Monthly update May 2025 PDF Free Download
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100%
See the end of this report for disclaimer
Looking back at April, ahead to May
The SET is expected to fluctuate in May, with downward pressure from the
traditional "sell in May" after 1Q25 earnings announcements and XD period.
However, downside risk appears limited, and recovery is anticipated, supported
by switching from LTF into Thai ESGX funds, which should slow down selling
pressure, along with new investments. While these inflows may not be substantial,
they are expected to curtail downside. Meanwhile, US tariffs require monitoring,
with the uncertainty mandating cautious investment, limiting SET upside. Support
is put at 1160-1150 with resistance at 1230-1240.
Highly volatile in April. The index fell to its lowest in over five years to 1056 after
Trump announced his “reciprocal” tariffs, with Thailand being levied a rate of 36%,
much higher than expected, scheduled to take effect April 9. However, Trump
blinked and put a 90-day pause on his tariffs, leading the SET into a rebound.
Subsequently, the market traded sluggishly, especially after the negotiations
between Thailand and the US were put on an indefinite hold. The index rose strongly
on the last day of the month, supported by the MPC's 25bps step down in the policy
interest rate to 1.75%.
In April, foreign investors were net sellers for the seventh month at Bt14.7bn,
down from Bt22bn in March. In the month, ~US$9.7bn in funds flowed out of all
stock markets in the Asia-Pacific region. Foreign investors were net sellers in all
countries, highest in South Korea at US$6.8bn, followed by Indonesia at US$1.2bn,
Thailand at US$0.5bn, Vietnam at US$0.5bn, Malaysia at US$0.5bn, the Philippines
at US$0.07bn, and Taiwan at US$0.02bn.
Investment strategy: focus on stocks with supports that do not move with global
economic risks: 1) Earnings plays with strong profit momentum, with normal profit
in 1Q25 and 2Q25 expected to grow both YoY and QoQ; 2) undervalued stocks with
PER and PBV 2025F at below -1SD, while 2025 profit is expected to grow well YoY
and financial status is strong; 3) stocks seen as ThaiESGX targets on: (a) 2025 profit
growth YoY, (b) strong financial position and (c) consistent dividends with expected
yield of at least 3% in 2025; 4) stocks shielded from trade war risks.
This month: Domestic: 1) May 7 – CPI for Apr; 2) May 15 – consumer confidence for
Apr; 3) May 19 – 1Q25 GDP; 4) May 23 – imports and exports for Apr. Foreign: 1) May
1 – US ISM manufacturing PMI for Apr; 2) May 2 – US nonfarm payroll and
unemployment rate for Apr; 3) May 5 - US ISM services PMI for Apr; 4) May 6-7 –
FOMC meeting; 5) May 13 – US CPI for Apr; 6) May 15 – US PPI for Apr; 7) May 27 –
US durable goods orders in Apr; 8) May 29 – FOMC minutes and 2nd preliminary US
1Q25 GDP; 9) May 30 – US PCE for April.
SET valuation at various PERs using consensus 2025F EPS (updated at end-Apr) Analyst
-15%
-10%
-5%
EPS
2025F
5%
10%
15%
P/E 77.4 81.9 86.5 91.0 95.6 100.1 104.7
10.0 774 819 865 910 956 1,001 1,047
11.0 851 901 951 1,001 1,052 1,102 1,152
12.0 929 983 1,038 1,092 1,147 1,202 1,256
13.0 1,006 1,065 1,124 1,184 1,243 1,302 1,361
14.0 1,083 1,147 1,211 1,275 1,338 1,402 1,466
15.0 1,161 1,229 1,297 1,366 1,434 1,502 1,570
Pobchai Phatrawit
Fundamental Investment Analyst
on Capital Market
(662) 793-9014
pobchai.p@innovestx.co.th
Sureeporn Charoenchongsuk
Database
sureeporn.c@innovestx.co.th
Supattra Jairew
Research Assistant
supattra.j@innovestx.co.th
Akasit Aupaiboon
Research Assistant
akasit.a@innovestx.co.th
Monthly update May 2025
Databook
SET index Close: 30/04/2025 1,197.26 +39.17 / +3.38%(MoM) Avg. Bt38,988mn
SET50 index Close: 30/04/2025 775.79 +36.02 / +4.87%(MoM) Avg. Bt29,518mn
Data book
May 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
May 2025
April events
Source: SET, InnovestX Research
Date
SET
%
Value
Event
Index
Chg.
(Btmn)
1-Apr-25 1,168.02 0.86
26,391
The SET recovered, led by buyback in big caps and Energy; trading value remained low.
2-Apr-25 1,172.69 0.40
24,953
The SET still had buyers but with low trading value as investors waited for US tariff announcement.
3-Apr-25 1,161.81 (0.93)
41,065
The SET fell after Trump announced his reciprocal tariffs, hitting Thailand at 37%
4-Apr-25 1,125.21 (3.15)
48,286
The SET plummeted as investors went risk
-
off to the trade war and long weekend; oil price fell.
8-Apr-25 1,074.59
(4.50)
66,714
Worries over Trump's tariffs continued to sink the SET.
9-Apr-25 1,088.18 1.26 50,885
The SET rose on signs of eased worries on the trade war after many US trading partners entered tariff negotiations
10-Apr-25 1,133.95 4.21 50,222
SET surged with regional markets as trade war concerns eased after Trump put a 90
-
day hold on the tariffs.
11
-
Apr
-
25
1,128.66
(0.47)
34,662
The SET edged down ahead of the long holiday, with trade war concerns lingering.
16-Apr-25 1,138.90 0.91
41,200
SET gains as US pauses tariffs on tech and China economic data beats forecasts.
17-Apr-25 1,141.28 0.21 29,646
The SET edged up slightly in thin trade amid continued trade war uncertainties.
18-Apr-25 1,150.95 0.85
27,674
The SET rose on suggestions of progress in negotiations between Japan and the US; banks saw selling on fact.
21-Apr-25 1,134.71 (1.41) 32,465
Profit
-
taking pulled the SET down in the afternoon, as did continued trade war worries, led by Energy and Banks.
22-Apr-25 1,144.05 0.82
35,686
The SET recovered in the afternoon, led by buying in Utilities.
23-Apr-25 1,153.77 0.85
38,224
The SET continued to climb, led by DELTA, in hopes trade tension between the US and China will ease.
24-Apr-25 1,146.86 (0.60)
40,587
The SET fell on disappointment over no progress between US and China and OPEC+ to raise production in Jun.
25-Apr-25 1,159.00
1.06
33,121
The SET continued to recover, pushed by DELTA, Electronics and Energy.
28-Apr-25 1,159.53 0.05
28,459
The SET was range
-
bound, supported by DELTA, with low trading value.
29-Apr-25 1,171.12 1.00
35,334
The SET rose in the afternoon in anticipation of MPC rate cut and ThaiESGX trading on May 2.
30-Apr-25
1,197.26 2.23
54,369
The SET moved up strongly on buying in big caps, particularly in the afternoon after the MPC cut rates.
1,
1
44
.
77
38
,
944
Source: SET, InnovestX Research
ECONOMIC INDICATORS
May 2025
Thailand – Leading Economic Indicators
Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 YtD \ P
ACTIVITY & PRICES (% YoY)
Capacity Utilization (%)
60.4 59.4 58.3 59.2 57.8 58.2 58.4 58.2 58.5 58.4
Private Consumption Indicators
- Retail Sales (at 2019 prices)
22.0 31.9 20.7 21.3 15.6 4.2 (1.0) 24.9 n.a. 12.0
Private Investment Indicators
- Imports of Capital Goods 1/ (at 2010 prices)
9.6 2.9 9.5 17.0 4.1 21.1 n.a. n.a. n.a. n.a.
Government Cash Balance (Bt bn)
(91.4) (60.5) 138.6 (399.8) (75.6) 53.4 (145.2) (32.5) (104.0) (93.9)
Inflation
0.82 0.36 0.62 0.83 0.94 1.24 1.32 1.08 0.84 1.08
EXTERNAL ACCOUNT (US$ bn)
Exports 2/
25.56 26.00 25.66 26.89 25.45 24.32 25.03 26.41 29.01 80.44
% Change YoY
15.3 11.4 1.1 14.2 9.1 8.4 12.9 13.9 17.7 17.7
Imports 2/
24.70 23.56 23.19 25.45 23.43 22.44 24.62 22.04 25.61 72.27
% Change YoY
15.81 8.54 9.52 17.08 2.28 13.42 7.49 4.10 9.39 9.39
Trade Balance
0.86 2.44 2.47 1.45 2.02 1.88 0.40 4.37 3.41 8.17
Current A/C 3/
2.11 2.51 2.36 (0.26) (0.12) 1.84 4.19 0.20 (0.99) 3.40
Balance of Payments
(0.2) 1.3 1.2 1.0 1.2 2.0 2.7 5.5 2.3 10.5
Official Reserves (US$ bn)
230.6 235.7 243.0 238.6 237.5 237.0 242.1 244.8 245.3 245.3
MONEY & BANKING (Bt bn)
Monetary Base
2,621.8 2,640.3 2,816.1 2,723.7 2,712.9 2,780.8 2,814.1 2,854.7 n.a. n.a.
% Change YoY
2.9 2.4 10.9 (0.0) 2.1 5.4 6.6 7.3 n.a. n.a.
Narrow Money
3,042.7 3,045.9 3,237.0 3,166.9 3,191.3 3,244.4 3,231.1 3,266.5 3,291.6 3,291.6
% Change YoY
3.4 3.8 9.2 6.7 6.1 4.7 6.2 5.3 4.9 4.9
Broad Money
25,714.9 25,577.5 25,793.8 26,194.9 26,280.5 26,340.8 26,487.3 26,574.7 26,652.1 26,652.1
% Change YoY
3.2
2.7
3.1
4.1
3.8
3.4
3.6
3.1
3.0
3.0
Other Depository Corporations Deposits 4/
25,168.1
24,992.8
25,130.9
25,575.4
25,576.7
25,639.2
25,758.7
25,840.3
25,944.8
25,944.8
% Change YoY
2.8
2.2
2.5
3.7
3.2
2.9
3.1
2.8
2.9
2.9
INTEREST & EXCHANGE RATES
Repurchase Rate, 1 day (Month End)
2.50 2.50 2.50 2.25 2.25 2.25 2.25 2.00 2.00 2.00
Interbank O/N
2.45 2.45 2.45 2.32 2.10 2.20 2.20 2.06 1.95 1.95
MLR 5/
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 6.90-7.16 6.83-7.06 6.83-7.06
Fixed Deposit (1 year) 5/
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 1.45-1.50 1.45-1.50 1.45-1.50
Avg. Baht/US$ (Reference rate)
36.30 34.75 33.36 33.37 34.45 34.18 34.26 33.78 33.82 33.95
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
May 2025
Date Indicator Report
period
02-05-25
S&P Global Thailand PMI Mfg
Apr
49.9
Business Sentiment Index
Apr
50.2
Gross International Reserves
25-Apr
$255.9b
Forward Contracts
25-Apr
$23.7b
06-05-25
CPI YoY
Apr
0.84%
CPI NSA MoM
Apr
-0.20%
CPI Core YoY
Apr
0.86%
07-05-25
Consumer Confidence
Apr
56.7
Consumer Confidence Economic
Apr
50.5
09-05-25
Gross International Reserves
2-May
--
Forward Contracts
2-May
--
16-05-25
Gross International Reserves
9-May
--
Forward Contracts
9-May
--
18-05-25
Car Sales
Apr
55798
19-05-25
GDP YoY
1Q
3.20%
GDP SA QoQ
1Q
0.40%
21-05-25
Customs Exports YoY
Apr
17.80%
Customs Imports YoY
Apr
10.20%
Customs Trade Balance
Apr
$973m
23-05-25
Gross International Reserves
16-May
--
Forward Contracts
16-May
--
26-05-25
Bloomberg May Thailand Economic Survey
Mfg Production Index ISIC NSA YoY
Apr
-0.66%
Capacity Utilization ISIC
Apr
63.68
30-05-25
BoP Current Account Balance
Apr
$2328m
Gross International Reserves
23-May
--
Forward Contracts
23-May
--
Exports YoY
Apr
17.70%
Exports
Apr
$29012m
Imports YoY
Apr
9.40%
Imports
Apr
$25607m
Trade Balance
Apr
$3405m
BoP Overall Balance
Apr
-$989m
Last report
Page 5
INVX SECTOR VALUATION
Page 6
May 2025
INVX sector valuation and forecasts
Sector
24A
25F
26F
24A
25F
26F
24A
25F
26F
24A
25F
26F
Agribusiness
45.3
7.6
4.9
6.7
6.3
6.0
10.1
9.9
9.5
2.0
2.2
2.3
Automotive
(31.7)
3.9
7.4
8.5
8.2
7.6
7.4
7.6
7.8
6.5
6.6
7.0
Banking
6.9
(4.0)
1.1
7.4
7.7
7.7
9.0
8.3
8.0
7.2
7.2
7.2
Commerce
19.9
10.1
13.3
19.0
17.2
15.2
6.9
7.3
8.0
2.9
3.3
3.7
Construction Materials
(58.6)
112.1
11.6
33.3
15.7
14.1
1.6
3.3
3.6
4.1
4.0
4.5
Electronic Components
(18.8)
8.4
11.2
58.8
54.2
48.8
18.5
18.2
18.0
0.6
0.7
0.7
Energy & Utilities
(22.5)
30.4
4.5
12.9
9.9
9.5
6.1
7.7
7.6
5.2
5.3
5.4
Finance & Securities
3.0
6.9
10.1
12.6
11.8
10.7
12.8
12.5
12.6
2.5
2.6
2.7
Food & Beverage
n.m.
25.4
8.9
13.2
10.6
9.7
8.0
9.8
10.2
2.5
2.8
2.9
Health Care Services
10.7
3.7
7.4
21.3
20.6
19.2
18.8
17.3
17.3
3.1
3.3
3.6
Information & Communication Technology
87.1
18.8
9.6
29.3
24.6
22.5
24.4
28.1
28.6
2.4
3.2
3.5
Insurance
21.9
12.6
8.1
11.2
10.0
9.2
10.1
10.6
10.8
3.9
4.5
4.8
Packaging
(24.3)
(4.2)
10.7
15.5
16.2
14.6
4.0
3.9
4.2
3.9
2.8
3.1
Petrochemicals & Chemicals
(563.9)
n.m.
38.8
n.m.
12.2
8.8
(4.6)
3.8
5.1
3.3
3.1
4.0
Property Development
(11.4)
(3.1)
8.3
9.0
9.3
8.6
7.6
7.1
7.4
6.6
5.7
6.2
Tourism & Leisure
23.9
1.3
(3.0)
17.6
17.4
18.0
9.2
8.5
7.9
2.4
1.9
1.9
Transportation & Logistics
111.3
5.2
2.5
38.7
36.8
35.9
7.9
7.7
7.7
1.8
1.8
1.8
Core Profit INVX
1.7
16.7
6.1
14.2
12.2
11.5
7.4
8.3
8.4
3.9
4.0
4.2
Net Profit INVX
(0.4)
26.8
0.7
Source: InnovestX Research
Price as of Apr 30, 2025
Note: Total number of companies included in our universe is 93, accounting for 77
%
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
Bank
Commerce
Conmat
Energy
Fin & Sec.
Food
Health
ICT
Insure
Pkg
Tourism
Trans
INVX Universe
(6.0)
(4.0)
(2.0)
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
2 4 6 8 10 12 14 16 18 20 22 24 26 28 30
ROE
(%)
(PER / Core Profit Growth)
(30)
(20)
(10)
0
10
20
30
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
May 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
10
15
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
Mar-24
Apr-24
May-24
Jun-24
Jul-24
Aug-24
Sep-24
Oct-24
Nov-24
Dec-24
Jan-25
Feb-25
Mar-25
Apr-25
Banking Commerce Energy ICT Property
PER (x)
REGIONAL VALUATIONS
May 2025
MSCI Thailand (US$) performance relative to MSCI Asia ex-Japan (US$)
Source: Bloomberg Finance L.P. (prices as of Apr 30, 2025)
Changes in 2025 consensus earnings
% change in Thailand earnings
-1M -3M
% change (3.84) (5.10)
Source: Bloomberg Finance L.P.
