Uncovered Thai Stocks is approaching its first year on Substack. Many of you joined along the way. You have seen the companies we focus on, but perhaps not the thinking behind them.

This post brings together the core ideas from our earlier articles. We explain what makes a stock “uncovered,” why we think this part of the Thai market is worth a closer look, and how we analyze and rank the companies in the Uncovered Thai Stocks universe.

The gap in Thai stock research

Hundreds of companies are listed on the Stock Exchange of Thailand (SET) and the Market for Alternative Investment (mai), but analyst attention is concentrated on the largest and most actively traded companies. With so many brokers and institutions studying them, their share prices tend to reflect new information quickly.

Among smaller companies on the SET and the mai, the picture is different. Their shares often trade in low volumes, and few analysts, if any, cover them. With fewer people paying attention, share prices can take longer to reflect what is happening inside the business.

Uncovered Thai Stocks is supported by the Thailand Capital Market Development Fund (CMDF) and was set up to help close that gap.

What “uncovered” means

We consider a stock “uncovered” if fewer than three analysts cover it. By coverage, we mean an analyst who has a recommendation, a target price, and forecasts on the company, and has published a report on it in the past six months.

We set the minimum at three because one or two opinions are too few to form a reliable consensus estimate. Dr. Andrew Stotz, CFA, used the same cutoff in his doctoral research.

When a stock gains a third analyst, it is removed from the Top 50 at the next quarterly update, even if it still looks attractive. At that point it is no longer uncovered.

What sets these stocks apart

Small, lightly traded stocks are not for everyone. For investors with patience and a long-term horizon, though, they can offer something larger stocks usually don’t.

Illiquid, under-researched stocks often trade at a discount to their intrinsic value. That discount can narrow as coverage and liquidity improve and the market re-rates the stock.

These stocks often carry additional risks. Shares can be hard to sell because trading volumes are low and only a small portion may be freely traded. Due to a lack of coverage, less information is generally available, and news about important changes in the business may take longer to reach the market. Uncovered stocks call for a high risk tolerance, careful position sizing, and staying on top of things.

Not every uncovered stock makes the cut

Our universe excludes companies in the Financials sector and REITs. Every stock in it must also meet these requirements:

• Average daily turnover of at least US$5,000 (~Bt160,000) over the past three months

• A Corporate Governance Report (CGR) rating of 3 or higher from the Thai Institute of Directors (IOD)

• No SET caution or suspension signs (CB, CS, CC, CF, or SP)

• No qualified opinion from its auditor

• No formal accusation by Thailand’s Securities and Exchange Commission (SEC)

From 300 stocks to the Top 50

Each quarter, we evaluate and rank our universe of about 300 Uncovered Thai Stocks using the A. Stotz Investment Research FVMR® framework. FVMR® stands for Fundamentals, Valuation, Momentum, and Risk, the sources of investment returns.

Using our framework, we developed the A. Stotz Stock Picking Checklist. We studied stocks that had multiplied in value and identified eight characteristics they shared, including strong long-run sales growth, sustainably high gross margins, and consistently positive operating cash flow. We then backtested those factors to find the combination that has historically performed best.

From the quarterly ranking, we publish AI-powered reports on the Top 50 Uncovered Thai Stocks. A high rank indicates that a stock has characteristics historically linked to outperformance. It suggests a higher likelihood, not a certainty. There are, of course, no guarantees in investing.

World Class Benchmarking

A central part of our analysis is World Class Benchmarking. It ranks each company from 1 (best) to 10 (worst) on six financial measures relative to peers of similar size in the same sector, drawn from a global universe of 27,000 non-financial companies.

The analysis is presented as a triangle. At the top sits Profitable Growth, the measure that matters most. Our research has linked it to share price gains. The measures beneath it show where a company is doing well, where it is falling short, and whether performance is improving.

Thinking backward about growth

Most stock analysis asks how big a company can get. We also ask the opposite: what is stopping it from getting bigger? The approach draws on Charlie Munger’s advice to “invert, always invert.” The idea came from Founding Partner Alexander Wetterling, CIPM, in a conversation with Dr. Andrew Stotz, CFA.

For each company, we assess four constraints to growth and rank them from most to least limiting. Capital is about whether the business can fund its growth. Operations covers whether its supply chain can keep up with rising demand. Market asks how much room is left to expand, and People looks at whether leadership has the depth to execute. For family-led companies, that includes whether the next generation is ready to take over.

Uncovered Thai Stocks Snapshots show how each constraint applies to individual companies. If the constraints look manageable, you might be onto something.

Getting the most from our research

Our reports are intended to be a starting point for further research. The reports provide investors with objective, data-driven analysis that serves as a preliminary resource. This content is for informational purposes only and is not intended as investment advice.

If a company in the Top 50 catches your interest, the next step is to learn more about it. Reading its MD&A and other filings on the SET website, attending its AGM, or talking to people who know the business can all help fill in the picture. Our Reading between the lines series is a good place to start. Each article compares a company’s consecutive MD&As to see what’s changed and what’s worth watching.

Thank you to everyone who has read, shared, and subscribed over the past year. Whether you joined at the start or more recently, we hope this has given you a clearer picture of what we do and why we do it.

We look forward to sharing another year of insights with you.

Thailand’s industrials sector rarely makes headlines the way tech or tourism does. But manufacturing, construction, and logistics form the backbone on which everything else in the economy runs, and that backbone is being reinforced right now.

In our latest Top 50 Uncovered Thai Stocks, Industrials account for 13 companies, 26% of the list, more than any other sector, ahead of Info Tech’s 10 companies.

A quarter of the economy: falling now, but building underneath

Manufacturing accounts for a quarter of Thailand’s GDP and 16% of employment, more than 6 million jobs.

The near-term picture is subdued. Manufacturing output fell for most of 2025, and the government’s own industrial growth forecast for 2026 has been revised down, from 1.0-2.0% to 0.75-1.75%.

But investment tells a different story. Thailand’s foreign direct investment hit a record high in 2025, at more than Bt630bn, up 30% from the previous year. Despite the slowdown in output, investment is running ahead, and increasingly, it’s landing in one region.

The Eastern Economic Corridor

Most of that investment is heading east: to three provinces collectively known as the Eastern Economic Corridor (EEC). Chachoengsao, Chonburi, and Rayong account for about 13% of the country’s land area and produce roughly 15% of Thailand’s GDP.

Nine years in, the EEC already has a track record of attracting serious capital. Since its first phase launched in 2017, it has drawn close to Bt2trn in investment.

And it’s accelerating fast. Foreign investment into the EEC has nearly tripled since 2023, reaching Bt107bn in 2025.

Laem Chabang handles Thailand’s container trade. Map Ta Phut refines and exports petrochemicals. Dozens of industrial estates across the three provinces already house automotive, electronics, and EV production lines operating at scale. This is where Thailand’s industrial future is being built.

Where the hidden exposure sits

Industrials are the largest sector in our Top 50, with 13 names, representing 26% of the list. But “Industrials” is a broad category, and not every name within it belongs to the same story.

Strip away the distributors and HR platforms that share only the sector label, and four names remain with real, verifiable exposure to the EEC itself.

ATP30’s buses run almost entirely within EEC industrial estates. TEAMG lists the corridor as part of its own business segment. SYNTEC has built projects specifically for it. And PORT’s river terminal ties its growth directly to EEC trade flows.

These four companies sit right where that growth is happening, and the market hasn’t noticed them yet.

ATP30 PCL (ATP30) ranked 38th out of 300 Uncovered Thai Stocks and is very good at generating consistently positive operating cash flow. ATP30 operates a large fleet of buses and vans to transport workers from residential areas to work sites. Its operations are concentrated in the Eastern Economic Corridor (EEC), specifically serving major industrial estates.

TEAM Consulting Engineering and Management PCL (TEAMG) ranked 27th out of 300 Uncovered Thai Stocks and has delivered strong sales growth, which is essential for long-term value creation. TEAMG is an integrated consulting firm providing engineering, environmental, and management services. The company specializes in large-scale infrastructure projects, including transportation, water resources, and environmental impact assessments.

Syntec Construction PCL (SYNTEC) ranked 19th out of 300 Uncovered Thai Stocks, and looking at the balance sheet, the company has very good access to capital to fund growth. SYNTEC is a construction company specializing in high-rise buildings and complex civil engineering. The company offers a one-stop service from foundation work to architectural finishing.

