 n.a. n.a. n.a. 559 Apr-15 K.T. Appraisal Palm Tree Place SDH Leasehold 10-0-88 Nichada Jun 19, 08 30units 7 yrs lease contract and right to
extend for another 5 yrs
(Multi-National Residence Fund) 277 Apr-15 K.T. Appraisal Danicha Garden
Condominium
Apartment Leasehold 11,566.9 (sqm) Nichada 48units
404 Apr-15 K.T. Appraisal Nichada at Eastern Seaboard SDH Leasehold 17-0-49 Nichada 35units
Expected Dividend Payment
Assets Appraisal Value
Six Senses Hideaway
Yao Noi
PROPERTY/REIT/INFRASTRUCTURE FUND Page 14
February 2025
Trailing
Property Fund
MKt cap
Price
NAV/Share
Premium/
Dividend
Assets
Type
Nature of
Land Size
Listed
Rentable
Remarks
(Btmn)
(May 31, 23)
(Apr 28, 23)
(Discount) (%)
Yields (%)
Dividend
Next XD
Period
(Btmn)
Date
Agency
investment
(Rai-Ngan-Sqw)
Sponsor
Date
Area (Sqm)
M-STOR 438 7.20 10.47 (31.24) 6.18 0.11 Mar-25 Oct - Dec 25 223 Apr-15 Nexus Property Consultants Cold storage of Agri World Cold Storage Freehold 14-1-2 Agri World Nov 15, 11 12,076
(MFC-Strategic Storage Fund) 154 Apr-15 Nexus Property Consultants Cold storage of North
Agricultural
Cold Storage Freehold 6-3-83 North Agricultural 6,980
179 Apr-15 Nexus Property Consultants Cold storage of P.P. Foods
Supply
Cold Storage Freehold 6-2-84 P.P. Foods Supply 8,013
120 Apr-15 Nexus Property Consultants Warehouse storage of Siam
Nippon Engineering Part
Warehouse Freehold 8-0-30 Siam Nippon
Engineering Part
7,199
POPF 3,058 6.35 10.10 (37.15) 12.13 0.29 Feb-25 Oct - Dec 24 2,423 Mar-16 C.I.T Appraisal UBC2 Office Leasehold Exp. 2041 2-3-62 Piruch Buri, Panda 591 Apr 12, 11 34,339
1,376 Mar-16 C.I.T Appraisal Ploenchit Center Office Leasehold Exp. 2025 5-2-76 ERAWAN 42,686
(Prime Office Leasehold Property Fund) 1,918 Mar-16 C.I.T Appraisal Bangna Tower Office Leasehold Exp. 2043 8-1-9.2 Teo Hong Silom group 48,187
PROSPECT 3,150 8.40 9.30 (9.71) 10.04 0.22 Mar-25 Oct - Dec 25 3,339 Jan-20 Nexus Property Consultants
Co., Ltd.
Bangkok Free Trade Zone Warehouse and Factory Sub- Leasehold 993-1-86 Priest Hospital
Foundation
Aug 20, 20 993-1-86
Prospect Logistics And Industrial Freehold And Leasehold Real Estate Investment Trust 3,373 Jan-20 15 Business Advisory Ltd. Exp. 22 Dec 2039 Wat Paknam
Wat Mongkol Nimit
QHHRREIT 2,302 6.85 13.36 (48.72) n.a. n.a. n.a. 1,256 Mar-15 Grand Asset Advisory CentrePoint Petchburi Service Apt. Freehold 1-2-25 QH Jul 31, 12 13,009 Fixed rental of Bt168mn per year
during Jul '12-15
(Quality Houses Hotel and Residence Freehold and Leasehold Real Estate Investment Trust)
1,594 Mar-15 Grand Asset Advisory CentrePoint Sukhumvit Service Apt. Freehold 2-2-32 QH 19,096
583 Mar-15 Grand Asset Advisory CentrePoint Langsuan Service Apt. Leasehold Exp Jun, 2026 61-3-34 QH 11,744
QHOP 650 3.40 5.32 (36.05) n.a. n.a. n.a. 1,562 Dec-15 Sallmanns (Far East) Amari Boulevard Hotel Hotel Leasehold Exp. 2038 2-0-58 Quality Inn Apr 3, 08 315 units
(Quality Hospital Leasehold Property Fund)
QHBREIT 3,618 4.54 9.90 (54.13) n.a. n.a. n.a. 856 Nov-15 The Valuation and Consultant Q House Ploenjit Office Leasehold Exp. 2036 1-1-63 QH, LH Property Fund Dec 12, 06 10,825 Min. income (before fund exp) of
Bt435mn in '07, Bt450mn in '08 and
Bt465mn in '09
(Quality Houses Business Complex Leasehold Real Estate Investment Trust) 5,582 Nov-15 The Valuation and Consultant Q House Lumpini Office Leasehold Exp. 2035 8-0-19
1,411 Nov-15 The Valuation and Consultant Wave Place Office Leasehold Exp. 2030 1-1-63 66,575
SIRIPRT 1,411 8.30 11.20 (25.89) 4.34 0.10 Feb-25 Oct - Dec 24 1,885 Jun-15 Asia Asset Appraisal Siripinyo Building Office Freehold 2-3-13 Sansiri Apr 9, 14 18,364 Min guarantee of Bt550sqm/mth for
unoccupied area for 3 years
(SIRI Prime Office Property Fund)
SSPF 641 3.84 11.12 (65.47) 4.43 n.a. n.a. n.a. 1,575 Jul-15 Nexus Property Consultants Sala@Sathorn Office Freehold 1-3-35 St. Louise Holding Aug 17, 09 17,520 Min income guarantee of Bt25mn
(Sala @ Sathorn Property Fund) Owner pays Bt12mn exp. yr 1
TIF1 666 7.40 10.32 (28.31) 13.85 0.60 Feb-25 Oct - Dec 24 914 Nov-15 Nexus Property Consultants 12 factories Factory Freehold 34-2-82 TFD Jun 29, 05 24,888
(Thai Industrial Fund 1) 14 factories Factory Freehold 24-1-60 TFD
AXTRART 25,710 11.00 12.01 (8.38) 9.70 0.41 Feb-25 Sep - Nov 24 18,678 Dec-15 15 Business Advisory 17 Hypermarkets Hypermarket Freehold 73% 636-0-39 Ek-Chai Distribution Mar 19, 12 231,961
7,584 Aug-15 15 Business Advisory 5 Hypermarkets Hypermarket
(Tesco Lotus Retail Growth Freehold and Leasehold Property Fund) 2,233 Aug-15 15 Business Advisory 1 Hypermarkets Hypermarket 31-0-0.5 19,915
TLHPF 440 2.56 7.78 (67.08) n.a. n.a. n.a. 1,786 Aug-15 Simon Lim & Partners Phi Phi Holiday Inn Resort Hotel Freehold 31-2-22 Phi Phi Holiday Company Nov 27, 15 16,949
(Thailand Hospitality Property Fund) 1,761 Jul-15 KTAC
TNPF 223 1.52 6.24 (75.66) n.a. n.a. n.a. 689 Aug-14 CIT Appraisal Glow Trinity Silom Service Apartment Freehold 0-1-96 Trinity Asset Company
Limited
Mar 8, 11 431
A 78-room serviced apartment
(Trinity Freehold and Leasehold Property Fund) Glow Trinity Silom Arcade Service Apartment Freehold 0-0-98 3,813
440 Mar-15 CIT Appraisal Tritip2 Commercial Freehold 1-0-46 5,578
223 Mar-15 CIT Appraisal Trinity Complex Mall3 Residence Leashold Exp.2043
TTLPF 2,556 14.20 10.50 35.25 14.99 0.55 Mar-25 Oct - Dec 24 1,800 Sep-15 True Valuation Talaad Thai Complex Building Leasehold n.a. Talaad Thai Leasehold
Property Fund
Nov 19, 10 84,408
(Talaad Thai Leasehold Property Fund) Exp. 2030
TU-PF 73 0.70 0.97 (27.55) n.a. n.a. n.a. n.a. 763 Nov-15 Sallmanns (Far East) Dormitories Dormitory and Leasehold 12-2-50 Thammasat University Dec 06, 05 78,000
(T.U. Dome Residential Complex Leasehold Property Fund) Service Apartment Exp. 2038
Source: SETSMART
Expected Dividend Payment
Assets Appraisal Value
Plans to change to a hotel once
permission is granted
Min. rev. guarantee Bt143.9mn Jul-
Dec '12; Bt266.1mn for '13; Bt278.3mn
PROPERTY/REIT/INFRASTRUCTURE FUND Page 15
February 2025
Trailing
MKt cap Price NAV/Share Premium/ Dividend Assets Type Nature of Asset Summary Sponsor Listed Remarks
(Btmn) (Jan 31, 25) (Dec 30, 24) (Discount) Yields Dividend Next XD Period (Btmn) Date Agency investment Date
BRRGIF 1,344 3.84 6.18 (37.84) 10.96 n.a. n.a. n.a. 1,387 Dec-16 American Appraisal Buriram Energy (BEC) Power plant Right of Net Revenue,
Contract expiry Aug 10,
2028 for BEC (appro. 11
years)
BEC Maximum capacity
8MW
Buriram Sugar (BRR) Aug 7, 2017
(Buriram Sugar Group Power Plant Infrastructure Fund) 1,379 Nov-16 15 Business Advisory
2,218 Dec-16 American Appraisal Buriram Power (BPC) Right of Net Revenue,
Contract expiry Apr 6,
2035 for BPC (appro. 18
years)
BPC Maximum capacity
8MW
2,173 Nov-16 15 Business Advisory
BTSGIF 17,248 2.98 4.96 (39.86) 5.44 n.a. n.a. n.a. 65,400 Mar-16 American Appraisal BTS SkyTrain System Mass Transit System Concession Exp. 2029 23.5km
1) 17km Sukhumvit line
from Mo-Chit to On-Nut
2) 6.5km Silom line from
National Stadium to
Taksin Bridge
BTS Group Apr 19, 13
(BTS Rail Mass Transit Growth Infrastructure Fund)
EGATIF 12,513 6 4.96 21.09 5.81 0.01 Mar-25 Oct - Dec 24 20,956 42,339 Discovery Management North Bangkok Power Plant
Block 1
State-owned enterprise
assets
EGAT Jul 13, 14
(North Bangkok Power Plant Block 1 Infrastructure Fund, Electricity Generating Authority of Thailand)
3BBIF 28,875 5.25 8.07 (34.95) 17.52 - - - 55,641 Dec-15 CIT Appraisal Fiber optic of TTTBB Telecommunication
Infrastructure
Purchasing 1) FOC 800,500 core
km (transfer Feb 11, 15)
2) FOC 180,000 core km
(transfer within 2yr:
7,500core km/mth)
JAS Feb 16, 15 1) 80% of total asset lease to TTTBB
(exp. Feb 22, 2026) 2) 20% of
total asset lease to other clients
(Jasmine Broadband Internet Infrastructure Fund)
DIF 80,959 8.40 16.11 (47.85) 10.63 0.22 Feb-25 Oct - Dec 24 5,040 Mar-15 Discovery Management Telecommunication Towers
(BFKT)
Telecommunication
Infrastructure
Leasehold Exp. 2025 1,485
Telecommunication
Towers
TRUE Dec 27, 13
(Digital Telecomunications Infrastructure Fund) 20,792 Mar-15 Discovery Management Fiber Optic Cable ("FOC")
Transmission Grid (BFKT)
Leasehold Exp. 2025 680,400 core-km FOC
transmission grid
Buy-out option upon exp Aug, 2025
15,448 Mar-15 Discovery Management Telecommunications Towers
(AWC)
Leasehold Exp. 2025 4,360
Telecommunication
Towers
Buy-out option upon exp Aug, 2025
23,904 Mar-15 Discovery Management Telecommunication Towers
and Infrastructure for mobile
telecommunications services
(TRUE)
Leasehold Exp. 2027 6,000
Telecommunication
Towers
3,000 towers were delivered by Dec
31, 14 and the remaining 3,000 will
be delivered by Dec 31, 15
18,913 Mar-15 Discovery Management Core FOC and Transmission
Equipment and Upcountry
Broadband System (TUC)
Leasehold Exp. 2026 122,690 core-km FOC
grid
73,275 core-km leased back to TUC,
while remaining 34,218 core-km
leased to third parties
936 Mar-15 Discovery Management Telecommunications Towers
(AWC)
Leasehold Exp.2025 338 Telecommunication
Towers
13,102 Mar-15 Discovery Management Fiber Optic Cable ("FOC")
Transmission Grid (AWC)
Leashold Exp.2027 303,453 core-km FOC
grid
SUPEREIF 3,219 6.25 9.72 (35.70) 10.44 0.13 Mar-25 Oct - Dec 24 8,111 Sep-18 Knight Frank Chartered Solar Farm Power plant / Renewable
energy
PPA Exp. 2040-41 19 Solar Farm projects
with 118 MW
SUPER Aug 21, 2019
(Super Energy Power Plant Infrastructure Fund) 7,943 -
8,529
Sep-18 Discover Management
TFFIF 28,791 6.30 12.84 (50.95) 7.03 0.11 Mar-25 Oct - Dec 24 27,143 Oct-18 American Appraisal (Thailand)
(AATL)
Chalong Rat Expressway Indefinite term. 28.2 km Commercial
districts at Lat Phrao
District,
EXAT Oct 31, 2018
(Thailand Future Fund) 24,852 Oct-18 15 Business Advisory Limited
(15 Biz.)
Revenue has a term of
30 years from Oct 29,
2018
Rama IX road
Ramkhamhaeng road
26,218 Oct-18 American Appraisal (Thailand)
(AATL)
Burapha Withi Expressway 55 km Ramkhamhaeng
University (Bang Na
Campus), Assumption
University (Bang Na
Campus)
23,805 Oct-18 15 Business Advisory Limited
(15 Biz.)
Huachiew
Chalermprakiet
University,
Megacity Bang Na,
Suvannabhumi Inter.