2025 Consensus regional valuation map
2025 - 2026 expected profit growth and PER
PER (x)
25F 26F
China 12.5 11.3
Hongkong 10.1 9.3
India 21.6 19.0
Indonesia 11.0 9.9
Malaysia 13.8 12.9
Philippines 10.0 9.2
Singapore 11.9 11.4
Taiwan 14.6 12.9
Thailand 13.2 12.1
Average
12.8 11.6
Source:Bloomberg Finance L.P., InnovestX Research
Profit Growth (%)
8.2 13.8
105.9 11.0
13.3 8.2
25F 26F
10.4 3.9
2.2 6.5
26.3 10.8
21.9 9.2
27 10.2
26.1 12.9
17.3 9.4
(20.0)
(15.0)
(10.0)
(5.0)
0.0
5.0
10.0
Hongkong
Indonesia
Malaysia
Philippines
Singapore
S. Korea
Thailand
China
Taiwan
India
Change from 1M Change from 3M
(%)
70
75
80
85
90
95
100
105
110
115
120
125
130
Mar-24
Apr-24
May-24
Jun-24
Jul-24
Aug-24
Sep-24
Oct-24
Nov-24
Dec-24
Jan-25
Feb-25
Mar-25
Apr-25
12months 3 months
6 months
1 month
Recent MSCI Thailand US$
performance vs. the MSCI APxJP:
1M +5.9%
3M -7.32%
6M -13.93%
12M -7.58%
Hongkong
Indonesia
Malaysia
Philippines
Singapore
Thailand China Taiwan
India
Average
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8% 9% 10% 11% 12% 13% 14% 15% 16%
(
PER/Net Profit Growth
)
ROE (%)
Page 8
FOREIGN FUND FLOWS
May 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
30/04/25
31/03/25
% Change
(MoM)
JCI
6,767
6,511
3.9
SET
1,197
1,158
3.4
PCOMP
6,355
6,181
2.8
FBMKLCI
1,540
1,514
1.8
ASEAN4
3.0
SENSEX
80,242
77,415
3.7
KOSPI
2,557
2,481
3.0
TWSE 20,235 20,696 (2.2)
FSSTI
3,833
3,972
(3.5)
HSI 22,119 23,120 (4.3)
HSCEI
8,076
8,517
(5.2)
Other Asean
(1.4)
Source: SET and InnovestX Research
Source: Bloomberg Finance L.P.
Asian Foreign Equity Portfolio Flows
(US$m) 2021 2022 2023 2024 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 YTD
Indonesia 2,688 4,267 (353) 1,154 (313) (229) (1,111) (490) (1,233) (3,063)
Philippines (5) (1,245) (863) (408) (103) (114) (145) 50 (54) (264)
Taiwan (15,865) (44,007) 6,933 (18,203) 708 (1,261) (3,884) (13,144) (170) (18,459)
Thailand (1,632) 5,960 (5,507) (4,132) (308) (330) (195) (647) (432) (1,605)
South Korea (23,009) (9,665) 10,705 2,426 (1,530) (1,002) (2,846) (1,461) (6,955) (12,264)
India 3,761 (17,016) 21,427 (755) 1,321 (8,418) (5,353) 234 1,250 (12,286)
Vietnam (2,536) 1,094 (1,026) (3,578) (91) (255) (378) (386) (520) (1,539)
Emerging Asia (36,598) (60,612) 31,315 (23,497) (316) (11,611) (13,912) (15,842) (8,114) (49,479)
Japan 29,678 2,350 29,092 1,624 (7,151) 3,888 (16,511) (24,723) 24,542 (12,804)
Emerging Asia+Japan
(6,919)
(58,262)
60,407
(21,873)
(7,467)
(7,723)
(30,423)
(40,565)
16,427
(62,283)
Thailand/EM 3.3% 7.2% 11.8% 13.5% 7.0% 2.8% 1.4% 3.9% 4.1% 3.2%
Thailand/Total 2.1% 7.0% 7.3% 12.8% 2.7% 2.1% 0.6% 1.6% 1.2% 2.6%
Source: Bloomberg Finance L.P. (as of Apr 30, 2025)
*India and Vietnam as of Apr 29, 25 / Japan as of Apr 18, 25
12.8% 12.6% 12.0% 11.2% 11.2% 11.6% 10.1% 10.1% 10.5% 11.8% 14.0% 17.1% 12.9% 15.0% 13.0%
4.6% 4.7% 4.6% 4.3% 4.0% 3.7% 3.4% 3.3% 3.2% 3.1% 4.2% 4.7%
4.0% 5.3% 2.4%
14.4% 13.9% 13.5% 13.1% 13.2% 13.1% 12.4% 11.4% 11.1% 11.3% 11.9% 5.6% 13.4%
23.6%
19.7%
3.2% 2.8% 2.6% 2.4% 2.3% 2.4% 2.1% 1.9% 1.8% 1.8% 1.9% 2.1% 1.7%
3.7%
4.7%
11.9% 12.5% 12.7% 12.7% 15.5% 15.7% 15.4% 14.7% 14.9% 16.3%
18.9% 19.4% 16.2%
12.1%
10.8%
7% 7% 6% 6% 6% 6% 5% 5% 5% 5%
6% 6% 5%
8%
9%
3.9% 3.7% 3.1% 2.7% 2.3% 3.0%
2.8% 2.7% 2.7% 2.6%
2.6% 3.1% 2.4%
1.7%
1.5%
3.4% 3.1% 2.5% 2.1% 2.1% 2.1%
1.8% 1.8% 1.8% 1.9%
1.8% 1.7% 1.3%
6.7%
6.3%
9.8% 9.4% 8.9% 7.8% 7.7% 8.4%
7.2% 6.1% 6.0% 6.2%
7.8% 8.6% 7.8%
11.4% 23.5%
29.04%30.57%33.98%37.86%36.26% 34.22% 39.91%43.02%43.43%40.43%
31.27% 31.77% 35.68%
12.0% 9.1%
Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 Apr 25
SET50
Apr 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
Apr-22
Jul-22
Oct-22
Jan-23
Apr-23
Jul-23
Oct-23
Jan-24
Apr-24
Jul-24
Oct-24
Jan-25
Apr-25
SET 50 (LHS)
% of Foreign Ownership-share (RHS)
(SET 50) (Foreign Ownership)
Foreign exposure
Added: Energy, Electronics
Trimmed: Bank, ICT, Commerce
LOW VALUATION Page 10
May 2025
10 Lowest 2025 Core PER 10 Lowest 2025 P/BV(x)
Stock Price(Bt) Core PER(x) Stock Price(Bt) P/BV(x)
1 AP 8.00 4.8 1 IRPC 0.87 0.26
2 SIRI 1.39 5.0 2 PTTGC 17.30 0.30
3 EA 2.18 5.0 3 TOP 26.75 0.35
4 TOP 26.75 5.4 4 EA 2.18 0.40
5 SPALI 15.80 5.6 5 STA 13.50 0.40
6 PRM 5.95 5.9 6 BBL 140.00 0.46
7 AAV 1.35 5.9 7 BAM 6.35 0.46
8 AMATA 14.80 6.0 8 SIRI 1.39 0.47
9 BBL 140.00 6.0 9 EGCO 104.00 0.49
10 BLA 16.80 6.7 10 STGT 6.90 0.51
10 Highest 2025 ROE (%) 10 Highest 2025 EPS growth (%)
Stock Price(Bt) ROE(%) Stock Price(Bt) EPS Growth(%)
1 ADVANC 295.00 39.2 1 BGRIM 11.30 180.4
2 INTUCH 81.50 38.9 2 OSP 15.80 85.5
3 COM7 20.60 36.8 3 BTG 23.70 79.0
4 SISB 18.50 26.9 4 STA 13.50 52.1
5 BH 165.00 25.8 5 IRPC 0.87 48.0
6 SAPPE 35.25 24.7 6 MINT 26.75 47.0
7 HMPRO 8.50 24.6 7 TASCO 15.00 43.3
8 MOSHI 42.50 24.2 8 TRUE 12.10 41.7
9 ICHI 12.00 22.9 9 EGCO 104.00 38.9
10 CBG 62.50 22.8 10 STGT 6.90 34.3
10 Lowest 2025 core PER/CAGR (x)* 10 Highest 2025 dividend yield(%)
Stock Price(Bt) Core PER/CAGR Stock Price(Bt)
Dividend yield (%)
1 BGRIM 11.30 0.18 1 SIRI 1.39 9.7
2 STA 13.50 0.24 2 ICHI 12.00 9.1
3 BTG 23.70 0.31 3 PRM 5.95 8.9
4 COCOCO 6.90 0.34 4 SCB 119.00 8.8
5 OSP 15.80 0.41 5 SPALI 15.80 8.0
6 TOP 26.75 0.43 6 QH 1.50 7.9
7 BCP 35.75 0.44 7 TISCO 98.25 7.8
8 TASCO 15.00 0.45 8 M 19.00 7.8
9 EGCO 104.00 0.45 9 KKP 50.00 7.5
10 SPRC 5.45 0.47 10 AP 8.00 7.5
Source: Bloomberg Finance L.P. (prices as of Apr 30, 2025)
*EPS growth Y2024-Y2025
Note: Only stocks under SET100 are included on these lists.
HIGH VALUATION
Page 11
May 2025
10 Highest 2025 Core PER
10 Highest 2025 P/BV (x)
Stock Price (Bt) Core PER (x) Stock Price (Bt) P/BV (x)
1 BANPU 4.30 307.14 1 PTTEP 99.50 23.20
2 BTS 5.05 219.57 2 DELTA 98.00 13.01
3 PTTEP 99.50 205.58 3 BANPU 4.30 12.04
4 VGI 2.28 76.00 4 ADVANC 295.00 8.56
5 DELTA 98.00 62.54 5 INTUCH 81.50 6.98
6 TRUE 12.10 29.80 6 MOSHI 42.50 5.19
7 AOT 38.25 26.58 7 TRUE 12.10 4.99
8 GULFI 49.75 26.49 8 COM7 20.60 4.73
9 AWC 2.20 25.29 9 SISB 18.50 4.43
10 PR9 25.00 24.34 10 BH 165.00 4.22
10 Lowest 2025 ROE (%) 10 Lowest 2025 EPS growth (%)
Stock Price (Bt) ROE (%) Stock Price (Bt) EPS Growth (%)
1 BTS 5.05 0.97 1 AWC 2.20 (52.4)
2 PTTGC 17.30 1.20 2 BCPG 6.85 (33.2)
3 VGI 2.28 1.77 3 GPSC 31.25 (23.3)
4 SCC 160.00 2.15 4 SJWD 7.90 (20.5)
5 AWC 2.20 3.01 5 AAV 1.35 (15.8)
6 STGT 6.90 3.56 6 PTTEP 99.50 (13.6)
7 SJWD 7.90 3.79 7 LH 4.24 (12.0)
8 BAM 6.35 3.80 8 AEONTS 105.50 (11.7)
9 BANPU 4.30 4.12 9 SPALI 15.80 (11.4)
10 GPSC 31.25 4.16 10 ITC 12.90 (11.4)
10 Highest 2025 core PER/CAGR (x)* 10 Lowest 2025 dividend yield (%)
Stock Price (Bt) Core PER/CAGR Stock Price (Bt)
Dividend yield (%)
1 BBL 140.00 71.2 1 BANPU 4.30 0.21
2 TU 10.80 8.2 2 PTTEP 99.50 0.24
3 DELTA 98.00 6.4 3 DELTA 98.00 0.55
4 GLOBAL 7.05 6.2 4 AAV 1.35 0.74
5 CPF 26.50 5.9 5 IRPC 0.87 0.80
6 SIRI 1.39 5.8 6 MTC 45.00 0.81
7 SCB 119.00 5.6 7 DOHOME 5.40 0.83
8 TTB 1.83 5.3 8 BTS 5.05 0.99
9 BEM 5.90 4.1 9 VGI 2.28 1.18
10 KCE 17.40 4.0 10 TRUE 12.10 1.27
Source: Bloomberg Finance L.P. (prices as of Apr 30, 2025)
*EPS growth Y2024-Y2025
Note: Only stocks under SET100 are included on these lists.
PROPERTY/REIT/INFRASTRUCTURE FUND Page 12
May 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
(90)
(80)
(70)
(60)
(50)
(40)
(30)
(20)
(10)
0
10
CPNREIT
MIT
SPRIME
TLHPF
LHSC
AXTRART
MIPF
TU-PF
LHHOTEL
FUTURERT
CTARAF
IMPACT
PROSPECT
WHART
ALLY
FTREIT
INETREIT
AIMIRT
EGATIF
3BBIF
M-STOR
LUXF
QHOP
M-PAT
TIF1
GVREIT
GROREIT
CPNCG
BRRGIF
DREIT
WHABT
ISSARA
AMATAR
SIRIPRT
TPRIME
GAHREIT
BTSGIF
POPF
MNIT2
SSTRT
WHAIR
MII
DIF
SUPEREIF
HPF
B-WORK
QHHRREIT
BOFFICE
TFFIF
LHRREIT
CPTREIT
SRIPANWA
QHBREIT
MNIT
SSPF
MJLF
MNRF
AIMCG
KPNREIT
TNPF
(%)
0
2
4
6
8
10
12
14
16
18
20
TTLPF
AIMCG
SUPEREIF
POPF
3BBIF
B-WORK
MJLF
TIF1
MII
CPNCG
SPRIME
BRRGIF
WHAIR
BOFFICE
GVREIT
QHBREIT
HPF
SRIPANWA
DIF
LHHOTEL
ALLY
WHABT
GAHREIT
PROSPECT
LUXF
AMATAR
CPTREIT
LHSC
AXTRART
SSTRT
WHART
DREIT
FTREIT
FUTURERT
AIMIRT
EGATIF
TFFIF
ISSARA
CPNREIT
BTSGIF
KPNREIT
MNIT
GROREIT
LHRREIT
INETREIT
TPRIME
IMPACT
QHHRREIT
M-STOR
MIPF
MNIT2
SIRIPRT
SSPF
(%)
0
2
4
6
8
10
12
14
16
DIF
ISSARA
QHHRREIT
LHHOTEL
TFFIF
AXTRART
AIMIRT
SRIPANWA
MIPF
LHSC
TPRIME
LUXF
CPNREIT
SIRIPRT
WHABT
INETREIT
SSPF
IMPACT
GROREIT
GAHREIT
MJLF
FTREIT
GVREIT
LHRREIT
WHART
M-STOR
TIF1
SPRIME
TTLPF
FUTURERT
POPF
AMATAR
CPNCG
CPTREIT
BOFFICE
SUPEREIF
TLHPF
ALLY
MII
KPNREIT
PROSPECT
HPF
B-WORK
QHBREIT
AIMCG
MNIT2
WHAIR
DREIT
3BBIF
SSTRT
EGATIF
MNRF
BRRGIF
TNPF
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
Apr-11
Oct-11
Apr-12
Oct-12
Apr-13
Oct-13
Apr-14
Oct-14
Apr-15
Oct-15
Apr-16
Oct-16
Apr-17
Oct-17
Apr-18
Oct-18
Apr-19
Oct-19
Apr-20
Oct-20
Apr-21
Oct-21
Apr-22
Oct-22
Apr-23
Oct-23
Apr-24
Oct-24
Apr-25
1-yr Bond yield 10-yr Bond yield
(%)
PROPERTY/REIT/INFRASTRUCTURE FUND Page 13
May 2025
Trailing
Property Fund
Mkt cap
Price
NAV/Share
Premium/
Dividend
Assets
Type
Nature of
Land Size
Listed
Rentable
Remarks
(Btmn)
(Apr 30, 25)
(Mar 31, 25)
(Discount) (%)
Yields (%)
Dividend
Next XD
Period
(Btmn)
Date
Agency
investment
(Rai-Ngan-Sqw)
Sponsor
Date
Area (Sqm)
BAREIT 9,865 9.55 9.98 (4.30) 8.12 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 800 8.00 13.45 (40.52) 7.31 n.a. n.a. n.a. 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 2,581 6.05 9.94 (39.15) 13.96 0.27 May-25 Jan - Mar 25 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 4,332 4.48 9.85 (54.52) 9.16 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 1,472 4.60 5.33 (13.77) 2.89 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 2,171 4.62 10.79 (57.17) 11.17 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 396 2.20 9.36 (4.00) 7.09 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 1,667 5.05 10.79 (53.18) 6.69 0.05 May-25 Jan - Mar 25 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 11.87 (32.18) 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 894 5.20 9.47 (45.07) 14.39 n.a. n.a. n.a. 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 422 4.02 6.02 (33.22) 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 2,242 11.80 12.09 (2.38) 5.93 0.37 Aug-25 Jan - Jun 25 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 1,274 3.86 10.98 (64.84) 14.49 0.20 May-25 Jan - Mar 25 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 257 1.86 5.14 (63.78) 6.99 0.03 Jul-25 Jan - Mar 25 304 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 486 4.84 8.47 (42.83) 5.58 0.10 Jun-25 Jan - Mar 25 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 219 2.04 7.86 (74.04) 19.46 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
May 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 441 7.25 10.46 (30.69) 6.07 0.11 May-25 Jan - Mar 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 2,769 5.75 9.98 (42.38) 15.55 0.29 May-25 Jan - Mar 25 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 2,925 7.80 9.20 (15.21) 9.44 0.31 May-25 Jan - Mar 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 2,218 6.60 13.45 (50.92) 6.21 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 693 3.62 5.37 (32.62) 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 2,869 3.60 9.08 (60.37) 11.19 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 1,139 6.70 11.46 (41.55) 4.63 0.03 May-25 Jan - Mar 25 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 655 3.92 11.14 (64.83) 4.34 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 621 6.90 10.36 (33.38) 14.49 0.13 May-25 Jan - Mar 25 914 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 28,281 12.10 12.33 (1.86) 8.82 n.a. n.a. n.a. 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 471 2.74 9.67 (71.66) 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 201 1.37 6.25 (78.09) 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 2,178 12.10 10.26 17.89 17.70 0.55 May-25 Jan - Mar 25 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 103 0.99 1.03 (3.85) 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
Plans to change to a hotel once
permission is granted
Expected Dividend Payment
Assets Appraisal Value
Min. rev. guarantee Bt143.9mn Jul-
Dec '12; Bt266.1mn for '13; Bt278.3mn
PROPERTY/REIT/INFRASTRUCTURE FUND Page 15
May 2025
Trailing
MKt cap Price NAV/Share Premium/ Dividend Assets Type Nature of Asset Summary Sponsor Listed Remarks
(Btmn) (Apr 30, 25) (Mar 31, 25) (Discount) Yields Dividend Next XD Period (Btmn) Date Agency investment Date
BRRGIF 1,337 3.82 6.36 (39.90) 12.84 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 16,206 2.80 4.84 (42.19) 7.14 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 12,304 5.9 4.84 21.81 8.15 0.22 May-25 Jan - Mar 25 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 32,725 5.95 8.31 (28.40) 15.46 - - - 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 79,031 8.20 15.19 (46.01) 10.84 0.22 May-25 Jan - Mar 25 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 2,652 5.15 9.72 (47.02) 15.71 0.25 May-25 Jan - Mar 25 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 27,649 6.05 12.84 (52.89) 7.57 0.11 May-25 Jan - Mar 25 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
May 2025
Trailing
MKt cap Price NAV/Share Premium/ Dividend Assets Type Nature of Land Size Sponsor Listed Rentable Remarks
(Btmn) (Apr 30, 25) (Mar 31, 25) (Discount) Yields Dividend Next XD Period (Btmn) Date Agency investment (Rai-Ngan-Sqw) Date Area (Sqm)
AIMCG
588
2.04
8.66
(76.45)
16.36
n.a.
n.a.
n.a.