Sahathai Terminal PCL (PORT) ranked 31st out of 300 Uncovered Thai Stocks, and earnings quality is very high based on our analysis of net income relative to operating cash flow. PORT is a multi-purpose terminal operator located on the Chao Phraya River in Samut Prakan. The company provides a wide range of services, including commercial vessel berthing, container storage, and inland transportation.

Built into the EEC

Thailand’s industrial base is being reinforced right now, with new estates, record investment, and ports and factories already operating at scale. The EEC is the clearest expression of that story anywhere in the country.

ATP30, TEAMG, SYNTEC and PORT operate within it, moving its workers, designing its infrastructure, building on its land, and shipping its goods. None of them have analyst coverage. The EEC is developing rapidly, and that combination could be where an opportunity presents itself.

“The investor’s chief problem, and even his worst enemy, is likely to be himself.” — Benjamin Graham

Every investor believes they are rational. Then the numbers prove them wrong. You buy a stock because the analysis made sense. It falls 30%. The original reasons for holding no longer apply, but you hold on anyway because selling would mean admitting you were wrong. Psychology overrides analysis here, and it can happen to every investor.

Behavioral finance studies these patterns: the mental shortcuts and emotional responses that steer decisions away from the facts, often without you noticing. Recognizing them in yourself is the first, and often only, defense against them.

Uncovered Thai Stocks breaks down five biases and how to counter them.

Anchoring bias: Fixating on an old price

Anchoring occurs when a fixed number, such as a purchase price, a past high, or an analyst’s price target, becomes the benchmark for a decision, even after the facts behind that number have changed.

A stock bought at ฿50 now trades at ฿30, with weaker fundamentals than at purchase, yet ฿50 becomes the mental benchmark, and the position is held in the hope of “getting back to even” rather than being judged on where it stands today.

The tell is a running mental comparison to a number the market no longer cares about. Anchoring runs deep: some studies have found that experts or people with stronger analytical skills are less affected by it, while others have shown that even court judges are affected by anchoring when sentencing. If you’re going to anchor to anything, anchor to value, not price. This is one way to deal with it; another is to force yourself to sell or double down; inaction shouldn’t be an option.

Confirmation bias: Filtering out the bad news

Confirmation bias shows up as a habit of seeking out information that supports a view already held while brushing past anything that contradicts it.

An investor convinced a stock will rise pays close attention to bullish coverage but barely registers news about a competitor that could threaten the business. A psychological filter, not the facts, determines which news gets through.

A good practice is to play devil’s advocate with yourself or ask someone else to challenge the idea directly. If neither you nor anyone else has challenged it lately, that’s not proof you’re right. It could be a blind spot.

Recency bias: Assuming the trend continues

Recency bias is the tendency to expect what happened recently to keep happening, treating the most recent data points as if they revealed the whole pattern. The brain is wired so that recent memories are the easiest to recall, which makes them feel more relevant than they actually are.

After two strong years in a row, confident predictions follow that the rally will continue, purely because the last two years did. The same bias runs in reverse, too: after a downturn, investors assume the losses will keep coming and stay on the sidelines even as prices turn cheap.

A useful habit is to check how often last year’s top performer stays on top before assuming a trend will hold. Research by De Bondt and Thaler (1985) found that stocks with the strongest recent returns tend to underperform afterward, while recent losers often go on to outperform.

When making decisions about the future, don’t use yesterday as your only reference point.

Overconfidence bias: The danger of a good run

A string of good results tends to breed overconfidence: overestimating one’s knowledge, skill, or ability to predict what happens next.

Barber and Odean (2000) found that overconfident investors trade more often and hold less-diversified portfolios, leading to worse, not better, performance.

The giveaway usually follows a good run: more trades, bigger positions, less research, all justified by recent success rather than by a sound process. The remedy starts with admitting that overconfidence is possible, then questioning your certainty rather than assuming you already know enough.

It’s hard to stay on top without continuing to adapt, and easy to assume you already have it figured out.

Herding: Safety in numbers, even when they’re wrong

Herding sets in when a stock’s rising popularity replaces independent analysis and buying follows the crowd rather than fundamentals. As John Maynard Keynes put it, “it is better for reputation to fail conventionally than to succeed unconventionally.” It is closely related to FOMO, the fear of missing out, which we’ve covered in more depth in our article “FOMO: The Enemy Within.”

Herding is not inherently wrong. Trends can be profitable to follow, and being a contrarian is not necessarily safer either, since a herd can run in the wrong direction for a long time before it turns.

A stock is everywhere: trending, widely held, and constantly discussed. That visibility alone becomes the reason to buy, without ever forming an independent view of the business’s actual value.

Ask yourself whether this would still interest you if nobody else were talking about it, and whether the decision has its own rationale or only borrows the crowd’s.

Staying grounded

These biases rarely act alone. One feeds another, and together they can turn a small misjudgment into a costly decision. Spotting this is harder with stocks that lack formal analyst coverage, where research and consensus views are limited or absent.

A disciplined, data-led approach will not eliminate bias, but it gives you a firmer basis for reasoning than relying on instinct alone. That is the idea behind FVMR®, our framework for evaluating stocks on Fundamentals, Valuation, Momentum, and Risk. You can read more about it in our article “The A. Stotz Stock Picking Checklist”.

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In May 2026, we released our Top 50 Uncovered Thai Stocks as of the 1Q26 financial results. The dream outcome of Uncovered Thai Stocks is to find hidden gems in the Thai stock market that can multiply in value.

The 10 BEST performers in August 2026

Seafresh Industry PCL (CFRESH) ranked 21st out of 300 Uncovered Thai Stocks, and its earnings quality is very high based on our analysis of net income relative to operating cash flow. CFRESH specializes in the production and distribution of frozen shrimp products and processed seafood.

Sun Vending Technology PCL (SVT) ranked 17th out of 300 Uncovered Thai Stocks, and its competitive strategy appears excellent based on the gross profit margin. SVT manages a network of smart vending machines that offer a range of products, from beverages and snacks to instant noodles and daily necessities. Want to dig deeper? Our Reading between the lines series compares consecutive MD&As to see what’s changed and what’s worth watching. Read between the lines for SVT.

BBGI PCL (BBGI) ranked 22nd out of 300 Uncovered Thai Stocks, and its efficiency is very good when considering sales growth relative to asset growth. BBGI focuses on the large-scale production of biofuels, specifically ethanol and biodiesel. Read between the lines for BBGI.

Thoresen Thai Agencies PCL (TTA) ranked 46th out of 300 Uncovered Thai Stocks, and its earnings quality is very high based on our analysis of net income relative to operating cash flow. TTA’s primary business pillar is shipping, carried out through a fleet of Supramax and Ultramax dry bulk vessels that provide worldwide freight services. Read between the lines for TTA.

Symphony Communication PCL (SYMC) ranked 20th out of 300 Uncovered Thai Stocks, and its efficiency is very good when looking at the growth in sales relative to the growth in assets. SYMC provides high-speed terrestrial and submarine fiber-optic network services across Thailand and Southeast Asia. Read between the lines for SYMC.

Chuwit Farm (2019) PCL (CFARM) ranked 50th out of 300 Uncovered Thai Stocks, and the company is very good at generating consistently positive operating cash flow. CFARM raises broiler chickens in high-standard, closed-system houses equipped with evaporative cooling technology to ensure optimal growth and health. Read between the lines for CFARM.

SPVI PCL (SPVI) ranked 14th out of 300 Uncovered Thai Stocks and is very good at generating consistently positive operating cash flow. SPVI is a leading Apple-authorized reseller in Thailand, operating under various store formats including iStudio, U-Store, and iCenter. Read between the lines for SPVI.

ND Rubber PCL (NDR) ranked 48th out of 300 Uncovered Thai Stocks and is very good at generating consistently positive operating cash flow. NDR manufactures and distributes motorcycle tires and tubes. The company serves both the Original Equipment Manufacturer (OEM) and Replacement Equipment Manufacturer (REM) markets. Read between the lines for NDR.

TKS Technologies PCL (TKS) ranked 49th out of 300 Uncovered Thai Stocks and is very good at generating consistently positive operating cash flow. TKS has evolved from a traditional security-printing company into a diversified tech-ecosystem builder. It provides high-security printing services for banknotes, checks, and sensitive legal documents. Read between the lines for TKS.

Earth Tech Environment PCL (ETC) ranked 19th out of 300 Uncovered Thai Stocks, and the tightness of the operation is very good based on the cash conversion cycle. ETC is an integrated Thai clean energy company that generates power from waste-to-energy (SRF) fuel. Read between the lines for ETC.