Airport,
Mueang Mai Bang Phli,
Bankg Pakong Power
Plant, and
Source: SETSMART
Expected Dividend Payment Assets Appraisal Value
Infrastructure
Fund
PROPERTY/REIT/INFRASTRUCTURE FUND Page 16
February 2025
Trailing
MKt cap Price NAV/Share Premium/ Dividend Assets Type Nature of Land Size Sponsor Listed Rentable Remarks
(Btmn) (Jan 31, 25) (Dec 30, 24) (Discount) Yields Dividend Next XD Period (Btmn) Date Agency investment (Rai-Ngan-Sqw) Date Area (Sqm)
AIMCG
841
2.92
9.94
(70.62)
11.55
0.08
Mar-25
Oct - Dec 24
1,385
Jan-19
Grand Asset Advisory
UD Town Project
Lifestyle mall
Leasedhold Exp. 2040
28-1-28.1
Udon Plaza Co., Ltd
Jul 12, 19
22,731
1,378 Jan-19 Sims Property Consultant
434 Jan-19 Grand Asset Advisory 72 courtyard Project Lifestyle mall Leasedhold Exp. 2032 1-0-53 Membership Co., Ltd 2,156
456 Jan-19 Sims Property Consultant
842 Jan-19 Grand Asset Advisory Porto Chino Project Lifestyle mall Leasedhold Exp. 2049 14-0-60 D-Land Property Co., Ltd 14,320
853 Jan-19 Sims Property Consultant
AIMIRT 8,311 10.50 12.26 (14.39) 8.08 0.22 Mar-25 Oct - Dec 24 866 Sep-17 Grand Asset Advisory Cold storage building Freehold 21-1-97.80 JWD Jan 9, 18 17,562
860 Sep-17 Sims Property Consultant JWD
497 Sep-17 Grand Asset Advisory JWD Pacific (JPAC) Cold storage building Freehold 16-1-97 10,058
492 Sep-17 Sims Property Consultant
172 Sep-17 Grand Asset Advisory Datasafe Project (Datasafe) Warehouse Freehold 12-2-56 JWD 9,288
161 Sep-17 Sims Property Consultant
533 Sep-17 Grand Asset Advisory TIP 7 Project (TIP 7) Warehouse Freehold 34-3-79.2 TIP 21,651
534 Sep-17 Sims Property Consultant
AMATAR 2,308 6.45 9.94 (35.14) 8.27 0.16 Feb-25 Oct - Dec 24 1,514 May-14 Knight Frank Chartered
(Thailand)
Factory Freehold 215-2-34 Amata Summit Ready
Buit Company Limited
Jun 30,15 160,579
1,513 May-14 Grand Asset Advisory
163 May-14 Knight Frank Chartered
(Thailand)
Leasehold Exp.2045
166 May-14 Grand Asset Advisory
ALLY 5,638 6.45 9.65 -3317% 10.55 0.13 Mar-25 Oct - Dec 24 1,273 Mar-18 KTAC CDC Lifestyle shopping mall Leasehold Exp. 2043 42-1-56 Benjakij Development
and K.E. Retail
Dec 13, 19 29,849
1,200 Mar-18 ETC
1,287 Mar-18 KTAC TC Lifestyle shopping mall Leasehold Exp. 2043 15-0-40.6 K.E. Retail and Kiat
Friendship
13,284
1,270 Mar-18 ETC
1,646 Mar-18 KTAC TCR Lifestyle shopping mall Leasehold Exp. 2043 8.3.53.2 The CRYSTAL
Ratchapruek Retail and
S.B Design Square
24,436
1,620 Mar-18 ETC
298 Mar-18 KTAC Amorini Lifestyle shopping mall Leasehold 5.3.25.40 AMR Development 5,092
291 Mar-18 ETC
286 Mar-18 KTAC I'm Park Lifestyle shopping mall Leasehold Exp. 2034 4.0.22 Grand Uniland 6,572
295 Mar-18 ETC
650 Mar-18 KTAC Plearnary Lifestyle shopping mall Leasehold 15.3.58 Plearnary Mall 11,353
670 Mar-18 ETC
518 Mar-18 KTAC SPRM Lifestyle shopping mall Leasehold 8.3.84.40 Pure Sammakorn
Development
10,339
506 Mar-18 ETC
218 Mar-18 KTAC SPRS Lifestyle shopping mall Leasehold 5.3.48.7 Pure Sammakorn
Development
3,413
211 Mar-18 ETC
301 Mar-18 KTAC SPRP Lifestyle shopping mall Leasehold 10.0.7.2 Pure Sammakorn
Development
4,585
313 Mar-18 ETC
497 Mar-18 KTAC The Scene Lifestyle shopping mall Leasehold Exp. 2045 8.3.33.63 Fah Bandansub 6,717
490 Mar-18 ETC
BOFFICE 3,645 4.94 9.71 -49% 11.09 n.a. n.a. n.a. 6,178 Jul-17 CBRE (Thailand) Bhiraj Tower at EmQuarter
Project
Office Leasehold Exp. 2044 13-0-32 Bhiraj Buri Co. Jan 23, 18 49,732
6,062 Jul-17 Jones Lang LaSalle (Thailand)
B-WORK 1,763 4.78 9.05 -47% 13.91 n.a. n.a. 2,600 Jul-17 Knight Frank True Tower 1 Project Tower Leasehold 3-3-78.7 True Properties Feb 28, 18 63,615
2,618 Jul-17 Edmund Tie & Company
(Thailand)
Exp. 2048
1,572 Jul-17 Knight Frank True Tower 2 Project Tower Leasehold 8-1-13.0 True Properties 41,417
1,613 Jul-17 Edmund Tie & Company
(Thailand)
Exp. 2048
CPNREIT 43,815 12.10 11.96 1.19 7.27 n.a. n.a. n.a. 7,184 Jun-17 Quality Appraisal Central Plaza Rama 2 Shopping center Leasehold Exp. 2025 53-2-38.4 CPN Dec 14, 17 82,427
(CPN Retail Growth Leasehold REIT) 9,192 Jun-17 Quality Appraisal Central Plaza Rama 3 Shopping center Leasehold Exp. 2035 12-2-44.6 37,143
5,495 Jun-17 Quality Appraisal Central Plaza Pinklao Shopping center and office Leasehold Exp. 2024 24-02-84 61,710
10,531 Jun-17 Quality Appraisal CentralPlaza Chiangmai
Airport
Shoppping center Leasehold Exp. 2044 32-3-56.85 37,553
7,137 Jul-17 Sims Property Consultant Central Festival Pattaya
Beach Project
Shoppping center Leasehold Exp. 2037 4,827
7,207 Jul-17 Quality Appraisal Central Festival Pattaya
Beach Project
Shoppping center Leasehold Exp. 2037
3,286 Jul-17 Sims Property Consultant Hilton Pattaya Hotel Leasehold Exp. 2037 49,686
3,403 Jul-17 Quality Appraisal Hilton Pattaya Hotel Leasehold Exp. 2037
DREIT 3,664 5.15 8.33 (38.18) 7.91 0.21 Mar-25 Jul - Dec 24 2,801 Jul-17 Pornsiam Consultan and
Service
Dusit Thani Laguna Phuket
Hotel
Hotel Freehold 33-2-60.3 Dusit Thani Dec 15, 17 51,985
(Dusit Thani Freehold & Leasehold Real Estate Investment Trust) 857 Jul-17 Pornsiam Consultan and
Service
Dusit Thani Hua Hin Hotel Leasehold Exp. 2040 63-1-60
376 Jul-17 Pornsiam Consultan and
Service
Dusit D2 Chiang Mai Hotel Freehold 2-2-65
Amata Nakorn Industrial
Estate
(Amata Summit Growth Freehold And Leasehold Real Estate Investment Trust)
(Bualuang K.E. Retail Leasehold Real Estate Investment Trust)
(Bhiraj Office Leasehold Real Estate Investment Trust)
(Bualuang Office Leasehold Real Estate Investment Trust)
REIT
(AIM Commercial Growth Leasehold Real Estate Investment Trust)
Pacific Cold Storage (PCS)
(Aim Industrial Growth Freehold And Leasehold Real Estate Investment Trust)
Expected Dividend Payment Assets Appraisal Value
PROPERTY/REIT/INFRASTRUCTURE FUND Page 17
February 2025
Trailing
Expected Dividend Payment
MKt cap
Price
NAV/Share
Premium/
Dividend
Assets
Type
Nature of
Land Size
Sponsor
Listed
Rentable
Remarks
(Btmn)
(May 31, 23)
(Apr 28, 23)
(Discount)
Yields
Dividend
Next XD
Period
(Btmn)
Date
Agency
investment
(Rai-Ngan-Sqw)
Date
Area (Sqm)
GAHREIT 1,176 6.70 10.93 (38.69) 9.40 0.32 Mar-25 Jul - Dec 24 2,079 Feb-17 Knight Frank Chartered Sheraton Hua Hin Resort &
Spa Project
Hotel Freehold 27.3.59 Honor Business Nov-17 46,205
GROREIT 2,741 8.70 10.90 (20.15) n.a. n.a. n.a. n.a. 5,245 Feb-21 Knight Frank Chartered
(Thailand)
Royal Orchid Sheration Hotel
and Tower Project
Hotel Freehold ROH Jul 21, 21 28,112
5,218 Feb-21 The Valuation & Consultants
Co., Ltd
GVREIT 5,500 6.75 10.74 (37.18) 11.79 0.20 Feb-25 Oct - Dec 24 2,876 Nov-15 Knight Frank Chartered Park Ventures Ecoplex Office Building Leasehold Exp. 2041 5-0-36.2 GOLD Apr 4,16 26,313
2,857 Nov-15 Grand Asset Advisory Freehold rights over
furniture
6,502 Nov-15 Knight Frank Chartered Sathorn Square Office Building Sub-leasehold Exp. 2040 5-0-60.3 GOLD 73,181
6,551 Nov-15 Grand Asset Advisory Freehold rights over
furniture
QHHRREIT 2,302 6.85 13.36 (48.72) n.a. n.a. n.a. 1,889 Apr-23 TAP Valuation Co., Ltd Centre Point Hotel and
Residence Petchburi
Hotel and Residence Freehold 1-2-25 QHHR, CPH May 29, 24 13,009
2,060 Apr-23 TAP Valuation Co., Ltd Centre Point Hotel and
Residence Sukhumvit
Hotel and Residence Freehold 11721 QHHR, CPH 19,096
210 Apr-23 TAP Valuation Co., Ltd Centre Point Hotel and
Residence Langsuan
Hotel and Residence Leasehold 61-3-34 QHHR, CPH 11,744
838 Feb-23 Asian Engineering Valuation
Co. Ltd
Centre Point Hotel Silom
Project
Hotel Leasehold QHHR, CPH
835 Feb-02 Grand Asset Advisory
WHAIR 6,829 6.45 8.97 (28.09) 9.88 0.22 Mar-25 Oct - Dec 24 6,926 Jun-16 Grand Asset Advisory Eastern Seaboard Industrial
Estate (Rayong) (ESIE)
RBF&RBW Leasehod 30 yr 109,732
(Hemaraj Leasehold Real Estate Investment Trust) 6,944 Jun-16 15 Business Advisory Hemaraj Eastern Seaboard
Industrial Estate (HESIE)
RBF&RBW Leasehod 30 yr 41,980
Hemaraj Chonburi Industrial
Estate (HCIE)
RBF&RBW Leasehod 30 yr 15,660
Hemaraj Logistics Park 1
(HLP1)
RBF&RBW Leasehod 30 yr 16,820
Hemaraj Logistics Park 2
(HLP2)
RBF&RBW Leasehod 30 yr 50,996
Hemaraj Logistics Park 4
(HLP4)
RBF&RBW Leasehod 30 yr 26,126
IMPACT 15,715 10.60 11.05 (4.06) 5.94 n.a. n.a. n.a. 19,619 Apr-16 American Appraisal IMPACT Arena Exhibition and convention
center assets
Freehold 192-1-30 IMPACT Exhibition
Management
Oct 1, 14 165,606
IMPACT Exhibition
IMPACT Forum
IMPACT Challenger
INETREIT 4,496 Nov-20 Asset Advisory INET-IDC3 Phase 1 Building and its components
and system
Freehold INET Aug 9, 21 3,900
(INET Freehold And Leasehold Real Estate Investment Trust) 4,298 Nov-20 Knight Frank Chartered
(Thailand)
Land Leadhold Exp. Dec 2045 0-1-31
LHHOTEL 13,846 13.20 12.24 7.82 9.20 0.34 Feb-25 Oct - Dec 24 3,800 Jun-15 Grand Asset Advisory Grande Centre Point Hotel
Terminal 21 Project
Hotel Freehold & Leasehold
Exp. Aug 31, 2040
9.1.44 L&H Property Company
Limited
Dec 22,15 21,090
(LH Hotel Leasehold Real Estate Investment Trust) 3,850 Jun-15 TAP Valuation
LHSC 9,026 11.60 12.80 (9.38) 8.76 n.a. n.a. n.a. 6,335 Aug-15 TAP Valuation Terminal 21 Shopping Center Lifestyle shopping mall Leasehold Exp. 2040 9-1-44 LH Dec 26, 14 34,058
(LH Shopping Centers Leasehold Real Estate Investment Trust)
MIT 30 0.31 n.a. n.a. n.a. 1,125 Nov-14 Jones Lang Lasalle (Thailand) 100% stake in APUK Limited Warehouse / Data center n.a. 2.68-0-0 n.a. Dec 23,15 1,342 Assets Appraisal Value used
Exchange rate as of 5 November
2014 was 52.3251 THB/GBP (Source :
Bloomberg)
(MFC Industrial Real Estate Invesment Trust) 1,128 Nov-14 DTZ Debenham Tie Leung
(Thailand)
SPRIME 1,876 4.20 10.37 -5950% 12.38 0.13 Mar-25 Oct - Dec 24 5,202 Sep-18 American Appraisal (Thailand) Sunflower Complex Building Leasehold 5-2-2.8 Max Future Jan 23, 19 62,850
(S Prime Growth Leasehold Real Estate Investment Trust) 5,154 Sep-18 Prefer Appraisal Exp. 2592
SRIPANWA 1,384 4.96 12.18 (59.29) 10.12 n.a. n.a. n.a. 2,149 Mar-16 Nexus Property Consultants Sri Panwa Hotel Hotel (Villa); Service Apt. Leasehold 21-2-55 Charn Issara Residence Dec 23, 16 45 units
(Sri Panwa Hospitality Real Estate Investment Trust)
1149 May-16 Knight Frank Chartered Hotel (Luxury Hotel) Leasehold 5-1-7.3 Charn Issara Residence 30 units
1232 Sep-16 Nexus Property Consultants X29 Villa Exp. Jul 2019 0-3-43.3 Charn Issara Residence 5 units
SSTRT 948 4.96 7.93 (37.44) 8.06 0.20 Mar-25 Jul - Dec 24 822 May-17 Knight Frank Subsrithai Smart Storage
Project
Warehoue Freehold 5-3-52.4 Sub Sri Thai Dec 26, 17 9,277
(Sub Sri Thai Real Estate Investment Trust)
REIT
Assets Appraisal Value
(Grande Hospitality Real Estate Investment Trust)
(Grande Royal Orchid Hospitality Real Estate Investment Trust With Buy-Back
Condition)
(Golden Ventures Leasehold Real Estate Investment Trust)
Quality Houses Hotel and Residence Freehold and Leasehold Real Estate
Investment Trust
(Impact Growth Real Estate Investment Trust)
PROPERTY/REIT/INFRASTRUCTURE FUND Page 18
February 2025
Trailing
MKt cap
Price
NAV/Share
Premium/
Dividend
Assets
Type
Nature of
Land Size
Sponsor
Listed
Rentable
Remarks
(Btmn)
(May 31, 23)
(Apr 28, 23)
(Discount)
Yields
Dividend
Next XD
Period
(Btmn)
Date
Agency
investment
(Rai-Ngan-Sqw)
Date
Area (Sqm)
TPRIME 4,161 7.60 12.00 (36.68) 5.61 0.10 Mar-25 Oct - Dec 24 6,233 42,552 Grand Advisory Exchange Tower Office Freehold Oct 31, 2016 42,888
(Thailand Prime Property Freehold And Leasehold Real Estate Investment Trust) 6,289 42,552 American Appraisal
2,212 42,552 Grand Advisory Mecury Tower Office Leashold Exp. 2035 24,765
2,213 42,552 American Appraisal
FTREIT 33,162 10.10 10.91 (7.45) 7.44 0.19 Mar-25 Oct - Dec 24 6,372 Apr-14 Knight Frank 71 WH, 27 RBF Warehouses/RBF Leasehold 306-2-44.3 TICON, TPARK 162,667
(TICON Freehold and Leasehold Real Estate Investment Trust) 6,773 Apr-14 Nexus Freehold 207,038
WHABT 1,485 7.35 11.35 (35.23) 9.34 0.18 Feb-25 Oct - Dec 24 1,965 May-15 TAP Valuation SJ Infinite Business Complex Building Freehold 3-1-45.5 WHA Corporation
Company Limited
Nov 16,15 21,673
(Wha Business Complex Freehold And Leasehold Real Estate Investment Trust) 1,904 Apr-15 Grand Asset Advisory
266 May-15 TAP Valuation Bangna Business Complex Building Leasehold Exp. 2045 1-1-53.75 8,578
258 Apr-15 Grand Asset Advisory
WHART 34,688 10.00 10.71 0% 7.05 0.19 Mar-25 Oct - Dec 24 1,033 Apr-15 Knight Frank WHA Ladkrabang Distribution
Center Phase 1 and 2
Warehouse Freehold 35-0-0 WHA Dec 18, 14 35,093 If on the date of first investment by
Trust, there is no lessee for Phase 2
buidling, WHA agrees to pay rental at
Bt165/sqm/mth for 3 years
(WHA Premium Growth Freehold and Leasehold Real Estate Investment Trust)
1,392 Apr-15 Knight Frank WHA Mega Logistics Center
(Bangna-Trad Rd Km. 18)
Warehouse Leasehold Exp. 2041 74-2-67
1,883 Apr-15 Knight Frank WHA Mega Logistics Center
(Bangna-Trad Rd Km. 23)
Warehouse Freehold 65-0-22
2,342 Jun-15 Bangkok Property Appraisal WHA Mega Logistics Center
(Chonlaharnpichit Km.4)
80,746; 68,384
(leasable
rooftop area)
2,298 Apr-15 Grand Advisory
1,184 Jun-15 Bangkok Property Appraisal WHA Mega Logistics Center
(Wangnoi 61)
61,182; 26,472
(leasable
rooftop area)
1,190 Apr-15 Grand Advisory
799 Jun-15 Bangkok Property Appraisal WHA Mega Logistics Center
(Saraburi)
32,986
803 Apr-15 Grand Advisory
2,421 Dec-16 Grand Advisory WHA Mega Logistics Center
(Ladkrabang)
95,110; 59,986
(leasable
rooftop)
2,603 Dec-16 Bangkok Property Appraisal
1,405 Dec-16 Grand Advisory WHA Mega Logistics Center
(Chonlaharnpichit KM.5)
62,105; 50144
(leasable
rooftop)