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 7,598 9.60 12.26 (21.71) 8.16 0.22 May-25 Jan - Mar 25 866 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 2,094 5.85 9.96 (41.28) 9.28 0.16 May-25 Jan - Mar 25 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 5,113 5.85 9.63 -3925% 10.65 0.13 May-25 Jan - Mar 25 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 3,512 4.76 9.75 -51% 11.95 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 1,689 4.58 9.11 -50% 14.51 n.a. 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 44,539 12.30 11.79 4.32 7.23 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 3,529 4.96 8.31 (40.33) 8.57 0.21 Aug-25 Jan - Jun 25 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
(Aim Industrial Growth Freehold And Leasehold Real Estate Investment Trust)
Expected Dividend Payment Assets Appraisal Value
REIT
(AIM Commercial Growth Leasehold Real Estate Investment Trust)
(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)
Amata Nakorn Industrial
Estate
Pacific Cold Storage (PCS)
PROPERTY/REIT/INFRASTRUCTURE FUND Page 17
May 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 1,132 6.45 11.10 (41.89) 9.92 0.32 Sep-25 Jan - Jun 25 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 2,599 8.25 11.10 (25.70) 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 5,622 6.90 10.80 (36.08) 11.54 0.21 May-25 Jan - Mar 25 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 2,218 6.60 13.45 (50.92) 6.21 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 4,934 4.66 8.38 (44.36) 11.98 0.06 May-25 Jan - Mar 25 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 14,010 9.45 11.13 (15.06) 6.35 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 13,007 12.40 12.92 (4.00) 10.75 0.39 May-25 Jan - Mar 25 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 9,259 11.90 12.00 (0.86) 9.04 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 32 0.33 n.a. 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 1,751 3.92 10.29 -6190% 12.88 0.13 May-25 Jan - Mar 25 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 1,362 4.88 12.18 (59.95) 11.02 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 872 4.56 8.08 (43.57) 8.77 0.20 Aug-25 Jan - Jun 25 822 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
(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)
Assets Appraisal Value
PROPERTY/REIT/INFRASTRUCTURE FUND Page 18
May 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 3,833 7.00 11.99 (41.60) 6.40 0.13 May-25 Jan - Mar 25 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 29,222 8.90 10.92 (18.49) 8.45 0.19 May-25 Jan - Mar 25 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 1,364 6.75 11.33 (40.43) 10.17 0.16 May-25 Jan - Mar 25 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 31,046 8.95 10.58 0% 8.61 0.20 May-25 Jan - Mar 25 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
May 2025
Companies under coverage
30-Apr-25
Company Price Fundamental Operating Yield 2025F Remark
(Bt) Rating DPS (Bt) %Yield XD date Payment date period (%)
For Interim
PSH 4.80 Underperform 0.27 5.6 Aug-25 Sep-25 1H25 7.9 Estimated
MST 7.55 Neutral 0.36 4.8 Aug-25 Sep-25 1H25 8.2 Estimated
TOP 26.75 Neutral 1.26 4.7 Aug-25 Sep-25 1H25 7.5 Estimated
SPRC 5.45 Outperform 0.25 4.6 Aug-25 Sep-25 1H25 7.3 Estimated
PTTEP 99.50 Outperform 4.21 4.2 Aug-25 Aug-25 1H25 9.0 Estimated
SIRI 1.39 Outperform 0.06 4.1 Aug-25 Sep-25 1H25 9.0 Estimated
EPG 2.66 Neutral 0.11 4.1 Aug-25 Aug-25 1H25 7.5 Estimated
RJH 13.20 Neutral 0.54 4.1 Aug-25 Sep-25 1H25 9.5 Estimated
ASP 1.93 Underperform 0.07 3.6 Aug-25 Sep-25 1H25 7.7 Estimated
TTB 1.83 Neutral 0.07 3.6 Oct-25 Oct-25 1H25 7.2 Estimated
SPALI 15.80 Neutral 0.56 3.5 Aug-25 Sep-25 1H25 8.5 Estimated
LH 4.24 Neutral 0.15 3.5 Aug-25 Sep-25 1H25 7.4 Estimated
KCE 17.40 Neutral 0.71 4.1 Aug-25 Sep-25 1H25 7.5 Estimated
OSP 15.80 Neutral 0.53 3.4 Aug-25 Sep-25 1H25 6.7 Estimated
AH 12.00 Neutral 0.34 2.8 Aug-25 Sep-25 1H25 7.3 Estimated
LHHOTEL 12.40 Outperform 0.35 2.8 May-25 Jun-25 1Q25 11.2 Estimated
TCAP 47.75 Neutral 1.29 2.7 Sep-25 Sep-25 1H25 7.1 Estimated
DIF 8.20 Outperform 0.22 2.7 May-25 Jun-26 1Q25 10.7 Estimated
TU 10.80 Neutral 0.28 2.6 Aug-25 Sep-25 1H25 5.6 Estimated
PTT 31.00 Outperform 0.80 2.6 Aug-25 Sep-25 1H25 6.8 Estimated
SCCC 147.00 Outperform 3.64 2.5 Jul-25 Aug-25 1H25 6.8 Estimated
AEONTS 105.50 Outperform 2.55 2.4 Oct-25 Nov-25 1H26 5.2 Estimated
BCP 35.75 Outperform 0.83 2.3 Aug-25 Sep-25 1H25 4.1 Estimated
HMPRO 8.50 Outperform 0.18 2.1 Sep-25 Sep-25 1H25 5.0 Estimated
OR 14.50 Outperform 0.30 2.1 Aug-25 Sep-25 1H25 3.1 Estimated
QH 1.50 Underperform 0.03 2.1 Aug-25 Sep-25 1H25 7.6 Estimated
TISCO 98.25 Neutral 2.00 2.0 Sep-25 Sep-25 1H25 7.9 Estimated
KKP 50.00 Neutral 1.02 2.0 Aug-25 Sep-25 1H25 6.5 Estimated
WHA 3.02 Neutral 0.06 1.9 Nov-25 Dec-25 1H25 5.5 Estimated
ADVANC 295.00 Outperform 5.35 1.8 Aug-25 Sep-25 1H25 3.9 Estimated
BAY 22.70 Neutral 0.40 1.8 Aug-25 Sep-25 1H25 3.7 Estimated
SAT 11.60 Neutral 0.20 1.8 Aug-25 Sep-25 1H25 10.1 Estimated
CPF 26.50 Outperform 0.45 1.7 Aug-25 Sep-25 1H25 3.8 Estimated
BGRIM 11.30 Neutral 0.19 1.7 Aug-25 Sep-25 1H25 4.0 Estimated
GPSC 31.25 Neutral 0.50 1.6 Aug-25 Sep-25 1H25 3.2 Estimated
BDMS 24.00 Outperform 0.38 1.6 Aug-25 Sep-25 1H25 3.4 Estimated
SCC 160.00 Neutral 2.50 1.6 Aug-25 Aug-25 1H25 3.1 Estimated
TQM 16.60 Outperform 0.25 1.5 Aug-25 Sep-25 1H25 3.2 Estimated
BBL 140.00 Outperform 2.00 1.4 Aug-25 Sep-25 1H25 6.1 Estimated
HANA 19.30 Neutral 0.27 1.4 Nov-25 Dec-25 Jan - Sep 25 4.2 Estimated
BLA 16.80 Outperform 0.24 1.4 Aug-25 Oct-25 1H25 4.8 Estimated
CHG 1.78 Neutral 0.02 1.4 Aug-25 Sep-25 1H25 4.8 Estimated
SCGP 14.10 Neutral 0.18 1.3 Aug-25 Aug-25 1H25 2.8 Estimated
LPN 2.02 Underperform 0.02 1.2 Aug-25 Sep-25 1H25 2.4 Estimated
KBANK 159.50 Neutral 1.89 1.2 Sep-25 Sep-25 1H25 7.5 Estimated
DCC 1.56 Neutral 0.02 1.2 Aug-25 Sep-25 1Q25 4.7 Estimated
BH 165.00 Neutral 1.88 1.1 Aug-25 Sep-25 1H25 2.8 Estimated
CBG 62.50 Outperform 0.69 1.1 Aug-25 Sep-25 1H25 2.4 Estimated
BCH 15.10 Outperform 0.15 1.0 Aug-25 Sep-25 1H25 3.4 Estimated
IVL 19.00 Neutral 0.18 0.9 May-25 Jun-25 1Q25 3.7 Estimated
BJC 23.80 Outperform 0.18 0.7 Aug-25 Sep-25 1H25 3.5 Estimated
MINT 26.75 Neutral 0.19 0.7 Sep-25 Sep-25 1H25 1.7 Estimated
For Full Year
AP 8.00 Outperform 0.60 7.5 May-26 May-26 2025 7.2 Estimated
KTB 21.80 Outperform 1.55 7.1 Apr-26 May-26 2025 7.1 Estimated
BAM 6.35 Neutral 0.37 5.9 Apr-26 May-26 2025 5.9 Estimated
STANLY 218.00 Underperform 11.60 5.3 Jul-25 Jul-25 2024 5.3 Official
THANI 1.47 Underperform 0.07 4.9 Mar-26 Apr-26 2025 4.9 Estimated
BTG 23.70 Outperform 1.10 4.6 Mar-26 May-26 2025 4.6 Estimated
TLI 12.30 Neutral 0.50 4.1 May-26 May-26 2025 4.5 Estimated
NTL 12.00 Outperform 0.49 4.1 Aor 26 May-26 2025 4.1 Estimated
ERW 2.28 Neutral 0.08 3.4 Mar-26 May-26 2025 3.4 Estimated
CPAXT 25.25 Outperform 0.85 3.4 May-26 May-26 2025 3.4 Estimated
GGC 4.54 Neutral 0.14 3.2 Feb-26 Apr-26 2025 3.2 Estimated
CPALL 51.50 Outperform 1.59 3.1 May-26 May-26 2025 3.1 Estimated
KTC 46.50 Underperform 1.32 2.8 Apr-26 May-26 2025 2.8 Estimated
CRC 23.70 Neutral 0.65 2.7 May-26 May-26 2025 2.7 Estimated
BEM 5.90 Outperform 0.16 2.7 Mar-26 May-26 2025 2.7 Estimated
CENTEL 25.00 Neutral 0.59 2.4 May-26 May-26 2025 2.4 Estimated
ZEN 6.05 Neutral 0.14 2.3 Mar-26 May-26 2025 2.3 Estimated
PTTGC 17.30 Outperform 0.40 2.3 Mar-26 Apr-26 2025 2.3 Estimated
GFPT 10.10 Neutral 0.23 2.2 Mar-26 Apr-26 2025 2.2 Estimated
GLOBAL 7.05 Neutral 0.15 2.2 Feb-26 May-26 2025 2.2 Estimated
AOT 38.25 Neutral 0.74 1.9 Dec-25 Feb-26 2025 1.9 Estimated
IRPC 0.87 Underperform 0.01 1.1 Feb-26 Apr-26 2025 1.1 Estimated
AWC 2.20 Neutral 0.02 1.0 May-26 May-26 2025 1.0 Estimated
MTC 45.00 Outperform 0.32 0.7 Apr-26 May-26 2025 0.7 Estimated
DELTA 98.00 Underperform 0.46 0.5 Feb-26 Apr-26 2025 0.5 Estimated
SAWAD 30.50 Neutral 0.06 0.2 May-26 May-26 2025 0.2 Estimated
Source: InnovestX Research
Dividend expected next period
Page 19
DIRECTOR TRADING
May 2025
Top 20 director trades in April 2025
Net Buyers
Total Trade Net Buy Avg. Price % of Total
(shares) (shares) (Bt/share) Shares Outstanding
GULF
44,083,664
26,940,464
47.24
26,190,464
0.18
AQUA
19,885,700
19,885,700
0.21
699,825,600
12.25
SVOA
18,940,000
18,940,000
1.00
23,941,900
2.94
CHAO
19,542,600
18,742,600
4.49
18,730,089
6.24
STELLA
15,866,900
15,866,900
0.22
532,105,326
3.62
DCC
14,881,800
14,881,800
1.50
238,510,800
2.61
TPIPL
10,563,800
10,563,800
0.94
174,985,720
0.92
SPALI
10,518,800
10,518,800
15.98
185,454,400
9.50
ACE
8,592,000
8,592,000
1.28
102,654,000
1.01
PCE
5,500,000