The 10 WORST performers in August 2026

KT Medical Service PCL (KTMS) ranked 8th out of 300 Uncovered Thai Stocks and has delivered strong sales growth, which is essential for long-term value creation. KTMS is a specialized healthcare service provider primarily focused on hemodialysis operations. Read between the lines for KTMS.

ARIP PCL (ARIP) ranked 25th out of 300 Uncovered Thai Stocks. Based on the balance sheet, the company has strong access to capital to fund growth. ARIP is a specialized media and management company based in Bangkok. It is widely recognized for organizing COMMART, Thailand’s largest consumer electronics exhibition.

Eastern Water Resources Development and Management PCL (EASTW) ranked 45th out of 300 Uncovered Thai Stocks, and the earnings quality is very high based on our analysis of net income relative to operating cash flow. EASTW is a key provider of total water solutions, specializing in raw water distribution and tap water production. Read between the lines for EASTW.

TEAM Consulting Engineering and Management PCL (TEAMG) ranked 44th out of 300 Uncovered Thai Stocks, and the tightness of the operation is very good based on the cash conversion cycle. TEAMG is a leading Thai integrated consulting firm providing engineering, environmental, and management services. The company specializes in large-scale infrastructure projects, including transportation and water resources. Read between the lines for TEAMG.

Ditto (Thailand) PCL (DITTO) ranked 6th out of 300 Uncovered Thai Stocks and has delivered strong sales growth, which is essential for long-term value creation. DITTO is a high-growth technology company specializing in data management and digital transformation solutions. Read between the lines for DITTO.

Itthirit Nice Corporation PCL (ITTHI) ranked 1st out of 300 Uncovered Thai Stocks and has delivered strong sales growth, which is essential for long-term value creation. ITTHI is a specialized distributor of lighting products and electronic equipment. The company markets its products under the “LIGHTTRIO” brand, which includes a wide range of smart lighting and solar-powered streetlights. Read between the lines for ITTHI.

Rojukis International PCL (KISS) ranked 32nd out of 300 Uncovered Thai Stocks, and its efficiency is very good when looking at the growth in sales relative to the growth in assets. KISS specializes in the development and distribution of beauty and health products across Asia. Its well-known brands include Rojukiss for facial skincare and Sis2Sis for color cosmetics. Read between the lines for KISS.

Better World Green PCL (BWG) ranked 18th out of 300 Uncovered Thai Stocks, and the tightness of the operation is very good based on the cash conversion cycle. BWG is a major player in Thailand’s environmental services industry. The company provides integrated waste management solutions for industrial clients. Read between the lines for BWG.

Nforce Secure PCL (SECURE) ranked 16th out of 300 Uncovered Thai Stocks. Based on the balance sheet, the company has strong access to capital to fund growth. SECURE is a leading distributor of cybersecurity products and network-management solutions. Read between the lines for SECURE.

Beryl 8 Plus PCL (BE8) ranked 9th out of 300 Uncovered Thai Stocks, and its efficiency is very good when considering sales growth relative to asset growth. BE8 specializes in customer relationship management, data analytics, and comprehensive cloud-system integration. Read between the lines for BE8.

The 10 BEST performers since last revision

• Seafresh Industry PCL (CFRESH)

• BBGI PCL (BBGI)

• Sun Vending Technology PCL (SVT)

• Sky ICT PCL (SKY)

• Bangkok Aviation Fuel Services PCL (BAFS)

• Symphony Communication PCL (SYMC)

• Platinum Group PCL (PLAT)

• Syntec Construction PCL (SYNTEC)

• MBK PCL (MBK)

• Chuwit Farm (2019) PCL (CFARM)

The 10 WORST performers since last revision

• PRTR Group PCL (PRTR)

• TEAM Consulting Engineering and Management PCL (TEAMG)

• S&P Syndicate PCL (SNP)

• Humanica PCL (HUMAN)

• Rojukis International PCL (KISS)

• ARIP PCL (ARIP)

• ND Rubber PCL (NDR)

• Bound and Beyond PCL (BEYOND)

• Samart Telcoms PCL (SAMTEL)

• Better World Green PCL (BWG)

This is not investment advice or recommendations. Please refer to our full disclaimer

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It’s time to reveal the Top 50 Uncovered Thai Stocks as of 2Q26 financial results based on A. Stotz Investment Research Stock Picking Checklist and our proprietary FVMR® framework. We also analyze each company’s financial performance relative to global peers of similar size using our World Class Benchmarking scorecard.

The dream outcome of Uncovered Thai Stocks is to find hidden gems in the Thai stock market that can multiply in value. Our objective is to provide you with unbiased, data-driven insights that serve as a preliminary resource. These reports are intended as a starting point for further research and are not recommendations or investment advice (click here for the full disclaimer).

The Top 50 Uncovered Thai Stocks as of 2Q26 financial results

The latest financial data we use for this quarter’s Top 50 is as of 2Q26. Click on the company names below to read the full reports on Settrade. Our reports are also available on leading global institutional research platforms like FactSet, Bloomberg, LSEG, and Smartkarma.

1. Ditto (Thailand) PCL (DITTO)

2. Itthirit Nice Corporation PCL (ITTHI)

3. Samart Telcoms PCL (SAMTEL)

4. KT Medical Service Co Ltd (KTMS)

5. Wattanapat Hospital Trang PCL (WPH)

6. Platinum Group PCL (PLAT)

7. Market Connections Asia PCL (MCA)

8. ALT Telecom PCL (ALT)

9. Better World Green PCL (BWG)

10. Asia Network International PCL (ANI)

11. Sky ICT PCL (SKY)

12. Sun Vending Technology PCL (SVT)

13. Nforce Secure PCL (SECURE)

14. Earth Tech Environment PCL (ETC)

15. Ramkhamhaeng Hospital PCL (RAM)

16. SPVI PCL (SPVI)

17. Dexon Technology PCL (DEXON)

18. Humanica PCL (HUMAN)

19. Syntec Construction PCL (SYNTEC)

20. Seafco PCL (SEAFCO)

21. BlueVenture Group PCL (BVG)

22. Saha Pathanapibul PCL (SPC)

23. Beryl 8 Plus PCL (BE8)

24. Patrangsit Healthcare Group PCL (PHG)

25. JD Food PCL (JDF)

26. Prakit Holdings PCL (PRAKIT)

27. TEAM Consulting Engineering and Management PCL (TEAMG)

28. ARIP PCL (ARIP)

29. DTC Enterprise PCL (DTCENT)

30. Bound and Beyond PCL (BEYOND)

31. Sahathai Terminal PCL (PORT)

32. Thoresen Thai Agencies PCL (TTA)

33. Symphony Communication PCL (SYMC)

34. PRTR Group PCL (PRTR)

35. Rojukis International PCL (KISS)

36. Techno Medical PCL (TM)

37. ND Rubber PCL (NDR)

38. ATP30 PCL (ATP30)

39. Floyd PCL (FLOYD)

40. G-Able PCL (GABLE)

41. MBK PCL (MBK)

42. MFEC PCL (MFEC)

43. BG Container Glass PCL (BGC)

44. Srivichaivejvivat PCL (VIH)

45. Advanced Information Technology PCL (AIT)

46. Kumwell Corporation PCL (KUMWEL)

47. Seafresh Industry PCL (CFRESH)

48. Roctec Global PCL (ROCTEC)

49. V L Enterprise PCL (VL)

50. Haad Thip PCL (HTC)

Companies that are no longer in the Top 50

Below is a list of the companies that were in the Top 50 Uncovered Thai Stocks – May 2026 but didn’t make it into the current Top 50. There are three reasons why a stock doesn’t make it into the Top 50.

The first and most obvious reason is that the stock no longer ranks in the Top 50. The second reason is that the stock is no longer uncovered; i.e., analysts are covering the stock. The final reason is that the stock doesn’t meet the criteria for inclusion in the universe (see more below); for example, it doesn’t meet the minimum liquidity requirement.

• BBGI PCL (BBGI)

• Bangkok Aviation Fuel Services PCL (BAFS)

• Don Muang Tollway PCL (DMT)

• S&P Syndicate PCL (SNP)

• Ratchaphruek Hospital PCL (RPH)

• Sikarin PCL (SKR)

• Readyplanet PCL (READY)

• WP Energy PCL (WP)

• Vintcom Technology PCL (VCOM)

• Salee Industry PCL (SALEE)

• Eastern Water Resources Development and Management PCL (EASTW)

• Namyong Terminal PCL (NYT)

• TKS Technologies PCL (TKS)

• Chuwit Farm (2019) PCL (CFARM)

About the Uncovered Thai Stocks universe

The Uncovered Thai Stocks universe consists of about 300 stocks. Not all uncovered Thai stocks are eligible for inclusion in the universe; we include only non-financial companies with at least US$5,000 (Bt165K) in average daily turnover over the past three months. The stock must also fulfill various corporate governance criteria.