1,405 Dec-16 Bangkok Property Appraisal
Source: SETSMART
Expected Dividend Payment Assets Appraisal Value
REIT
59,835; 50,641
(leasable
rooftop area)
72,180; 23,976
(leasable
rooftop area)
YIELD TRACKER
February 2025
Companies under coverage
31-Jan-25
Company Price Fundamental Operating Yield 2025F Remark
(Bt) Rating DPS (Bt) %Yield XD date Payment date period (%)
For Interim
SAT 10.70 Underperform 0.78 7.2 Mar-25 May-25 2H24 10.4 Estimated
QH 1.71 Underperform 0.10 5.9 Apr-25 May-25 2H24 8.3 Estimated
TISCO 99.50 Neutral 5.70 5.7 Apr-25 May-25 2H24 7.7 Estimated
SIRI 1.71 Outperform 0.09 5.0 Mar-25 May-25 2H24 9.1 Estimated
RJH 19.10 Neutral 0.94 4.9 Feb-25 Mar-25 Oct - Dec 24 7.9 Estimated
TCAP 49.75 Neutral 2.06 4.1 Apr-25 May-25 2H24 6.8 Estimated
EPG 3.38 Neutral 0.14 4.0 Aug-25 Aug-25 2H25 7.4 Estimated
LH 4.60 Neutral 0.19 4.0 May-25 May-25 2H24 7.3 Estimated
PTTEP 127.50 Outperform 5.13 4.0 25-Feb-25 22-Apr-25 2H24 7.1 Official
ASP 2.32 Underperform 0.09 3.9 Mar-25 May-25 2H24 6.9 Estimated
PSH 6.40 Underperform 0.25 3.9 Mar-25 May-25 2H24 8.3 Estimated
BBL 154.00 Outperform 6.00 3.9 Apr-25 May-25 2H24 5.8 Estimated
PTT 31.50 Outperform 1.20 3.8 Feb-25 Apr-25 2H24 6.3 Estimated
SPALI 16.80 Neutral 0.63 3.8 May-25 May-25 2H24 7.7 Estimated
KBANK 160.50 Neutral 6.00 3.7 Apr-25 May-25 2H24 5.0 Estimated
KKP 52.00 Neutral 1.90 3.7 Apr-25 May-25 2H24 6.1 Estimated
AH 14.30 Neutral 0.52 3.6 Mar-25 May-25 2H24 7.2 Estimated
TTB 1.98 Neutral 0.07 3.4 Apr-25 May-25 2H24 7.1 Estimated
TQM 19.00 Neutral 0.56 2.9 Mar-25 May-25 2H24 6.1 Estimated
DIF 8.40 Outperform 0.23 2.7 Nov-24 Nov-24 3Q24 10.7 Estimated
AEONTS 116.00 Outperform 2.99 2.6 Apr-25 Jul-25 2H25 4.8 Estimated
LPN 2.20 Underperform 0.06 2.5 Feb-25 Apr-25 2H24 4.9 Estimated
LHHOTEL 13.20 Outperform 0.34 2.5 Mar-25 Mar-25 4Q24 9.5 Estimated
MST 9.05 Neutral 0.23 2.5 Mar-25 Apr-25 2H24 6.9 Estimated
TU 12.00 Neutral 0.30 2.5 Mar-25 Apr-25 2H24 5.5 Estimated
BJC 22.30 Neutral 0.54 2.4 Apr-25 May-25 2H24 3.5 Estimated
HMPRO 8.75 Outperform 0.20 2.3 Apr-25 May-25 2H24 4.4 Estimated
CHG 2.18 Neutral 0.05 2.1 May-25 May-25 2H24 3.7 Estimated
BCP 34.50 Outperform 0.70 2.0 Mar-25 Apr-25 2H24 6.8 Estimated
OSP 16.20 Neutral 0.30 1.8 May-25 May-25 2H24 5.6 Estimated
SCGP 16.50 Neutral 0.30 1.8 01-Apr-25 21-Apr-25 2H24 2.4 Official
BDMS 23.50 Outperform 0.42 1.8 Mar-25 Apr-25 2H24 3.5 Estimated
BAY 23.80 Neutral 0.41 1.7 May-25 May-25 2H24 3.3 Estimated
BLA 18.00 Outperform 0.29 1.6 May-25 May-25 2H24 3.5 Estimated
SCC 154.00 Neutral 2.50 1.6 02-Apr-25 22-Apr-25 2H24 3.2 Official
BH 180.00 Neutral 2.88 1.6 Mar-25 May-25 2H24 2.8 Estimated
ADVANC 284.00 Outperform 4.47 1.6 Feb-25 Apr-25 2H24 3.6 Estimated
TOP 26.00 Neutral 0.40 1.5 Feb-25 Apr-25 2H24 7.7 Estimated
BCH 14.30 Outperform 0.19 1.4 May-25 May-25 2H24 3.0 Estimated
DCC 1.57 Neutral 0.02 1.3 Feb-25 Apr-25 4Q24 5.2 Estimated
BGRIM 15.20 Neutral 0.18 1.2 Mar-25 May-25 2H24 2.6 Estimated
CPAXT 26.75 Outperform 0.32 1.2 Apr-25 Apr-25 2H24 2.3 Estimated
GPSC 30.75 Outperform 0.35 1.1 Feb-25 Apr-25 2H24 3.3 Estimated
CBG 70.50 Outperform 0.70 1.0 Feb-25 May-25 2H24 2.2 Estimated
IVL 23.00 Neutral 0.18 0.8 May-25 May-25 4Q24 4.3 Estimated
MINT 24.00 Outperform 0.16 0.7 May-25 May-25 2H24 1.9 Estimated
OR 11.60 Outperform 0.05 0.4 Feb-25 Apr-25 2H24 3.4 Estimated
For Full Year
AP 7.95 Outperform 0.57 7.2 May-25 May-25 2024 7.8 Estimated
BAM 5.75 Underperform 0.39 6.7 Apr-25 May-25 2024 7.4 Estimated
SCCC 161.50 Neutral 9.00 5.6 Feb-25 Apr-25 2024 5.6 Estimated
STANLY 218.00 Underperform 10.80 5.0 Jul-25 Jul-25 2024 5.0 Estimated
KTB 22.90 Neutral 1.10 4.8 Apr-25 May-25 2024 4.8 Estimated
PTTGC 21.50 Outperform 1.00 4.7 Feb-25 Apr-25 2024 4.2 Estimated
THANI 1.30 Underperform 0.06 4.5 Feb-25 Apr-25 2024 4.9 Estimated
GFPT 9.20 Neutral 0.31 3.4 Mar-25 Apr-25 2024 3.2 Estimated
TLI 10.50 Neutral 0.35 3.4 May-25 May-25 2024 3.6 Estimated
CPALL 52.00 Outperform 1.38 2.7 May-25 May-25 2024 3.1 Estimated
TIDLOR 16.60 Outperform 0.44 2.6 Apr-25 May-25 2024 3.1 Estimated
KTC 50.75 Underperform 1.15 2.3 Apr-25 May-25 2024 2.3 Estimated
BEM 6.75 Outperform 0.15 2.2 Mar-25 May-25 2024 2.5 Estimated
BSRC 5.35 Neutral 0.10 1.9 Mar-25 May-25 2024 9.3 Estimated
GULF 57.75 Outperform 1.02 1.8 Feb-25 Apr-25 2024 1.9 Estimated
CRC 33.25 Outperform 0.57 1.7 May-25 May-25 2024 1.9 Estimated
GLOBAL 10.00 Outperform 0.16 1.6 Feb-25 May-25 2024 1.9 Estimated
SAWAD 37.00 Underperform 0.51 1.4 May-25 May-25 2024 1.3 Estimated
MTC 43.75 Outperform 0.27 0.6 Apr-25 May-25 2024 0.7 Estimated
Source: InnovestX Research
Dividend expected next period
Page 19
DIRECTOR TRADING
February 2025
Top 20 director trades in January 2025
Net Buyers
Total Trade Net Buy Avg. Price % of Total
(shares) (shares) (Bt/share) Shares Outstanding
AQUA
216,675,400
216,675,400
0.29
596,688,900
10.45
A5
38,600,300
38,600,300
2.43
47,406,800
3.92
ACE
10,433,000
10,433,000
1.30
88,231,000
0.87
CHASE
3,363,700
3,363,700
0.67
5,843,200
0.29
FM
1,829,200
1,829,200
3.57
9,361,333
0.95
CMC
1,161,000
1,161,000
1.00
6,897,300
0.63
FTI
1,081,200
1,081,200
2.05
15,924,500
3.54
EP
336,600
263,000
1.51
3,611,300
0.39
FTE
231,700
211,700
1.50
8,447,200
1.28
BLC
200,000
200,000
4.29
6,594,300
1.10
CTW
179,100
179,100
3.30
200,000
0.05
CCET
100,000
100,000
9.32
5,249,600
0.05
CHG
100,000
100,000
2.24
100,000
0.00
ALT
86,700
86,700
1.01
6,018,600
0.53
CPN
75,100
75,100
53.00
388,200
0.01
BAFS
70,000
70,000
9.98
373,000
0.06
2S
42,900
42,900
2.53
151,000
0.03
AMR
39,500
39,500
0.81
323,300
0.05
BH
126,850
36,550
185.46
13,050
0.00
CH
10,000
10,000
1.98
8,546,900
1.07
Net Sellers
Total Trade Net Sell Avg. Price % of Total
(shares) (shares) (Bt/share) Shares Outstanding
ADVICE 8,415,300 (1,920,700) 5.96 (7,365,400) (1.19)
BKIH 439,925 (435,925) 285.90 (406,225) (0.39)
DMT 100,000 (100,000) 10.50 (85,000) (0.01)
EKH 16,300 (16,300) 6.52 3,199,785 0.37
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
Trades in January
Last 12-Month Cumulative
Company Net Buy (Sell)
Company Net Buy (Sell)
Trades in January
Last 12-Month Cumulative
Page 20
RECOMMENDATION CHANGES
February 2025
Company
Upside
Current
Target
(%)
UPGRADE
ERW
3.36
4.80
42.86
MST
9.05
10.00
10.50
DOWNGRADE
DELTA
126.00
103.00
(18.25)
GFPT
9.20
11.50
25.00
KCE
22.00
29.00
31.82
OSP
16.20
23.00
41.98
SCGP
16.50
22.00
33.33
FORECAST CHANGES
Company
Old
New
Old
New
2025F
2026F
AEONTS
3,214
2,964
3,605
3,385
(7.8)
(6.1)
AP
5,866
5,602
6,178
6,030
(4.5)
(2.4)
BAY
31,381
28,905
34,245
30,169
(7.9)
(11.9)
BBL
45,631
46,382
47,656
48,467
1.6
1.7
BCH
1,794
1,730
1,929
1,874
(3.5)
(2.8)
BDMS
17,481
17,080
18,747
18,448
(2.3)
(1.6)
BGRIM
2,412
2,212
3,292
3,051
(8.3)
(7.3)
BH
8,151
7,871
8,109
7,806
(3.4)
(3.7)
BTG
2,857
3,325
3,318
3,787
16.4
14.1
CHG
1,279
1,259
1,389
1,325
(1.6)
(4.6)
DELTA
23,124
21,155
25,748
23,592
(8.5)
(8.4)
KCE
1,957
1,883
2,138
2,067
(3.8)
(3.4)
ERW
790
890
895
936
12.6
4.5
GFPT
2,184
1,855
2,348
1,920
(15.0)
(18.2)
GPSC
5,323
5,379
6,323
6,338
1.1
0.2
GULF
21,267
21,351
28,800
27,321
0.4
(5.1)
KBANK
48,559
49,127
49,520
50,936
1.2
2.9
KKP
4,845
4,888
5,380
5,567
0.9
3.5
KTB
42,570
44,255
43,385
45,605
4.0
5.1
KTC
7,673
7,478
8,165
7,818
(2.5)
(4.3)
MST
469
474
493
497
0.9
0.7
MTC
6,918
6,846
8,107
8,026
(1.0)
(1.0)
TIDLOR
4,920
4,865
5,642
5,738
(1.1)
1.7
OSP
3,232
2,882
3,367
3,045
(10.9)
(9.6)
SCB
43,613
46,634
46,819
49,203
6.9
5.1
SCC
23,548
9,413
34,991
10,903
(60.0)
(68.8)
SCGP
6,311
3,747
6,735
4,146
(40.6)
(38.4)
TISCO
6,232
6,266
6,454
6,508
0.6
0.8
TTB
20,870
21,558
20,252
21,893
3.3
8.1
TU
5,447
5,292
5,907
5,659
(2.9)
(4.2)
Source: InnovestX Research
Neutral
Underpeform
Outperform
Neutral
Outperform
Neutral
Outperform
Neutral
Neutral
Outperform
2025F
2026F
% change
Core profit (Btmn)
Underperform
Stock Price (Bt)
Recommendation
Old
New
Neutral
Neutral
Outperform
Page 21
NVDR TRADE HIGHLIGHTS
February 2025
Top 10 Stocks with biggest change in NVDR holding
Symbol
#shares held as NVDR
% of NVDR / shares issued
#shares held as NVDR
% of NVDR / shares issued
Net Gain
1
EA
428,254,387
2.31
0
244,096,838
3.29
2
MASTER
13,767,970
1.83
0
6,495,083
2.15
3
PROEN
17,870,517
1.82
0
5,400,700
1.38
4
SKY
12,342,353
0.69
0
8,065,582
1.13
5
SCM
7,336,723
0.49
0
6,397,201
1.07
6
UREKA
55,270,173
1.22
0
19,239,000
1.06
7
JMT
47,879,165
1.31
0
15,370,926
1.05
8
KTB
1,417,464,923
4.06
0
144,738,978
1.04
9
SCGP
145,954,821
1.36
0
41,071,989
0.96
10
KBANK
391,407,973
6.61
0
21,562,283
0.91
Net Decline
1
JCKH
9,585,307
0.73
0
(137,925,893)
(26.26)
2
PG
123,605
0.05
0
(2,163,700)
(2.25)
3
INET
14,150,968
0.95
0
(12,829,101)
(2.15)
4
PRG-W4
8,994
0.81
0
(7,500)
(1.69)
5
BCP
86,216,428
2.50
0
(22,970,586)
(1.67)
6
PLANET
19,929,452
1.38
0
(8,761,800)
(1.51)
7
BWG-W6
10,912,002
0.49
0
(9,975,067)
(1.11)
8
XO
9,402,615
0.88
0
(3,460,015)
(0.81)
9
RS
18,125,830
0.33
0
(16,793,552)
(0.77)
10
ADVICE
22,740,609
1.47
0
(4,272,669)
(0.69)
Source : SET
Top 20 most actively traded NVDR in January 2025 (Btmn)
Symbol Net Buy Symbol Net Sell
1 KBANK 3,818 DELTA (2,612)
2 KTB 3,781 BDMS (1,192)
3 ADVANC 2,577 INTUCH (1,063)
4 CPALL 1,333 BCP (875)
5 SCB 1,299 BBL (715)
6 TTB 1,253 PTT (587)
7 MINT 1,059 BTS (333)
8 SCGP 884 ITC (207)
9 SAWAD 591 AAV (200)
10 SCC 558 CPAXT (175)
11 TRUE 493 GULF (164)
12 CBG 474 TU (157)
13 GPSC 468 MTC (152)
14 KTC 438 BANPU (135)
15 TISCO 422 STA (124)
16 PTTGC 412 TASCO (121)
17 OR 406 KCE (120)
18 WHA 325 AWC (118)
19 GLOBAL 283 ICHI (111)
20 VGI 260 LH (84)
Source : SET
as of Jan 31, 2025
As of Jan 31, 2025 Change from Dec 30, 2024
Page 22
PERCENTAGE TOTAL RETURN
February 2025
Percentage Total Return - as of 31 January 2025
Stoc
k
-1M -3M -12M -1M -3M -12M Stoc
k
-1M -3M -12M -1M -3M -12M
SETAGRI Index (5) (10) 2 1 0 2 SETENTER Index (10) (4) 5 (4) 6 5
GFPT (4) (17) (18) 2 (7) (18) BEC 5 (3) (10) 11 7 (10)
SETAUTO Index (8) (12) (31) (1) (2) (31) JKN 0 0 (71) 6 10 (71)
AH (12) (28) (48) (6) (18) (48) MAJOR (5) (5) 1 1 5 1
PCSGH (18) (20) (26) (12) (10) (26) MCOT (26) (40) 41 (20) (29) 41
SAT (2) (12) (36) 4 (1) (35) PLANB 1 (2) (17) 8 8 (17)
STANLY 0 0 16 6 10 17 VGI (15) 8 92 (8) 18 93
SETBANK Index 4 6 22 10 16 23 WORK (12) (36) (46) (6) (26) (45)
BAY (3) (5) (8) 3 5 (8) SETFOOD Index (9) (15) (9) (3) (5) (8)
BBL 2 5 15 8 15 15 BTG (7) (18) (20) (1) (8) (20)
KBANK 3 10 42 9 20 42 CBG (10) (12) (5) (4) (1) (4)
KKP (1) (5) 13 5 6 14 CPF (4) (11) 20 3 (1) 21
KTB 9 12 52 15 22 52 NRF (20) (59) (86) (14) (49) (86)
LHFG (1) (8) (21) 5 2 (20) OSP (22) (22) (19) (16) (12) (19)
SCB 6 10 31 12 20 32 TU (8) (20) (18) (2) (10) (18)
TCAP (1) (5) 5 5 5 5 ZEN (6) (10) (19) 1 0 (19)
TISCO 1 3 9 7 13 9 SETFIN Index (6) (12) (12) (0) (2) (12)
TTB 6 11 18 13 21 18 AEONTS (9) (17) (21) (3) (7) (20)
SETCOM Index (7) (17) (8) (1) (6) (7) ASP (2) (9) (12) 4 2 (11)
BJC (4) (7) (3) 2 3 (2) BAM (6) (31) (24) 0 (21) (24)
CPALL (7) (18) 1 (1) (8) 2 KTC 2 6 19 8 16 20
CPAXT (2) (21) (6) 4 (11) (5) MST (3) (10) (13) 3 1 (12)
CRC (2) 4 2 4 14 2 MTC (9) (14) 3 (3) (4) 4
GLOBAL (28) (38) (31) (22) (28) (31) SAWAD (11) (13) 3 (5) (3) 3
HMPRO (7) (8) (13) (1) 2 (13) TIDLOR 0 (4) (18) 6 6 (18)
RS (80) (82) (84) (74) (72) (84) THANI (19) (33) (43) (13) (23) (43)
SETCOMUN Index (1) (4) 33 5 6 33 SETHELTH Index (7) (19) (20) (1) (9) (20)
ADVANC (1) 3 35 5 13 36 BCH (7) (17) (35) (0) (7) (35)
INTUCH 0 (9) 38 6 1 39 BDMS (4) (15) (13) 2 (4) (12)
THCOM (10) (22) (2) (4) (12) (2) BH (10) (34) (23) (4) (24) (23)
TRUE 5 (5) 93 12 5 94 CHG (11) (25) (24) (5) (15) (24)
SETCONMT Index (8) (21) (31) (1) (11) (31) RJH (10) (18) (26) (4) (7) (25)
DCC (11) (14) 1 (5) (4) 1 SETHOT Index (10) (13) (22) (4) (3) (22)
EPG (15) (27) (54) (9) (17) (54) CENTEL (18) (22) (34) (12) (11) (34)
SCC (8) (27) (41) (2) (16) (41) ERW (12) (16) (33) (6) (6) (33)
SCCC (1) (3) 30 5 7 30 MINT (8) (10) (20) (2) (0) (19)
SETETRON Index (17) (8) 54 (11) 2 54 SETINS Index (7) (12) 6 (1) (2) 6
DELTA (17) (9) 61 (11) 1 61 BLA (15) (29) (4) (9) (19) (3)
HANA (4) (38) (49) 2 (28) (49) THRE (7) (19) (30) (1) (9) (30)
KCE (10) (39) (49) (4) (29) (49) THREL (19) (28) (26) (13) (18) (26)
SVI (7) (16) 4 (1) (6) 5 TLI (6) (6) 33 (0) 4 33
SETENERG Index (4) (12) (11) 2 (2) (10) TQM (25) (28) (32) (19) (17) (32)
ACE (5) (6) (16) 1 4 (16) SETPETRO Index (9) (14) (18) (3) (4) (18)
BCPG 16 (5) (19) 22 5 (19) GGC (2) (8) (53) 4 2 (52)
BGRIM (22) (32) (44) (16) (21) (44) IVL (8) (11) 0 (2) (1) 1
BPP (20) (32) (38) (14) (22) (37) PTTGC (12) (17) (35) (6) (7) (34)
BCP (4) 1 (14) 2 11 (13) SETPROP Index (9) (16) (17) (3) (6) (17)
CKP (9) (21) (22) (3) (11) (22) AMATA (13) (15) 21 (7) (4) 21
EA (22) (43) (89) (16) (33) (88) AP (2) (17) (20) 4 (7) (20)
EGCO (5) (7) (11) 1 3 (10) AWC (10) (15) (20) (4) (4) (19)
BSRC (33) (28) (36) (27) (18) (35) LH (9) (18) (36) (3) (8) (35)
GPSC (20) (27) (36) (13) (17) (36) PSH (19) (28) (43) (13) (18) (43)
GULF (3) (13) 35 3 (3) 36 QH (1) (8) (18) 6 2 (18)
IRPC (8) (27) (41) (2) (16) (41) SIRI (5) (7) 5 1 4 6
OR (13) (25) (33) (7) (14) (33) SPALI (8) (14) (8) (2) (4) (8)
PTT (1) (6) (1) 5 4 (1) WHA (13) (18) 4 (7) (7) 4
PTTEP 7 1 (9) 13 11 (9) SETTRANS Index (7) (10) (6) (1) 1 (6)
RATCH (5) (12) (1) 1 (1) (0) AAV (23) (28) (5) (17) (18) (4)
SPRC (19) (21) (35) (13) (11) (34) AOT (7) (9) (6) (1) 2 (6)
TOP (8) (37) (49) (2) (26) (49) BEM (5) (15) (7) 1 (4) (6)
TTW (2) (1) (1) 4 9 (1) BTS 1 24 3 7 34 3
WHAUP (20) (27) 5 (13) (17) 6 KEX (15) (40) (73) (9) (30) (73)
Source: Bloomberg Finance L.P.