5,500,000
2.85
64,931,700
2.36
ITD
5,000,000
5,000,000
0.17
6,100,000
0.12
RAM
5,000,000
5,000,000
19.00
5,136,100
0.43
WINDOW
4,966,800
4,966,800
0.72
34,043,000
3.83
TRUBB
4,774,900
4,774,900
0.59
7,142,100
0.87
PLE
4,630,000
4,630,000
0.21
15,848,400
1.16
GLOBAL
3,540,300
3,540,300
6.04
9,321,000
0.18
CCET
2,500,000
2,500,000
5.38
14,649,600
0.14
KCE
2,142,300
2,142,300
14.11
2,052,300
0.17
HANA
1,829,600
1,829,600
15.68
1,854,600
0.21
INSET
1,812,900
1,812,900
1.60
1,281,900
0.16
Net Sellers
Total Trade Net Sell Avg. Price % of Total
(shares) (shares) (Bt/share) Shares Outstanding
PRIME 101,870,000 (98,130,000) 0.06 (67,250,000) (1.58)
SUPER 40,001,000 (35,999,000) 0.15 1,311,700 0.00
HUMAN 1,207,000 (1,207,000) 7.75 (1,091,800) (0.13)
ADVICE 5,469,800 (896,400) 4.37 (14,157,600) (2.28)
HTC 215,540 (131,540) 15.97 (14,420,640) (3.59)
AP 220,000 (120,000) 7.80 7,795,200 0.25
CPALL 91,132 (91,132) 50.50 (3,959,987) (0.04)
SKY 35,000 (35,000) 16.15 (454,800) (0.06)
ZEN 20,000 (20,000) 6.14 833,700 0.28
TSC 9,100 (9,100) 13.05 (9,100) (0.00)
AAI 700,000 - 3.96 8,782,600 0.41
BDMS 1,800,000 - 22.38 56,954,700 0.36
CKP 70,000,000 - 2.52 - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
Trades in April
Last 12-Month Cumulative
Company Net Buy (Sell)
Company Net Buy (Sell)
Trades in April
Last 12-Month Cumulative
Page 20
RECOMMENDATION CHANGES
May 2025
Company
Upside
Current
Target
(%)
UPGRADE
-
DOWNGRADE
ERW
2.28
3.00
31.58
MINT
26.75
31.00
15.89
WHA
3.02
3.30
9.27
FORECAST CHANGES
Company
Old
New
Old
New
2025F
2026F
AAV
3,062
2,632
3,383
2,506
(14.0)
(25.9)
AEONTS
2,957
2,979
3,319
3,160
0.7
(4.8)
AOT
23,060
18,025
27,218
16,863
(21.8)
(38.0)
AP
5,602
5,213
6,030
5,525
(6.9)
(8.4)
AWC
1,997
1,772
2,436
1,710
(11.3)
(29.8)
BAY
28,905
27,252
30,169
27,905
(5.7)
(7.5)
BBL
46,382
41,803
48,467
41,808
(9.9)
(13.7)
BEM
4,268
4,090
4,648
4,441
(4.2)
(4.5)
BH
7,889
7,315
8,175
7,597
(7.3)
(7.1)
BTG
4,309
6,090
4,796
6,576
41.3
37.1
CENTEL
1,988
1,767
2,208
1,703
(11.1)
(22.9)
CPALL
29,314
29,091
33,979
33,486
(0.8)
(1.5)
CPAXT
13,109
12,726
15,265
14,592
(2.9)
(4.4)
CPF
23,307
24,082
25,375
26,275
3.3
3.5
CRC
9,339
8,813
10,317
9,671
(5.6)
(6.3)
DIF
11,923
11,833
12,499
12,182
(0.8)
(2.5)
ERW
957
848
1,011
803
(11.4)
(20.6)
GFPT
1,836
2,031
1,926
2,119
10.6
10.0
GLOBAL
2,302
2,071
2,514
2,310
(10.0)
(8.1)
GULF
21,436
69,685
22,320
26,213
225.1
17.4
HMPRO
6,881
6,611
7,541
7,286
(3.9)
(3.4)
KBANK
51,256
48,022
56,216
48,188
(6.3)
(14.3)
KKP
4,881
4,031
5,550
5,127
(17.4)
(7.6)
KTB
45,244
41,572
46,868
41,592
(8.1)
(11.3)
KTC
7,642
7,455
7,942
7,635
(2.5)
(3.9)
MINT
9,263
8,673
10,033
8,442
(6.4)
(15.9)
MTC
6,873
6,783
8,011
7,890
(1.3)
(1.5)
OSP
2,882
3,182
3,045
3,137
10.4
3.0
PTTEP
68,910
66,802
65,320
62,069
(3.1)
(5.0)
SAWAD
5,558
5,321
6,315
6,149
(4.3)
(2.6)
SCB
46,634
45,021
49,203
45,356
(3.5)
(7.8)
SIRI
5,173
4,401
5,279
4,772
(14.9)
(9.6)
SPALI
6,315
5,751
6,515
6,308
(8.9)
(3.2)
TIDLOR
4,849
4,735
5,584
5,289
(2.3)
(5.3)
TISCO
6,266
6,209
6,508
6,298
(0.9)
(3.2)
TTB
21,558
19,953
21,893
20,038
(7.4)
(8.5)
TU
4,788
4,231
5,159
4,598
(11.6)
(10.9)
WHA
4,790
3,809
5,248
4,161
(20.5)
(20.7)
Source: InnovestX Research
Stock Price (Bt)
Recommendation
Old
New
Outperform
Neutral
2025F
2026F
% change
Core profit (Btmn)
Neutral
Neutral
Outperform
Outperform
Page 21
NVDR TRADE HIGHLIGHTS
May 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
VGI-W4
67,563,877
31.39
0
20,675,590
1.85
2
HFT
43,460,260
34.32
0
11,900,900
1.81
3
MASTER
20,021,516
34.51
0
5,037,653
1.67
4
TFG
302,696,741
27.09
0
85,996,748
1.48
5
AMATA
193,870,478
87.66
0
15,091,443
1.31
6
MOTHER
3,717,001
6.76
0
3,604,900
1.26
7
INSET
20,604,455
13.18
0
9,580,500
1.18
8
FM
24,418,203
12.85
0
11,181,300
1.13
9
EA
316,966,815
22.19
0
80,070,635
1.08
10
SAPPE
10,271,716
17.33
0
2,763,740
0.90
Net Decline
1
CHO
16,938,522
0.94
0
(69,736,188)
(9.72)
2
BCP
65,696,072
1.91
0
(124,962,931)
(9.08)
3
ADB
52,856,594
2.91
0
(22,477,810)
(3.10)
4
TOP
189,635,499
3.40
0
(43,204,149)
(1.93)
5
KBANK
328,262,878
5.54
0
(33,722,506)
(1.42)
6
SFLEX
23,507,296
1.15
0
(10,745,500)
(1.31)
7
HANA
76,614,535
3.46
0
(8,516,829)
(0.96)
8
KTB
1,329,521,154
3.81
0
(134,120,608)
(0.96)
9
TISCO
78,962,064
3.94
0
(6,896,157)
(0.86)
10
PCE
83,005,400
1.21
0
(20,471,100)
(0.74)
Source : SET
Top 20 most actively traded NVDR in April 2025 (Btmn)
Symbol Net Buy Symbol Net Sell
1 ADVANC 1,930 BCP (3,134)
2 AOT 1,757 KTB (2,977)
3 BBL 1,328 KBANK (2,846)
4 BH 1,029 GULF (1,874)
5 TRUE 863 PTTEP (1,142)
6 TFG 494 TTB (1,045)
7 CPF 460 SCB (735)
8 CRC 457 TOP (672)
9 AWC 391 CPN (628)
10 BTG 360 TISCO (589)
11 CPAXT 353 MTC (513)
12 OSP 255 PTTGC (434)
13 AMATA 253 DELTA (399)
14 TLI 246 MINT (327)
15 BTS 226 BDMS (176)
16 CPALL 216 HANA (163)
17 EA 160 KKP (160)
18 PLANB 158 VGI (113)
19 EGCO 152 KTC (111)
20 AAV 132 SCC (97)
Source : SET
as of Apr 30, 2025
As of Apr 30, 2025 Change from Mar 31, 2025
Page 22
PERCENTAGE TOTAL RETURN
May 2025
Percentage Total Return - as of 30 April 2025
Stock
-1M
-3M
-12M
-1M
-3M
-12M
Stock
-1M
-3M
-12M
-1M
-3M
-12M
SETAGRI Index
3
(2)
(6)
(2)
5
3
SETENTER Index
(11)
(23)
(19)
(16)
(16)
(10)
GFPT
18
12
(20)
14
19
(11)
BEC
6
(1)
(15)
2
6
(6)
SETAUTO Index
(1)
(3)
(29)
(5)
4
(20)
JKN
0
0
(56)
(4)
7
(47)
AH
(4)
(13)
(41)
(8)
(6)
(32)
MAJOR
(2)
(28)
(31)
(7)
(21)
(22)
PCSGH
(9)
(11)
(34)
(14)
(4)
(25)
MCOT
15
8
49
11
14
58
SAT
5
21
(19)
0
28
(10)
PLANB
(10)
(33)
(42)
(15)
(27)
(33)
STANLY
0
0
10
(4)
7
19
VGI
(23)
(25)
33
(28)
(18)
42
SETBANK Index
1
1
16
(4)
7
25
WORK
(11)
(18)
(48)
(15)
(11)
(39)
BAY
0
(5)
(12)
(4)
2
(3)
SETFOOD Index
6
3
(10)
2
10
(1)
BBL
(1)
(5)
9
(5)
2
18
BTG
13
40
2
8
46
11
KBANK
4
5
30
(0)
11
39
CBG
10
(10)
(7)
6
(4)
2
KKP
(8)
(4)
(1)
(13)
3
8
CPF
11
20
36
7
27
45
KTB
(3)
2
39
(7)
9
48
NRF
(4)
(38)
(91)
(9)
(32)
(82)
LHFG
5
5
(16)
1
12
(7)
OSP
17
(2)
(24)
13
4
(15)
SCB
4
2
22
(0)
9
31
TU
(1)
(7)
(24)
(5)
(0)
(15)
TCAP
0
0
4
(4)
7
13
ZEN
(3)
(9)
(20)
(8)
(2)
(11)
TISCO
5
5
9
1
11
18
SETFIN Index
7
(6)
(20)
3
0
(11)
TTB
(3)
(4)
8
(8)
3
17
AEONTS
2
(7)
(32)
(2)
0
(23)
SETCOM Index
2
(6)
(19)
(3)
1
(10)
ASP
(3)
(14)
(23)
(7)
(7)
(14)
BJC
8
9
0
3
16
9
BAM
13
17
(33)
8
23
(24)
CPALL
4
(1)
(9)
(0)
6
0
KTC
5
(6)
11
1
1
20
CPAXT
(3)
(6)
(23)
(7)
1
(14)
MST
(6)
(14)
(14)
(10)
(7)
(5)
CRC
(5)
(29)
(30)
(10)
(22)
(21)
MTC
24
3
(1)
20
10
8
GLOBAL
5
(25)
(54)
1
(18)
(45)
SAWAD
14
(18)
(18)
10
(11)
(9)
HMPRO
2
(0)
(14)
(3)
7
(6)
TIDLOR
(10)
(28)
(41)
(15)
(21)
(32)
RS
(5)
(47)
(91)
(9)
(40)
(82)
THANI
(14)
18
(36)
(18)
25
(27)
SETCOMUN Index
6
1
36
1
8
45
SETHELTH Index
6
(3)
(25)
1
4
(16)
ADVANC
7
6
55
3
13
64
BCH
8
6
(23)
3
12
(14)
THCOM
(10)
(20)
(29)
(14)
(13)
(20)
BDMS
10
4
(15)
6
11
(6)
TRUE
3
3
57
(1)
10
66
BH
0
(7)
(31)
(4)
0
(22)
SETCONMT Index
0
(1)
(30)
(4)
6
(21)
CHG
5
(18)
(37)
0
(12)
(28)
DCC
10
1
(10)
6
8
(1)
RJH
(4)
(30)
(46)
(9)
(23)
(37)
EPG
(8)
(21)
(60)
(12)
(14)
(51)
SETHOT Index
(3)
0
(26)
(7)
7
(17)
SCC
4
6
(34)
(0)
12
(25)
CENTEL
(13)
(12)
(44)
(17)
(5)
(35)
SCCC
(8)
(5)
14
(12)
2
23
ERW
(14)
(30)
(51)
(19)
(23)
(42)
SETETRON Index
44
(21)
36
39
(14)
45
MINT
2
11
(17)
(2)
18
(8)
DELTA
49
(22)
41
45
(15)
50
SETINS Index
5
8
11
0
15
20
HANA
21
(16)
(48)
17
(9)
(39)
BLA
(4)
(4)
(2)
(9)
3
7
KCE
11
(18)
(53)
6
(12)
(45)
THRE
0
(22)
(50)
(4)
(15)
(41)
SVI
11
19
19
7
26
28
THREL
8
22
(26)
3
29
(18)
SETENERG Index
(1)
(5)
(16)
(5)
2
(7)
TLI
8
17
41
4
24
50
ACE
1
3
(4)
(4)
10
5
TQM
11
(10)
(30)
6
(3)
(21)
BCPG
(1)
10
6
(5)
16
15
SETPETRO Index
(3)
(17)
(37)
(7)
(10)
(28)
BGRIM
11
(24)
(55)
6
(17)
(46)
GGC
(7)
14
(41)
(11)
20
(32)
BPP
3
(16)
(48)
(1)
(9)
(39)
IVL
(3)
(17)
(18)
(7)
(11)
(9)
BCP
(6)
5
(12)
(10)
12
(3)
PTTGC
1
(17)
(51)
(4)
(10)
(42)
CKP
9
(7)
(29)
5
(0)
(20)
SETPROP Index
(0)
(13)
(30)
(5)
(6)
(21)
EA
6
(30)
(90)
1
(23)
(81)
AMATA
(27)
(41)
(33)
(32)
(34)
(24)
EGCO
13
(4)
(2)
9
3
7
AP
6
1
(21)
2
7
(12)
BSRC
(3)
(2)
(40)
(7)
5
(31)
AWC
(11)
(30)
(49)
(15)
(24)
(40)
GPSC
17
3
(35)
12
10
(26)
LH
4
(4)
(37)
(0)
3
(28)
GULF
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
PSH
(4)
(24)
(57)
(8)
(17)
(48)
IRPC
(4)
(22)
(55)
(9)
(15)
(46)
QH
3
(8)
(26)
(2)
(1)
(17)
OR
23
26
(20)
19
33
(11)
SIRI
(2)
(15)
(11)
(6)
(8)
(2)
PTT
(3)
3
(2)
(7)
10
7
SPALI
(1)
(6)
(14)
(6)
1
(5)
PTTEP
(15)
(18)
(32)
(19)
(12)
(23)
WHA
(12)
(37)
(37)
(16)
(30)
(28)
RATCH
4
(5)
(3)
(0)
2
6
SETTRANS Index
1
(24)
(34)
(4)
(17)
(25)
SPRC
1
6
(28)
(3)
12
(19)
AAV
(20)
(36)
(43)
(24)
(30)
(34)
TOP
9
6
(48)
5
13
(39)
AOT
1
(31)
(41)
(3)
(24)
(32)
TTW
1
2
4
(3)
9
13
BEM
9
(10)
(27)
5
(4)
(18)
WHAUP
(1)
(10)
(9)
(5)
(3)
0
BTS
(2)
(18)
(20)
(6)
(11)
(12)
KEX
32
(15)
(72)
28
(8)
(63)
Source: Bloomberg Finance L.P.