The lowest market capitalization of the stocks in the universe is US$6 million (m) (Bt184m), and the highest is US$1.9 billion (bn) (Bt62,496m), with a median of US$66m (Bt2,164m). Regarding trading volume, measured as the average daily turnover over the past three months, the lowest in the universe is in line with our minimum requirement of US$5,000 (Bt165K), and the highest is US$6.7m (Bt220m), with a median of US$40,000 (Bt1.3m).

The lowest market capitalization of the Top 50 Uncovered Thai Stocks is US$6m (Bt214m), and the highest is US$983m (Bt32,341m), with a median of US$61m (Bt2,022m). The lowest trading volume in the Top 50 is in line with our minimum requirement of US$5,000 (Bt165K), and the highest is US$3.3m (Bt109m), with a median of US$55,000 (Bt1.8m).

FVMR overview of the Top 50 Uncovered Thai Stocks as of 2Q26

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A nation entering old age, fast

Thailand’s healthcare system is expanding on two fronts. At home, the country entered what demographers classify as a Complete-Aged Society in 2023, a threshold reached when the population aged 60 and older reaches 20% of the total population. The National Economic and Social Development Council (NESDC) projects that Thailand will enter a Super-Aged Society by 2033, when that share reaches 28%, or roughly one in four people in the country.

Non-communicable diseases such as cardiovascular disease, diabetes, and cancer already account for over 76% of deaths nationwide, and an older population means more of these chronic conditions to manage.

Strengthening Thailand’s wellness hub status

Thailand continues to develop into a regional health and wellness hub. The Department of Health Service Support has outlined a strategy to extend medical treatment visas beyond one year, allow private hospitals to establish research and innovation centers, and build centralized international health insurance platforms.

Krungsri Research forecasts that Thailand’s wellness industry will generate Bt760bn by 2027, more than double its 2023 level. Bangkok Dusit Medical Services PCL (BDMS) and Bumrungrad Hospital PCL (BH), Thailand’s two largest listed hospital operators, already generate 31% and 66% of their respective revenues from international patients.

Where opportunities may be hiding

Thailand’s aging population and its ambitions as a wellness hub both rely on the same infrastructure: hospital beds, diagnostic capacity, and specialist staff. That reliance makes this a lasting structural shift, and it’s also where the opportunity lies: in four names beyond the two large caps already mentioned.

KT Medical Service PCL (KTMS) ranked 8th out of 300 uncovered Thai stocks. KTMS operates hemodialysis centers across Thailand, as well as a smaller water-treatment and medical-equipment installation business.

Wattanapat Hospital Trang PCL (WPH) ranked 11th out of 300 uncovered Thai stocks. WPH operates three private hospitals across Thailand’s southern tourist coast: its flagship in Trang, plus facilities in Krabi and on Koh Samui, offering specialized care from endocrinology and dialysis to rehabilitation and dental services. Watch our Business DNA interview with Deputy CEO and CFO Chane Laosonthorn.

Ratchaphruek Hospital PCL (RPH) ranked 33rd out of 300 uncovered Thai stocks. Known locally as the “Healing Environment Hospital,” RPH is a JCI- and Global Healthcare Accreditation-certified private hospital in Khon Kaen, northeastern Thailand, offering a broad range of specialized medical care.

Sikarin PCL (SKR) ranked 34th out of 300 uncovered Thai stocks. SKR operates three private hospitals: its JCI-accredited flagship in Bangna, Bangkok, plus facilities in Samut Prakan and Hat Yai in the south.

Between them, these four companies span the country: a nationwide dialysis network, plus regional hospital groups anchoring the south, the northeast, and Bangkok’s periphery.

The constraint to growth

The country’s healthcare system faces a persistent workforce shortage. According to Mahidol University, Thailand has roughly one doctor per 2,000 people, well below the World Health Organization’s recommended ratio of one per 1,000.

That gap widens sharply outside Bangkok. Doctors are plentiful in Bangkok, at 1 per 462 people, but far scarcer in the provinces, with only 1 per 5,000 in places such as Bueng Kan. Even as hospital groups invest in new capacity, a shortage of doctors and specialized nurses could limit how quickly that capacity can be utilized.

Off the radar, for now

The demographic shift underway here and the wellness hub ambitions behind it are well documented. The large caps capture almost all of the analyst attention that accompanies that story. What’s far less documented is where the exposure sits beyond the large-cap hospitals: in regional operators serving the same aging population and the same rising burden of chronic disease.

KTMS, WPH, RPH, and SKR each offer a distinct angle on that structural story: a dialysis specialist in a country where chronic kidney disease now affects about 18% of adults; a long-serving southern provincial hospital; a northeastern operator; and a Bangkok-adjacent hospital group.

Besides being potential beneficiaries from these structural trends, none of the stocks have analyst coverage. This is what Uncovered Thai Stocks is about: identifying interesting stocks before they’re covered by analysts. We also hope to serve as a resource where analysts can find interesting ideas for their coverage.

Our guest today is Chane Laosonthorn, Deputy CEO and CFO of SET-listed Wattanapat Hospital Trang Public Company Limited.

You can read a summary of the interview here.

Click here to read our latest report on WPH

Wattanapat Hospital Trang (WPH) ranks 11th out of 300 Uncovered Thai Stocks as of 1Q26 financial results.

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Wattanapat Hospital Trang (WPH) ranks 5th out of 300 Uncovered Thai Stocks as of 2Q26 financial results.

This post is a summary; click below to download the full interview as a PDF.

Interview Chane Laosonthorn (online)

2.67MB ∙ PDF file

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Leader DNA: Chane Laosonthorn

Chane Laosonthorn was about to accept a promotion in Australia, where he’d built a career in finance and human resources, when his grandmother called about the family hospital in Trang. His grandfather, the hospital’s founder, had fallen ill, and the family was facing a decision: sell the hospital, run it, or diversify into something else. They chose to keep it running. They just needed someone to do it. Chane, who had no medical background and had never worked in a hospital, came back and took the job.

What he found was a business built almost entirely around one man’s instincts. Chane’s outsider status turned out to be useful: instead of treating the hospital as a medical institution he wasn’t qualified to touch, he treated it as a set of systems and people he could examine. He kept what made his grandfather’s care personal, while changing everything that depended on one man to run it.

What Chane Laosonthorn shared:

Founder values must be translated into systems – His grandfather’s attention to every patient had to become a measurable standard the rest of the hospital could follow.

What clinics can’t afford, Wattanapat built – Small clinics can’t afford the specialists or the equipment for serious cases. Wattanapat built that capability instead, adding specialists like neurosurgeons and cardiologists.

Local healthcare providers can be partners rather than competitors – Community clinics handle the basic cases and send Wattanapat the ones that need emergency, inpatient, or specialist care. It’s not competition; help flows both ways.

Growth requires selective investment – The hospital doesn’t try to offer every procedure; it invests where there’s real patient need and refers rare cases elsewhere. Even the offices are bare; every baht goes to equipment instead.

People are the real growth constraint – Keeping the right people is what limits growth. On Samui, specialists come from elsewhere and tend to leave. On the mainland, the problem is finding department heads who are managers, not just clinicians.

About Wattanapat Hospital Trang PCL (WPH)

Wattanapat Hospital Trang Public Company Limited (WPH) started as a two-room clinic in Trang, southern Thailand. It was opened by Dr. Vitaya Leelawat, a top student turned physician so trusted that a local intersection now carries his name. What started as one doctor seeing more patients than any single person could handle grew into a network of five hospitals spanning Thailand’s Andaman and Gulf coasts, including Trang, Krabi, Koh Samui, and Phuket. WPH was listed on the Stock Exchange of Thailand in 2017.

Watch the full video interview.

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In May 2026, we released our Top 50 Uncovered Thai Stocks as of the 1Q26 financial results. The dream outcome of Uncovered Thai Stocks is to find hidden gems in the Thai stock market that can multiply in value.

