Thai Undervalued over 20% based on DCF

Erawan Group

Market Cap: ฿13.2b

Engages in hotel, and building rental and management businesses primarily in Thailand, Japan, and Philippines.

SCGJWD Logistics

Market Cap: ฿13.1b

Engages in the integrated in-land and oversea logistics business in Thailand and internationally.

CIMB Thai Bank

Market Cap: ฿12.9b

Provides various banking and financial products and services to individuals and commercial customers in Thailand.

Moshi Moshi Retail Corporation

Market Cap: ฿11.8b

Engages in the retail and wholesale of lifestyle products in Thailand.

LH Shopping Centers Leasehold Real Estate Investment Trust

Market Cap: ฿11.2b

A real estate investment trust externally managed by Land and Houses Fund Management Company Limited.

BA Airport Leasehold Real Estate Investment Trust

Market Cap: ฿11.1b

n/a

Karmarts

Market Cap: ฿10.6b

Engages in the manufacturing, packaging, import, and distribution of cosmetics and consumer products in Thailand.

Ratchthani Leasing

Market Cap: ฿10.2b

Together with its subsidiary, provides hire-purchase and leasing services in Thailand.

Muang Thai Insurance

Market Cap: ฿9.2b

Provides non-life insurance products and services in Thailand.

Eastern Polymer Group

Market Cap: ฿9.0b

Through its subsidiaries, engages in the manufacture and distribution of rubber insulation, automotive, and plastic packing products in Thailand and internationally.

INET Freehold and Leasehold Real Estate Investment Trust

Market Cap: ฿8.9b

n/a

MC Group

Market Cap: ฿8.6b

Engages in the manufacture and distribution management of clothing and accessories in Thailand.

Thai Coconut

Market Cap: ฿8.2b

Produces and distributes coconut products in Asia, the United States, Europe, the Middle East, Oceania, and Africa.

TQM Alpha

Market Cap: ฿8.2b

Engages in the insurance brokerage business in Thailand.

R&B Food Supply

Market Cap: ฿7.5b

Manufactures and trades in bread products, colours, fragrances, and chemicals that are used in food, beverage, and consumer product industries in Thailand.

WHA Industrial Leasehold Real Estate Investment Trust

Market Cap: ฿7.5b

n/a

Asian Alliance International

Market Cap: ฿7.2b

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

Samart Aviation Solutions

Market Cap: ฿7.0b

An investment holding company, provides air traffic control services in Cambodia, Laos, and Thailand.

Saksiam Leasing

Market Cap: ฿6.8b

Provides financial services in Thailand.

PRG Corporation

Market Cap: ฿6.6b

Engages in the production, improvement, packaging, and distribution of milled rice in Thailand, the United States, Canada, Europe, the Asia Pacific, and internationally.

Srinanaporn Marketing

Market Cap: ฿6.6b

Engages in the manufacture and distribution of snacks and beverages in Thailand.

Assetwise

Market Cap: ฿6.5b

Engages in property development and other real estate activities in Thailand.

P.S.P. Specialties

Market Cap: ฿6.1b

Manufactures and sells lubricant and grease oils in Thailand.

Asia Sermkij Leasing

Market Cap: ฿5.8b

Engages in the provision of auto hire purchase services in Thailand.

Exotic Food

Market Cap: ฿5.7b

Manufactures and distributes various food products in Europe, the United States, and internationally.

T.Man Pharmaceutical

Market Cap: ฿5.2b

Manufactures and sells pharmaceuticals and health care products in Thailand.

Grand Canal Land

Market Cap: ฿4.8b

Engages in the real estate development business in Thailand.

United Paper

Market Cap: ฿4.7b

Engages in the production and distribution of box surface paper and Kraft paper for packaging corrugated boxes in Thailand.

Asia Network International

Market Cap: ฿4.7b

Engages in air freight forwarding business in Southeast Asia and China.

Prospect Logistics and Industrial Freehold and Leasehold Real Estate Investment Trust

Market Cap: ฿4.6b

n/a

P.C.S. Machine Group Holding

Market Cap: ฿4.4b

Manufactures and distributes automotive parts for original equipment manufacturers (OEMs) of the automotive industry in Asia, Europe, and internationally.

MEB Corporation

Market Cap: ฿4.3b

Engages in distribution and service of e-books in Thailand.

MCOT

Market Cap: ฿4.2b

Operates in the mass media business in Thailand.

Ekachai Medical Care

Market Cap: ฿4.0b

Operates Ekachai hospital in Thailand.

Thai Metal Drum Manufacturing

Market Cap: ฿3.8b

Manufactures and distributes metal drums and plastic products in Thailand and internationally.

Bluebik Group

Market Cap: ฿3.8b

A service provider for software design and development, management strategic consulting, strategic project management, big data implementation and data analytics in Thailand and Laos.