Gulf Development Ownership

Who are the major shareholders and have insiders been buying or selling?

Recent Insider Transactions

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

What is the ownership structure of GULF?
Owner Type	Number of Shares	Ownership Percentage
Public Companies	342,013,828	2.29%
Private Companies	1,155,441,235	7.73%
Institutions	1,559,337,244	10.4%
General Public	2,914,269,796	19.5%
Individual Insiders	8,968,775,580	60%

Dilution of Shares: GULF only recently listed within the past 12 months, with total shares outstanding growing by 27.3% in the past year.

Top Shareholders

Top 25 shareholders own 80.18% of the company

Ownership	Name	Shares	Current Value	Change %	Portfolio %
60%	Sarath Ratanavadi	8,957,421,302	฿371.7b	-0.68%	no data
7.73%	SingTel Asian Investments Pte. Ltd.	1,155,441,235	฿48.0b	0%	no data
2.46%	Capital Research and Management Company	367,260,383	฿15.2b	0.23%	0.02%
2.37%	Krung Thai Asset Management PCL	353,916,258	฿14.7b	0%	3.39%
1.52%	Stecon Group Public Company Limited	226,542,800	฿9.4b	0%	no data
1.27%	The Vanguard Group, Inc.	189,441,120	฿7.9b	0.7%	no data
1.1%	BBL Asset Management Co., Ltd.	164,801,073	฿6.8b	0%	8.54%
0.83%	BlackRock, Inc.	123,437,508	฿5.1b	1.83%	no data
0.77%	Rojana Industrial Park Public Company Limited	115,471,028	฿4.8b	0%	no data
0.73%	Norges Bank Investment Management	109,393,506	฿4.5b	0%	0.01%
0.45%	SCB Asset Management Co., Ltd.	67,903,868	฿2.8b	0.03%	2.22%
0.15%	Geode Capital Management, LLC	22,808,316	฿946.6m	0.68%	no data
0.14%	Krungsri Asset Management Company Ltd.	20,892,724	฿867.1m	0%	2.73%
0.14%	AIA Investment Management (Thailand) Limited	20,244,117	฿840.1m	0%	2.48%
0.077%	State Street Global Advisors, Inc.	11,443,122	฿474.9m	6.66%	no data
0.076%	Kasikorn Asset Management Co., Ltd.	11,366,327	฿471.7m	0%	0.51%
0.073%	Aberdeen Group Plc	10,887,809	฿451.9m	0%	0.01%
0.06%	Dimensional Fund Advisors LP	8,938,193	฿370.9m	0.03%	no data
0.055%	Teachers Insurance and Annuity Association-College Retirement Equities Fund	8,195,242	฿340.1m	3.25%	no data
0.052%	TISCO Asset Management Co., Ltd.	7,729,475	฿320.8m	0%	2.02%
0.037%	JP Morgan Asset Management	5,487,602	฿227.7m	-1.22%	no data
0.036%	Mitsubishi UFJ Asset Management Co., Ltd.	5,313,467	฿220.5m	0%	no data
0.034%	Charles Schwab Investment Management, Inc.	5,073,356	฿210.6m	0.14%	no data
0.03%	Deutsche Asset & Wealth Management	4,532,281	฿188.1m	0%	no data
0.029%	Baring Asset Management Limited	4,344,061	฿180.3m	0%	0.07%

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2025/12/21 06:11
End of Day Share Price	2025/12/19 00:00
Earnings	2025/09/30
Annual Earnings	2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Gulf Development Public Company Limited is covered by 25 analysts. 15 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Narumon Ekasamut	BofA Global Research
Suppata Srisuk	Bualuang Securities PCL
Wikij Tirawannarat	Bualuang Securities PCL