The 10 BEST performers in July 2026

Sky ICT PCL (SKY) ranked 10th out of 300 Uncovered Thai Stocks and has delivered strong sales growth, which is essential for long-term value creation. SKY specializes in smart security platforms and advanced aviation technology solutions. Want to dig deeper? Our Reading between the lines series compares consecutive MD&As to see what’s changed and what’s worth watching. Read between the lines for SKY.

BBGI PCL (BBGI) ranked 22nd out of 300 Uncovered Thai Stocks, and its efficiency is very good when looking at the growth in sales relative to the growth in assets. BBGI focuses on the large-scale production of biofuels, specifically ethanol and biodiesel. Read between the lines for BBGI.

Seafresh Industry PCL (CFRESH) ranked 21st out of 300 Uncovered Thai Stocks, and its earnings quality is very high based on our analysis of net income relative to operating cash flow. CFRESH specializes in the production and distribution of frozen shrimp products and processed seafood.

Beryl 8 Plus PCL (BE8) ranked 9th out of 300 Uncovered Thai Stocks, and its efficiency is very good when looking at the growth in sales relative to the growth in assets. BE8 specializes in customer relationship management, data analytics, and comprehensive cloud-system integration. Read between the lines for BE8.

Symphony Communication PCL (SYMC) ranked 20th out of 300 Uncovered Thai Stocks, and the tightness of the operation is very good based on the cash conversion cycle. SYMC provides high-speed terrestrial and submarine fiber-optic network services across Thailand and Southeast Asia. Read between the lines for SYMC.

MBK PCL (MBK) ranked 41st out of 300 Uncovered Thai Stocks, and the tightness of the operation is very good based on the cash conversion cycle. MBK operates as a diversified conglomerate with a strong foundation in shopping center management.

Syntec Construction PCL (SYNTEC) ranked 13th out of 300 Uncovered Thai Stocks, and its efficiency is very good when looking at the growth in sales relative to the growth in assets. SYNTEC is a premier construction company, specializing in high-rise buildings and complex civil engineering. Read between the lines for SYNC.

Nforce Secure PCL (SECURE) ranked 16th out of 300 Uncovered Thai Stocks. Looking at the balance sheet, the company has very good access to capital to fund growth. SECURE is a leading distributor of cybersecurity products and network-management solutions. Read between the lines for SECURE.

Ditto (Thailand) PCL (DITTO) ranked 6th out of 300 Uncovered Thai Stocks and has delivered strong sales growth, which is essential for long-term value creation. DITTO is a high-growth technology company specializing in data management and digital transformation solutions. Read between the lines for DITTO.

Eastern Water Resources Development and Management PCL (EASTW) ranked 45th out of 300 Uncovered Thai Stocks, and the earnings quality is very high based on our analysis of net income relative to operating cash flow. EASTW is a key provider of total water solutions, specializing in raw water distribution and tap water production.

The 10 WORST performers in July 2026

BG Container Glass PCL (BGC) ranked 30th out of 300 Uncovered Thai Stocks, and earnings quality is very high based on our analysis of net income relative to operating cash flow. BGC is Thailand’s largest manufacturer of glass containers, producing bottles for beer, food, and energy drinks. It is a key subsidiary of the Boon Rawd Brewery group.

Sun Vending Technology PCL (SVT) ranked 17th out of 300 Uncovered Thai Stocks, and its competitive strategy appears excellent based on the gross profit margin. SVT operates as a leading provider of automated vending machine services in Thailand. Read between the lines for SVT.

Wattanapat Hospital Trang PCL (WPH) ranks 11th out of 300 Uncovered Thai Stocks and has delivered strong sales growth, which is essential for long-term value creation. WPH is a private healthcare provider in Southern Thailand, with its main facility in Trang province. Read between the lines for WPH.

Itthirit Nice Corporation PCL (ITTHI) ranked 1st out of 300 Uncovered Thai Stocks and has delivered strong sales growth, which is essential for long-term value creation. ITTHI is a specialized distributor of lighting products and electronic equipment. The company markets its products under the “LIGHTTRIO” brand, which includes a wide range of LED bulbs, smart lighting, and solar-powered streetlights. Read between the lines for ITTHI.

Bound and Beyond PCL (BEYOND) ranked 5th out of 300 Uncovered Thai Stocks, and its earnings quality is very high based on our analysis of net income relative to operating cash flow. BEYOND has pivoted from the mining industry into the luxury hospitality sector. The company owns two iconic ultra-luxury hotels in Bangkok. Read between the lines for BEYOND.

ND Rubber PCL (NDR) ranked 48th out of 300 Uncovered Thai Stocks and is very good at generating consistently positive operating cash flow. NDR manufactures and distributes motorcycle tires and tubes. The company serves both the Original Equipment Manufacturer (OEM) and Replacement Equipment Manufacturer (REM) markets.

ALT Telecom PCL (ALT) ranked 31st out of 300 Uncovered Thai Stocks, and the tightness of the operation is very good based on the cash conversion cycle. ALT operates in Thailand’s telecommunications sector as a neutral infrastructure provider. ALT constructs, rents, and services digital and renewable energy infrastructure, including telecom base stations, fiber-optic cable networks, and submarine cable stations. Read between the lines for ALT.

ATP30 PCL (ATP30) ranked 35th out of 300 Uncovered Thai Stocks and is very good at generating consistently positive operating cash flow. ATP30 provides employee shuttle transportation services to industrial plants, primarily across Thailand’s Eastern Seaboard, alongside a growing electric vehicle (EV) transportation and EV charging station business. Read between the lines for ATP30.

Better World Green PCL (BWG) ranked 18th out of 300 Uncovered Thai Stocks, and the tightness of the operation is very good based on the cash conversion cycle. BWG is a major player in Thailand’s environmental services industry. The company provides integrated waste management solutions for industrial clients. Read between the lines for BWG.

Seafco PCL (SEAFCO) ranked 4th out of 300 Uncovered Thai Stocks, and its efficiency is very good when looking at the growth in sales relative to the growth in assets. SEAFCO is a foundation contractor in Thailand. The company specializes in bored piling, diaphragm wall construction, and general civil works.

The 10 BEST performers since last revision

• Sky ICT PCL (SKY)

• Beryl 8 Plus PCL (BE8)

• Seafresh Industry PCL (CFRESH)

• Platinum Group PCL (PLAT)

• BBGI PCL (BBGI)

• Bangkok Aviation Fuel Services PCL (BAFS)

• Eastern Water Resources Development and Management PCL (EASTW)

• MBK PCL (MBK)

• Syntec Construction PCL (SYNTEC)

• Ditto (Thailand) PCL (DITTO)

The 10 WORST performers since last revision

• Seafco PCL (SEAFCO)

• S&P Syndicate PCL (SNP)

• Salee Industry PCL (SALEE)

• Earth Tech Environment PCL (ETC)

• Wattanapat Hospital Trang PCL (WPH)

• Thoresen Thai Agencies PCL (TTA)

• Bound and Beyond PCL (BEYOND)

• Samart Telcoms PCL (SAMTEL)

• ND Rubber PCL (NDR)

• Better World Green PCL (BWG)

This is not investment advice or recommendations. Please refer to our full disclaimer

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Mapping the coverage gap across the region

It’s easy to assume that large Asian stock markets are thoroughly researched. Our data shows otherwise: even in the region’s best-covered market, most listed companies still lack meaningful analyst attention.

We consider a stock “uncovered” if fewer than three analysts cover it, meaning an analyst published an active recommendation, target price, and forecast in the past six months. Read more about our definition of uncovered.

More than 4 in 5 listed Asian companies are uncovered

The uncovered share ranges from 81% in China, the region’s largest and most liquid market, to 92% in Vietnam. Every market in our sample is above 80%. Coverage is scarce almost everywhere, not just in a few markets.

Understanding the coverage gap

Analyst coverage is a limited resource, and brokers concentrate it where it pays off: the largest, most liquid, most heavily traded names. As the number of listed companies grows, research capacity doesn’t grow with it. Small and mid-sized companies are the first to fall through, not because they’re poor businesses, but because there’s little commercial incentive for a broker to cover them.

Market inefficiency as an advantage

Uncovered doesn’t mean uninvestable; it means under-researched. That’s the premise Uncovered Thai Stocks is built on, and the same logic applies across the region. Markets with the widest gaps (Vietnam, Indonesia, Taiwan) may hold the largest pool of companies still waiting to be discovered by investors. Even China, the most-covered market here, still leaves four out of five listed companies without adequate coverage.