% Total Return (TR
)
% TR rel. to SET T
R
% Total Return (TR
)
% TR rel. to SET T
R
Page 23
Warrant Summary Report
Price as of : 31-Jan-25
A5-W4 0.06 2.52 0.85 41.3 27.3 42.0 0.25 0.12 3.50 1.00 08-Aug-26 1.5 361.00 361.00 23.0 0.23 19-Aug-24
ACC-W2 0.66 0.45 1.31 201.7 88.4 0.8 n.a. n.a. 0.82 1.22 16-May-27 2.3 447.68 447.68 29.0 1.61 31-May-24
AJA-W4 0.01 0.12 1.23 241.7 1,556.0 12.0 0.00 0.00 0.40 1.00 31-Mar-25 0.2 492.10 492.10 8.4 0.00 20-Apr-22
B52-W4 n.a. 0.38 0.22 n.a. n.a. n.a. n.a. n.a. 0.50 1.00 14-Jan-26 0.9 490.06 n.a. n.a. n.a. 03-Feb-25
BC-W2 0.06 1.02 0.10 102.0 318.9 17.0 n.a. n.a. 2.00 1.00 30-May-25 0.3 57.05 57.05 9.1 0.05 10-Jun-24
BE8-W1 1.14 14.90 1.86 411.0 310.8 13.1 0.01 0.02 75.00 1.00 31-May-26 1.3 13.23 13.23 4.8 0.01 08-Jun-23
BIOTEC-W2 0.04 0.22 1.27 145.5 125.9 5.5 0.25 0.02 0.50 1.00 31-Mar-26 1.2 1,016.66 1,016.56 25.0 0.04 12-Jun-23
BM-W3 1.47 2.98 0.82 (13.8) (35.4) 2.0 0.99 1.86 1.10 1.00 24-Jun-25 0.4 172.82 167.38 21.6 0.04 18-May-23
BRR-W2 0.25 4.18 0.78 217.0 210.8 16.7 0.00 0.00 13.00 1.00 13-Feb-26 1.0 81.19 81.19 9.1 0.01 27-Feb-23
BR-W1 0.04 1.75 0.75 188.0 119.2 43.8 0.00 0.00 5.00 1.00 01-Sep-26 1.6 456.61 456.61 33.3 0.02 12-Sep-22
BTC-W7 0.26 0.55 1.41 146.7 102.1 2.4 n.a. n.a. 1.13 1.15 12-Jul-26 1.4 682.79 682.79 6.8 0.13 21-Jul-21
BTS-W8 0.07 6.15 1.00 135.0 75.1 91.0 0.12 0.17 14.39 1.04 21-Nov-26 1.8 2,632.54 2,632.33 17.2 0.22 01-Dec-21
B-W8 0.01 0.07 0.87 342.9 192.6 7.0 0.34 0.01 0.30 1.00 14-Nov-26 1.8 2,691.27 2,691.27 25.0 0.00 23-Nov-23
BWG-W6 0.02 0.29 1.85 148.3 282.3 14.5 n.a. n.a. 0.70 1.00 13-Aug-25 0.5 897.20 897.20 14.2 0.11 28-May-24
CEN-W5 0.14 1.91 0.90 19.4 15.2 13.6 0.50 0.25 2.14 1.00 12-May-26 1.3 372.38 372.36 33.3 0.04 24-May-21
CGH-W5 0.14 0.59 0.52 93.2 70.5 4.2 0.12 0.01 1.00 1.00 31-May-26 1.3 64.58 64.58 1.5 0.00 24-Jul-24
CHASE-W1 0.24 0.68 2.05 8.8 3.8 2.8 n.a. n.a. 0.50 1.00 06-Jun-27 2.3 198.37 198.37 9.1 0.49 21-Jun-24
CHAYO-W3 0.09 2.38 1.90 281.9 333.4 26.4 0.00 0.00 9.00 1.00 08-Dec-25 0.8 113.71 113.71 9.1 0.04 20-Dec-23
CHO-W4 0.01 0.04 2.89 500.0 371.2 4.0 0.58 0.02 0.23 1.00 09-Jun-26 1.3 278.47 278.47 8.6 0.00 16-Jul-24
CIG-W10 0.03 0.04 -0.52 1,225.0 357.8 1.3 0.89 0.03 0.50 1.00 06-Jul-28 3.4 80.14 80.14 2.2 0.00 21-Jul-23
CIG-W9 0.02 0.04 -0.52 1,200.0 367.5 2.0 0.88 0.03 0.50 1.00 09-May-28 3.3 289.03 289.03 7.4 0.01 19-May-23
CPANEL-W1 0.12 3.30 1.23 55.2 151.7 27.5 0.03 0.01 5.00 1.00 15-Jun-25 0.4 32.00 28.81 15.0 0.00 30-Jun-22
CV-W1 0.03 0.09 2.59 488.9 120.5 3.0 0.61 0.04 0.50 1.00 22-Feb-29 4.1 63.18 63.18 3.6 0.04 08-Mar-24
DCON-W3 0.01 0.30 1.32 36.7 88.2 30.0 0.16 0.01 0.40 1.00 04-Jul-25 0.4 800.00 800.00 12.9 0.00 18-Jul-23
DITTO-W1 0.15 13.50 2.24 147.6 504.8 108.1 0.00 0.00 33.30 1.20 20-May-25 0.3 88.00 87.87 13.2 1.47 30-May-22
DV8-W2 0.10 0.49 0.71 83.7 186.6 4.9 0.24 0.03 0.80 1.00 16-Jul-25 0.4 302.36 302.36 18.6 0.01 27-Jul-23
ECF-W5 0.02 0.26 1.41 119.2 246.3 13.0 0.05 0.00 0.55 1.00 29-Jul-25 0.5 479.74 479.74 33.3 0.05 15-Aug-24
EE-W1 0.01 0.51 1.31 97.4 969.0 75.6 0.02 0.00 1.00 1.48 11-Mar-25 0.1 1,389.98 1,389.98 42.6 1.21 03-Mar-22
EFORL-W6 0.02 0.23 1.56 995.7 3,087.9 11.5 0.00 0.00 2.50 1.00 31-May-25 0.3 75.61 75.41 1.9 0.01 10-Jun-22
EMC-W7 0.05 0.08 0.82 125.0 52.8 1.6 n.a. n.a. 0.13 1.00 16-Jun-27 2.4 2,068.29 2,068.29 14.1 0.05 27-Jun-24
EP-W4 0.01 1.47 0.51 465.3 1,157.8 147.0 0.00 0.00 8.30 1.00 29-Jun-25 0.4 233.12 233.12 20.0 0.00 11-Jul-22
GEL-W5 0.01 0.06 1.09 750.0 1,988.2 6.0 0.00 0.00 0.50 1.00 20-Jun-25 0.4 820.72 820.72 8.7 0.00 29-Jun-22
GLORY-W1 0.38 1.05 1.31 31.4 11.3 2.8 0.69 0.33 1.00 1.00 16-Nov-27 2.8 134.99 134.51 33.2 0.00 29-Nov-22
HYDRO-W2 0.11 0.12 0.67 99.8 49.7 2.3 0.70 0.12 0.19 2.13 05-Feb-27 2.0 155.93 155.93 41.4 0.00 20-Feb-24
IP-W2 0.18 2.44 1.27 409.0 1,084.1 22.0 0.00 0.00 12.31 1.63 20-Jun-25 0.4 93.13 93.13 20.0 0.04 28-Jun-23
JAS-W4 0.40 1.95 0.38 74.4 11.1 4.9 n.a. n.a. 3.00 1.00 10-Oct-31 6.7 4,145.93 n.a. n.a. 6.28 21-Oct-24
JMART-W5 0.30 10.90 2.22 470.5 988.7 41.1 0.00 0.00 61.92 1.13 26-Jul-25 0.5 50.98 50.98 3.8 0.07 13-Aug-21
JSP-W2 0.06 1.89 1.06 114.8 135.8 31.5 0.03 0.01 4.00 1.00 08-Dec-25 0.8 237.28 n.a. n.a. 0.08 17-Dec-24
J-W3 0.25 1.11 0.91 733.3 548.8 4.4 0.00 0.00 9.00 1.00 05-Jun-26 1.3 30.00 30.00 2.0 0.00 21-Jun-22
Maturity
(Yrs)
Warrant Features
Expiry
Date
Conversion
Ratio
(1 wr : c.s.)
1M Avg Daily
Turnover
(Btm)
Listed Date
%Max
Dilution
(1)
Warrant
Premium
(%)
Warrant
Price(Bt)
Stock
Price(Bt)
Warrant
Issued(mn)
Outstanding
Warrant(mn)
Exercise
Price (Bt)
Valuation
Premium/Y
Remaining(%)
Stock Beta Delta
Gearing
Ratio(x)
Black
Scholes
Model
Warrant Summary Report
Price as of : 31-Jan-25
Maturity
(Yrs)
Warrant Features
Expiry
Date
Conversion
Ratio
(1 wr : c.s.)
1M Avg Daily
Turnover
(Btm)
Listed Date
%Max
Dilution
(1)
Warrant
Premium
(%)
Warrant
Price(Bt)
Stock
Price(Bt)
Warrant
Issued(mn)
Outstanding
Warrant(mn)
Exercise
Price (Bt)
Valuation
Premium/Y
Remaining(%)
Stock Beta Delta
Gearing
Ratio(x)
Black
Scholes
Model
J-W4 0.22 1.11 0.91 199.1 133.4 5.0 0.05 0.01 3.10 1.00 01-Aug-26 1.5 160.17 160.17 9.9 0.00 14-Feb-24
KGEN-W2 0.19 0.80 1.93 139.9 93.9 4.8 0.42 0.17 1.75 1.14 31-Jul-26 1.5 416.87 416.87 22.4 0.22 09-Aug-23
KKP-W6 1.25 52.00 1.27 37.0 33.1 41.6 0.14 0.96 70.00 1.00 17-Mar-26 1.1 70.55 70.55 7.7 0.30 25-May-23
KUN-W2 0.01 1.20 0.72 84.2 157.0 120.0 0.00 0.00 2.20 1.00 17-Aug-25 0.5 249.70 249.70 25.0 0.00 31-Aug-23
K-W3 0.22 1.17 1.08 175.2 126.0 5.3 n.a. n.a. 3.00 1.00 25-Jun-26 1.4 39.24 39.24 6.7 0.01 03-Jul-24
MBK-W4 15.80 18.20 1.14 (1.1) (3.9) 1.2 0.99 15.79 2.87 1.04 15-May-25 0.3 71.78 5.88 0.3 0.02 15-Jun-22
MGI-W1 2.04 9.75 3.21 23.5 15.2 4.8 n.a. n.a. 10.00 1.00 21-Aug-26 1.5 83.95 83.95 28.6 8.26 05-Sep-24
MTW-W1 0.03 1.06 0.45 (2.8) (12.1) 35.3 0.64 0.16 1.00 1.00 29-Apr-25 0.2 336.98 336.98 33.3 0.05 17-May-24
NATION-W4 0.01 0.04 2.75 550.0 676.6 4.0 0.63 0.02 0.25 1.00 26-Nov-25 0.8 2,711.98 2,711.98 18.2 n.a. 14-Dec-23
NER-W2 0.53 4.90 0.63 23.1 18.0 9.2 n.a. n.a. 5.50 1.00 15-May-26 1.3 307.96 307.96 14.3 1.19 30-May-24
PACO-W1 0.04 1.34 0.90 126.9 146.7 33.5 0.00 0.00 3.00 1.00 15-Dec-25 0.9 200.00 200.00 16.7 0.01 30-Jan-23
PEER-W2 0.04 0.23 1.70 482.6 258.0 5.8 0.27 0.03 1.30 1.00 17-Dec-26 1.9 479.07 n.a. n.a. 0.43 30-Dec-24
PPPM-W6 0.45 0.59 0.40 13.6 8.8 1.3 0.93 0.48 0.22 1.00 19-Aug-26 1.5 130.31 130.16 14.4 0.09 30-Aug-24
PRG-W2 4.00 8.50 0.81 (2.7) (9.7) 2.3 0.99 4.19 4.59 1.09 15-May-25 0.3 31.42 0.26 0.0 0.00 15-Jun-22
PRG-W3 3.20 8.50 0.81 (8.9) (11.2) 2.8 0.97 3.83 4.72 1.06 17-Nov-25 0.8 32.93 0.36 0.1 0.00 15-Dec-22
PRG-W4 3.20 8.50 0.81 (5.7) (2.5) 2.7 0.86 3.35 4.89 1.02 17-May-27 2.3 34.67 1.56 0.2 0.00 17-Jun-24
PRG-W5 3.20 8.50 0.81 (3.5) (1.3) 2.7 0.83 3.15 5.00 1.00 15-Nov-27 2.8 36.33 n.a. n.a. 0.01 16-Dec-24
PROEN-W2 0.55 1.25 1.78 24.0 14.2 2.3 n.a. n.a. 1.00 1.00 14-Oct-26 1.7 98.14 n.a. n.a. 1.30 22-Oct-24
PROS-W1 0.08 0.81 1.26 33.3 26.1 10.1 0.56 0.19 1.00 1.00 14-May-26 1.3 274.23 271.40 33.0 0.03 30-May-23
PSTC-W2 0.01 0.48 1.08 296.3 384.0 50.7 0.00 0.00 1.89 1.06 11-Nov-25 0.8 790.58 790.58 19.4 0.00 23-Nov-22
PSTC-W3 0.18 0.48 1.08 41.7 18.6 2.7 0.65 0.14 0.50 1.00 29-Apr-27 2.2 235.23 235.23 6.4 0.11 27-May-24
ROCTEC-W3 0.03 1.02 0.98 53.7 94.5 44.0 0.17 0.04 1.55 1.29 29-Aug-25 0.6 1,352.97 1,352.97 17.7 0.69 10-Sep-21
ROCTEC-W5 0.08 1.02 0.98 54.9 27.4 12.8 0.43 0.15 1.50 1.00 05-Feb-27 2.0 2,029.47 2,029.47 20.0 1.83 14-Feb-24
RS-W5 0.34 1.07 0.67 196.3 206.6 6.3 0.15 0.09 3.00 2.00 15-Jan-26 0.9 106.97 85.61 7.3 4.39 29-Jan-24
SAMTEL-W2 1.15 6.15 1.89 48.8 25.0 5.3 n.a. n.a. 8.00 1.00 15-Jan-27 1.9 102.99 n.a. n.a. 17.08 28-Jan-25
SA-W1 0.01 7.40 0.27 210.9 488.3 740.0 0.00 0.00 23.00 1.00 10-Jul-25 0.4 414.95 414.95 25.7 0.00 25-Jul-22
SAWAD-W2 0.34 37.00 1.86 136.4 238.6 124.7 0.00 0.01 87.19 1.15 30-Aug-25 0.6 54.93 54.92 4.0 0.04 17-Sep-20
SCM-W2 0.07 0.61 0.49 239.3 603.8 8.7 0.03 0.00 2.00 1.00 27-Jun-25 0.4 80.00 75.21 11.1 1.72 17-Jul-23
SCN-W2 0.04 0.52 0.98 869.2 917.8 13.0 0.00 0.00 5.00 1.00 14-Jan-26 0.9 120.00 120.00 9.0 0.01 19-Jan-22
SFLEX-W2 0.06 2.82 0.54 256.7 265.7 47.0 0.00 0.00 10.00 1.00 21-Jan-26 1.0 102.50 102.50 11.1 0.01 02-Feb-22
SGC-W1 0.18 0.98 1.56 51.0 84.0 5.4 n.a. n.a. 1.30 1.00 12-Sep-25 0.6 653.50 653.50 9.5 0.23 23-Sep-24
SGC-W2 0.25 0.98 1.56 88.8 34.0 3.9 n.a. n.a. 1.60 1.00 12-Sep-27 2.6 1,188.00 1,188.00 16.0 0.18 23-Sep-24
SIMAT-W3 0.04 1.52 0.96 1,335.7 4,613.1 52.3 0.00 0.00 21.79 1.38 19-May-25 0.3 37.81 37.81 7.4 0.02 22-Jun-15
SKE-W1 0.05 0.27 1.30 400.0 301.8 5.4 0.01 0.00 1.30 1.00 01-Jun-26 1.3 223.18 223.18 16.7 0.01 10-Jun-22
SSP-W2 0.02 5.20 1.01 218.2 732.7 314.6 0.00 0.00 16.53 1.21 22-May-25 0.3 253.55 253.55 19.3 0.03 01-Jul-21
STELLA-W5 0.01 0.18 n.a. 461.1 1,109.6 18.0 n.a. n.a. 1.00 1.00 04-Jul-25 0.4 2,610.85 n.a. n.a. 0.01 11-Aug-23
STELLA-W6 0.04 0.18 n.a. 200.0 80.7 4.5 n.a. n.a. 0.50 1.00 27-Jul-27 2.5 1,640.98 n.a. n.a. 1.44 31-Jan-25
TCC-W5 0.16 0.31 0.68 112.9 34.2 1.9 0.45 0.06 0.50 1.00 24-May-28 3.3 98.41 98.41 6.6 0.03 12-Jun-18
TEAMG-W1 0.21 2.94 3.05 417.3 301.8 14.0 0.02 0.01 15.00 1.00 22-Jun-26 1.4 135.99 135.99 14.3 1.03 07-Jul-23
Warrant Summary Report
Price as of : 31-Jan-25
Maturity
(Yrs)
Warrant Features
Expiry
Date
Conversion
Ratio
(1 wr : c.s.)