% Total Return (TR) % TR rel. to SET TR% Total Return (TR) % TR rel. to SET TR
Page 23
Warrant Summary Report
Price as of : 30-Apr-25
24CS-W1 0.11 1.36 1.40 128.7 73.8 12.4 n.a. n.a. 3.00 1.00 28-Jan-27 1.7 193.99 n.a. n.a. 0.25 11-Feb-25
24CS-W2 0.13 1.36 1.40 350.7 127.8 10.5 n.a. n.a. 6.00 1.00 28-Jan-28 2.7 48.50 n.a. n.a. 0.23 11-Feb-25
A5-W4 0.03 2.24 0.59 57.6 45.3 74.7 0.14 0.05 3.50 1.00 08-Aug-26 1.3 361.00 361.00 23.0 0.01 19-Aug-24
ACC-W2 0.30 0.35 1.36 203.7 99.9 1.4 n.a. n.a. 0.82 1.22 16-May-27 2.0 447.68 447.68 29.0 0.03 31-May-24
B52-W4 0.03 0.22 1.13 140.9 199.6 7.3 n.a. n.a. 0.50 1.00 14-Jan-26 0.7 490.06 n.a. n.a. 0.01 03-Feb-25
BC-W2 0.01 0.91 0.37 120.9 1,486.2 91.0 n.a. n.a. 2.00 1.00 31-May-25 0.1 57.05 57.05 9.1 0.00 10-Jun-24
BE8-W1 0.62 10.90 1.74 593.8 549.1 17.6 0.00 0.00 75.00 1.00 31-May-26 1.1 13.23 13.23 4.8 0.00 08-Jun-23
BIOTEC-W2 0.03 0.19 1.36 178.9 195.7 6.3 0.16 0.01 0.50 1.00 31-Mar-26 0.9 1,016.66 1,016.56 25.0 0.01 12-Jun-23
BM-W3 0.75 2.48 0.44 (25.4) (172.7) 3.3 1.00 1.37 1.10 1.00 24-Jun-25 0.1 172.82 167.38 21.6 0.09 18-May-23
BRR-W2 0.18 4.74 0.58 178.1 225.9 26.3 0.00 0.00 13.00 1.00 13-Feb-26 0.8 81.19 81.19 9.1 0.09 27-Feb-23
BR-W1 0.04 1.59 0.43 217.0 162.4 39.8 0.00 0.00 5.00 1.00 01-Sep-26 1.3 456.61 456.61 33.3 0.01 12-Sep-22
BTC-W7 0.14 0.37 n.a. 238.6 199.4 3.0 n.a. n.a. 1.13 1.15 12-Jul-26 1.2 682.79 682.79 6.8 0.04 21-Jul-21
BTS-W8 0.03 4.92 1.31 193.0 123.9 169.9 0.05 0.05 14.39 1.04 21-Nov-26 1.6 2,632.54 2,632.33 17.2 0.10 01-Dec-21
B-W8 0.01 0.04 0.45 675.0 438.6 4.0 0.27 0.01 0.30 1.00 14-Nov-26 1.5 2,691.27 2,691.27 25.0 0.00 23-Nov-23
BWG-W6 0.01 0.26 1.65 173.1 609.3 26.0 n.a. n.a. 0.70 1.00 13-Aug-25 0.3 897.20 897.20 14.2 0.00 28-May-24
CEN-W5 0.06 1.74 0.51 26.4 25.7 29.0 0.26 0.06 2.14 1.00 12-May-26 1.0 372.38 372.36 33.3 0.03 24-May-21
CGH-W5 0.04 0.45 0.84 131.1 121.2 11.3 0.04 0.00 1.00 1.00 31-May-26 1.1 64.58 64.58 1.5 n.a. 24-Jul-24
CHASE-W1 0.33 0.77 1.90 7.8 3.7 2.3 n.a. n.a. 0.50 1.00 06-Jun-27 2.1 198.37 198.37 9.1 0.31 21-Jun-24
CHAYO-W3 0.06 2.01 2.13 338.7 560.1 34.4 0.00 0.00 8.76 1.03 08-Dec-25 0.6 113.71 113.71 9.3 0.04 20-Dec-23
CHO-W4 0.01 0.13 1.33 823.1 744.2 2.6 0.58 0.01 1.15 0.20 09-Jun-26 1.1 278.47 278.47 1.8 0.00 16-Jul-24
CIG-W10 0.05 0.03 -0.85 1,733.3 544.6 0.6 0.94 0.03 0.50 1.00 06-Jul-28 3.2 80.14 80.14 2.2 0.00 21-Jul-23
CIG-W9 0.02 0.03 -0.85 1,633.3 540.2 1.5 0.94 0.03 0.50 1.00 09-May-28 3.0 289.03 289.03 7.4 0.00 19-May-23
CPANEL-W1 0.05 2.50 0.98 102.0 852.2 50.0 0.00 0.00 5.00 1.00 14-Jun-25 0.1 32.00 28.81 15.0 0.04 30-Jun-22
CV-W1 0.05 0.20 1.25 450.0 117.9 2.0 0.57 0.04 1.00 0.50 22-Feb-29 3.8 63.18 63.18 1.8 n.a. 08-Mar-24
DCON-W3 0.01 0.25 0.78 64.0 366.8 25.0 0.01 0.00 0.40 1.00 04-Jul-25 0.2 800.00 800.00 12.9 0.00 18-Jul-23
DCON-W4 0.03 0.25 0.78 32.0 17.1 8.3 0.38 0.03 0.30 1.00 17-Mar-27 1.9 846.37 n.a. n.a. 0.07 01-Apr-25
DITTO-W1 0.01 12.80 2.13 160.2 3,128.6 1537.3 0.00 0.00 33.30 1.20 20-May-25 0.1 88.00 87.87 13.2 0.04 30-May-22
DV8-W2 0.49 1.05 0.63 22.9 110.2 2.1 0.81 0.31 0.80 1.00 16-Jul-25 0.2 302.36 302.36 18.6 0.31 27-Jul-23
EA-W1 0.32 2.18 2.37 98.2 35.2 6.8 n.a. n.a. 4.00 1.00 13-Feb-28 2.8 1,237.77 n.a. n.a. 2.90 24-Feb-25
ECF-W5 0.01 0.15 2.03 273.3 1,124.9 15.0 0.00 0.00 0.55 1.00 29-Jul-25 0.2 479.74 479.74 33.3 0.01 15-Aug-24
EFORL-W6 0.01 0.17 1.31 1,376.5 16,923.3 17.0 0.00 0.00 2.50 1.00 31-May-25 0.1 75.61 75.41 1.9 0.00 10-Jun-22
EMC-W7 0.03 0.06 0.29 166.7 78.4 2.0 n.a. n.a. 0.13 1.00 16-Jun-27 2.1 2,068.29 2,068.29 14.1 0.03 27-Jun-24
EP-W4 0.01 1.45 0.83 473.1 2,942.4 145.0 0.00 0.00 8.30 1.00 29-Jun-25 0.2 233.12 233.12 20.0 n.a. 11-Jul-22
GEL-W5 0.01 0.05 2.01 920.0 6,624.9 5.0 0.00 0.00 0.50 1.00 21-Jun-25 0.1 820.72 820.72 8.7 n.a. 29-Jun-22
GLORY-W1 0.18 0.79 0.80 49.4 19.4 4.4 0.57 0.21 1.00 1.00 16-Nov-27 2.5 134.99 134.51 33.2 0.01 29-Nov-22
HYDRO-W2 0.14 1.21 -0.25 67.8 38.4 2.3 0.77 0.18 1.50 0.27 05-Feb-27 1.8 155.93 155.93 8.1 0.00 20-Feb-24
IP-W2 0.05 3.68 0.96 235.3 1,694.3 119.7 0.00 0.00 12.31 1.63 21-Jun-25 0.1 93.13 93.13 20.0 0.16 28-Jun-23
JAS-W4 0.37 1.63 0.96 106.7 16.6 4.4 n.a. n.a. 3.00 1.00 10-Oct-31 6.4 4,145.93 n.a. n.a. 5.67 21-Oct-24
JMART-W5 0.16 8.40 1.92 638.8 2,721.0 59.4 0.00 0.00 61.92 1.13 26-Jul-25 0.2 50.98 50.98 3.8 0.08 13-Aug-21
Exercise
Price (Bt)
Valuation
Premium/Y
Remaining(%)
Stock Beta Delta
Gearing
Ratio(x)
Black
Scholes
Model
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)
Warrant Summary Report
Price as of : 30-Apr-25
Exercise
Price (Bt)
Valuation
Premium/Y
Remaining(%)
Stock Beta Delta
Gearing
Ratio(x)
Black
Scholes
Model
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)
JSP-W2 0.04 1.83 0.62 120.8 199.7 45.8 0.01 0.00 4.00 1.00 08-Dec-25 0.6 237.28 n.a. n.a. 0.01 17-Dec-24
J-W3 0.18 0.88 0.70 943.2 861.3 4.9 0.00 0.00 9.00 1.00 05-Jun-26 1.1 30.00 30.00 2.0 1.23 21-Jun-22
J-W4 0.22 0.88 0.70 277.3 221.6 4.0 0.03 0.00 3.10 1.00 01-Aug-26 1.3 160.17 160.17 9.9 0.06 14-Feb-24
KGEN-W2 0.11 0.71 1.68 160.4 128.5 7.4 0.37 0.13 1.75 1.14 31-Jul-26 1.2 416.87 416.87 22.4 0.10 09-Aug-23
KKP-W6 0.72 49.25 1.04 43.6 49.8 68.4 0.11 0.69 70.00 1.00 17-Mar-26 0.9 70.55 70.55 7.7 0.14 25-May-23
KUN-W2 0.01 1.20 0.42 84.2 285.3 120.0 0.00 0.00 2.20 1.00 17-Aug-25 0.3 249.70 249.70 25.0 0.00 31-Aug-23
KUN-W3 0.04 1.20 0.42 11.7 6.2 30.0 0.51 0.14 1.30 1.00 23-Mar-27 1.9 59.07 n.a. n.a. 0.05 08-Apr-25
K-W3 0.20 1.28 0.68 150.0 130.5 6.4 n.a. n.a. 3.00 1.00 25-Jun-26 1.1 39.24 39.24 6.7 0.00 03-Jul-24
MBK-W4 12.70 15.50 0.98 (3.0) (74.7) 1.3 1.00 13.16 2.87 1.04 16-May-25 0.0 71.78 5.88 0.3 0.53 15-Jun-22
MGI-W1 2.60 11.10 0.93 13.5 10.3 4.3 n.a. n.a. 10.00 1.00 21-Aug-26 1.3 83.95 83.95 28.6 3.95 05-Sep-24
NATION-W4 0.01 0.03 2.95 766.7 1,340.9 3.0 0.51 0.01 0.25 1.00 26-Nov-25 0.6 2,711.98 2,711.98 18.2 n.a. 14-Dec-23
NER-W2 0.18 4.10 0.54 38.5 37.1 22.8 n.a. n.a. 5.50 1.00 15-May-26 1.0 307.96 307.96 14.3 0.30 30-May-24
PACO-W1 0.03 1.45 0.52 109.0 174.7 48.3 0.00 0.00 3.00 1.00 15-Dec-25 0.6 200.00 200.00 16.7 0.00 30-Jan-23
PEER-W2 0.03 0.13 1.33 923.1 566.6 4.3 0.17 0.01 1.30 1.00 17-Dec-26 1.6 479.07 n.a. n.a. 0.03 30-Dec-24
PLANET-W2 0.80 1.73 1.26 4.0 2.2 2.2 n.a. n.a. 1.00 1.00 11-Mar-27 1.9 50.61 n.a. n.a. 0.07 19-Mar-25
PPPM-W6 0.20 0.41 1.78 2.4 1.9 2.1 0.88 0.27 0.22 1.00 19-Aug-26 1.3 130.31 130.16 14.4 0.00 30-Aug-24
PRG-W2 3.98 7.90 0.45 3.5 86.5 2.2 1.00 3.67 4.55 1.10 16-May-25 0.0 31.42 0.26 0.0 0.00 15-Jun-22
PRG-W3 3.30 7.90 0.45 (1.7) (3.0) 2.6 0.97 3.31 4.68 1.07 17-Nov-25 0.5 32.93 0.36 0.1 0.00 15-Dec-22
PRG-W4 2.98 7.90 0.45 (2.1) (1.1) 2.7 0.84 2.86 4.84 1.03 17-May-27 2.0 34.67 1.56 0.2 0.00 17-Jun-24
PRG-W5 2.64 7.90 0.45 (4.2) (1.6) 3.0 0.79 2.69 4.95 1.01 15-Nov-27 2.5 36.33 n.a. n.a. 0.00 16-Dec-24
PROEN-W2 0.35 1.20 2.69 12.5 8.6 3.4 n.a. n.a. 1.00 1.00 14-Oct-26 1.5 98.14 n.a. n.a. 0.88 22-Oct-24
PROS-W1 0.06 0.82 0.94 29.3 28.3 13.7 0.62 0.27 1.00 1.00 14-May-26 1.0 274.23 271.40 33.0 0.16 30-May-23
PSTC-W2 0.01 0.45 0.45 322.7 608.2 47.5 0.00 0.00 1.89 1.06 11-Nov-25 0.5 790.58 790.58 19.4 0.00 23-Nov-22
PSTC-W3 0.12 0.45 0.45 37.8 18.9 3.8 0.59 0.10 0.50 1.00 29-Apr-27 2.0 235.23 235.23 6.4 0.05 27-May-24
ROCTEC-W3 0.01 0.66 1.24 135.3 412.5 85.4 0.01 0.00 1.55 1.29 29-Aug-25 0.3 1,352.97 1,352.97 17.7 0.01 10-Sep-21
ROCTEC-W5 0.03 0.66 1.24 131.8 74.6 22.0 0.26 0.06 1.50 1.00 05-Feb-27 1.8 2,029.47 2,029.47 20.0 0.64 14-Feb-24
RS-W5 0.19 0.58 1.94 433.6 611.8 6.1 0.03 0.01 3.00 2.00 15-Jan-26 0.7 106.97 85.61 7.3 0.19 29-Jan-24
SAMTEL-W2 1.19 6.20 2.07 48.2 28.2 5.2 n.a. n.a. 8.00 1.00 15-Jan-27 1.7 102.99 n.a. n.a. 0.15 28-Jan-25
SA-W1 0.01 7.40 0.28 210.9 1,104.9 740.0 0.00 0.00 23.00 1.00 10-Jul-25 0.2 414.95 414.95 25.7 0.00 25-Jul-22
SAWAD-W2 0.19 32.00 1.56 173.0 523.2 193.0 0.00 0.00 87.19 1.15 30-Aug-25 0.3 54.93 54.92 4.0 0.11 17-Sep-20
SCM-W2 0.01 0.43 0.45 367.4 2,365.9 43.0 0.00 0.00 2.00 1.00 27-Jun-25 0.2 80.00 75.21 11.1 0.02 17-Jul-23
SCN-W2 0.04 0.43 1.05 1,072.1 1,518.6 10.8 0.00 0.00 5.00 1.00 14-Jan-26 0.7 120.00 120.00 9.0 0.00 19-Jan-22
SFLEX-W2 0.04 3.14 0.36 219.7 303.0 78.5 0.00 0.00 10.00 1.00 21-Jan-26 0.7 102.50 102.50 11.1 0.02 02-Feb-22
SGC-W1 0.07 0.87 1.65 57.5 156.9 12.4 n.a. n.a. 1.30 1.00 12-Sep-25 0.4 653.50 653.50 9.5 0.11 23-Sep-24
SGC-W2 0.27 0.87 1.65 114.9 48.6 3.2 n.a. n.a. 1.60 1.00 12-Sep-27 2.4 1,188.00 1,188.00 16.0 0.15 23-Sep-24
SIMAT-W3 0.01 0.98 1.61 2,124.6 41,497.8 134.9 0.00 0.00 21.79 1.38 20-May-25 0.1 37.81 37.81 7.4 0.00 22-Jun-15
SKE-W1 0.03 0.21 1.10 533.3 492.0 7.0 0.01 0.00 1.30 1.00 01-Jun-26 1.1 223.18 223.18 16.7 0.00 10-Jun-22
SSP-W2 0.01 4.82 0.47 243.1 4,289.1 583.2 0.00 0.00 16.53 1.21 22-May-25 0.1 253.55 253.55 19.3 0.00 01-Jul-21
STELLA-W5 0.01 0.20 n.a. 405.0 2,321.1 20.0 n.a. n.a. 1.00 1.00 04-Jul-25 0.2 2,610.85 n.a. n.a. 0.00 11-Aug-23
Warrant Summary Report
Price as of : 30-Apr-25
Exercise
Price (Bt)
Valuation
Premium/Y
Remaining(%)
Stock Beta Delta
Gearing
Ratio(x)
Black
Scholes
Model
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)
STELLA-W6 0.09 0.20 n.a. 195.0 87.2 2.2 n.a. n.a. 0.50 1.00 27-Jul-27 2.2 1,640.98 n.a. n.a. 0.01 31-Jan-25
TCC-W5 0.15 0.25 1.23 160.0 52.2 1.7 0.38 0.04 0.50 1.00 24-May-28 3.1 98.41 98.41 6.6 0.02 12-Jun-18
TEAMG-W1 0.17 3.24 2.38 368.2 322.5 19.1 0.02 0.01 15.00 1.00 22-Jun-26 1.1 135.99 135.99 14.3 0.15 07-Jul-23
TFG-W4 1.33 5.25 0.31 (2.3) (1.1) 3.9 0.81 1.84 3.80 1.00 15-May-27 2.0 581.08 581.08 9.1 2.28 24-May-24
TFI-W1 0.01 0.05 1.41 220.0 321.6 5.0 0.38 0.01 0.15 1.00 06-Jan-26 0.7 6,142.50 3,648.78 17.8 n.a. 03-Feb-21
TGE-W2 0.11 1.42 1.18 119.0 69.7 12.9 0.14 0.04 3.00 1.00 15-Jan-27 1.7 109.96 n.a. n.a. 0.10 06-Feb-25