When the gap closes, it closes quickly

Coverage tends to be triggered rather than earned gradually; a company can improve steadily for years with no new attention, then cross a threshold and gain additional analyst coverage in a short window. That threshold is often tied to size or trading volume: many institutional investors are restricted from buying below it, so a company can improve for years without new demand. When it finally crosses that line, the resulting attention and the buyers who were previously excluded can sometimes arrive all at once. Investors who did the work before that point had the field largely to themselves.

The reality of illiquidity

None of this comes without risks, as we’ve identified in our previous article, Risks and Potential Rewards Investing in Uncovered Thai Stocks. Uncovered stocks are thinly traded by nature. Low volume can mean a narrow exit door when sentiment turns, and it raises the risk of price manipulation. Many are also closely held, with founding families or a small group of shareholders controlling the majority of free float, which limits the number of shares genuinely available to trade. These aren’t reasons to avoid the space; they’re reasons to size positions carefully and expect a long holding period.

The opportunity ahead.

Uncovered Thai Stocks is one answer to this gap, in one market. This data shows the same gap exists across Asia at scale. Closing it, market by market, is the opportunity we see ahead.

The FVMR framework cuts through the noise. Rather than reacting to headlines, it focuses on what actually matters: companies’ profitability, the price paid for that profitability, whether the trend is moving in the right direction, and market risk. Most investors focus on price alone: FVMR gives the complete picture.

Every week, A. Stotz Investment Research updates the Thailand Equity FVMR Snapshot. Here is what the data shows as of 17 July 2026.

_{The Thailand Equity FVMR Snapshot is produced by A. Stotz Investment Research using LSEG data. All YE (year-end) figures are consensus estimates, except gearing (net debt-to-equity).}

Fundamentals

Thai corporates are expected to generate a year-end 2026 (YE26) return on equity (ROE) of 11.9%, below the world average at 18.6%. The gap is largely a composition effect; the market is heavily weighted toward lower-return sectors. Energy, Financials, and Utilities together account for roughly 34% of the Thai market, and all three carry below-average ROEs of 11.3%, 8.7%, and 10.1%, respectively.

Thailand’s dividend payout ratio (DPR) of 62.0% is nearly double the world’s 31.5%, pointing to a market dominated by established, income-oriented companies rather than high-growth companies reinvesting for expansion. Communication Services leads on ROE at 52.4% and also tops the payout table at 87.0%.

Valuation

Thailand trades at YE26 18.9x PE and 2.2x price-to-book (PB), broadly in line with the world on price-to-earnings (PE) at 19.2x and at a discount on PB at 3.6x. The PB discount is the market’s verdict on Thai profitability: lower returns mean investors are willing to pay less.

Energy is the cheapest sector at 8.8x PE; Information Technology is the most expensive on valuation at 99.5x, followed by Industrials at 47.5x. Information Technology’s 99.5x PE is heavily influenced by Delta Electronics (DELTA), Thailand’s largest listed stock, which has rallied 165% over the past year on AI optimism, pushing its market cap well ahead of current earnings.

Momentum

The headline EPS growth estimate of 10.1% for YE26 lags the world’s 28.0%, but the price momentum tells an interesting story. Thai equities are up 48.8% over the past year, well ahead of the world at 22.8%, confirming that the market has been repricing. Industrials and Information Technology are the standout movers, with one-year price gains of 112.4% and 186.6% respectively.

Risk

Gearing (Net debt-to-equity) is elevated at 92.7% over the past 12 months, compared to the world at 52.1%, which deserves attention given the modest profitability. Price volatility is moderate at 12.1% over three months, just above the world average at 10.9%, indicating that the recent rally has been fairly orderly. Health Care is the least volatile sector at 13.4%, while Information Technology is the most volatile at 34.9%.

CGR stands for the Corporate Governance Report of Thai-listed companies. In plain terms, CGR means an annual, independent assessment of how well SET- and mai-listed companies are governed. It’s conducted by the Thai Institute of Directors (IOD), with support from the Stock Exchange of Thailand (SET). The CGR 2025 assessment covered 844 listed companies against 173 criteria.

Why it matters to shareholders

The CGR exists to protect shareholders. It’s designed to catch the governance failures that most often destroy value: unfair treatment in voting or dividends, weak stakeholder relations, poor disclosure, or a board that isn’t doing its job. A strong score signals a company has cleared this baseline; a weak one is worth investigating further or maybe avoiding altogether.

How the score actually gets calculated

1. Rights and equitable treatment of shareholders (25%)

2. Role of stakeholders in business sustainability (25%)

3. Disclosure and transparency (15%)

4. Board responsibilities (35%)

Every score is assigned by an independent third party, the IOD, based on what the company has disclosed publicly. It is not a self-assessment, but the company still provides all the underlying material.

The IOD discloses the total number of criteria, 173 for 2025. What it doesn’t publish is the full methodology. The report walks through a handful of example questions to show how a bonus or penalty affects a score, but the complete set of 173 questions stays private. That makes it harder for companies to write disclosures aimed at the checklist rather than the substance behind it.

Each weighted score maps to a recognition level, shown as a logo count from the National Corporate Governance Committee. Only companies scoring 70 and above are named publicly; scores below that are reported only in aggregate.

How Thai-listed companies scored on CGR in 2025

Of the 844 companies assessed in 2025, 44% earned an Excellent rating, the largest single group.

Overall performance of 844 companies by Corporate Governance recognition level

Sources: A. Stotz Investment Research, Thai Institute of Directors, Corporate Governance Report of Thai Listed Companies 2025

The biggest Thai companies also score the best on CGR

Company size is also a factor. Every company with a market cap above Bt100,000m earned an excellent rating in 2025. That share declines steadily as market cap decreases, down to 22% among companies with market caps under Bt1,500m.

Larger companies tend to score more favorably

Sources: A. Stotz Investment Research, Thai Institute of Directors, Corporate Governance Report of Thai Listed Companies 2025

Company names are published for scores of 70 and above

It’s worth knowing which scores you can actually see.

The IOD publishes aggregate figures across all six recognition groups, but only companies scoring 70 or above (“Good,” “Very Good,” or “Excellent”) are individually named. Companies scoring below that receive a private scorecard rather than a public listing.

CGR scores can open the door to Thai ESG Securities

CGR also factors into SET’s Thai ESG Securities list. Inclusion matters because it determines eligibility for Thai ESG and Thai ESG Extra funds. One qualifying route requires an excellent rating (90 or above) plus a disclosed Corporate Value Up or JUMP+ plan. Alternative routes include obtaining a SET ESG Rating or disclosing greenhouse gas emissions.

Excellent ratings concentrate among larger, index-member companies, so this route is more attainable for SET50 and SET100 constituents than for mai-listed companies.

Blue Chips dominate the top tier

Sources: A. Stotz Investment Research, Thai Institute of Directors, Corporate Governance Report of Thai Listed Companies 2025

What a CGR score won’t tell you

A high CGR score reflects disclosure quality and governance structure, not financial performance or valuation.

It should not be treated as a standalone signal, but rather as one input for due diligence on a Thai-listed company.

Explore more by reading our previous article:

What the CGR rating means and why we require 3 stars or above

Not the operators — the enablers

The demand case for Thailand’s data center buildout is clear. Less obvious is where the opportunity lies. Most investors are watching the hyperscalers. The more interesting question is who builds, connects, and commissions the facilities they need, and for Uncovered Thai Stocks, that is an interesting place to dig further.

A boom measured in watts

Tech companies are expected to spend up to US$7 trillion building data centers over the coming years, with global capacity forecast to grow at a 17% CAGR, from around 80 gigawatts (GW) in 2025 to roughly 190 GW by 2030. AI is the primary driver, pushing demand for compute power well beyond existing infrastructure.

Thailand steps up

Thailand is emerging as one of Southeast Asia’s key destinations for that capital. According to KResearch, current live data center capacity in Thailand stands at 150 megawatts (MW), with a further 227 MW under construction and due online by 2028, representing a 59% compound annual growth rate (CAGR). The Eastern Economic Corridor (EEC) is rapidly emerging as the primary construction hub.

Big tech drives the buildout

The demand is coming from the world’s largest technology companies. AWS has pledged US$5bn, Google US$1bn, and ByteDance has committed US$8.8bn in data center investment, with a further US$25bn BOI-approved expansion announced in May 2026.

BMI’s June 2026 report describes Thailand as “Southeast Asia’s most improved data center market,” transitioning rapidly from early-stage interest to large-scale hyperscaler commitments.

Singapore’s loss, Thailand’s gain

Data centers already consume an estimated 19.5% of Singapore’s national electricity grid, by far the highest share of any country in the world. The restrictions on new construction were not surprising.