1M Avg Daily
Turnover
(Btm)
Listed Date
%Max
Dilution
(1)
Warrant
Premium
(%)
Warrant
Price(Bt)
Stock
Price(Bt)
Warrant
Issued(mn)
Outstanding
Warrant(mn)
Exercise
Price (Bt)
Valuation
Premium/Y
Remaining(%)
Stock Beta Delta
Gearing
Ratio(x)
Black
Scholes
Model
TFG-W4 0.37 3.16 1.09 32.0 14.0 8.5 0.45 0.39 3.80 1.00 15-May-27 2.3 581.08 581.08 9.1 0.06 24-May-24
TFI-W1 0.02 0.06 0.72 183.3 198.2 3.0 0.49 0.02 0.15 1.00 06-Jan-26 0.9 6,142.50 3,648.78 17.8 0.00 03-Feb-21
TGE-W1 0.79 1.86 1.53 (3.8) (51.5) 2.4 1.00 0.86 1.00 1.00 01-Mar-25 0.1 314.26 314.26 12.5 0.07 15-Mar-24
TH-W3 0.04 0.63 2.47 65.1 173.8 15.8 0.11 0.01 1.00 1.00 19-Jun-25 0.4 241.26 207.95 17.2 0.04 08-Jul-22
TMC-W2 0.02 0.87 0.57 132.2 306.0 43.5 0.02 0.00 2.00 1.00 10-Jul-25 0.4 152.92 152.92 25.0 0.01 14-Jul-23
TM-W1 0.04 0.79 0.72 221.5 730.5 19.8 0.00 0.00 2.50 1.00 24-May-25 0.3 102.66 102.66 25.0 0.00 15-Jun-22
TNDT-W1 0.01 0.21 1.62 142.9 396.0 21.0 0.06 0.00 0.50 1.00 14-Jun-25 0.4 170.54 170.54 9.0 0.01 04-Jul-22
TSR-W2 0.02 0.30 n.a. 815.2 1,103.2 16.5 n.a. n.a. 2.73 1.10 30-Oct-25 0.7 274.70 n.a. n.a. 0.03 14-Nov-22
TTB-W1 1.01 1.98 0.64 (1.0) (3.8) 2.0 0.99 1.01 0.95 1.00 10-May-25 0.3 965.00 410.56 0.4 1.15 01-Jun-22
TVDH-W3 0.01 0.18 1.06 377.8 1,055.1 18.0 0.00 0.00 0.85 1.00 13-Jun-25 0.4 204.05 204.05 10.4 0.00 04-Jul-22
TWZ-W8 0.01 0.03 1.07 333.3 226.3 3.0 n.a. n.a. 0.12 1.00 25-Jul-26 1.5 2,250.41 2,250.41 10.2 0.00 09-Aug-24
TWZ-W9 0.01 0.03 1.07 600.0 134.1 3.0 n.a. n.a. 0.20 1.00 25-Jul-29 4.5 2,250.41 2,250.41 10.2 0.00 09-Aug-24
VGI-W3 0.08 3.04 2.62 219.1 95.3 46.9 0.23 0.31 9.64 1.23 23-May-27 2.3 2,583.35 2,583.35 22.2 0.21 27-May-22
VGI-W4 1.37 3.04 2.62 (6.0) (10.3) 2.2 0.96 1.60 1.49 1.00 03-Sep-25 0.6 1,119.38 n.a. n.a. 26.97 16-Dec-24
VIBHA-W4 0.01 1.89 0.88 59.3 130.5 189.0 0.01 0.00 3.00 1.00 18-Jul-25 0.5 1,131.32 1,131.32 7.7 0.02 01-Aug-22
VIH-W1 3.02 7.90 0.61 39.5 28.1 2.6 n.a. n.a. 8.00 1.00 30-Jun-26 1.4 19.02 19.02 3.0 0.00 12-Jul-24
WAVE-W3 0.01 0.07 0.33 119.5 165.3 7.3 0.28 0.01 0.14 1.04 24-Oct-25 0.7 2,617.54 2,617.54 19.2 0.00 09-Nov-22
WAVE-W4 0.03 0.07 0.33 228.6 96.5 2.3 0.47 0.02 0.20 1.00 17-Jun-27 2.4 1,121.92 1,121.92 8.9 0.05 03-Jul-24
WIIK-W3 0.04 1.08 0.80 274.1 218.6 27.0 n.a. n.a. 4.00 1.00 06-May-26 1.3 279.20 279.20 25.0 0.01 27-May-24
XBIO-W6 0.03 0.32 n.a. 356.2 185.3 11.2 n.a. n.a. 1.43 1.05 05-Jan-27 1.9 45.48 n.a. n.a. 0.03 02-Feb-24
XBIO-W7 0.02 0.32 n.a. 204.1 70.7 16.8 n.a. n.a. 0.95 1.05 23-Dec-27 2.9 643.03 n.a. n.a. 0.48 09-Jan-25
ZIGA-W2 0.13 1.45 2.08 202.1 93.8 11.2 0.18 0.08 4.25 1.00 31-Mar-27 2.2 245.50 245.50 25.0 0.11 24-Apr-24
InnovestX Investment Recommendations
Price as of :
31-Jan-25
2
10
3
11
31012025
36
37
38
44
45
46
50
51
52
75
76
77
82
83
84
104
105
106
Company Rec. SET Price Target Price % 12-mth Core Profit (Btm) Core EPS (Bt) Core EPS growth (%) Core PER (x) P/BV (x)
ESG Ratings (Bt) Up/(Down) BB-CON 23A 24F 25F 23A 24F 25F 23A 24F 25F 23A 24F 25F 23A 24F 25F 23A 24F 25F 23A 24F 25F
Agribusiness 25.0 1,292 1,912 1,855 8.9 6.0 6.2 0.65 0.59 0.55 8 10 9
GFPT Neutral 9.20 11.50 25.0 13.3 1,292 1,912 1,855 1.03 1.53 1.48 (37) 48 (3) 8.9 6.0 6.2 14.1 15.5 16.7 0.65 0.59 0.55 8 10 9
Automotive (1.1) 4,446 2,912 3,289 5.8 8.3 7.4 0.60 0.59 0.57 12 7 8
AH Neutral A 14.30 18.00 25.9 19.0 1,748 801 1,003 4.93 2.26 2.83 3 (54) 25 2.9 6.3 5.1 30.5 31.8 33.6 0.47 0.45 0.43 16 7 8
SAT Underperform AA 10.70 12.00 12.1 12.4 971 632 681 2.28 1.49 1.60 3 (35) 8 4.7 7.2 6.7 19.5 19.9 20.4 0.55 0.54 0.52 12 8 8
STANLY Underperform 218.00 190.00 (12.8) 204.7 1,726 1,479 1,604 22.53 19.31 20.94 (1) (14) 8 9.7 11.3 10.4 283.2 274.8 284.9 0.77 0.79 0.77 8 7 7
Banking 4.2 234,917 251,315 255,574 8.6 8.2 8.2 0.84 0.81 0.78 10 10 9
Large Banks
BBL Outperform AAA 154.00 180.00 16.9 173.7 41,636 45,211 46,382 21.81 23.69 24.30 42 9 3 7.1 6.5 6.3 277.1 290.8 307.1 0.56 0.53 0.50 8 8 8
KBANK Neutral AAA 160.50 163.00 1.6 174.5 42,405 48,598 49,127 17.90 20.51 20.73 19 15 1 9.0 7.8 7.7 224.7 237.8 249.7 0.71 0.68 0.64 8 9 9
KTB Neutral AAA 22.90 24.00 4.8 24.3 36,616 43,856 44,255 2.62 3.14 3.17 9 20 1 8.7 7.3 7.2 28.8 31.7 33.8 0.80 0.72 0.68 9 10 10
SCB No rec AA 125.00 125.4 43,521 43,943 46,634 12.93 13.05 13.85 16 1 6 9.7 9.6 9.0 142.0 145.1 148.5 0.88 0.86 0.84 9 9 9
Mid/small banks
BAY Neutral AAA 23.80 25.00 5.0 25.2 32,930 29,700 28,905 4.48 4.04 3.93 7 (10) (3) 5.3 5.9 6.1 50.1 53.3 56.4 0.48 0.45 0.42 9 8 7
KKP Neutral AA 52.00 50.00 (3.8) 54.5 5,443 4,985 4,888 6.43 5.89 5.77 (28) (8) (2) 8.1 8.8 9.0 72.0 74.2 76.9 0.72 0.70 0.68 9 8 8
TCAP Neutral AA 49.75 52.00 4.5 55.1 6,603 7,090 7,559 6.30 6.76 7.21 38 7 7 7.9 7.4 6.9 66.9 70.5 74.4 0.74 0.71 0.67 10 10 10
TISCO Neutral AAA 99.50 100.00 0.5 99.6 7,301 6,901 6,266 9.12 8.62 7.83 1 (5) (9) 10.9 11.5 12.7 53.0 53.8 53.9 1.88 1.85 1.85 17 16 15
TTB Neutral 1.98 2.00 1.0 2.1 18,462 21,031 21,558 0.19 0.22 0.22 30 14 3 10.4 9.2 8.9 2.4 2.4 2.5 0.84 0.81 0.78 8 9 9
Commerce 46.1 48,996 57,880 66,392 23.2 21.2 18.5 2.60 2.42 2.22 12 12 13
BJC Neutral AA 22.30 27.50 23.3 27.8 4,834 4,578 5,183 1.21 1.14 1.29 (2) (5) 13 18.5 19.5 17.2 31.4 31.6 32.2 0.71 0.71 0.69 4 4 4
CPALL Outperform AAA 52.00 81.00 55.8 79.7 18,278 24,878 28,865 1.98 2.72 3.16 41 37 16 26.2 19.1 16.4 12.4 14.1 15.9 4.21 3.69 3.26 17 21 21
CPAXT Outperform AA 26.75 40.00 49.5 34.1 8,777 10,919 12,650 0.83 1.04 1.21 11 25 17 32.2 25.8 22.1 27.7 28.2 29.2 0.97 0.95 0.92 3 4 4
CRC Outperform AA 33.25 39.00 17.3 40.1 7,988 8,612 9,643 1.32 1.43 1.60 14 8 12 25.1 23.3 20.8 11.1 12.0 13.0 2.99 2.78 2.56 12 12 12
GLOBAL Outperform AA 10.00 18.50 85.0 16.0 2,676 2,422 2,821 0.51 0.47 0.54 (27) (10) 16 19.4 21.5 18.4 4.5 4.8 5.1 2.24 2.10 1.94 12 10 11
HMPRO Outperform AA 8.75 13.00 48.6 11.8 6,442 6,472 7,231 0.49 0.49 0.55 4 0 12 17.9 17.8 15.9 1.9 2.0 2.2 4.50 4.30 3.97 26 25 26
Construction Materials 14.5 16,884 12,507 16,018 13.7 15.2 12.3 1.19 1.12 1.06 10 10 11
Cement
SCC Neutral AAA 154.00 180.00 16.9 199.3 11,942 6,342 9,413 9.95 5.28 7.84 (46) (47) 48 15.5 29.1 19.6 368.0 349.8 352.6 0.42 0.44 0.44 3 1 2
SCCC Neutral AA 161.50 158.00 (2.2) 179.7 2,314 3,440 3,592 7.76 11.54 12.05 (34) 49 4 20.8 14.0 13.4 113.6 118.4 121.5 1.42 1.36 1.33 7 10 10
Others
DCC Neutral 1.57 1.80 14.6 2.0 1,182 1,297 1,345 0.13 0.14 0.15 (28) 10 4 12.1 11.0 10.7 0.7 0.8 0.9 2.14 1.96 1.81 19 19 18
EPG Neutral AA 3.38 5.20 53.8 5.3 1,446 1,428 1,668 0.52 0.51 0.60 17 (1) 17 6.5 6.6 5.7 4.4 4.6 4.9 0.76 0.74 0.68 12 11 12
Electronic Components 21,320 23,798 24,557 38.3 35.9 34.0 8.61 7.21 6.19 16 15 14
DELTA Underperform A 126.00 103.00 (18.3) 110.3 17,716 20,831 21,155 1.42 1.67 1.70 22 18 2 88.7 75.5 74.3 5.4 6.6 7.8 23.27 19.13 16.21 29 28 24
HANA Neutral AA 23.60 33.00 39.8 33.7 2,035 1,188 1,520 2.48 1.34 1.72 (16) (46) 28 9.5 17.6 13.7 35.5 31.8 32.5 0.66 0.74 0.73 8 4 5
KCE Neutral A 22.00 29.00 31.8 29.8 1,569 1,779 1,883 1.33 1.51 1.59 (31) 13 6 16.6 14.6 13.8 11.6 12.5 13.5 1.89 1.76 1.63 12 12 12
Energy & Utilities 32.2 247,109 234,594 264,419 14.2 14.5 11.1 1.18 1.13 1.05 7 5 9
Oil & Gas and Coal
PTT Outperform AAA 31.50 41.00 30.2 36.3 102,933 115,668 118,749 3.60 4.05 4.16 (36) 12 3 8.7 7.8 7.6 39.3 40.9 43.1 0.80 0.77 0.73 7 7 7
PTTEP Outperform AA** 127.50 164.00 28.6 156.0 78,656 78,239 68,910 19.81 19.71 17.36 (13) (1) (12) 6.4 6.5 7.3 125.8 134.9 143.3 1.01 0.95 0.89 16 15 12
Refineries
BCP Outperform 34.50 44.00 27.5 42.5 12,655 (1,457) 12,810 9.19 (1.06) 9.30 (32) n.m. n.m. 3.8 n.m. 3.7 52.4 56.2 63.8 0.66 0.61 0.54 14 (1) 11
BSRC Neutral 5.35 8.00 49.5 8.6 2,142 (1,256) 3,257 0.62 (0.36) 0.94 (77) n.m. n.m. 8.6 n.m. 5.7 8.2 7.8 8.6 0.65 0.69 0.62 8 (5) 11
IRPC Neutral 1.13 1.70 50.4 1.4 (3,683) (4,499) 2,096 (0.18) (0.22) 0.10 n.m. (22) n.m. n.m. n.m. 11.0 3.7 3.5 3.6 0.30 0.32 0.31 (5) (6) 3
OR Outperform AAA 11.60 22.00 89.7 16.4 11,086 8,441 11,858 0.95 0.70 0.99 7 (26) 40 12.2 16.5 11.7 9.1 9.4 10.0 1.27 1.24 1.16 10 8 10
SPRC Neutral 5.30 7.90 49.1 8.2 (1,011) 4,474 3,781 (0.23) 1.03 0.87 n.m. n.m. (15) n.m. 5.1 6.1 8.4 9.4 9.9 0.63 0.56 0.54 (3) 12 9
TOP Neutral 26.00 31.00 19.2 30.1 22,080 8,609 12,738 9.88 3.85 5.70 (34) (61) 48 2.6 6.7 4.6 75.3 76.7 80.8 0.35 0.34 0.32 14 5 7
Utilities
ACE
Neutral
AAA
1.29
1.50
16.3
1.5
1,109
938
1,278
0.11
0.09
0.13
(10)
(15)
36
11.8
14.0
10.3
1.5
1.6
1.7
0.86
0.82
0.76
8
6
8
BGRIM
Neutral
AAA
15.20
22.20
46.1
24.7
2,056
2,087
2,212
0.79
0.80
0.85
448
2
6
19.3
19.0
17.9
14.6
14.9
15.4
1.04
1.02
0.99
4
4
4
GPSC
Outperform
AAA
30.75
60.00
95.1
49.4
3,420
4,675
5,379
1.21
1.66
1.91
311
37
15
25.4
18.5
16.1
37.7
38.6
39.6
0.82
0.80
0.78
3
4
4
GULF
Outperform
AAA
57.75
67.50
16.9
66.3
15,666
18,675
21,351
1.34
1.59
1.82
30
19
14
43.3
36.3
31.7
9.9
10.7
11.5
5.81
5.40
5.02
14
15
16
Finance & Securities 4.2 27,845 28,914 31,140 12.5 12.3 11.7 1.59 1.46 1.34 12 11 11
Asset Management Company
BAM Underperform AA 5.75 7.00 21.7 7.6 1,534 1,560 1,724 0.47 0.48 0.53 (44) 2 10 12.1 11.9 10.8 13.5 13.6 13.7 0.43 0.42 0.42 0 0 0
Consumer Finance
AEONTS Outperform 116.00 149.00 28.4 145.8 3,259 2,925 2,964 13.04 11.70 11.85 (15) (10) 1 8.9 9.9 9.8 97.9 104.1 110.4 1.19 1.11 1.05 14 12 11
KTC Underperform AAA 50.75 39.00 (23.2) 47.5 7,295 7,437 7,478 2.83 2.88 2.90 3 2 1 17.9 17.6 17.5 13.8 15.4 17.2 3.67 3.29 2.95 22 20 18
MTC Outperform AAA 43.75 53.00 21.1 55.6 4,906 5,843 6,846 2.31 2.76 3.23 (4) 19 17 18.9 15.9 13.5 15.1 17.6 20.6 2.91 2.49 2.13 16 17 17
SAWAD Underperform AA 37.00 37.00 - 43.4 5,001 5,166 5,428 3.64 3.42 3.29 12 (6) (4) 10.2 10.8 11.2 20.5 22.1 23.0 1.80 1.68 1.61 19 17 15
TIDLOR Outperform 16.60 21.00 26.5 20.1 3,790 4,237 4,865 1.35 1.45 1.67 (7) 8 15 12.3 11.4 9.9 10.1 10.9 12.1 1.64 1.52 1.37 14 14 14
THANI Underperform AA 1.30 1.60 23.1 1.7 1,287 906 988 0.23 0.15 0.16 (27) (36) 9 5.7 8.9 8.2 2.2 2.2 2.3 0.58 0.60 0.57 10 7 7
Securities
ASP Underperform 2.32 2.10 (9.5) 2.1 408 376 374 0.19 0.18 0.18 (15) (8) (1) 12.0 13.0 13.1 2.3 2.3 2.3 1.00 1.00 0.99 8 8 8
MST Neutral 9.05 10.00 10.5 10.0 365 462 474 0.64 0.81 0.83 (42) 27 2 14.2 11.2 10.9 8.5 8.9 9.1 1.06 1.02 0.99 7 9 9
BVPS(Bt)
ROE (%)
InnovestX Investment Recommendations
Price as of :
31-Jan-25
2
10
3
11
31012025
36
37
38
44
45
46
50
51
52
75
76
77
82
83
84
104
105
106
Company Rec. SET Price Target Price % 12-mth Core Profit (Btm) Core EPS (Bt) Core EPS growth (%) Core PER (x) P/BV (x)
ESG Ratings (Bt) Up/(Down) BB-CON 23A 24F 25F 23A 24F 25F 23A 24F 25F 23A 24F 25F 23A 24F 25F 23A 24F 25F 23A 24F 25F
BVPS(Bt)
ROE (%)
Food & Beverage
32.0
-9,443
30,344
34,206
21.3
18.0
15.4
2.23
2.18
1.99
6
12
13
BTG Outperform AAA 17.40 23.00 32.2 23.3 (1,080) 2,409 3,325 (0.56) 1.24 1.72 n.m. n.m. 38 n.m. 14.0 10.1 13.1 14.1 15.5 1.33 1.23 1.13 (4) 9 12
CBG Outperform AA 70.50 101.00 43.3 90.2 1,916 2,770 3,262 1.92 2.77 3.26 (16) 45 18 36.8 25.5 21.6 11.5 13.4 15.3 6.14 5.28 4.60 18 23 23
CPF Outperform AAA 22.00 28.00 27.3 29.7 (17,329) 16,929 19,361 (2.30) 2.03 2.34 n.m. n.m. 15 n.m. 10.9 9.4 36.5 37.0 38.7 0.60 0.60 0.57 (6) 6 7
OSP Neutral AA 16.20 23.00 42.0 25.5 2,096 3,112 2,882 0.70 1.04 0.96 8 48 (7) 23.2 15.6 16.9 5.4 4.4 4.7 3.01 3.72 3.44 12 21 21