TH-W3 0.01 0.63 1.72 60.3 443.1 63.0 0.02 0.00 1.00 1.00 20-Jun-25 0.1 241.26 207.95 17.2 0.01 08-Jul-22
TMC-W2 0.01 0.74 1.12 171.6 898.9 74.0 0.00 0.00 2.00 1.00 10-Jul-25 0.2 152.92 152.92 25.0 0.00 14-Jul-23
TM-W1 0.01 0.67 0.81 274.6 4,418.2 67.0 0.00 0.00 2.50 1.00 24-May-25 0.1 102.66 102.66 25.0 0.00 15-Jun-22
TNDT-W1 0.01 0.19 0.81 168.4 1,407.1 19.0 0.00 0.00 0.50 1.00 14-Jun-25 0.1 170.54 170.54 9.0 0.00 04-Jul-22
TRITN-W7 0.01 0.07 0.61 57.1 122.2 7.0 0.40 0.01 0.10 1.00 19-Oct-25 0.5 325.00 n.a. n.a. 0.00 07-Mar-25
TSR-W2 0.01 0.19 n.a. 1,340.2 2,692.4 20.9 n.a. n.a. 2.73 1.10 30-Oct-25 0.5 274.70 n.a. n.a. 0.00 14-Nov-22
TTB-W1 0.86 1.80 0.65 0.6 23.3 2.1 1.00 0.85 0.95 1.00 10-May-25 0.0 965.00 410.56 0.4 0.83 01-Jun-22
TVDH-W3 0.01 0.13 0.40 561.5 4,801.4 13.0 0.00 0.00 0.85 1.00 13-Jun-25 0.1 204.05 204.05 10.4 n.a. 04-Jul-22
TWZ-W8 0.01 0.03 1.17 333.3 270.6 3.0 n.a. n.a. 0.12 1.00 25-Jul-26 1.2 2,250.41 2,250.41 10.2 0.00 09-Aug-24
TWZ-W9 0.01 0.03 1.17 600.0 141.7 3.0 n.a. n.a. 0.20 1.00 25-Jul-29 4.2 2,250.41 2,250.41 10.2 0.00 09-Aug-24
VGI-W3 0.03 2.24 1.85 331.3 160.9 92.2 0.15 0.14 9.64 1.23 23-May-27 2.1 2,583.35 2,583.35 22.2 0.24 27-May-22
VGI-W4 0.72 2.24 1.85 (1.3) (3.9) 3.1 0.90 0.81 1.49 1.00 03-Sep-25 0.3 1,119.38 n.a. n.a. 5.32 16-Dec-24
VIBHA-W4 0.01 1.56 0.70 92.9 436.7 156.0 0.00 0.00 3.00 1.00 18-Jul-25 0.2 1,131.32 1,131.32 7.7 0.00 01-Aug-22
VIH-W1 0.80 7.05 0.81 24.8 21.3 8.8 n.a. n.a. 8.00 1.00 30-Jun-26 1.2 19.02 19.02 3.0 0.00 12-Jul-24
WAVE-W3 0.01 0.04 0.99 284.0 590.1 4.2 0.16 0.00 0.14 1.04 24-Oct-25 0.5 2,617.54 2,617.54 19.2 0.00 09-Nov-22
WAVE-W4 0.02 0.04 0.99 450.0 211.5 2.0 0.53 0.01 0.20 1.00 17-Jun-27 2.1 1,121.92 1,121.92 8.9 0.02 03-Jul-24
WIIK-W3 0.03 0.86 0.82 358.5 354.0 29.3 n.a. n.a. 3.91 1.02 06-May-26 1.0 279.20 279.20 25.4 0.00 27-May-24
XBIO-W6 0.03 0.10 n.a. 1,359.7 808.7 3.5 n.a. n.a. 1.43 1.05 05-Jan-27 1.7 45.48 n.a. n.a. 0.00 02-Feb-24
XBIO-W7 0.02 0.10 n.a. 873.2 330.0 5.2 n.a. n.a. 0.95 1.05 23-Dec-27 2.6 643.03 n.a. n.a. 0.00 09-Jan-25
ZIGA-W2 0.09 1.28 2.15 239.1 124.9 14.2 0.15 0.06 4.25 1.00 31-Mar-27 1.9 245.50 245.50 25.0 0.48 24-Apr-24
InnovestX Investment Recommendations
Price as of :
30-Apr-25
2
10
3
11
30042025
37
38
39
45
46
47
51
52
53
76
77
78
83
84
85
105
106
107
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 24A 25F 26F 24A 25F 26F 24A 25F 26F 24A 25F 26F 24A 25F 26F 24A 25F 26F 24A 25F 26F
Agribusiness 13.9 1,877 2,021 2,119 6.7 6.3 6.0 0.65 0.60 0.55 10 10 10
GFPT Neutral - 10.10 11.50 13.9 12.2 1,877 2,021 2,119 1.50 1.61 1.69 45 8 5 6.7 6.3 6.0 15.5 17.0 18.4 0.65 0.60 0.55 10 10 10
Automotive (2.7) 3,037 3,154 3,388 7.8 7.5 7.0 0.59 0.57 0.55 8 8 8
AH Neutral A 12.00 15.00 25.0 14.1 763 836 924 2.15 2.36 2.60 (56) 10 11 5.6 5.1 4.6 29.7 33.2 34.8 0.40 0.36 0.34 7 7 7
SAT Neutral AA 11.60 12.50 7.8 13.2 694 714 756 1.63 1.68 1.78 (28) 3 6 7.1 6.9 6.5 19.6 20.1 20.6 0.59 0.58 0.56 8 8 9
STANLY Underperform - 218.00 190.00 (12.8) 192.2 1,579 1,604 1,707 20.61 20.94 22.28 (9) 2 6 10.6 10.4 9.8 279.3 283.0 293.0 0.78 0.77 0.74 7 7 8
Banking 8.5 251,076 240,959 243,585 7.9 8.4 8.1 0.78 0.76 0.73 10 9 9
Large Banks
BBL Outperform AAA 140.00 167.00 19.3 161.4 45,211 41,803 41,808 23.69 21.90 21.90 9 (8) 0 5.9 6.4 6.4 290.8 304.2 317.6 0.48 0.46 0.44 8 7 7
KBANK Neutral AAA 159.50 170.00 6.6 171.1 48,803 48,022 48,188 20.60 20.27 20.34 15 (2) 0 7.7 7.9 7.8 237.8 249.2 257.5 0.67 0.64 0.62 9 8 8
KTB Outperform AAA 21.80 25.00 14.7 24.7 43,856 41,572 41,592 3.14 2.97 2.97 20 (5) 0 7.0 7.3 7.3 31.7 33.2 34.6 0.69 0.66 0.63 10 9 9
SCB No rec AA 119.00 123.5 43,943 45,021 45,356 13.05 13.37 13.47 1 2 1 9.1 8.9 8.8 145.1 148.1 150.8 0.82 0.80 0.79 9 9 9
Mid/small banks
BAY Neutral AAA 22.70 25.00 10.1 23.8 29,700 27,252 27,905 4.04 3.70 3.79 (10) (8) 2 5.6 6.1 6.0 53.3 56.1 59.1 0.43 0.40 0.38 8 7 7
KKP Neutral AA 50.00 48.00 (4.0) 50.8 4,985 4,031 5,127 5.89 4.76 6.06 (8) (19) 27 8.5 10.5 8.3 74.2 75.0 82.8 0.67 0.67 0.60 8 6 8
TCAP Neutral AA 47.75 52.00 8.9 54.1 6,646 7,095 7,272 6.34 6.77 6.94 1 7 3 7.5 7.1 6.9 69.7 73.2 76.7 0.68 0.65 0.62 9 9 9
TISCO Neutral AAA 98.25 100.00 1.8 97.7 6,901 6,209 6,298 8.62 7.75 7.87 (5) (10) 1 11.4 12.7 12.5 53.8 53.8 54.9 1.83 1.83 1.79 16 14 14
TTB Neutral AAA 1.83 2.00 9.3 2.0 21,031 19,953 20,038 0.22 0.20 0.21 14 (5) 0 8.5 8.9 8.9 2.4 2.5 2.6 0.75 0.73 0.71 9 8 8
Commerce 24.5 58,593 64,518 73,125 18.7 17.8 15.9 2.18 2.04 1.90 13 12 13
BJC Outperform AA 23.80 26.50 11.3 25.9 4,610 5,185 5,780 1.15 1.29 1.44 (5) 12 11 20.7 18.4 16.5 31.5 32.1 32.7 0.76 0.74 0.73 4 4 4
CPALL Outperform AAA 51.50 67.00 30.1 73.1 25,278 29,091 33,486 2.76 3.19 3.68 39 15 15 18.6 16.2 14.0 14.1 16.0 18.2 3.65 3.22 2.84 21 21 22
CPAXT Outperform AA** 25.25 32.00 26.7 32.0 11,082 12,726 14,592 1.06 1.22 1.40 28 15 15 23.8 20.7 18.0 28.5 29.1 29.6 0.88 0.87 0.85 4 4 5
CRC Neutral AA 23.70 28.00 18.1 34.7 8,696 8,813 9,671 1.44 1.46 1.60 11 1 10 16.4 16.2 14.8 11.4 12.3 13.3 2.07 1.93 1.78 12 12 12
GLOBAL Neutral AA 7.05 8.20 16.3 8.1 2,424 2,071 2,310 0.45 0.38 0.43 (9) (15) 12 15.7 18.4 16.5 4.6 4.8 5.0 1.54 1.48 1.40 10 8 9
HMPRO Outperform AA 8.50 10.00 17.6 10.2 6,504 6,632 7,286 0.49 0.50 0.55 1 2 10 17.2 16.9 15.3 2.0 2.1 2.2 4.17 4.03 3.80 25 24 25
Construction Materials 22.3 7,730 16,398 18,296 34.0 12.4 11.2 1.02 0.96 0.92 9 9 9
Cement
SCC Neutral AAA 160.00 192.00 20.0 157.0 1,832 10,098 11,548 1.53 8.41 9.62 (87) 451 14 104.8 19.0 16.6 349.8 361.3 365.3 0.46 0.44 0.44 0 2 3
SCCC Outperform AA 147.00 193.00 31.3 194.0 3,518 3,903 4,115 11.81 13.10 13.81 52 11 5 12.5 11.2 10.6 143.5 149.6 153.4 1.02 0.98 0.96 9 9 9
Others
DCC Neutral - 1.56 1.80 15.4 1.7 1,103 1,016 1,115 0.12 0.11 0.12 (7) (8) 10 12.9 14.0 12.8 0.8 0.8 0.9 2.01 1.86 1.76 16 14 14
EPG Neutral AA 2.66 3.80 42.9 3.9 1,277 1,380 1,519 0.46 0.49 0.54 (12) 8 10 5.8 5.4 4.9 4.5 4.8 5.1 0.59 0.55 0.52 10 11 11
Electronic Components 21,433 23,236 25,835 32.3 28.9 25.9 5.80 5.03 4.40 13 13 13
DELTA Underperform A 98.00 80.00 (18.4) 72.9 19,009 20,383 22,699 1.52 1.63 1.82 (17) 7 11 64.3 60.0 53.9 6.4 7.6 8.8 15.29 12.98 11.10 26 23 22
HANA Neutral AA 19.30 18.40 (4.7) 18.7 886 1,207 1,445 1.00 1.36 1.63 (59) 36 20 19.3 14.2 11.8 30.6 30.5 31.2 0.63 0.63 0.62 3 4 5
KCE Neutral A 17.40 23.00 32.2 20.2 1,539 1,646 1,692 1.30 1.39 1.43 (2) 7 3 13.4 12.5 12.2 11.7 11.8 11.9 1.49 1.48 1.46 11 12 12
Energy & Utilities 36.5 192,898 251,612 262,880 16.5 14.6 10.7 0.88 0.83 0.80 3 7 7
Oil & Gas and Coal
PTT Outperform AAA 31.00 41.00 32.3 34.4 81,770 117,888 120,659 2.86 4.13 4.22 (21) 44 2 10.8 7.5 7.3 40.2 42.3 44.4 0.77 0.73 0.70 5 7 7
PTTEP Outperform AA** 99.50 162.00 62.8 131.9 78,239 66,802 62,069 19.71 16.83 15.63 (1) (15) (7) 5.0 5.9 6.4 134.9 142.7 150.4 0.74 0.70 0.66 15 12 11
Refineries
BCP Outperform - 35.75 47.00 31.5 39.3 (5,428) 8,219 10,369 (3.94) 5.97 7.53 n.m. n.m. 26 n.m. 6.0 4.7 43.4 48.2 54.1 0.82 0.74 0.66 (6) 9 10
BSRC Neutral - 5.25 6.00 14.3 6.0 (2,188) 1,719 2,359 (0.63) 0.50 0.68 n.m. n.m. 37 n.m. 10.6 7.7 7.3 7.7 8.2 0.72 0.68 0.64 (8) 7 9
IRPC Underperform - 0.87 1.00 14.9 0.9 (5,826) 487 2,654 (0.29) 0.02 0.13 (58) n.m. 444 n.m. 36.5 6.7 3.4 3.4 3.5 0.25 0.25 0.25 (8) 1 4
OR Outperform AAA 14.50 16.40 13.1 14.1 7,466 11,751 13,390 0.62 0.98 1.12 (33) 57 14 23.3 14.8 13.0 9.1 9.6 10.3 1.60 1.51 1.41 7 10 11
SPRC Outperform - 5.45 6.60 21.1 7.0 1,526 2,638 1,760 0.35 0.61 0.41 n.m. 73 (33) 15.5 9.0 13.4 9.0 9.3 9.3 0.60 0.58 0.58 4 7 4
TOP Neutral AAA 26.75 28.00 4.7 28.7 8,412 10,146 13,976 3.77 4.54 6.26 (62) 21 38 7.1 5.9 4.3 74.4 77.6 81.8 0.36 0.34 0.33 5 6 8
Utilities
ACE
Neutral
AAA
1.33
1.40
5.3
1.4
851
1,022
1,833
0.08
0.10
0.18
(23)
20
79
15.9
13.2
7.4
1.6
1.7
1.9
0.84
0.79
0.72
5
6
10
BGRIM
Neutral
AAA
11.30
14.90
31.9
16.5
1,697
1,768
2,622
0.65
0.68
1.01
(18)
4
48
17.4
16.7
11.2
13.8
16.8
17.3
0.82
0.67
0.65
3
3
4
GPSC
Neutral
AAA
31.25
31.00
(0.8)
38.2
4,320
4,487
4,976
1.53
1.59
1.76
26
4
11
20.4
19.6
17.7
38.1
38.8
39.5
0.82
0.81
0.79
4
4
4
GULF
Outperform
AAA
49.00
70.00
42.9
62.1
22,058
24,685
26,213
1.48
1.65
1.75
18
12
6
33.2
29.7
27.9
22.2
22.4
22.4
2.21
2.19
2.18
7
7
8
Finance & Securities 2.6 28,669 30,651 33,760 11.6 11.1 10.3 1.33 1.22 1.13 11 11 11
Asset Management Company
BAM Neutral AA 6.35 6.50 2.4 6.7 1,602 1,729 1,861 0.50 0.53 0.58 4 8 8 12.8 11.9 11.0 13.7 13.9 14.1 0.46 0.46 0.45 0 0 0
Consumer Finance
AEONTS Outperform - 105.50 120.00 13.7 132.9 2,860 2,979 3,160 11.44 11.91 12.64 (12) 4 6 9.2 8.9 8.3 105.7 112.1 119.2 1.00 0.94 0.88 11 11 11
KTC Underperform AAA 46.50 34.00 (26.9) 46.2 7,437 7,455 7,635 2.88 2.89 2.96 2 0 2 16.1 16.1 15.7 15.4 17.0 18.7 3.01 2.73 2.49 20 18 17
MTC Outperform AAA 45.00 51.00 13.3 53.5 5,867 6,783 7,890 2.77 3.20 3.72 20 16 16 16.3 14.1 12.1 17.4 20.4 23.8 2.58 2.21 1.89 17 17 17
SAWAD Neutral AA 30.50 35.00 14.8 38.1 5,052 5,321 6,149 3.34 3.20 3.39 (8) (4) 6 9.1 9.5 9.0 21.9 23.1 24.5 1.39 1.32 1.24 16 15 15
NTL Outperform - 12.00 18.00 50.0 19.3 4,230 4,735 5,289 1.45 1.63 1.82 8 12 12 8.3 7.4 6.6 10.5 11.7 13.0 1.15 1.03 0.92 14 15 15
THANI Underperform AA 1.47 1.30 (11.6) 1.7 800 822 928 0.13 0.13 0.15 (43) 3 13 11.4 11.1 9.9 2.1 2.2 2.3 0.69 0.67 0.64 6 6 7
Securities
ASP Underperform - 1.93 2.00 3.6 2.0 356 354 351 0.17 0.17 0.17 (13) (1) (1) 11.4 11.5 11.6 2.3 2.3 2.4 0.83 0.82 0.82 7 7 7
MST Neutral - 7.55 10.00 32.5 n.a. 462 474 497 0.81 0.83 0.87 27 2 5 9.3 9.1 8.7 8.9 9.1 9.3 0.85 0.83 0.81 9 9 9
ROE (%)
BVPS(Bt)
InnovestX Investment Recommendations
Price as of :
30-Apr-25
2
10
3
11
30042025
37
38
39
45
46
47
51
52
53
76
77
78