Those restrictions have redirected billions of dollars of investment into neighboring markets. Thailand has been a primary beneficiary, helped by targeted BOI incentives.

The grid is the bottleneck

Grid readiness is the central execution risk. EEC substations are already running at or near capacity, causing delays. The gap between announced and operational capacity could widen if constraints are not resolved. Thailand has plenty of demand. What the country needs now is the grid to match it.

Looking past the large caps

Most investor attention on this theme focuses on the large-cap operators: GULF, TRUE, ADVANC, BGRIM, WHA, AMATA, and DELTA. But among our Top 50 Uncovered Thai Stocks, we have identified five companies with exposure to the buildout that have largely gone unnoticed.

Floyd PCL (FLOYD): Mechanical, electrical, and plumbing (MEP) systems

Every data center needs precision cooling, backup power, fire suppression, and building management systems. This is exactly what FLOYD does. Data center MEP installation is a revenue category in its financial reporting.

Read our 1Q26 report | Read between the lines

Syntec Construction (SYNTEC): Civil construction

SYNTEC has a dedicated data center construction team and a completed Tier 3 facility on record: the Osprey Data Center for OneAsia in Navanakorn Industrial Estate, 20,000 sq m at Bt455m. Mordor Intelligence names SYNTEC specifically in its Thailand data center construction market report.

Read our 1Q26 report | Read between the lines

Symphony Communication (SYMC): Fiber, submarine cable, colocation

SYMC operates a nationwide fiber backbone, its own submarine cable network, and data center colocation at AIMS@Bangkok, and, in November 2025, partnered with Telehouse Thailand to extend customer reach to Japan, Singapore, Hong Kong, and Europe.

Read our 1Q26 report | Read between the lines

ALT Telecom (ALT): Fiber and subsea infrastructure

ALT builds and leases fiber-optic networks and submarine cable infrastructure through its subsidiary, International Gateway Company (IGC), which operates 12,000 km of nationwide optical fiber and has access to five cable landing stations. In November 2025, Google selected IGC as its landing partner for the TalayLink submarine cable, connecting Thailand to Australia.

Read our 1Q26 report | Read between the lines

Advanced Information Technology (AIT): IT systems integration

Once a data center is built and the MEP systems are in place, the IT infrastructure must be commissioned. AIT is an established ICT system integrator with 30 years of experience, seven nationwide service centers, and Data Center and Cloud Solutions as a standalone named product line.

Read our 1Q26 report | Read between the lines

Five companies, one supply chain

These five companies sit at different points in the data center supply chain: civil construction, MEP installation, IT systems integration, fiber connectivity, and subsea cable. None of them owns or operates data centers. But every data center being built in Thailand needs all five of these capabilities. The exposure is real, verifiable, and in several cases already tied to active contracts, without the market attention that the headline names attract.

This is not a recommendation or investment advice. Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, expressed or implied, is made regarding future performance.

In May 2026, we released our Top 50 Uncovered Thai Stocks as of the 1Q26 financial results. The dream outcome of Uncovered Thai Stocks is to find hidden gems in the Thai stock market that can multiply in value.

The 10 BEST performers in June 2026

Itthirit Nice Corporation PCL (ITTHI) ranked 1st and has delivered strong sales growth, which is essential for long-term value creation. ITTHI is a specialized distributor of lighting products and electronic equipment in Thailand. Want to dig deeper? Our Reading between the lines series compares consecutive MD&As to see what's changed and what's worth watching. Read between the lines for ITTHI.

ALT Telecom PCL (ALT) ranked 31st, and the tightness of the operation is very good based on the cash conversion cycle. ALT operates in Thailand’s telecommunications sector as a neutral infrastructure provider.

Bangkok Aviation Fuel Services PCL (BAFS) ranked 23rd, and the efficiency is very good when looking at the growth in sales relative to the growth in assets. BAFS is the sole provider of aviation fuel storage and refueling services at Thailand’s major international airports. Read between the lines for BAFS.

BG Container Glass PCL (BGC) ranked 30th, and earnings quality is very high based on our analysis of net income relative to operating cash flow. BGC is Thailand’s largest manufacturer of glass containers, producing bottles for beer, food, and energy drinks.

Platinum Group PCL (PLAT) ranked 3rd and has delivered strong sales growth, which is essential for long-term value creation. PLAT is a leader in commercial real estate development, with a focus on wholesale and retail fashion hubs. Read between the lines for PLAT.

Rojukis International PCL (KISS) ranked 32nd, and the efficiency is very good when looking at the growth in sales relative to the growth in assets. KISS specializes in the development and distribution of beauty and health products across Asia.

KT Medical Service Co Ltd (KTMS) ranked 8th and has delivered strong sales growth, which is essential for long-term value creation. KTMS is a specialized healthcare service provider primarily focused on hemodialysis operations.

Beryl 8 Plus PCL (BE8) ranked 9th, and the efficiency is very good when looking at the growth in sales relative to the growth in assets. BE8 is a leading digital technology consulting firm in Southeast Asia. Read between the lines for BE8.

Eastern Water Resources Development and Management PCL (EASTW) ranked 45th, and earnings quality is very high based on our analysis of net income relative to operating cash flow. EASTW is a key provider of total water solutions in Thailand, specializing in raw water distribution and tap water production.

Namyong Terminal PCL (NYT) ranked 47th, and the tightness of the operation is very good based on the cash conversion cycle. NYT is the leading terminal operator for car carrier vessels at Laem Chabang Port in Thailand.

The 10 WORST performers in June 2026

BBGI PCL (BBGI) ranked 22nd, and the efficiency is very good when looking at the growth in sales relative to the growth in assets. BBGI is a leading bio-based energy producer in Thailand, formed through a joint venture between Bangchak Corporation and Khon Kaen Sugar Industry. Read between the lines for BBGI.

Salee Industry PCL (SALEE) ranked 43rd, and the company is very good at generating consistently positive operating cash flow. SALEE manufactures and distributes plastic supplies, parts, tools, and industrial equipment using injection molding and vacuum forming.

Floyd PCL (FLOYD) ranked 7th, and the efficiency is very good when looking at the growth in sales relative to the growth in assets. FLOYD provides comprehensive engineering services for building systems. Read between the lines for FLOYD.

Bound and Beyond PCL (BEYOND) ranked 5th, and earnings quality is very high based on our analysis of net income relative to operating cash flow. BEYOND has successfully pivoted from the mining industry into the luxury hospitality sector. Read between the lines for BEYOND.

Symphony Communication PCL (SYMC) ranked 20th, and the tightness of the operation is very good based on the cash conversion cycle. SYMC provides high-speed terrestrial and submarine fiber-optic network services across Thailand and Southeast Asia.

SPVI PCL (SPVI) ranked 14th, and the company is very good at generating consistently positive operating cash flow. SPVI is a leading Apple-authorized reseller in Thailand, operating under various store formats including iStudio, U-Store, and iCenter. Read between the lines for SPVI.

Samart Telcoms PCL (SAMTEL) ranked 2nd, and earnings quality is very high based on our analysis of net income relative to operating cash flow. SAMTEL is a core subsidiary of the Samart Group, specializing in comprehensive ICT solutions. Read between the lines for SAMART.

Thoresen Thai Agencies PCL (TTA) ranked 46th, and earnings quality is very high based on our analysis of net income relative to operating cash flow. TTA functions as a strategic investment holding company with a diverse portfolio centered on global transport and infrastructure.

ND Rubber PCL (NDR) ranked 48th and is very good at generating consistently positive operating cash flow. NDR manufactures and distributes motorcycle tires and tubes. The company serves both the Original Equipment Manufacturer (OEM) and Replacement Equipment Manufacturer (REM) markets.

Better World Green PCL (BWG) ranked 18th, and the tightness of the operation is very good based on the cash conversion cycle. BWG is a major player in Thailand’s environmental services industry. The company provides integrated waste management solutions for industrial clients. Read between the lines for BWG.

This is not investment advice or recommendations. Please refer to our full disclaimer

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We all know the feeling

A stock is rocketing higher. Friends are buzzing about it. Social media is filled with soaring charts. Suddenly, the thought becomes overwhelming: if I don’t buy now, I’ll miss out. That feeling has a name. FOMO, or fear of missing out, is one of the most powerful and destructive impulses in investing.

What is actually happening

FOMO is not simply excitement; it is several psychological forces at work simultaneously.