TU Neutral 12.00 15.00 25.0 15.4 4,796 5,059 5,292 0.99 1.08 1.14 (32) 9 5 12.1 11.1 10.6 14.6 15.6 16.2 0.82 0.77 0.74 6 8 8
ZEN Neutral 6.80 8.00 17.6 7.2 158 66 85 0.53 0.22 0.28 0 (58) 30 12.9 31.1 23.9 4.6 4.6 4.7 1.46 1.49 1.44 12 5 6
Health Care Services 36.6 24,298 26,607 28,471 21.2 19.4 18.1 3.75 3.45 3.22 18 19 18
BCH Outperform AA 14.30 20.00 39.9 20.1 1,492 1,500 1,730 0.60 0.60 0.69 (63) 1 15 23.9 23.8 20.6 5.1 5.2 5.5 2.83 2.73 2.60 11 11 12
BDMS Outperform A 23.50 32.00 36.2 34.0 14,375 15,767 17,080 0.90 0.99 1.07 14 10 8 26.0 23.7 21.9 6.0 6.2 6.5 3.92 3.78 3.64 15 16 16
BH Neutral 180.00 250.00 38.9 266.6 6,918 7,603 7,871 8.70 9.56 9.90 40 10 4 20.7 18.8 18.2 29.9 35.0 40.0 6.01 5.14 4.50 31 29 26
CHG Neutral 2.18 2.80 28.4 3.2 1,092 1,175 1,259 0.10 0.11 0.11 (61) 8 7 22.0 20.4 19.0 0.7 0.7 0.8 3.19 3.04 2.88 14 14 15
RJH Neutral 19.10 24.00 25.7 22.6 420 563 530 1.40 1.88 1.77 (59) 34 (6) 13.7 10.2 10.8 6.8 7.5 7.7 2.80 2.55 2.49 18 23 21
Information & Communication Technology 12.9 23,667 39,702 44,326 29.7 38.2 32.1 7.02 6.81 6.38 11 22 23
Mobile
ADVANC Outperform AA 284.00 300.00 5.6 303.2 28,467 31,567 34,096 9.57 10.61 11.46 9 11 8 29.7 26.8 24.8 30.5 32.1 33.9 9.33 8.84 8.38 32 34 35
TRUE Outperform 11.70 15.00 28.2 13.9 (4,800) 8,135 10,230 (0.14) 0.24 0.30 n.m. n.m. 26 n.m. 49.7 39.5 2.5 2.4 2.7 4.71 4.78 4.38 (11) 10 12
Insurance 16.6 13,343 15,938 18,039 12.3 10.9 10.7 1.44 1.33 1.22 11 8 10
BLA Outperform AA 18.00 27.00 50.0 24.5 2,548 3,370 4,362 1.49 1.97 2.55 (21) 32 29 12.1 9.1 7.0 26.0 28.7 31.2 0.69 0.63 0.58 6 7 9
THRE Outperform 0.51 0.70 37.3 0.7 210 197 269 0.05 0.05 0.06 n.m. (6) 37 10.3 10.9 8.0 0.8 0.9 1.0 0.61 0.57 0.53 6 5 7
THREL Underperform A 1.29 1.60 24.0 1.6 62 (45) 46 0.10 (0.07) 0.07 (60) n.m. n.m. 12.7 n.m. 17.4 2.2 2.1 2.2 0.58 0.62 0.60 4 (3) 3
TLI Neutral A 10.50 11.00 4.8 14.0 9,707 11,553 12,368 0.85 1.01 1.08 5 19 7 12.4 10.4 9.7 9.1 10.0 10.7 1.15 1.06 0.98 10 0 0
TQM Neutral 19.00 28.00 47.4 33.7 816 864 994 1.36 1.44 1.66 1 6 15 14.0 13.2 11.5 4.5 5.0 5.5 4.20 3.79 3.43 31 30 31
Packaging 5,168 3,910 3,747 13.7 18.1 18.9 0.69 0.74 0.73 5 4 4
SCGP Neutral AAA 16.50 22.00 33.3 23.0 5,168 3,910 3,747 1.20 0.91 0.87 (10) (24) (4) 13.7 18.1 18.9 23.9 22.2 22.5 0.69 0.74 0.73 5 4 4
Petrochemicals & Chemicals 34.2 -3,003 -4,102 20,693 331.6 19.7 14.1 0.52 0.58 0.55 (1) (1) 5
GGC Underperform 4.10 5.20 26.8 5.2 (209) (428) 210 (0.20) (0.42) 0.20 n.m. (105) n.m. n.m. n.m. 20.0 9.6 9.0 9.2 0.43 0.45 0.44 (2) (4) 2
IVL Neutral AAA 23.00 26.00 13.0 29.4 389 6,555 12,320 0.07 1.17 2.19 (99) 1,583 88 331.6 19.7 10.5 29.3 25.3 26.7 0.79 0.91 0.86 0 4 8
PTTGC Outperform AAA 21.50 35.00 62.8 27.5 (3,183) (10,229) 8,163 (0.71) (2.27) 1.81 n.m. (221) n.m. n.m. n.m. 11.9 64.1 59.1 60.0 0.34 0.36 0.36 (1) (4) 3
Property Development 34.4 34,641 31,841 34,652 17.8 15.4 12.8 0.83 0.80 0.76 9 8 8
Real Estate Developer
WHA Outperform 4.76 6.60 38.7 6.4 4,426 4,990 5,797 0.30 0.33 0.39 9 13 16 16.1 14.3 12.3 2.2 2.4 2.6 2.12 1.99 1.85 12.14 12.98 14.17
Real Estate Developer
AWC Outperform AA 3.16 4.40 39.2 4.6 1,058 1,661 2,039 0.03 0.05 0.06 n.m. 57 23 95.6 60.9 49.6 2.7 2.9 2.9 1.16 1.11 1.09 1.24 1.86 2.22
Residential
AP Outperform AA 7.95 12.10 52.2 11.0 6,054 5,161 5,602 1.92 1.64 1.78 3 (15) 9 4.1 4.8 4.5 13.0 13.9 15.1 0.61 0.57 0.53 16 12 12
LH Neutral AA 4.60 6.60 43.5 5.6 7,482 5,339 5,369 0.63 0.45 0.45 (10) (29) 1 7.3 10.3 10.2 4.3 4.2 4.3 1.08 1.11 1.08 15 10 10
LPN Underperform 2.20 2.30 4.5 2.2 353 297 303 0.24 0.20 0.21 (42) (16) 2 9.1 10.8 10.6 8.2 8.3 8.4 0.27 0.26 0.26 3 2 2
PSH Underperform AA 6.40 6.30 (1.6) 7.7 1,347 766 1,374 0.62 0.35 0.63 (51) (43) 79 10.4 18.3 10.2 19.4 19.0 19.2 0.33 0.34 0.33 3 2 3
QH Underperform 1.71 1.97 15.2 1.9 2,503 2,240 2,404 0.23 0.21 0.22 4 (10) 7 7.3 8.2 7.6 2.8 2.9 2.9 0.60 0.59 0.59 9 8 8
SIRI Outperform AAA 1.71 2.14 25.1 2.1 5,429 5,377 5,447 0.33 0.31 0.31 14 (6) 1 5.2 5.5 5.5 2.8 2.8 3.0 0.61 0.61 0.58 12 11 11
SPALI Neutral A 16.80 20.00 19.0 22.1 5,989 6,011 6,315 3.07 3.08 3.23 (27) 0 5 5.5 5.5 5.2 25.8 27.5 29.5 0.65 0.61 0.57 12 12 11
Tourism & Leisure 47.0 8,996 10,098 10,779 27.0 22.6 21.4 2.27 1.97 1.86 9 9 9
CENTEL Neutral AAA 28.25 39.00 38.1 42.3 1,118 1,507 1,522 0.83 1.12 1.13 264 35 1 34.1 25.3 25.1 14.8 15.3 15.9 1.91 1.84 1.77 6 7 7
ERW Outperform 3.36 4.80 42.9 5.2 746 844 890 0.15 0.17 0.18 n.m. 13 5 22.0 19.5 18.5 1.3 1.7 1.8 2.58 2.00 1.86 12 12 10
MINT Outperform AA 24.00 36.00 50.0 38.1 7,132 7,747 8,368 0.97 1.05 1.16 831 8 10 24.8 22.9 20.7 10.3 11.6 12.4 2.34 2.06 1.93 8 8 8
Transportation & Logistics 28.6 8,914 20,679 26,712 136.6 25.4 22.1 3.13 2.86 6.83 (14) (16) (25)
Aviation
AAV Neutral 2.12 2.80 32.1 3.4 (206) 3,046 3,257 (0.02) 0.24 0.25 97 n.m. 7 n.m. 8.9 8.4 0.7 0.7 1.0 3.10 2.97 2.19 (3) 35 30
AOT Outperform A 55.25 72.00 30.3 67.0 9,248 19,515 23,060 0.65 1.37 1.61 n.m. 111 18 85.4 40.4 34.2 7.7 8.7 9.5 7.15 6.35 5.82 9 16 17
Express Delivery
KEX Underperform 1.44 1.70 18.1 3.0 (3,881) (4,490) (3,526) (2.23) (2.06) (1.01) (54) 8 51 n.m. n.m. n.m. 1.5 1.7 0.1 0.95 0.84 21.96 (85) (141) (181)
Mass Transit
BEM Outperform AAA 6.75 10.50 55.6 11.3 3,479 3,840 4,337 0.23 0.25 0.28 43 10 13 29.7 26.9 23.8 2.5 2.6 2.7 2.74 2.62 2.49 9 10 11
BTS Neutral AA 6.15 5.30 (13.8) 5.6 275 (1,233) (416) 0.02 (0.09) (0.03) (86) n.m. 70 294.9 n.m. n.m. 3.5 4.1 3.6 1.74 1.51 1.70 0 (2) (1)
Infrastructure Fund 24,467 21,590 23,160 5.4 6.3 5.8 0.56 0.59 0.64 10 10 13
3BBIF Neutral 5.25 7.00 33.3 6.5 7,961 5,859 6,005 1.04 0.77 0.78 (9) (26) 2 5.0 6.9 6.7 8.8 8.8 8.9 0.60 0.60 0.59 10 9 9
BTSGIF Neutral 2.98 3.90 30.9 3.9 4,648 4,053 5,119 0.80 0.70 0.88 37 (13) 26 3.7 4.3 3.4 5.2 4.5 3.6 0.57 0.66 0.82 13 14 22
DIF Outperform 8.40 10.50 25.0 10.3 11,858 11,678 12,035 1.12 1.10 1.13 (4) (2) 3 7.5 7.6 7.4 16.0 16.2 16.4 0.52 0.52 0.51 7 7 7
REITs 4,684 5,465 6,064 9.8 9.9 9.4 0.90 0.89 0.88 8 9 9
FTREIT Outperform 10.10 12.50 23.8 12.8 2,494 2,558 2,727 0.81 0.78 0.83 (1) (4) 6 12.4 12.9 12.2 11.0 11.0 11.0 0.92 0.92 0.92 7 7 8
GVREIT Neutral 6.75 6.80 0.7 6.8 719 709 709 0.88 0.87 0.87 (2) (1) (0) 7.6 7.8 7.8 11.0 10.7 10.8 0.62 0.63 0.62 8 8 8
LHHOTEL Outperform 13.20 16.50 25.0 15.4 949 1,662 1,674 1.58 1.58 1.60 104 0 1 8.4 8.3 8.3 11.7 12.3 12.7 1.13 1.07 1.04 10 13 13
InnovestX Coverage 1,314.50 19.3 709,389 788,850 884,869 82.00 91.19 102.28 (16.64) 11.20 12.17 16.0 14.4 12.9 1.28 1.23 1.17 8 8 9
InnovestX Investment Recommendations
Price as of :
31-Jan-25
2
10
3
11
31012025
Company Rec. SET Price Target Price % 12-mth
ESG Ratings (Bt) Up/(Down) BB-CON
Agribusiness 25.0
GFPT Neutral 9.20 11.50 25.0 13.3
Automotive (1.1)
AH Neutral A 14.30 18.00 25.9 19.0
SAT Underperform AA 10.70 12.00 12.1 12.4
STANLY Underperform 218.00 190.00 (12.8) 204.7
Banking 4.2
Large Banks
BBL Outperform AAA 154.00 180.00 16.9 173.7
KBANK Neutral AAA 160.50 163.00 1.6 174.5
KTB Neutral AAA 22.90 24.00 4.8 24.3
SCB No rec AA 125.00 125.4
Mid/small banks
BAY Neutral AAA 23.80 25.00 5.0 25.2
KKP Neutral AA 52.00 50.00 (3.8) 54.5
TCAP Neutral AA 49.75 52.00 4.5 55.1
TISCO Neutral AAA 99.50 100.00 0.5 99.6
TTB Neutral 1.98 2.00 1.0 2.1
Commerce 46.1
BJC Neutral AA 22.30 27.50 23.3 27.8
CPALL Outperform AAA 52.00 81.00 55.8 79.7
CPAXT Outperform AA 26.75 40.00 49.5 34.1
CRC Outperform AA 33.25 39.00 17.3 40.1
GLOBAL Outperform AA 10.00 18.50 85.0 16.0
HMPRO Outperform AA 8.75 13.00 48.6 11.8
Construction Materials 14.5
Cement
SCC Neutral AAA 154.00 180.00 16.9 199.3
SCCC Neutral AA 161.50 158.00 (2.2) 179.7
Others
DCC Neutral 1.57 1.80 14.6 2.0
EPG Neutral AA 3.38 5.20 53.8 5.3
Electronic Components
DELTA Underperform A 126.00 103.00 (18.3) 110.3
HANA Neutral AA 23.60 33.00 39.8 33.7
KCE Neutral A 22.00 29.00 31.8 29.8
Energy & Utilities 32.2
Oil & Gas and Coal
PTT Outperform AAA 31.50 41.00 30.2 36.3
PTTEP Outperform AA** 127.50 164.00 28.6 156.0
Refineries
BCP Outperform 34.50 44.00 27.5 42.5
BSRC Neutral 5.35 8.00 49.5 8.6
IRPC Neutral 1.13 1.70 50.4 1.4
OR Outperform AAA 11.60 22.00 89.7 16.4
SPRC Neutral 5.30 7.90 49.1 8.2
TOP Neutral 26.00 31.00 19.2 30.1
Utilities
ACE
Neutral
AAA
1.29
1.50
16.3
1.5
BGRIM
Neutral
AAA
15.20
22.20
46.1
24.7
GPSC
Outperform
AAA
30.75
60.00
95.1
49.4
GULF
Outperform
AAA
57.75
67.50
16.9
66.3
Finance & Securities 4.2
Asset Management Company
BAM Underperform AA 5.75 7.00 21.7 7.6
Consumer Finance
AEONTS Outperform 116.00 149.00 28.4 145.8
KTC Underperform AAA 50.75 39.00 (23.2) 47.5
MTC Outperform AAA 43.75 53.00 21.1 55.6
SAWAD Underperform AA 37.00 37.00 - 43.4
TIDLOR Outperform 16.60 21.00 26.5 20.1
THANI Underperform AA 1.30 1.60 23.1 1.7
Securities
ASP Underperform 2.32 2.10 (9.5) 2.1
MST Neutral 9.05 10.00 10.5 10.0
90
91
92
97
98
99
143
144
145
Net Debt (Btm) Shares Mkt. Cap. %Mkt.Cap /
23A 24F 25F 23A 24F 25F 23A 24F 25F 23A 24F 25F 23A 24F 25F (m Shrs.) (Btm) SET
1.63 3.37 3.22 5.86 4.61 4.32 (12) 17 (1) 3,561 2,334 1,329 11,535 0.07
0.15 0.31 0.30 1.63 3.37 3.22 5.86 4.61 4.32 (12) 17 (1) 3,561 2,334 1,329 1,254 11,535 0.07
11.89 6.67 7.52 2.12 2.26 1.72 5 (25) 7 (8,021) (11,181) (13,617) 26,328 0.16
1.65 0.82 1.03 11.54 5.74 7.19 3.01 4.00 3.21 14 (35) 10 4,134 2,858 1,916 355 5,074 0.03
1.60 1.04 1.12 14.95 9.68 10.43 0.79 0.32 0.05 1 (30) 3 (3,314) (4,197) (4,490) 425 4,550 0.03
20.00 10.00 10.80 9.17 4.59 4.95 2.57 2.47 1.90 0 (9) 7 (8,841) (9,842) (11,043) 77 16,704 0.10
5.52 5.93 6.17 1,958,965 11.96
7.00 8.00 9.00 4.55 5.19 5.84 0 0 0 1,909 293,962 1.79
6.50 7.50 8.00 4.05 4.67 4.98 0 0 0 2,369 380,277 2.32
0.87 1.10 1.11 3.79 4.79 4.84 0 0 0 13,976 320,052 1.95
10.34 10.44 11.08 8.27 8.35 8.86 0 0 0 3,367 420,888 2.57
0.90 0.81 0.79 3.76 3.39 3.30 0 0 0 7,356 175,067 1.07
3.00 3.15 3.15 5.77 6.06 6.06 0 0 0 847 44,032 0.27
3.20 3.30 3.40 6.43 6.63 6.83 0 0 0 1,049 52,168 0.32
7.70 7.70 7.70 7.74 7.74 7.74 0 0 0 801 79,664 0.49
0.11 0.13 0.14 5.30 6.57 7.07 0 0 0 97,401 192,855 1.18
2.62 2.54 2.84 11.48 10.98 10.08 1 6 7 772,206 773,068 740,252 1,203,057 7.34
0.80 0.69 0.78 3.59 3.07 3.48 12.08 11.29 10.65 4 6 4 160,700 158,958 155,115 4,008 89,374 0.55
1.01 1.38 1.61 1.95 2.66 3.09 10.39 9.14 8.30 8 12 7 348,611 340,342 319,462 8,983 467,121 2.85
0.57 0.50 0.61 2.13 1.85 2.27 11.75 10.55 9.66 (1) 14 7 116,204 127,443 123,822 10,428 278,940 1.70
0.55 0.57 0.64 1.65 1.72 1.92 10.06 9.44 8.92 9 7 5 117,751 118,010 115,137 6,031 200,531 1.22
0.18 0.16 0.19 1.80 1.63 1.90 13.48 14.57 13.00 (20) (9) 11 10,955 10,106 9,494 5,202 52,019 0.32
0.40 0.38 0.38 4.57 4.33 4.40 11.11 10.89 9.95 6 2 9 17,985 18,209 17,220 13,151 115,073 0.70
4.59 5.30 5.34 7.51 7.48 6.79 (1) (2) 7 294,022 311,835 306,294 256,718 1.57
6.00 5.00 5.00 3.90 3.25 3.25 8.46 8.92 7.87 10 (0) 13 273,404 296,244 293,509 1,200 184,800 1.13
7.00 9.00 9.00 4.33 5.57 5.57 8.46 7.12 6.75 1 12 3 16,257 12,347 10,754 298 48,127 0.29
0.06 0.08 0.08 3.63 4.98 5.16 7.83 8.17 7.73 (21) (8) 3 2,151 1,472 1,062 9,126 14,327 0.09
0.22 0.25 0.25 6.51 7.40 7.40 5.28 5.72 4.83 5 (11) 10 2,209 1,772 969 2,800 9,464 0.06