83
84
85
105
106
107
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 24A 25F 26F 24A 25F 26F 24A 25F 26F 24A 25F 26F 24A 25F 26F 24A 25F 26F 24A 25F 26F
ROE (%)
BVPS(Bt)
Food & Beverage
14.2
32,378
40,617
44,213
18.3
14.9
13.3
2.07
1.87
1.75
12
14
14
BTG Outperform AAA 23.70 27.50 16.0 25.1 2,377 6,090 6,576 1.23 3.15 3.40 n.m. 156 8 19.3 7.5 7.0 14.1 16.8 19.0 1.68 1.41 1.24 9 20 19
CBG Outperform AA 62.50 80.00 28.0 79.7 2,828 3,262 3,544 2.83 3.26 3.54 48 15 9 22.1 19.2 17.6 13.2 15.2 17.2 4.73 4.12 3.63 23 23 22
CPF Outperform AAA 26.50 30.00 13.2 29.5 18,981 24,082 26,275 2.31 2.97 3.25 n.m. 29 10 11.5 8.9 8.1 37.9 38.4 40.8 0.70 0.69 0.65 7 8 9
OSP Neutral AA 15.80 16.00 1.3 18.7 3,183 2,882 3,137 1.06 0.96 1.04 52 (9) 9 14.9 16.5 15.1 5.1 5.5 5.5 3.12 2.86 2.87 20 18 19
TU Neutral A 10.80 12.00 11.1 12.3 4,953 4,231 4,598 1.08 0.95 1.03 8 (12) 9 10.0 11.4 10.5 13.0 12.9 13.4 0.83 0.83 0.81 8 7 8
ZEN Neutral AA 6.05 7.50 24.0 6.6 57 70 84 0.19 0.23 0.28 (1) 23 19 31.9 25.9 21.7 4.5 4.6 4.7 1.34 1.32 1.28 4 5 6
Health Care Services 33.0 26,900 27,894 29,959 18.2 17.4 16.3 3.19 2.98 2.79 19 17 17
BCH Outperform AA 15.10 20.00 32.5 18.5 1,485 1,705 1,844 0.60 0.68 0.74 (0) 15 8 25.4 22.1 20.4 5.2 5.4 5.6 2.91 2.81 2.72 11 12 13
BDMS Outperform A 24.00 32.00 33.3 32.0 15,987 17,228 18,771 1.01 1.08 1.18 11 8 9 23.9 22.1 20.3 6.3 6.6 6.9 3.81 3.65 3.49 16 16 17
BH Neutral - 165.00 214.00 29.7 226.3 7,775 7,315 7,597 9.78 9.20 9.56 12 (6) 4 16.9 17.9 17.3 34.6 38.8 43.6 4.77 4.26 3.78 30 25 23
CHG Neutral - 1.78 2.60 46.1 2.7 1,092 1,176 1,220 0.10 0.11 0.11 0 8 4 17.9 16.7 16.0 0.7 0.7 0.8 2.54 2.44 2.36 14 14 14
RJH Neutral - 13.20 20.00 51.5 17.6 561 471 527 1.87 1.57 1.76 34 (16) 12 7.1 8.4 7.5 6.8 7.7 8.2 1.95 1.73 1.62 24 19 20
Information & Communication Technology 9.8 44,281 52,594 57,632 34.7 26.2 23.7 7.34 6.75 6.29 24 28 29
Mobile
ADVANC Outperform AA 295.00 310.00 5.1 308.4 34,836 38,488 41,826 11.71 12.94 14.06 22 10 9 25.2 22.8 21.0 32.7 34.5 36.5 9.02 8.54 8.08 37 38 40
TRUE Outperform - 12.10 14.50 19.8 14.2 9,445 14,106 15,806 0.27 0.41 0.46 n.m. 49 12 44.3 29.6 26.5 2.1 2.4 2.7 5.66 4.95 4.49 12 18 18
Insurance 6.5 16,258 18,301 19,776 9.9 11.8 8.9 1.31 1.21 1.12 9 12 12
BLA Outperform AA 16.80 25.00 48.8 24.7 3,623 4,293 4,610 2.12 2.51 2.70 42 18 7 7.9 6.7 6.2 28.8 31.2 33.1 0.58 0.54 0.51 8 8 8
THRE Outperform - 0.40 0.70 75.0 0.7 227 277 307 0.05 0.07 0.07 9 22 11 7.4 6.1 5.5 0.9 0.9 1.0 0.45 0.42 0.40 6 7 7
THREL Underperform A 1.57 1.20 (23.6) 1.2 (85) 40 77 (0.14) 0.06 0.12 n.m. n.m. 93 n.m. 24.3 12.6 2.0 2.1 2.1 0.78 0.76 0.73 (7) 3 6
TLI Neutral A 12.30 12.00 (2.4) 14.0 11,682 12,790 13,776 1.02 1.12 1.20 20 9 8 12.1 11.0 10.2 9.8 10.4 11.1 1.25 1.18 1.11 10 10 10
TQM Outperform A 16.60 17.00 2.4 20.9 811 900 1,005 1.35 1.50 1.68 (1) 11 12 12.3 11.1 9.9 4.8 5.3 5.8 3.46 3.14 2.84 29 30 30
Packaging 3,910 3,747 4,146 15.5 16.2 14.6 0.64 0.63 0.61 4 4 4
SCGP Neutral AAA 14.10 17.50 24.1 17.3 3,910 3,747 4,146 0.91 0.87 0.97 (24) (4) 11 15.5 16.2 14.6 22.2 22.5 23.1 0.64 0.63 0.61 4 4 4
Petrochemicals & Chemicals 39.7 -19,935 15,497 21,517 24.3 15.5 10.2 0.54 0.52 0.50 (3) 4 6
GGC Neutral - 4.54 4.50 (0.9) 4.5 (316) 296 452 (0.31) 0.29 0.44 (51) n.m. 52 n.m. 15.7 10.3 9.3 9.5 9.8 0.49 0.48 0.46 (3) 3 5
IVL Neutral AAA 19.00 23.00 21.1 26.4 4,392 11,605 15,213 0.78 2.07 2.71 1,028 164 31 24.3 9.2 7.0 22.4 23.8 25.7 0.85 0.80 0.74 3 9 11
PTTGC Outperform AAA 17.30 29.00 67.6 22.2 (24,010) 3,595 5,852 (5.33) 0.80 1.30 (654) n.m. 63 n.m. 21.7 13.3 58.0 58.2 59.0 0.30 0.30 0.29 (9) 1 2
Property Development 23.7 30,692 29,747 32,217 16.3 12.7 11.5 0.63 0.62 0.60 8 7 7
Real Estate Developer
WHA Neutral AAA 3.02 3.30 9.3 4.4 4,359 3,809 4,161 0.29 0.25 0.28 (1) (13) 9 10.4 11.9 10.9 2.3 2.4 2.5 1.30 1.26 1.21 11.50 9.77 10.32
Real Estate Developer
AWC Neutral AA 2.20 2.74 24.5 3.5 1,860 1,772 1,710 0.06 0.06 0.05 76 (5) (4) 37.8 39.7 41.2 2.9 2.9 2.9 0.77 0.76 0.75 2.08 1.92 1.83
Residential
AP Outperform AA 8.00 11.20 40.0 10.0 5,020 5,213 5,525 1.60 1.66 1.76 (17) 4 6 5.0 4.8 4.6 13.9 15.0 16.2 0.58 0.53 0.49 12 11 11
LH Neutral AA 4.24 6.00 41.5 5.0 5,491 5,369 5,890 0.46 0.45 0.49 (27) (2) 10 9.2 9.4 8.6 4.2 4.3 4.5 1.00 0.98 0.94 11 10 11
LPN Underperform - 2.02 1.10 (45.5) 1.9 111 144 220 0.08 0.10 0.15 (69) 30 53 26.6 20.5 13.4 8.2 8.2 8.3 0.25 0.25 0.24 1 1 2
PSH Underperform AA 4.80 4.40 (8.3) 4.7 259 1,034 1,234 0.12 0.47 0.56 (81) 299 19 40.6 10.2 8.5 18.3 19.0 19.2 0.26 0.25 0.25 1 2 3
QH Underperform - 1.50 1.72 14.7 1.7 2,150 2,254 2,398 0.20 0.21 0.22 (14) 5 6 7.5 7.1 6.7 2.9 3.0 3.0 0.52 0.50 0.50 7 7 8
SIRI Outperform AAA 1.39 1.80 29.5 1.8 5,253 4,401 4,772 0.32 0.25 0.27 (3) (21) 8 4.4 5.5 5.1 2.9 2.9 3.0 0.48 0.49 0.47 11 9 9
SPALI Neutral A 15.80 18.60 17.7 18.3 6,190 5,751 6,308 3.17 2.94 3.23 3 (7) 10 5.0 5.4 4.9 27.6 29.1 30.9 0.57 0.54 0.51 12 10 11
Tourism & Leisure 18.9 11,144 11,288 10,948 17.8 18.0 18.8 1.67 1.58 1.49 10 8 8
CENTEL Neutral AAA 25.00 32.00 28.0 38.9 1,844 1,767 1,703 1.37 1.31 1.26 65 (4) (4) 18.3 19.1 19.8 15.5 16.2 16.9 1.61 1.54 1.48 9 8 8
ERW Neutral - 2.28 3.00 31.6 4.0 909 848 803 0.19 0.17 0.16 22 (7) (5) 12.3 13.1 13.9 1.9 2.1 2.2 1.17 1.11 1.05 11 9 8
MINT Neutral AA 26.75 31.00 15.9 37.4 8,391 8,673 8,442 1.17 1.22 1.18 21 4 (3) 22.8 21.9 22.6 12.0 12.9 13.7 2.22 2.08 1.95 9 9 8
Transportation & Logistics 26.3 19,110 20,101 20,613 19.3 19.7 45.0 2.28 1.35 1.57 (36) (386) 28
Aviation
AAV Neutral - 1.35 1.70 25.9 2.4 2,931 2,632 2,506 0.23 0.20 0.20 n.m. (10) (5) 5.9 6.6 6.9 0.9 1.1 1.3 1.52 1.24 1.05 30 21 16
AOT Neutral A 38.25 47.00 22.9 52.0 19,515 18,025 16,863 1.37 1.26 1.18 111 (8) (6) 28.0 30.3 32.4 8.7 9.1 9.6 4.40 4.19 4.00 16 14 12
Express Delivery
KEX Underperform - 1.23 0.90 (26.8) 0.8 (5,872) (4,231) (3,870) (1.68) (1.21) (1.10) 25 28 9 n.m. n.m. n.m. 0.7 -0.5 -1.6 1.81 -2.33 -0.75 (235) (1,973) 100
Mass Transit
BEM Outperform AAA 5.90 9.00 52.5 9.8 3,768 4,090 4,441 0.25 0.27 0.29 8 9 9 23.9 22.1 20.3 2.4 2.5 2.6 2.47 2.35 2.24 10 11 11
BTS Neutral AA 5.05 6.20 22.8 5.9 (1,233) (416) 674 (0.09) (0.03) 0.04 n.m. 70 n.m. n.m. n.m. 120.5 4.3 3.8 3.8 1.18 1.33 1.32 (2) (1) 1
Infrastructure Fund 21,702 23,184 23,736 6.5 6.1 5.9 0.62 0.67 0.77 10 13 15
3BBIF Neutral 5.95 7.10 19.3 6.8 5,979 6,231 6,618 0.75 0.78 0.83 (25) 4 6 8.0 7.6 7.2 8.4 8.5 8.6 0.71 0.70 0.69 9 9 10
BTSGIF Neutral 2.80 3.20 14.3 3.5 4,053 5,119 4,937 0.70 0.88 0.85 (13) 26 (4) 4.0 3.2 3.3 4.5 3.6 2.5 0.62 0.78 1.10 14 22 28
DIF Outperform 8.20 10.50 28.0 9.9 11,670 11,833 12,182 1.10 1.11 1.15 (2) 1 3 7.5 7.4 7.2 15.2 15.4 15.7 0.54 0.53 0.52 7 7 7
REITs 5,764 6,312 6,346 10.0 8.8 8.8 0.86 0.84 0.83 10 10 10
FTREIT Outperform 8.90 12.50 40.4 12.4 2,558 2,727 2,781 0.78 0.83 0.85 (4) 6 2 11.4 10.7 10.5 11.0 11.0 11.1 0.81 0.81 0.80 7 8 8
GVREIT Neutral 6.90 6.80 (1.4) 709 709 652 0.87 0.87 0.80 (1) (0) (8) 7.9 7.9 8.6 10.7 10.8 10.9 0.64 0.64 0.63 8 8 7
LHHOTEL Outperform 12.40 17.00 37.1 14.8 1,794 1,884 1,913 1.71 1.80 1.82 8 5 2 7.2 6.9 6.8 12.9 13.3 13.8 0.96 0.93 0.90 14 14 13
LHSC Outperform 11.90 14.00 17.6 13.7 702 992 1,001 0.89 1.25 1.26 (17) 41 1 13.4 9.5 9.4 11.8 12.0 12.1 1.01 1.00 0.98 9 9 11
InnovestX Coverage 1,197.26 17.3 730,051 852,334 904,009 84.39 98.52 104.50 1.66 16.75 6.06 14.2 12.2 11.5 1.13 1.08 1.03 7 8 8
InnovestX Investment Recommendations
Price as of :
30-Apr-25
2
10
3
11
30042025
Company Rec. SET Price Target Price % 12-mth
ESG Ratings (Bt) Up/(Down) BB-CON
Agribusiness 13.9
GFPT Neutral - 10.10 11.50 13.9 12.2
Automotive (2.7)
AH Neutral A 12.00 15.00 25.0 14.1
SAT Neutral AA 11.60 12.50 7.8 13.2
STANLY Underperform - 218.00 190.00 (12.8) 192.2
Banking 8.5
Large Banks
BBL Outperform AAA 140.00 167.00 19.3 161.4
KBANK Neutral AAA 159.50 170.00 6.6 171.1
KTB Outperform AAA 21.80 25.00 14.7 24.7
SCB No rec AA 119.00 123.5
Mid/small banks
BAY Neutral AAA 22.70 25.00 10.1 23.8
KKP Neutral AA 50.00 48.00 (4.0) 50.8
TCAP Neutral AA 47.75 52.00 8.9 54.1
TISCO Neutral AAA 98.25 100.00 1.8 97.7
TTB Neutral AAA 1.83 2.00 9.3 2.0
Commerce 24.5
BJC Outperform AA 23.80 26.50 11.3 25.9
CPALL Outperform AAA 51.50 67.00 30.1 73.1
CPAXT Outperform AA** 25.25 32.00 26.7 32.0
CRC Neutral AA 23.70 28.00 18.1 34.7
GLOBAL Neutral AA 7.05 8.20 16.3 8.1
HMPRO Outperform AA 8.50 10.00 17.6 10.2
Construction Materials 22.3
Cement
SCC Neutral AAA 160.00 192.00 20.0 157.0
SCCC Outperform AA 147.00 193.00 31.3 194.0
Others
DCC Neutral - 1.56 1.80 15.4 1.7
EPG Neutral AA 2.66 3.80 42.9 3.9
Electronic Components
DELTA Underperform A 98.00 80.00 (18.4) 72.9
HANA Neutral AA 19.30 18.40 (4.7) 18.7
KCE Neutral A 17.40 23.00 32.2 20.2
Energy & Utilities 36.5
Oil & Gas and Coal
PTT Outperform AAA 31.00 41.00 32.3 34.4
PTTEP Outperform AA** 99.50 162.00 62.8 131.9
Refineries
BCP Outperform - 35.75 47.00 31.5 39.3
BSRC Neutral - 5.25 6.00 14.3 6.0
IRPC Underperform - 0.87 1.00 14.9 0.9
OR Outperform AAA 14.50 16.40 13.1 14.1
SPRC Outperform - 5.45 6.60 21.1 7.0
TOP Neutral AAA 26.75 28.00 4.7 28.7
Utilities
ACE
Neutral
AAA
1.33
1.40
5.3
1.4
BGRIM
Neutral
AAA
11.30
14.90
31.9
16.5
GPSC
Neutral
AAA
31.25
31.00
(0.8)
38.2
GULF
Outperform
AAA
49.00
70.00
42.9
62.1
Finance & Securities 2.6
Asset Management Company
BAM Neutral AA 6.35 6.50 2.4 6.7
Consumer Finance
AEONTS Outperform - 105.50 120.00 13.7 132.9
KTC Underperform AAA 46.50 34.00 (26.9) 46.2
MTC Outperform AAA 45.00 51.00 13.3 53.5
SAWAD Neutral AA 30.50 35.00 14.8 38.1
NTL Outperform - 12.00 18.00 50.0 19.3
THANI Underperform AA 1.47 1.30 (11.6) 1.7
Securities
ASP Underperform - 1.93 2.00 3.6 2.0
MST Neutral - 7.55 10.00 32.5 n.a.
