Thai Undervalued over 20% based on DCF

Advanced Info Service

Market Cap: ฿1.1t

Operates as a telecommunications company primarily in Thailand.

Krung Thai Bank

Market Cap: ฿492.7b

Engages in commercial banking business in Thailand and internationally.

SCB X

Market Cap: ฿486.5b

Engages in the banking, consumer and digital finance, and platform and technology businesses in Thailand and internationally.

Kasikornbank

Market Cap: ฿447.9b

Provides commercial banking products and services in Thailand and internationally.

Bangkok Bank

Market Cap: ฿315.9b

Provides various commercial banking products and services in Thailand and internationally.

Siam Cement

Market Cap: ฿241.2b

Operates in the cement and building materials, chemicals, and packaging businesses in Thailand and internationally.

Charoen Pokphand Foods

Market Cap: ฿169.7b

Together its subsidiaries, operates in the agro-industrial and integrated food businesses in Thailand and internationally.

CP Axtra

Market Cap: ฿165.8b

Engages in the wholesale and retail businesses of food and non-food products in Thailand, Malaysia, and internationally.

Minor International

Market Cap: ฿122.7b

Operates as a hospitality, restaurant, and lifestyle company in Thailand, Australia, New Zealand, Europe, Latin America, Maldives, the Middle East, the People’s Republic of China, and internationally.

Thai Life Insurance

Market Cap: ฿122.5b

Provides life insurance products in Thailand.

Thai Oil

Market Cap: ฿98.8b

Engages in the oil refining and distributions, petrochemicals, lube base oil, and other businesses in Thailand, Indonesia, and internationally.

Global Power Synergy

Market Cap: ฿94.5b

Engages in the production and distribution of electricity, steam, and water for industrial use to the government and industrial customers in Thailand.

SCG Packaging

Market Cap: ฿88.0b

Provides consumer packaging solutions in Thailand, Vietnam, Indonesia, China, and internationally.

Muangthai Capital

Market Cap: ฿61.5b

Engages in the credit business in Thailand.

Thanachart Capital

Market Cap: ฿60.3b

An investment holding company, offers various financial services in Thailand.

Thaifoods Group

Market Cap: ฿54.2b

Engages in the production and distribution of chicken and swine products in Thailand, Vietnam, Japan, and internationally.

i-Tail Corporation

Market Cap: ฿47.1b

Manufactures, imports, and distributes pet food products in Thailand, Asia, Oceania, the United States, Europe, and internationally.

Betagro

Market Cap: ฿46.1b

Operates through agro-industrial and food business in Thailand, Southeast Asia, the rest of Asia, and internationally.

Osotspa

Market Cap: ฿44.5b

Osotspa Public Company Limited, along with its subsidiaries, manufactures and distributes energy drinks and personal care products in Thailand and internationally.

Thai Union Group

Market Cap: ฿43.6b

Manufactures and sells frozen, chilled, and canned seafood in Thailand and internationally.

Tidlor Holdings

Market Cap: ฿43.4b

Provides loans and insurance brokerage services in Thailand.

CPN Retail Growth Leasehold REIT

Market Cap: ฿42.4b

CPN Retail Growth Leasehold REIT ( “CPNREIT”) was established on 1 December 2017 from the conversion from CPN Retail Growth Leasehold Property Fund (“CPNRF”).

Siam City Cement

Market Cap: ฿41.6b

Manufactures, imports, exports, and sells cement and cement related products in Thailand, Vietnam, Sri Lanka, Singapore, Australia, Cambodia, Bangladesh, Indonesia, India, Dubai, and internationally.

Carabao Group

Market Cap: ฿38.0b

Through its subsidiaries, manufactures, markets, distributes, and sells beverages in Thailand and internationally.

BKI Holdings

Market Cap: ฿34.0b

Engages in the provision of non-life insurance in Thailand.

Mega Lifesciences

Market Cap: ฿29.0b

Manufactures and sells health food supplements, prescription pharmaceutical products, over-the-counter products, herbal products, vitamins, and fast-moving consumer goods.

MBK

Market Cap: ฿27.9b

Engages in the shopping center, hotel and tourism, golf, real estate, food solution, financial, and auction businesses in Thailand, the United States, Canada, Europe, and the Asia Pacific.

KCE Electronics

Market Cap: ฿25.3b

Manufactures and distributes electric printed circuit boards (PCBs) under the KCE trademark in America, Europe, and Asia.

Sansiri

Market Cap: ฿24.5b

Engages in the property development business in Thailand.

Tipco Asphalt

Market Cap: ฿21.9b

Manufactures and distributes asphalt and petroleum products in Thailand and internationally.

Ramkhamhaeng Hospital

Market Cap: ฿21.8b

Engages in the hospital business in Thailand.

CK Power

Market Cap: ฿18.5b

Through its subsidiaries, generates and sells electricity and steam in Thailand and Lao People’s Democratic Republic.

Prima Marine

Market Cap: ฿17.2b

Provides marine transportation of petroleum and chemical products in Thailand, Malaysia, the United Arab Emirates, Singapore, and internationally.

Thai Stanley Electric

Market Cap: ฿15.1b

Manufactures and sells automotive bulbs, lighting equipment, molds and dies, and product designs in Thailand and internationally.

Sikarin

Market Cap: ฿14.2b

Operates hospitals in Thailand.

LH Hotel Leasehold Real Estate Investment Trust

Market Cap: ฿13.5b

Operates as a real estate investment trust in Thailand.