Thai Undervalued over 20% based on DCF

Advanced Info Service

Market Cap: ฿883.3b

Operates as a telecommunications and technology company primarily in Thailand.

CP ALL

Market Cap: ฿413.7b

Operates and franchises convenience stores under the 7-Eleven name to other retailers primarily in Thailand, Malaysia, and internatinally.

Kasikornbank

Market Cap: ฿398.0b

Provides commercial banking products and services in Thailand and internationally.

True Corporation

Market Cap: ฿373.2b

Provides telecommunications and value-added services in Thailand.

Krung Thai Bank

Market Cap: ฿336.8b

Engages in commercial banking business in Thailand and internationally.

Bangkok Bank

Market Cap: ฿295.9b

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

CP Axtra

Market Cap: ฿206.5b

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

Bank of Ayudhya

Market Cap: ฿168.4b

Provides commercial banking products and services to individuals, corporates, small and medium-sized businesses, and financial institutions.

Thai Life Insurance

Market Cap: ฿122.5b

Provides life insurance products and services in Thailand.

Global Power Synergy

Market Cap: ฿102.2b

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

TISCO Financial Group

Market Cap: ฿80.9b

Provides commercial banking products and services for individuals and businesses in Thailand.

SCG Packaging

Market Cap: ฿77.7b

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

Cal-Comp Electronics (Thailand)

Market Cap: ฿69.0b

Manufactures electronic products worldwide.

Carabao Group

Market Cap: ฿56.3b

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

Osotspa

Market Cap: ฿55.3b

Manufactures and distributes energy drinks and personal care products in Thailand and internationally.

Thanachart Capital

Market Cap: ฿51.6b

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

CPN Retail Growth Leasehold REIT

Market Cap: ฿41.6b

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

Srisawad Corporation

Market Cap: ฿36.6b

Provides financial services in Thailand and internationally.

Bangkok Chain Hospital

Market Cap: ฿35.7b

Operates private hospitals in Bangkok vicinity, Chiang Rai, Saraburi, Nonthaburi, Pathumthani, Ayudhaya, Chachoengsao, Prachinburi, Sa Kaeo Province, and Lao People’s Democratic Republic.

WHA Premium Growth Freehold And Leasehold Real Estate Investment Trust

Market Cap: ฿32.3b

A real estate investment trust externally managed by WHA Real Estate Management Company Limited.

Ticon Freehold and Leasehold Real Estate Investment Trust

Market Cap: ฿31.0b

A real estate investment trust externally managed by TICON Management Company Limited.

BKI Holdings

Market Cap: ฿30.0b

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

TOA Paint (Thailand)

Market Cap: ฿28.3b

Manufactures and distributes paints and chemicals in Thailand, Vietnam, Laos, Myanmar, Cambodia, Indonesia, and Malaysia.

Mega Lifesciences

Market Cap: ฿26.6b

Manufactures and sells health food supplements, prescription pharmaceutical products, over-the-counter products, herbal products, vitamins, and fast-moving consumer goods in Southeast Asia and Sub-Saharan Africa.

Star Petroleum Refining

Market Cap: ฿24.3b

Operates a petroleum refinery in the Rayong Province of Thailand.

CK Power

Market Cap: ฿23.6b

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

Tipco Asphalt

Market Cap: ฿23.5b

Engages in the manufacture and distribution of asphalt and petroleum products in Thailand and internationally.

Plan B Media

Market Cap: ฿23.5b

Provides advertising media production services in Thailand.

Bangchak Sriracha

Market Cap: ฿16.8b

Bangchak Sriracha Public Company Limited refines and markets petroleum products in Thailand.

IMPACT Growth Real Estate Investment Trust

Market Cap: ฿14.8b

IMPACT Growth Real Estate Investment Trust (the Trust) is a real estate investment trust established under the Trust for Transaction in Capital Market Act, B.E.2550 (the Act) in accordance with the Trust Deed signed on 22 September 2014 between RMI Company Limited as the Trust Settlor and Kasikorn Asset Management Company Limited as the Trustee.

Sikarin

Market Cap: ฿14.6b

Operates hospitals in Thailand.

Frasers Property (Thailand)

Market Cap: ฿14.1b

Primarily develops industrial real estate properties in Thailand.

Sappe

Market Cap: ฿11.7b

Manufactures and distributes health drinking, food, and coconut products in Asia, Europe, the United States, and internationally.

NSL Foods

Market Cap: ฿10.1b

Engages in the manufacture and distribution of bakery and snack products in Thailand.

BA Airport Leasehold Real Estate Investment Trust

Market Cap: ฿9.9b

n/a

Asian Alliance International

Market Cap: ฿9.8b

Produces and sells pet food and ready-to-eat human food products in Thailand, the United States, the United Kingdom, Thailand, the Kingdom of Saudi Arabia, Japan, Italy, Germany, and internationally.