91
92
93
98
99
100
144
145
146
Net Debt (Btm) Shares Mkt. Cap. %Mkt.Cap /
24A 25F 26F 24A 25F 26F 24A 25F 26F 24A 25F 26F 24A 25F 26F (m Shrs.) (Btm) SET
1.98 2.25 2.34 4.91 4.31 3.88 21 5 3 2,663 1,429 327 12,664 0.09
0.20 0.23 0.24 1.98 2.25 2.34 4.91 4.31 3.88 21 5 3 2,663 1,429 327 1,254 12,664 0.09
8.01 7.58 8.14 2.52 1.84 2.77 (22) 6 3 (8,970) (12,655) (2,894) 25,895 0.17
0.78 0.87 0.97 6.50 7.27 8.04 3.45 2.67 2.22 (34) 7 3 3,344 2,027 1,149 355 4,258 0.03
1.50 1.18 1.24 12.93 10.13 10.73 1.26 0.91 0.69 (21) 2 2 (3,367) (3,786) (4,043) 425 4,932 0.03
10.00 11.60 12.30 4.59 5.32 5.64 2.86 1.95 5.41 (11) 10 4 (8,947) (10,897) 0 77 16,704 0.11
7.02 6.90 7.01 1,866,855 12.61
8.50 8.50 8.75 6.07 6.07 6.25 0 0 0 1,909 267,238 1.81
12.00 12.00 12.00 7.52 7.52 7.52 0 0 0 2,369 377,908 2.55
1.55 1.55 1.55 7.09 7.09 7.09 0 0 0 13,976 304,678 2.06
10.44 10.70 10.78 8.77 8.99 9.06 0 0 0 3,367 400,686 2.71
0.85 0.85 0.85 3.74 3.74 3.74 0 0 0 7,356 166,976 1.13
4.00 3.25 3.50 8.00 6.50 7.00 0 0 0 847 42,338 0.29
3.30 3.40 3.50 6.91 7.12 7.33 0 0 0 1,049 50,071 0.34
7.75 7.75 7.75 7.89 7.89 7.89 0 0 0 801 78,663 0.53
0.13 0.13 0.13 7.21 7.21 7.21 0 0 0 97,430 178,298 1.20
3.10 3.30 3.63 10.08 9.81 9.09 5 3 6 795,966 800,211 767,438 1,112,707 7.52
0.71 0.84 0.90 2.98 3.53 3.79 11.17 10.64 10.14 8 4 4 155,165 153,066 150,893 4,008 95,386 0.64
1.35 1.59 1.83 2.62 3.08 3.55 9.31 8.73 7.99 12 6 7 357,772 354,770 335,716 8,983 462,630 3.13
0.71 0.85 0.98 2.81 3.38 3.88 10.71 9.84 9.07 8 13 7 131,350 144,757 140,153 10,428 263,298 1.78
0.60 0.61 0.67 2.53 2.59 2.84 7.89 7.62 7.18 7 2 4 124,787 120,985 115,683 6,031 142,935 0.97
0.18 0.15 0.17 2.57 2.17 2.43 10.89 11.59 10.48 (7) (8) 9 9,107 7,899 7,099 5,202 36,673 0.25
0.43 0.43 0.45 5.06 5.04 5.28 10.54 10.43 9.69 3 2 7 17,786 18,734 17,895 13,151 111,785 0.76
5.81 5.54 5.81 7.41 6.75 6.20 (1) 8 5 316,966 313,691 301,701 257,490 1.74
5.00 5.00 6.00 3.13 3.13 3.75 9.05 8.13 7.70 (0) 12 4 296,244 297,650 288,428 1,200 192,000 1.30
11.00 10.00 10.00 7.48 6.80 6.80 6.32 4.92 4.61 26 21 4 16,740 13,426 11,824 298 43,806 0.30
0.08 0.07 0.08 5.13 4.73 5.19 9.54 9.79 8.97 (19) (6) 8 2,049 1,432 1,233 9,126 14,236 0.10
0.20 0.20 0.20 7.52 7.52 7.52 4.72 4.15 3.51 (10) 5 5 1,933 1,184 216 2,800 7,448 0.05
3.99 4.07 4.43 20.39 18.49 16.72 (10) 7 13 39 4,627 5,264 1,260,090 8.51
0.46 0.49 0.55 0.47 0.50 0.56 46.48 39.47 36.06 (8) 18 9 0 0 0 12,474 1,222,434 8.26
0.75 0.82 0.98 3.89 4.24 5.07 7.44 7.26 6.43 (20) 2 13 0 0 0 885 17,088 0.12
1.32 1.30 1.33 7.61 7.46 7.67 7.24 8.73 7.66 (2) 1 17 39 4,627 5,264 1,182 20,568 0.14
4.03 4.36 5.23 11.31 6.89 6.82 (8) 67 7 1,289,574 1,121,200 1,031,653 2,486,185 16.80
2.10 2.10 2.20 6.77 6.77 7.10 3.47 2.34 2.05 (7) 19 (0) 543,643 257,636 113,185 28,563 885,453 5.98
9.63 9.00 8.00 9.67 9.05 8.04 1.49 1.96 2.21 4 (9) 0 (35,478) 33,125 87,599 3,970 395,014 2.67
1.05 1.45 2.00 2.94 4.06 5.59 3.78 2.80 2.49 (0) 30 11 98,102 92,782 91,095 1,377 49,225 0.33
0.10 0.20 0.30 1.90 3.81 5.71 24.10 5.87 4.50 (67) 339 15 15,297 17,595 13,289 3,461 18,170 0.12
0.01 0.01 0.06 1.15 1.15 6.90 23.29 6.46 4.51 (45) 217 21 59,794 50,576 40,171 20,434 17,778 0.12
0.40 0.45 0.50 2.76 3.10 3.45 8.17 7.27 6.17 (16) 20 13 (28,957) (19,084) (25,099) 12,000 174,000 1.18
0.40 0.40 0.40 7.34 7.34 7.34 5.07 4.44 4.20 85 22 (18) 6,623 8,593 1,392 4,336 23,631 0.16
1.90 2.00 2.20 7.10 7.48 8.22 8.33 9.03 8.55 (44) 10 22 115,060 149,798 182,761 2,234 59,755 0.40
0.00
0.00
0.00
0.00
0.00
0.00
10.26
9.72
6.56
(3)
16
56
7,494
9,673
10,945
10,176
13,534
0.09
0.43
0.45
0.50
3.81
3.98
4.42
15.30
12.20
10.27
(26)
33
14
132,992
143,541
136,502
2,607
29,458
0.20
0.90
1.00
1.10
2.88
3.20
3.52
9.30
9.47
9.13
11
(6)
1
104,119
95,579
90,918
2,820
88,117
0.60
1.01
1.16
1.23
2.06
2.37
2.51
23.20
11.07
21.24
9
112
(47)
270,883
281,386
288,895
14,940
732,052
4.95
4.28 4.42 4.62 360,753 2.44
0.35 0.37 0.40 5.51 5.90 6.35 3,232 20,523 0.14
5.50 5.50 5.69 5.21 5.21 5.39 250 26,375 0.18
1.32 1.32 1.33 2.84 2.84 2.87 2,578 119,893 0.81
0.25 0.32 0.37 0.56 0.71 0.83 2,120 95,400 0.64
0.04 0.06 0.07 0.13 0.21 0.22 1,510 46,069 0.31
0.44 0.49 0.54 3.65 4.06 4.54 2,914 34,962 0.24
0.07 0.07 0.07 4.76 4.89 5.07 6,229 9,157 0.06
0.15 0.15 0.15 7.77 7.72 7.66 2,106 4,064 0.03
0.61 0.62 0.65 8.04 8.24 8.65 571 4,310 0.03
EV/EBITDA (x)
EBITDA Growth (%)
Dividend Yield (%)
DPS (Bt)
InnovestX Investment Recommendations
Price as of :
30-Apr-25
2
10
3
11
30042025
Company Rec. SET Price Target Price % 12-mth
ESG Ratings (Bt) Up/(Down) BB-CON
Food & Beverage
14.2
BTG Outperform AAA 23.70 27.50 16.0 25.1
CBG Outperform AA 62.50 80.00 28.0 79.7
CPF Outperform AAA 26.50 30.00 13.2 29.5
OSP Neutral AA 15.80 16.00 1.3 18.7
TU Neutral A 10.80 12.00 11.1 12.3
ZEN Neutral AA 6.05 7.50 24.0 6.6
Health Care Services 33.0
BCH Outperform AA 15.10 20.00 32.5 18.5
BDMS Outperform A 24.00 32.00 33.3 32.0
BH Neutral - 165.00 214.00 29.7 226.3
CHG Neutral - 1.78 2.60 46.1 2.7
RJH Neutral - 13.20 20.00 51.5 17.6
Information & Communication Technology 9.8
Mobile
ADVANC Outperform AA 295.00 310.00 5.1 308.4
TRUE Outperform - 12.10 14.50 19.8 14.2
Insurance 6.5
BLA Outperform AA 16.80 25.00 48.8 24.7
THRE Outperform - 0.40 0.70 75.0 0.7
THREL Underperform A 1.57 1.20 (23.6) 1.2
TLI Neutral A 12.30 12.00 (2.4) 14.0
TQM Outperform A 16.60 17.00 2.4 20.9
Packaging
SCGP Neutral AAA 14.10 17.50 24.1 17.3
Petrochemicals & Chemicals 39.7
GGC Neutral - 4.54 4.50 (0.9) 4.5
IVL Neutral AAA 19.00 23.00 21.1 26.4
PTTGC Outperform AAA 17.30 29.00 67.6 22.2
Property Development 23.7
Real Estate Developer
WHA Neutral AAA 3.02 3.30 9.3 4.4
Real Estate Developer
AWC Neutral AA 2.20 2.74 24.5 3.5
Residential
AP Outperform AA 8.00 11.20 40.0 10.0
LH Neutral AA 4.24 6.00 41.5 5.0
LPN Underperform - 2.02 1.10 (45.5) 1.9
PSH Underperform AA 4.80 4.40 (8.3) 4.7
QH Underperform - 1.50 1.72 14.7 1.7
SIRI Outperform AAA 1.39 1.80 29.5 1.8
SPALI Neutral A 15.80 18.60 17.7 18.3
Tourism & Leisure 18.9
CENTEL Neutral AAA 25.00 32.00 28.0 38.9
ERW Neutral - 2.28 3.00 31.6 4.0
MINT Neutral AA 26.75 31.00 15.9 37.4
Transportation & Logistics 26.3
Aviation
AAV Neutral - 1.35 1.70 25.9 2.4
AOT Neutral A 38.25 47.00 22.9 52.0
Express Delivery
KEX Underperform - 1.23 0.90 (26.8) 0.8
Mass Transit
BEM Outperform AAA 5.90 9.00 52.5 9.8
BTS Neutral AA 5.05 6.20 22.8 5.9
Infrastructure Fund
3BBIF Neutral 5.95 7.10 19.3 6.8
BTSGIF Neutral 2.80 3.20 14.3 3.5
DIF Outperform 8.20 10.50 28.0 9.9
REITs
FTREIT Outperform 8.90 12.50 40.4 12.4
GVREIT Neutral 6.90 6.80 (1.4)
LHHOTEL Outperform 12.40 17.00 37.1 14.8
LHSC Outperform 11.90 14.00 17.6 13.7
InnovestX Coverage 1,197.26 17.3
91
92
93
98
99
100
144
145
146
Net Debt (Btm) Shares Mkt. Cap. %Mkt.Cap /
24A 25F 26F 24A 25F 26F 24A 25F 26F 24A 25F 26F 24A 25F 26F (m Shrs.) (Btm) SET
EV/EBITDA (x)
EBITDA Growth (%)
Dividend Yield (%)
DPS (Bt)
3.45
4.23
4.49
10.35
8.33
7.69
25
23
5
551,962
543,440
508,966
428,529
2.90
0.50 1.10 1.22 2.11 4.65 5.16 17.37 7.54 6.50 n.m. 116 5 24,204 19,838 13,843 1,935 45,855 0.31
1.30 1.49 1.62 2.08 2.39 2.59 15.08 13.14 11.85 36 10 6 3,775 1,163 (1,674) 1,000 62,500 0.42
1.00 1.00 1.00 3.77 3.77 3.77 9.23 8.52 8.20 68 8 0 469,829 469,658 444,474 8,407 222,785 1.51
0.60 1.06 1.04 3.80 6.70 6.61 9.29 9.48 8.92 27 (2) 7 1,361 1,352 1,849 3,004 47,459 0.32
0.66 0.60 0.65 6.11 5.56 6.02 7.92 8.14 7.64 5 (3) 6 52,748 51,290 50,353 4,455 48,115 0.33
0.17 0.14 0.17 2.81 2.32 2.76 3.21 3.16 3.04 (9) 6 3 45 139 120 300 1,815 0.01
3.61 4.78 5.18 11.73 10.41 9.60 1 11 8 8,923 (4,941) (8,586) 573,773 3.88
0.40 0.51 0.55 2.65 3.40 3.67 13.67 11.06 10.20 (7) 22 7 (467) (896) (1,318) 2,494 37,656 0.25
0.75 0.81 0.88 3.13 3.37 3.67 14.66 13.61 12.64 7 7 7 11,668 10,963 9,764 15,892 381,408 2.58
5.00 4.69 4.87 3.03 2.84 2.95 12.22 11.58 10.58 8 (5) 8 (2,619) (15,419) (17,447) 795 131,169 0.89
0.07 0.09 0.09 3.93 4.80 4.99 10.28 9.04 8.65 (2) 14 4 (1,106) (1,126) (1,221) 11,000 19,580 0.13
0.70 1.25 1.40 5.30 9.51 10.64 7.85 6.76 5.95 (1) 18 16 1,448 1,538 1,635 300 3,960 0.03
1.80 2.78 3.04 8.03 7.51 7.07 17 4 3 399,017 355,323 305,167 1,295,472 8.75
10.61 11.65 12.66 3.60 3.95 4.29 8.61 8.20 7.78 19 3 2 86,214 67,718 40,259 2,974 877,392 5.93
0.00 0.19 0.22 0.00 1.60 1.80 7.45 6.82 6.36 14 5 4 312,803 287,605 264,909 34,552 418,080 2.82
2.16 3.73 4.55 182,142 1.23
0.68 0.80 0.86 4.05 4.79 5.14 1,708 28,687 0.19
0.00 0.01 0.01 0.00 3.29 3.64 4,215 1,686 0.01
0.00 0.05 0.09 0.00 2.88 5.55 620 973 0.01
0.50 0.56 0.60 4.07 4.54 4.89 11,450 140,835 0.95
0.45 0.53 0.59 2.71 3.16 3.53 600 9,960 0.07
3.90 2.79 3.08 6.35 5.57 5.20 (5) 6 4 51,825 43,647 41,004 60,530 0.41
0.55 0.39 0.43 3.90 2.79 3.08 6.35 5.57 5.20 (5) 6 4 51,825 43,647 41,004 4,293 60,530 0.41
2.93 3.06 4.16 7.21 4.65 3.88 17 38 10 429,138 384,092 343,138 189,327 1.28
0.10 0.14 0.22 2.20 3.19 4.86 4.13 2.84 1.79 67 17 18 (1,057) (1,747) (2,481) 1,024 4,647 0.03
0.70 0.70 0.90 3.68 3.68 4.74 7.35 5.35 4.61 14 21 4 234,414 194,332 164,262 5,615 106,676 0.72
0.50 0.40 0.50 2.89 2.31 2.89 10.17 5.76 5.23 (30) 74 6 195,781 191,507 181,357 4,509 78,003 0.53
6.75 6.29 7.01 14.49 12.43 10.54 (11) 1 11 338,703 290,814 281,171 275,954 1.86
0.19 0.17 0.18 6.31 5.51 6.02 12.53 14.03 13.52 4 (9) 6 54,787 56,374 58,440 14,947 45,139 0.31
0.08 0.02 0.02 3.41 1.01 0.97 25.48 24.95 23.92 21 13 14 77,600 93,699 108,814 32,013 70,429 0.48
0.56 0.58 0.61 6.98 7.25 7.68 8.56 6.46 5.08 (9) 1 5 35,764 21,413 13,184 3,146 25,167 0.17
0.32 0.31 0.35 7.59 7.42 8.14 10.10 8.67 7.41 (12) (11) 10 53,027 28,948 23,888 11,950 50,667 0.34
0.10 0.05 0.08 4.70 2.44 3.74 30.21 19.56 13.62 (34) (10) 25 10,269 4,764 3,751 1,454 2,937 0.02
0.21 0.38 0.45 4.34 7.87 9.40 12.45 5.44 4.61 (43) 47 9 11,871 3,884 2,791 2,189 10,505 0.07
0.11 0.11 0.12 7.22 7.57 8.06 (0.40) 0.29 0.02 (8) 3 6 (17,187) (15,248) (15,996) 10,714 16,072 0.11
0.15 0.13 0.14 11.00 9.03 9.75 24.38 24.70 20.46 (21) (13) 17 89,215 73,945 70,437 17,396 24,180 0.16
1.45 1.35 1.48 9.16 8.51 9.34 7.07 7.75 6.18 4 (9) 9 23,356 23,035 15,862 1,953 30,858 0.21
2.85 2.50 2.40 8.61 8.81 8.77 12 1 1 205,609 208,457 204,892 196,564 1.33
0.59 0.59 0.57 2.36 2.36 2.27 9.49 10.25 10.33 13 (2) 4 27,727 31,712 35,121 1,350 33,750 0.23
0.09 0.08 0.07 3.95 3.43 3.24 9.16 9.11 8.98 20 2 1 13,076 13,544 13,379 4,887 11,142 0.08
0.60 0.46 0.45 2.24 1.72 1.67 7.19 7.08 6.98 4 1 (1) 164,806 163,202 156,391 5,670 151,672 1.02
0.92 0.93 1.12 12.86 13.00 12.00 27 1 2 253,808 274,769 277,604 739,542 5.00
0.00 0.00 0.00 0.00 0.00 0.00 5.91 5.76 5.70 43 2 (3) 42,897 42,466 40,336 12,850 17,347 0.12
0.79 0.74 0.69 2.07 1.94 1.82 13.57 13.82 14.50 66 1 (4) (16,836) (695) 1,850 14,286 546,428 3.69
0.00 0.00 0.00 0.00 0.00 0.00 (1.10) (2.21) (3.81) n.m. n.m. n.m. (859) 4,034 8,226 3,505 4,311 0.03
0.15 0.16 0.17 2.54 2.72 2.95 18.10 17.54 17.07 7 6 4 85,406 89,996 92,854 15,285 90,182 0.61
0.00 0.00 0.04 0.00 0.00 0.83 27.80 30.09 26.52 (6) (6) 11 143,201 138,968 134,339 16,094 81,274 0.55
15.79 17.66 17.39 7.44 6.91 6.65 31,507 25,392 20,595 150,986 1.02
0.70 0.65 0.68 11.76 11.00 11.40 8.58 8.59 8.02 (23) (2) 4 10,062 9,057 7,618 8,000 47,600 0.32
0.69 0.88 0.84 24.76 31.27 30.16 3.98 3.16 3.28 (13) 26 (4) (100) (105) (112) 5,788 16,206 0.11
0.89 0.88 0.87 10.84 10.72 10.62 7.89 7.49 7.15 (1) 0 1 21,545 16,439 13,090 10,632 87,180 0.59
9.87 10.14 9.88 12.33 11.17 11.03 26,635 25,541 24,673 57,110 0.39
0.75 0.76 0.78 8.40 8.59 8.76 14.08 13.42 13.11 4 7 2 13,135 13,664 13,385 3,283 29,222 0.20
0.79 0.79 0.72 11.48 11.47 10.44 9.42 9.33 10.04 (2) (0) (7) 1,920 1,810 1,803 815 5,622 0.04
1.33 1.38 1.37 10.75 11.17 11.02 10.17 9.70 9.46 84 3 1 9,936 9,511 9,082 1,049 13,007 0.09
1.05 1.11 1.11 8.84 9.34 9.29 14.93 9.08 8.88 34 48 1 1,644 556 403 778 9,259 0.06
3.92 4.05 4.24 9.19 8.03 7.83 3 12 1 4,635,223 4,324,105 4,056,845 11,324,471 76.52
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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, EAST, 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, MOTHER, 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, 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, XYZ, 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 January 15, 2025) are
categorised into: companies that have declared their intention to join CAC, and companies certified by CAC.
Research Department
Head of Research Department
Sutthichai Kumworachai
sutthichai.k@innovestx.co.th, (662) 793-9019
Head of Economic Research
Piyasak Manason, Ph.D.
piyasak.m@innovestx.co.th, (662) 793-9001
Equities Research Team Equity Strategy Team
Equity Research Team Lead
Sirima Dissara, CFA
sirima.d@innovestx.co.th, (662) 793-9009
Head of Global Market Strategist
Sittichai Duangrattanachaya
sittichai.d@innovestx.co.th, (662) 793-9002
Senior Analyst, Financial Group
Kittima Sattayapan, CFA
kittima.s@innovestx.co.th, (662) 793-9010
Senior Analyst, Mid and Small cap
Natwarin Tripobsakul
natwarin.t@innovestx.co.th, (662) 793-9004
Senior Analyst, Energy and Petrochemicals
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Strategist, Equity Market
Pongpat Siripipat
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Senior Analyst, Automotive, Healthcare, Tourism
Raweenuch Piyakriengkai
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Senior Analyst, Property Group, Foods& Beverages
Strategist, Equity, Derivatives Market and Digital
Assets
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pobchai.p@innovestx.co.th, (662) 793-9014
and Digital Assets
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