2.44 2.27 2.80 28.53 27.50 23.77 (3) (4) 18 325 503 2,899 1,618,601 9.88
0.45 0.50 0.51 0.36 0.40 0.40 69.76 63.97 54.88 24 9 17 0 0 0 12,474 1,571,701 9.59
1.00 0.87 1.20 4.24 3.68 5.09 6.79 9.71 7.26 (13) (25) 34 0 0 0 885 20,895 0.13
0.60 0.60 0.64 2.73 2.74 2.90 9.03 8.83 9.18 (19) 3 5 325 503 2,899 1,182 26,006 0.16
4.22 3.56 4.88 10.85 10.36 7.72 (13) 27 36 1,377,116 1,243,511 1,199,633 2,532,326 15.46
2.00 2.00 2.00 6.35 6.35 6.35 3.40 3.40 3.02 (8) (10) 6 607,688 453,162 378,368 28,563 899,734 5.49
9.50 9.63 9.00 7.45 7.55 7.06 2.01 1.95 2.42 (8) 4 (8) (39,455) (35,478) 30,698 3,970 506,173 3.09
2.00 1.30 2.35 5.80 3.77 6.81 3.81 3.97 3.05 (18) 13 20 101,353 128,183 114,113 1,377 47,504 0.29
0.25 0.10 0.50 4.67 1.87 9.35 8.02 22.45 5.49 (61) (65) 268 27,332 26,965 22,362 3,461 18,516 0.11
0.03 0.00 0.05 2.65 0.00 4.42 14.54 12.50 6.40 (47) 6 72 64,807 56,834 47,468 20,434 23,091 0.14
0.52 0.32 0.40 4.48 2.76 3.45 6.08 7.36 5.82 5 (14) 19 (6,497) (4,489) (12,119) 12,000 139,200 0.85
0.00 0.40 0.30 0.00 7.55 5.66 20.53 3.69 2.93 (87) 398 (10) 11,109 7,513 (1,275) 4,336 22,980 0.14
3.40 1.60 2.00 13.08 6.15 7.69 5.00 8.96 8.88 (28) (42) 13 128,741 137,792 160,859 2,234 58,080 0.35
0.00
0.00
0.00
0.00
0.00
0.00
8.29
9.36
7.94
(3)
0
32
4,476
6,753
9,068
10,176
13,127
0.08
0.36
0.36
0.40
2.37
2.37
2.63
11.31
12.01
11.53
39
(1)
7
122,580
131,557
135,589
2,607
39,625
0.24
0.70
0.80
1.00
2.28
2.60
3.25
10.67
9.50
8.90
45
5
4
112,135
98,846
93,348
2,820
86,707
0.53
0.88
1.02
1.09
1.52
1.77
1.89
36.53
29.16
26.25
12
24
9
242,847
235,874
221,153
11,733
677,589
4.14
3.37 4.10 4.25 393,585 2.40
0.38 0.39 0.43 6.61 6.72 7.42 3,232 18,584 0.11
5.50 5.50 5.57 4.74 4.74 4.80 250 29,000 0.18
1.13 1.15 1.16 2.23 2.27 2.29 2,578 130,850 0.80
0.21 0.28 0.32 0.48 0.63 0.74 2,120 92,750 0.57
0.01 0.51 0.49 0.03 1.39 1.34 1,510 55,887 0.34
0.27 0.50 0.50 1.63 3.04 3.02 2,914 48,364 0.30
0.02 0.06 0.06 1.54 4.48 4.88 6,229 8,098 0.05
0.18 0.16 0.16 7.76 6.93 6.89 2,106 4,885 0.03
0.48 0.61 0.62 5.30 6.71 6.88 571 5,166 0.03
DPS (Bt)
EV/EBITDA (x)
EBITDA Growth (%)
Dividend Yield (%)
InnovestX Investment Recommendations
Price as of :
31-Jan-25
2
10
3
11
31012025
Company Rec. SET Price Target Price % 12-mth
ESG Ratings (Bt) Up/(Down) BB-CON
Food & Beverage
32.0
BTG Outperform AAA 17.40 23.00 32.2 23.3
CBG Outperform AA 70.50 101.00 43.3 90.2
CPF Outperform AAA 22.00 28.00 27.3 29.7
OSP Neutral AA 16.20 23.00 42.0 25.5
TU Neutral 12.00 15.00 25.0 15.4
ZEN Neutral 6.80 8.00 17.6 7.2
Health Care Services 36.6
BCH Outperform AA 14.30 20.00 39.9 20.1
BDMS Outperform A 23.50 32.00 36.2 34.0
BH Neutral 180.00 250.00 38.9 266.6
CHG Neutral 2.18 2.80 28.4 3.2
RJH Neutral 19.10 24.00 25.7 22.6
Information & Communication Technology 12.9
Mobile
ADVANC Outperform AA 284.00 300.00 5.6 303.2
TRUE Outperform 11.70 15.00 28.2 13.9
Insurance 16.6
BLA Outperform AA 18.00 27.00 50.0 24.5
THRE Outperform 0.51 0.70 37.3 0.7
THREL Underperform A 1.29 1.60 24.0 1.6
TLI Neutral A 10.50 11.00 4.8 14.0
TQM Neutral 19.00 28.00 47.4 33.7
Packaging
SCGP Neutral AAA 16.50 22.00 33.3 23.0
Petrochemicals & Chemicals 34.2
GGC Underperform 4.10 5.20 26.8 5.2
IVL Neutral AAA 23.00 26.00 13.0 29.4
PTTGC Outperform AAA 21.50 35.00 62.8 27.5
Property Development 34.4
Real Estate Developer
WHA Outperform 4.76 6.60 38.7 6.4
Real Estate Developer
AWC Outperform AA 3.16 4.40 39.2 4.6
Residential
AP Outperform AA 7.95 12.10 52.2 11.0
LH Neutral AA 4.60 6.60 43.5 5.6
LPN Underperform 2.20 2.30 4.5 2.2
PSH Underperform AA 6.40 6.30 (1.6) 7.7
QH Underperform 1.71 1.97 15.2 1.9
SIRI Outperform AAA 1.71 2.14 25.1 2.1
SPALI Neutral A 16.80 20.00 19.0 22.1
Tourism & Leisure 47.0
CENTEL Neutral AAA 28.25 39.00 38.1 42.3
ERW Outperform 3.36 4.80 42.9 5.2
MINT Outperform AA 24.00 36.00 50.0 38.1
Transportation & Logistics 28.6
Aviation
AAV Neutral 2.12 2.80 32.1 3.4
AOT Outperform A 55.25 72.00 30.3 67.0
Express Delivery
KEX Underperform 1.44 1.70 18.1 3.0
Mass Transit
BEM Outperform AAA 6.75 10.50 55.6 11.3
BTS Neutral AA 6.15 5.30 (13.8) 5.6
Infrastructure Fund
3BBIF Neutral 5.25 7.00 33.3 6.5
BTSGIF Neutral 2.98 3.90 30.9 3.9
DIF Outperform 8.40 10.50 25.0 10.3
REITs
FTREIT Outperform 10.10 12.50 23.8 12.8
GVREIT Neutral 6.75 6.80 0.7 6.8
LHHOTEL Outperform 13.20 16.50 25.0 15.4
InnovestX Coverage 1,314.50 19.3
90
91
92
97
98
99
143
144
145
Net Debt (Btm) Shares Mkt. Cap. %Mkt.Cap /
23A 24F 25F 23A 24F 25F 23A 24F 25F 23A 24F 25F 23A 24F 25F (m Shrs.) (Btm) SET
DPS (Bt)
EV/EBITDA (x)
EBITDA Growth (%)
Dividend Yield (%)
3.64
2.99
3.66
12.64
10.58
9.49
(9)
22
8
571,643
563,254
536,881
393,426
2.40
0.25 0.37 0.52 1.44 2.15 2.96 n.m. 13.68 10.86 n.m. n.m. 19 22,444 20,615 17,439 1,935 33,666 0.21
0.90 1.30 1.53 1.28 1.84 2.16 23.85 18.09 15.40 (10) 32 14 6,552 6,839 4,551 1,000 70,500 0.43
0.00 0.75 0.75 0.00 3.41 3.41 15.20 9.36 8.96 (32) 60 1 488,976 481,165 461,837 8,414 185,099 1.13
1.65 0.60 0.91 10.19 3.70 5.63 12.25 10.47 10.37 6 25 (0) 2,202 5,783 5,169 3,004 48,661 0.30
0.54 0.61 0.66 4.50 5.08 5.50 8.86 8.03 7.69 (15) 6 3 51,551 48,775 47,773 4,455 53,462 0.33
0.30 0.12 0.16 4.41 1.77 2.30 3.07 3.86 3.63 8 (14) 8 (81) 77 113 300 2,040 0.01
3.48 3.75 4.18 12.79 12.09 10.78 (21) 4 12 6,547 (5,568) (8,863) 581,918 3.55
0.35 0.31 0.43 2.45 2.20 3.01 11.99 12.96 10.39 (43) (8) 23 (619) (661) (1,191) 2,494 35,661 0.22
0.70 0.77 0.83 2.98 3.27 3.54 15.37 14.22 13.24 8 8 7 10,167 8,856 8,293 15,892 373,462 2.28
4.50 4.88 5.05 2.50 2.71 2.81 14.41 12.27 11.57 35 9 4 (3,134) (13,543) (15,883) 795 143,085 0.87
0.07 0.07 0.08 3.21 2.99 3.68 12.68 12.41 10.59 (54) (0) 16 (773) (1,335) (1,559) 11,000 23,980 0.15
1.20 1.44 1.50 6.28 7.56 7.86 9.51 8.61 8.12 (53) 14 12 906 1,116 1,477 300 5,730 0.03
1.52 1.64 2.38 9.39 8.31 7.83 4 14 4 444,129 462,026 421,174 1,248,935 7.62
8.61 9.34 10.09 3.03 3.29 3.55 10.17 9.01 8.60 4 13 2 112,501 116,390 95,201 2,974 844,676 5.16
0.00 0.00 0.14 0.00 0.00 1.20 8.60 7.61 7.07 n.m. 15 5 331,629 345,636 325,973 34,552 404,260 2.47
3.62 2.28 3.95 165,311 1.01
0.48 0.49 0.64 2.67 2.74 3.55 1,708 30,736 0.19
0.00 0.00 0.01 0.00 0.00 2.50 4,215 2,150 0.01
0.07 0.00 0.05 5.43 0.00 4.02 620 800 0.00
0.50 0.35 0.38 4.76 3.36 3.60 11,450 120,225 0.73
1.00 1.01 1.16 5.26 5.30 6.10 600 11,400 0.07
3.33 3.33 2.38 5.47 6.94 6.12 (5) (5) 6 31,264 51,825 43,647 70,833 0.43
0.55 0.55 0.39 3.33 3.33 2.38 5.47 6.94 6.12 (5) (5) 6 31,264 51,825 43,647 4,293 70,833 0.43
3.70 2.50 3.68 7.31 5.81 4.26 (46) 30 24 429,128 391,158 338,416 230,272 1.41
0.10 0.01 0.10 2.44 0.24 2.50 5.38 4.00 3.08 (70) 56 15 (1,397) (955) (1,320) 1,024 4,197 0.03
0.93 0.60 1.00 4.02 2.61 4.35 8.67 6.06 5.10 (52) 29 6 223,470 188,749 155,786 5,615 129,135 0.79
1.00 1.00 0.90 4.65 4.65 4.19 7.87 7.36 4.58 (17) 6 50 207,055 203,364 183,951 4,509 96,940 0.59
8.25 6.20 6.60 14.46 13.57 12.18 2 (3) 9 334,200 299,505 305,775 350,172 2.14
0.18 0.21 0.24 3.86 4.35 5.06 15.70 14.45 12.85 16 11 12 48,851 51,325 51,273 14,947 71,147 0.43
0.05 0.06 0.03 1.58 1.77 0.81 35.60 29.61 26.24 73 27 20 70,377 79,339 90,274 32,005 101,136 0.62
0.70 0.57 0.62 8.84 7.22 7.84 7.95 6.42 5.82 6 (7) 4 37,434 21,746 19,000 3,146 25,010 0.15
0.50 0.34 0.34 10.89 7.28 7.33 7.90 8.52 9.23 (7) (15) (7) 37,536 29,437 29,766 11,950 54,969 0.34
0.13 0.11 0.11 5.73 4.82 4.93 23.46 22.19 20.02 (41) (6) (6) 12,270 10,533 8,432 1,454 3,199 0.02
0.96 0.40 0.53 14.96 6.25 8.34 6.01 8.29 6.88 (30) (23) 30 5,043 6,088 7,768 2,189 14,006 0.09
0.15 0.13 0.14 8.61 7.70 8.27 1.98 (0.16) 0.49 (0) (6) 7 (12,206) (18,775) (16,803) 10,714 18,322 0.11
0.19 0.16 0.16 11.18 9.09 9.12 23.13 25.26 20.18 26 (15) 20 105,757 94,191 88,833 17,294 29,573 0.18
1.45 1.23 1.29 8.61 7.33 7.70 8.39 7.52 7.87 (22) 5 (2) 29,138 25,621 27,233 1,953 32,811 0.20
1.98 2.18 1.99 10.57 9.90 9.77 56 10 4 221,193 224,033 223,866 190,637 1.16
0.42 0.41 0.51 1.49 1.44 1.80 10.97 11.37 10.91 32 12 8 24,980 35,144 37,570 1,350 38,138 0.23
0.07 0.11 0.08 2.08 3.39 2.31 13.34 11.32 11.57 108 14 2 14,132 13,177 13,154 4,887 16,420 0.10
0.57 0.41 0.44 2.38 1.71 1.85 7.39 7.00 6.82 29 5 2 182,082 175,712 173,142 5,670 136,079 0.83
0.55 0.73 0.85 18.01 14.72 13.97 20 29 6 273,145 237,068 238,048 1,023,725 6.25
0.00 0.00 0.00 0.00 0.00 0.00 9.50 6.55 5.98 n.m. 51 5 41,777 43,413 40,765 12,850 27,242 0.17
0.36 0.79 0.95 0.65 1.43 1.72 33.54 19.79 17.05 n.m. 66 17 (232) (16,836) (8,375) 14,286 789,285 4.82
0.00 0.00 0.00 0.00 0.00 0.00 (1.35) (0.68) (2.57) n.m. n.m. n.m. 904 (99) 2,828 3,505 5,047 0.03
0.14 0.15 0.17 2.07 2.23 2.52 18.76 17.68 16.44 37 4 5 67,057 64,145 60,619 15,285 103,174 0.63
0.00 0.00 0.00 0.00 0.00 0.00 29.61 30.25 32.95 3 (6) (6) 163,639 146,445 142,212 16,094 98,977 0.60
17.56 15.71 17.45 6.65 7.28 6.71 34,957 30,342 26,319 148,554 0.91
0.78 0.69 0.64 14.86 13.21 12.25 5.96 7.76 7.47 (9) (24) 2 12,144 11,295 10,336 8,000 42,000 0.26
0.80 0.69 0.88 26.68 23.26 29.38 3.71 4.24 3.36 36 (13) 26 (43) (100) (105) 5,788 17,248 0.11
0.93 0.89 0.90 11.13 10.65 10.71 8.07 7.95 7.57 (1) (2) 2 22,856 19,147 16,088 10,632 89,306 0.55
8.95 9.28 9.47 15.13 12.89 12.36 27,164 24,875 27,037 58,169 0.36
0.75 0.75 0.76 7.41 7.41 7.57 15.74 15.39 14.65 0 4 7 14,602 13,135 13,664 3,283 33,162 0.20
0.79 0.79 0.79 11.64 11.73 11.72 8.93 9.27 9.18 (3) (2) (0) 1,789 1,920 1,810 815 5,500 0.03
1.15 1.24 1.26 8.71 9.39 9.53 19.55 11.18 11.07 101 68 0 10,165 9,276 9,079 1,049 13,846 0.08
3.20 3.33 3.58 10.20 9.67 8.97 (2) 4 7 4,750,458 4,543,372 4,335,735 12,256,345 74.82
Disclaimer
The information in this report has been obtained from sources believed to be reliable. However, its accuracy or completeness is not guaranteed. Any opinions
expressed herein reflect our judgment at this date and are subject to change without notice. This report is for information only. It is not to be construed as
an offer, or solicitation of an offer to sell or buy any securities. We accept no liability for any loss arising from the use of this document. We or our associates
may have an interest in the companies mentioned therein.
InnovestX Securities Company Limited (“INVX”) is wholly owned by SCB X Public Company Limited (“SCBX”) and The Siam Commercial Bank Public Company
Limited (“SCB”) is majority-owned by SCBX. Any information related to SCB is for sector comparison purpose.
This document is prepared by InnovestX Securities Company Limited (“INVX”) which is wholly owned by SCB X Public Company Limited (“SCBX”). The Siam
Commercial Bank Public Company Limited, which is majority-owned by SCBX, acts as financial advisor of the LH Hotel Leasehold Real Estate Investment
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“Information”) is provided as general information purposes only and shall not be construed as individualized recommendation of an offer to buy or sell or the
solicitation of an offer to buy or sell any securities. INVX and/or its directors, officers and employees shall not be liable for any direct, indirect, incidental,
special or consequential loss or damage, resulting from the use of or reliance on the Information, including without limitation to, damages for loss of profits.
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CG Rating 2024 Companies with CG Rating
Companies with Excellent CG Scoring
AAV, ABM, ACE, ACG, ADVANC, AE, AF, AGE, AH, AIT, AJ, AKP, AKR, ALLA, ALT, AMA, AMARIN, AMATA, AMATAV, ANAN, AOT, AP, ASIMAR, ASK, ASP, ASW, AURA, AWC, B, BAFS, BAM,
BANPU, BAY, BBGI, BBL, BCH, BCP, BCPG, BDMS, BEC, BEM, BEYOND, BGC, BGRIM, BJC, BKIH, BLA, BPP, BR, BRI, BRR, BSRC, BTG, BTS, BTW, BWG, CBG, CENTEL, CFRESH, CHASE,
CHEWA, CHOW, CIMBT, CIVIL, CK, CKP, CNT, COLOR, COM7, CPALL, CPAXT, CPF, CPL, CPN, CPW, CRC, CRD, CREDIT, CSC, CV, DCC, DDD, DELTA, DEMCO, DITTO, DMT, DOHOME, DRT,
DUSIT, EASTW, ECF, ECL, EGCO, EPG, ERW, ETC, ETE, FLOYD, FN, FPI, FPT, FVC, GABLE, GC, GCAP, GFC, GFPT, GGC, GLAND, GLOBAL, GPSC, GRAMMY, GULF, GUNKUL, HANA, HARN,
HENG, HMPRO, HPT, HTC, ICC, ICHI, III, ILINK, ILM, IND, INET, INSET, INTUCH, IP, IRC, IRPC, IT, ITC, ITEL, ITTHI, IVL, JAS, JTS, K, KBANK, KCC, KCE, KCG, KEX, KKP, KSL, KTB, KTC, KTMS,
KUMWEL, LALIN, LANNA, LH, LHFG, LIT, LOXLEY, LPN, LRH, LST, M, MAJOR, MALEE, MBK, MC, M-CHAI, MCOT, MFC, MFEC, MINT, MODERN, MONO, MOONG, MOSHI, MSC, MST, MTC,
MTI, MVP, NCH, NER, NKI, NOBLE, NRF, NSL, NTSC, NVD, NWR, NYT, OCC, OR, ORI, OSP, PAP, PB, PCC, PCSGH, PDJ, PEER, PG, PHOL, PIMO, PLANB, PLAT, PLUS, PM, PORT, PPP, PPS, PR9,
PRG, PRIME, PRM, PRTR, PSH, PSL, PTT, PTTEP, PTTGC, Q-CON, QH, QTC, RATCH, RBF, RPC, RPH, RS, RT, RWI, S, S&J, SA, SAAM, SABINA, SAK, SAMART, SAMTEL, SAT, SAV, SAWAD, SC,
SCAP, SCB, SCC, SCCC, SCG, SCGD, SCGP, SCM, SCN, SDC, SEAFCO, SEAOIL, SELIC, SENA, SENX, SGC, SGF, SGP, SHR, SICT, SIRI, SIS, SITHAI, SJWD, SKE, SKR, SM, SMPC, SNC, SNNP,
SNP, SO, SONIC, SPALI, SPC, SPI, SPRC, SR, SSC, SSF, SSP, SSSC, STA, STEC, STGT, STI, SUC, SUN, SUTHA, SVI, SYMC, SYNEX, SYNTEC, TASCO, TBN, TCAP, TCMC, TEAMG, TEGH, TFG,
TFMAMA, TGE, TGH, THANA, THANI, THCOM, THG*, THIP, THRE, THREL, TIPH, TISCO, TK, TKS, TKT, TLI, TM, TMILL, TMT, TNDT, TNITY, TNL, TOA, TOG, TOP, TPAC, TPBI, TPIPL, TPIPP, TPS,
TQM, TQR, TRP, TRUBB, TRUE, TRV, TSC, TSTE, TSTH, TTA, TTB, TTCL, TTW, TU, TVDH, TVO, TVT, TWPC, UAC, UBE, UBIS, UKEM, UPF, UPOIC, UV, VARO, VGI, VIH, WACOAL, WGE, WHA,
WHAUP, WICE, WINMED, WINNER, ZEN
Companies with Very Good CG Scoring
2S, AAI, ADB, AEONTS, AHC, AIRA, APCO, APCS, APURE, ARIP, ARROW, ASIAN, ATP30, AUCT, AYUD, BA, BBIK, BC, BE8, BH, BIZ, BOL, BSBM, BTC, CH, CI, CIG, CM, COCOCO, COMAN,
CPI, CSS, DTCENT, EVER, FE, FORTH, FSMART, FSX, FTI, GEL, GIFT, GPI, HUMAN, IFS, INSURE, JCK, JDF, JMART, KGI, KJL, KTIS, KUN, L&E, LHK, MATCH, MBAX, MEGA, METCO, MICRO, NC,
NCAP, NCL, NDR, ONEE, PATO, PDG, PJW, POLY, PQS, PREB, PROUD, PSG, PSP, PSTC, PT, PTECH, PYLON, QLT, RABBIT, RCL, SAPPE, SECURE, SFLEX, SFT, SINO, SMT, SPCG, SPVI, STANLY,
STPI, SUPER, SUSCO, SVOA, SVT, TACC, TAE, TCC, TEKA, TFM, TITLE, TKN, TMD, TNR, TPA, TPCH, TPCS, TPLAS, TPOLY, TRT, TURTLE, TVH, UBA, UP, UREKA, VCOM, VIBHA, VRANDA,
WARRIX, WIN, WP
Companies with Good CG Scoring
A5, ADD, AIE, ALUCON, AMC, AMR, ARIN, ASEFA, ASIA, ASN, BIG, BIOTEC, BIS, BJCHI, BLC, BVG, CEN, CGH, CHARAN, CHAYO, CHIC, CHOTI, CITY, CMC, CPANEL, CSP, DEXON, DOD,
DPAINT, DV8, EASON, EE, EFORL, EKH, ESTAR, ETL, FNS, GBX, GENCO, GTB, GYT, ICN, IIG, IMH, IRCP, J, JCKH, JMT, JPARK, JR, JSP, JUBILE, KBS, KCAR, KIAT, KISS, KK, KWC, LDC, LEO,
MCA, META, MGC, MITSIB, MK, NAM, NOVA, NTV, NV, OGC, PACO, PANEL, PHG, PIN, PRAPAT, PRI, PRIN, PROEN, PROS, PTC, READY, ROCTEC, SABUY, SALEE, SAMCO, SANKO, SCI, SE,
SE-ED, SINGER, SISB, SKN, SKY, SMD100, SMIT, SORKON, SPG, SST, STC, STOWER, STP, SVR, SWC, TAKUNI, TC, TFI, TMC, TMI, TNP, TOPP, TRU, UEC, UOBKH, VL, WAVE, WFX, WIIK, XO,
XPG, YUASA, ZAA
Corporate Governance Report
The material contained in this publication is for general information only and is not intended as advice on any of the matters discussed herein. Readers and others should perform their
own independent analysis as to the accuracy or completeness or legality of such information. The Thai Institute of Directors, its officers, the authors and editor make no representation
or warranty as to the accuracy, completeness or legality of any of the information contained herein. By accepting this document, each recipient agrees that the Thai Institute of
Directors Association, its officers, the authors and editor shall not have any liability for any information contained in, or for any omission from, this publication.
The survey result is as of the date appearing in the Corporate Governance Report of Thai Listed Companies. As a result, the survey result may be changed after that date. InnovestX
Securities Company Limited does not conform nor certify the accuracy of such survey result.
To recognize well performers, the list of companies attaining “Good”, “Very Good” and “Excellent” levels of recognition (Not including listed companies qualified in the "no
announcement of the results" clause from 1 January 2023 to 28 October 2024) is publicized.
* CGR
Anti-corruption Progress Indicator
Certified (ได้รับการรับรอง)
2S, AAI, ADB, ADVANC, AE, AF, AH, AI, AIE, AIRA, AJ, AKP, AMA, AMANAH, AMATA, AMATAV, AP, APCS, AS, ASIAN, ASK, ASP, ASW, AWC, AYUD, B, BAFS, BAM, BANPU, BAY, BBGI, BBL,
BCH, BCP, BCPG, BE8, BEC, BEYOND, BGC, BGRIM, BLA, BPP, BRI, BRR, BSBM, BTG, BTS, BWG, CAZ, CBG, CEN, CENTEL, CFRESH, CGH, CHEWA, CHOTI, CHOW, CI, CIG, CIMBT, CM,
CMC, COM7, CPALL, CPAXT, CPF, CPI, CPL, CPN, CPW, CRC, CSC, CV, DCC, DELTA, DEMCO, DIMET, DMT, DOHOME, DRT, DUSIT, EA, EASTW, ECF, EGCO, EP, EPG, ERW, ETC, ETE, FNS,
FPI, FPT, FSMART, FSX, FTE, GBX, GC, GCAP, GEL, GFPT, GGC, GJS, GLOBAL, GPI, GPSC, GSTEEL, GULF, GUNKUL, HANA, HARN, HEALTH, HENG, HMPRO, HTC, ICC, ICHI, IFS, III, ILINK,
ILM, INET, INOX, INSURE, INTUCH, IRPC, ITEL, IVL, JAS, JR, JTS, KASET, KBANK, KCAR, KCC, KCE, KGEN, KGI, KKP, KSL, KTB, KTC, L&E, LANNA, LH, LHFG, LHK, LPN, LRH, M, MAJOR, MALEE,
MATCH, MBAX, MBK, MC, MCOT, MEGA, MENA, META, MFC, MFEC, MILL, MINT, MODERN, MONO, MOONG, MSC, MTC, MTI, NATION, NCAP, NEP, NER, NKI, NOBLE, NRF, OCC, OGC, OR,
ORI, OSP, PAP, PATO, PB, PCSGH, PDG, PDJ, PG, PHOL, PIMO, PK, PL, PLANB, PLANET, PLAT, PM, PPP, PPPM, PPS, PR9, PREB, PRG, PRINC, PRM, PROS, PRTR, PSH, PSL, PSTC, PT, PTECH,
PTG, PTT, PTTEP, PTTGC, PYLON, Q-CON, QH, QLT, QTC, RABBIT, RATCH, RBF, RML, RS, RWI, S&J, SA, SAAM, SABINA, SAK, SAPPE, SAT, SC, SCB, SCC, SCCC, SCG, SCGP, SCM, SCN,
SEAOIL, SE-ED, SELIC, SENA, SENX, SFLEX, SGC, SGP, SIRI, SIS, SITHAI, SKR, SM, SMIT, SMPC, SNC, SNP, SORKON, SPACK, SPALI, SPC, SPI, SPRC, SRICHA, SSF, SSP, SSSC, SST, STA,
STGT, STOWER, SUSCO, SVI, SVOA, SVT, SYMC, SYNTEC, TAE, TAKUNI, TASCO, TCAP, TEGH, TFG, TFI, TFMAMA, TGE, TGH, THANI, THCOM, THIP, THRE, THREL, TIDLOR, TIPCO, TIPH,
TISCO, TKN, TKS, TKT, TMD, TMILL, TMT, TNITY, TNL, TNP, TNR, TOG, TOP, TOPP, TPA, TPCS, TPLAS, TRT, TRU, TRUE, TSC, TSI, TSTE, TSTH, TTB, TTCL, TU, TURTLE, TVDH, TVO, TWPC,
UBIS, UEC, UKEM, UPF, UV, VCOM, VGI, VIBHA, VIH, WACOAL, WHA, WHAUP, WICE, WIIK, WPH, XO, YUASA, ZEN
Declared (ประกาศเจตนารมณ์)
ACE, ALT, AMARIN, AMC, ANI, APCO, ASAP, B52, BLAND, BYD, CFARM, CHASE, CHG, DEXON, DITTO, ECL, EVER, FLOYD, GREEN, HL, HUMAN, ICN, IHL, IP, ITC, JDF, JMART, K, KJL, LDC,
LIT, MITSIB, MJD, MOSHI, NEX, NTSC, PLE, PLUS, POLY, PQS, PRI, PRIME, PROEN, PROUD, PTC, RT, S, SAWAD, SCAP, SCGD, SFT, SHR, SINGER, SINO, SJWD, SKE, SNNP, SOLAR, SONIC,
SUPER, TBN, TMI, TPAC, TPP, TQM, UOBKH, UREKA, VNG, WELL, WIN, XPG
N/A
24CS, A, A5, AAV, ABM, ACAP, ACC, ACG, ADD, ADVICE, AEONTS, AFC, AGE, AHC, AIT, AJA, AKR, AKS, ALLA, ALPHAX, ALUCON, AMARC, AMR, ANAN, AOT, APO, APP, APURE, AQUA,
ARIN, ARIP, ARROW, ASEFA, ASIA, ASIMAR, ASN, ATP30, AU, AUCT, AURA, BA, BBIK, BC, BCT, BDMS, BEAUTY, BEM, BGT, BH, BIG, BIOTEC, BIS, BIZ, BJC, BJCHI, BKD, BKGI, BKIH, BLC,
BLESS, BLISS, BM, BOL, BPS, BR, BROCK, BSM, BSRC, BTC, BTNC, BTW, BUI, BVG, CCET, CCP, CEYE, CGD, CH, CHAO, CHARAN, CHAYO, CHIC, CHO, CITY, CIVIL, CK, CKP, CMAN, CMO,
CMR, CNT, COCOCO, COLOR, COMAN, CPANEL, CPH, CPR, CPT, CRANE, CRD, CREDIT, CSP, CSR, CSS, CTW, CWT, D, DCON, DDD, DHOUSE, DOD, DPAINT, DTCENT, DTCI, DV8, EASON,
EE, EFORL, EKH, EMC, ESTAR, ETL, EURO, F&D, FANCY, FE, FM, FMT, FN, FORTH, FTI, FVC, GABLE, GENCO, GFC, GL, GLAND, GLOCON, GLORY, GRAMMY, GRAND, GTB, GTV, GYT, HFT,
HPT, HTECH, HYDRO, I2, IIG, IMH, IND, INGRS, INSET, IRC, IRCP, IROYAL, IT, ITD, ITNS, ITTHI, IVF, J, JAK, JCK, JCKH, JCT, JKN, JMT, JPARK, JSP, JUBILE, KAMART, KBS, KC, KCG, KCM, KDH,
KEX, KIAT, KISS, KK, KKC, KLINIQ, KOOL, KTIS, KTMS, KUMWEL, KUN, KWC, KWI, KWM, KYE, LALIN, LEE, LEO, LOXLEY, LPH, LST, LTS, MAGURO, MANRIN, MASTER, MATI, MCA, M-CHAI,
MCS, MDX, MEB, MEDEZE, METCO, MGC, MGI, MGT, MICRO, MIDA, MK, ML, MORE, MPJ, MST, MTW, MUD, MVP, NAM, NAT, NC, NCH, NCL, NCP, NDR, NEO, NETBAY, NEW, NEWS, NFC,
NKT, NL, NNCL, NOVA, NPK, NSL, NTV, NV, NVD, NWR, NYT, OHTL, OKJ, ONEE, ORN, PACO, PAF, PANEL, PCC, PCE, PEACE, PEER, PERM, PF, PHG, PICO, PIN, PIS, PJW, PLT, PMC, PMTA,
PORT, PPM, PRAKIT, PRAPAT, PRECHA, PRIN, PSG, PSP, PTL, QTCG, RAM, RCL, READY, RICHY, RJH, ROCK, ROCTEC, ROH, ROJNA, RP, RPC, RPH, RSP, RSXYZ, S11, SABUY, SAF, SAFARI,
SAFE, SALEE, SAM, SAMART, SAMCO, SAMTEL, SANKO, SAUCE, SAV, SAWANG, SCI, SCL, SCP, SDC, SE, SEAFCO, SECURE, SEI, SGF, SHANG, SIAM, SICT, SIMAT, SISB, SK, SKN, SKY,
SLP, SMART, SMD100, SMT, SNPS, SO, SPA, SPCG, SPG, SPREME, SPVI, SQ, SR, SRS, STANLY, STC, STECH, STECON, STELLA, STI, STP, STPI, STX, SUC, SUN, SUTHA, SVR, SWC, SYNEX,
TACC, TAN, TAPAC, TATG, TC, TCC, TCJ, TCMC, TCOAT, TEAM, TEAMG, TEKA, TERA, TFM, TGPRO, TH, THAI, THANA, THE, THG, THMUI, TIGER, TITLE, TK, TKC, TLI, TM, TMAN, TMC, TMW,
TNDT, TNH, TNPC, TOA, TPBI, TPCH, TPIPL, TPIPP, TPL, TPOLY, TPS, TQR, TR, TRC, TRITN, TRP, TRUBB, TRV, TSE, TSR, TTA, TTI, TTT, TTW, TVH, TVT, TWP, TWZ, TYCN, UAC, UBA, UBE, UMI,
UMS, UNIQ, UP, UPOIC, UTP, UVAN, VARO, VL, VPO, VRANDA, VS, WARRIX, WAVE, WFX, WGE, WINDOW, WINMED, WINNER, WORK, WP, XBIO, YGG, YONG, ZAA, ZIGA
Explanations
Companies participating in Thailand's Private Sector Collective Action Coalition Against Corruption programme (Thai CAC) under Thai Institute of Directors (as of October 14, 2024) are
categorised into: companies that have declared their intention to join CAC, and companies certified by CAC.
Research Group
Head of Research
Sukit Udomsirikul
sukit.u@innovestx.co.th, (662) 949-1035 Investment Strategy
Senior Analyst, Automotive, Healthcare, Tourism
Raweenuch Piyakriengkai
raweenuch.p@innovestx.co.th, (662) 949-1002
Senior Economist
Dr. Piyasak Manason
piyasak.m@innovestx.co.th, (662) 949-1037
Senior Analyst, Financial Group
Kittima Sattayapan, CFA
kittima.s@innovestx.co.th, (662) 949-1003
Senior Analyst, Mid and Small cap
Natwarin Tripobsakul
natwarin.t@innovestx.co.th, (662) 949-1032
Senior Analyst, Commerce, Food
Sirima Dissara, CFA
sirima.d@innovestx.co.th, (662) 949-1004
Senior Strategy Analyst
Sutthichai Kumworachai
sutthichai.k@innovestx.co.th, (662) 097-1507
Senior Analyst, Energy and Petrochemicals
Chaipat Thanawattano
chaipat.t@innovestx.co.th, (662) 949-1005
Retail Strategy
Jaradsak Woragidbumrung
jaradsak.w@innovestx.co.th, (662) 949-1018
Senior Analyst, Property Group, Foods & Beverages
and Digital Assets
Termporn Tantivivat
termporn.t@innovestx.co.th, 0-2949-1020
Research Assistant
Akasit Aupaiboon
akasit.a@innovestx.co.th, (662) 949-1016
Research Assistant
Senior Analyst, ICT, Technology Group and Digital
Assets
Kittisorn Pruitipat, CFA, FRM
kittisorn.p@innovestx.co.th, (662) 949-1007
Chanon Pendara
chanon.p@innovestx.co.th
Senior Analyst, Building Materials, Electronics and
Digital Assets
Chaiwat Arsirawichai
chaiwat.a@innovestx.co.th, (662) 949-1021 Offshore Division
Support Team Division
Senior Global Equity Strategist
Sittichai Duangrattanachaya
sittichai.d@innovestx.co.th, (662) 949-1031
Office Manager
Kanyarat Kawiya
kanyarat.k@innovestx.co.th, (662) 949-1011
Research Assistant
Tanawadee Rattanasang
tanawadee.r@innovestx.co.th
Database
Sureeporn Charoenchongsuk
sureeporn.c@innovestx.co.th, (662) 949-1025 TA/TFEX Division
Research Assistant
Supattra Jairew
supattra.j@innovestx.co.th, (662) 949-1023
Senior Strategist, Equity and Derivatives market
Ekpawin Suntarapichard
ekpawin.s@innovestx.co.th, (662) 949-1029
Thai Editor
Pongkanit Paocharoen
pongkanit.p@innovestx.co.th
Strategist, Equity, Derivatives market and Digital assets
Pobchai Phatrawit
pobchai.p@innovestx.co.th, (662) 949-1014
Digital content
Chuleeporn Keawcharoen
chuleeporn.k@innovestx.co.th
Digital content
Theerawit Chokbowonthanasarn
theerawit.c@innovestx.co.th