It starts in the brain’s oldest structure, the amygdala, which controls our fight-or-flight response. The amygdala does not distinguish between an actual threat and a perceived one. When we sense that others are gaining while we are not, the brain treats it as a threat and pushes us toward immediate action. That urgency feels rational, but it is not.

On top of this is loss aversion. Research shows that humans feel the pain of a loss more deeply than the pleasure of an equal gain. When we watch a stock rise without us, our brain registers it not as a missed opportunity but as a loss already taken.

Recency bias compounds this further. When a stock has risen sharply, we assume it will continue to rise. Recent price action dominates our thinking, pushing aside the question of whether the price is actually justified.

Together, these FOMO forces push investors toward the same decision at the same time.

How it plays out

The pattern is consistent. A stock rises on momentum and attention. Late buyers enter near the peak, driven by the crowd rather than by analysis. When sentiment shifts, those same buyers are the last to hold and the first to panic-sell. FOMO turns into regret, which turns into a realized loss.

The investor who acted on emotion has not only lost money but also reinforced the habit of reacting rather than thinking.

A process is the antidote

FOMO thrives in the absence of a framework. When there are no predefined criteria for what makes a stock attractive, every price jump feels like a call to action.

A disciplined process does not eliminate emotion, but it gives emotion less room to operate. The FVMR framework, the A. Stotz Stock Picking Checklist and World Class Benchmarking have been developed precisely for that purpose. When the decision is grounded in fundamentals, valuation, momentum, and risk (FVMR), the noise of the crowd becomes easier to ignore.

Free reports and resources

At Uncovered Thai Stocks, our frameworks shape every report we produce. Our reports are objective, data-driven, and built to help investors ask better questions before they act. They are not investment recommendations; they are a starting point for further research.

Here are four resources to help you go deeper:

Top 50 Uncovered Thai Stocks as of 1Q26 — Our quarterly ranking of the most attractive Uncovered Thai Stocks, based on the FVMR framework and the A. Stotz Stock Picking Checklist.

Reports — Our reports (linked in our Top 50 posts) are published each quarter in English and Thai on Settrade and are also available on institutional research platforms such as FactSet, Bloomberg, LSEG, and Smartkarma.

Uncovered Thai Stocks Snapshots — A comprehensive overview of each company in our 300-stock universe, covering business overview, revenue breakdown, sector overview, competitive positioning, constraints to growth, and risks.

Reading Between the Lines — A series that reads consecutive MD&A filings side by side, comparing each quarter to the one before and raising what is worth a closer look.

The FVMR framework cuts through the noise. Rather than reacting to headlines, it focuses on what actually matters: companies’ profitability, the price paid for that profitability, whether the trend is moving in the right direction, and market risk. Most investors focus on price alone: FVMR gives the complete picture.

Every week, A. Stotz Investment Research updates the Thailand Equity FVMR Snapshot. Here is what the data shows as of 18 June 2026.

_{The Thailand Equity FVMR Snapshot is produced by A. Stotz Investment Research using LSEG data. All YE (year-end) figures are consensus estimates, except gearing (net debt-to-equity).}

Fundamentals

Thai corporates are expected to generate a YE26 ROE of 11.7%, below the world average of 18.5%. This gap reflects the market’s heavy weighting toward lower-return sectors. Energy, Financials, and Utilities account for roughly 30% of the Thai market, and all three have below-average ROEs of 11.2%, 8.6%, and 9.9%, respectively.

The dividend payout ratio stands out at 62.1%, well above the world average of 31.8%, signaling mature, income-oriented businesses rather than high-growth companies reinvesting for expansion. Communication Services leads on ROE at 51.6% and tops the dividend payout table at 87.8%.

Valuation

Thailand trades at YE26 19.1x PE and 2.2x PB, in line with the world on PE at 18.9x but at a discount on PB at 3.5x. The lower PB reflects lower profitability, so investors are paying less for Thai companies’ net assets.

Energy is the cheapest sector at 9.0x PE; Info. Tech. is the most expensive on valuation at 118.8x, followed by Industrials at 42.2x. Info. Tech.’s 118.8x PE is effectively a Delta Electronics (DELTA) story. Thailand’s largest listed company has gained over 270% in the past year on AI optimism, and the market cap has run well ahead of current earnings.

Momentum

The EPS growth estimate of 9.0% for YE26 is low relative to the world’s 26.7%, but the price momentum tells a more optimistic story. Thai equities are up 47.3% over the past year, well ahead of the world at 26.7%, signaling that the market has been repricing. Industrials and Info Tech have seen the biggest moves, with one-year price gains of 78.0% and 265.8%, respectively.

Risk

Gearing is high at 92.7% over the past 12 months, compared to 52.1% globally. This is worth noting because profits are only modest. On the other hand, price volatility is low at 11.7% over the last three months, which suggests the recent rally has been fairly steady. Financials is the least volatile sector at 12.2%, followed by Health Care at 13.3%.

Every quarter, listed companies publish a document explaining their results in management’s own words. Most investors don’t read it. The Management Discussion and Analysis (MD&A) is treated as commentary rather than a source of insight. The patterns inside it can reward a particular kind of reading.

Comparison is often where you find the interesting insights

Few investors bother reading the most recent filing alongside the previous ones. An MD&A often becomes more useful through comparison. A risk section that has grown by a paragraph can tell you something. A strategic priority that featured prominently three months ago and has now disappeared can be equally worth noting.

Where the new information actually sits

Once you read two filings together, the recycled text becomes useful. MD&As repeat large sections word-for-word, such as industry outlooks, strategic frameworks, and risk lists. Those repeated sections are the template.

Recognizing the template is useful because everything outside is where new information tends to sit. The performance commentary, where the numbers are explained. The balance sheet narrative, where the composition has changed. The project or contract disclosure, where specifics change from one quarter to the next. That is where it pays to slow down and absorb the information.

Disclosure shifts are worth noting

This is where careful reading can pay off. When a figure that appeared last quarter is no longer there, it is worth pausing. A new provision, an impairment, or an unusual finance cost can be equally informative. So can a number still reported but accompanied by a footnote explaining a change in methodology. Each of these is a prompt to ask, “What is different this time?”

What certain phrases may actually mean

Some phrases do more work than they appear to. “Progressive handover of projects” can mean revenue flows are less visible. “In the process of bidding” describes intent, not the pipeline. “Continued focus on operational efficiency” may describe a slowdown in revenue growth. “Subject to market conditions” usually attaches to a plan that management is no longer confident will happen. “We continue to evaluate” often indicates a stalled project.

None of these phrases is false; they’re just doing more than the first reading suggests.

Putting it together

An MD&A tells its story across multiple sections. Reading two filings together can make that story more visible. That is what the Between the Lines series sets out to do: read each filing carefully, compare it to the one before, and raise what is worth a closer look.

Click here to read our latest Between the Lines.

In May 2026, we released our Top 50 Uncovered Thai Stocks as of the 1Q26 financial results. The dream outcome of Uncovered Thai Stocks is to find hidden gems in the Thai stock market that can multiply in value.

The 10 BEST performers in May 2026

ND Rubber PCL (NDR) ranked 30th and is very good at generating consistently positive operating cash flow. ND Rubber Public Company Limited is a manufacturer based in Chonburi, specializing in motorcycle components.

JD Food PCL (JDF) ranked 21st and is very good at generating consistently positive operating cash flow. JDF is a specialist in the research and development of food seasoning and food ingredients.

Roctec Global PCL (ROCTEC) ranked 48th and is very good at generating consistently positive operating cash flow. ROCTEC is a specialized technology solutions provider focused on ICT and digital infrastructure.

SPVI PCL (SPVI) ranked 15th, and its competitive strategy appears excellent based on the gross profit margin. SPVI is a leading Apple-authorized reseller in Thailand, operating under various store formats including iStudio, U-Store, and iCenter.

TKS Technologies PCL (TKS) ranked 45th and is very good at generating consistently positive operating cash flow. TKS has evolved from a traditional security-printing company into a diversified tech-ecosystem builder.

2S Metal PCL (2S) ranked 35th and is very good at generating consistently positive operating cash flow. 2S is a leading manufacturer and distributor of steel products in Thailand.

Better World Green PCL (BWG) ranked 31st, and the tightness of the operation is very good based on the cash conversion cycle. BWG is a major player in Thailand’s environmental services industry. The company provides integrated waste management solutions for industrial clients.

K&K Superstore Southern PCL (KK) ranked 34th and is very good at generating consistently positive operating cash flow. KK operates a chain of consumer goods stores under the name “K&K Superstore.”

Vintcom Technology PCL (VCOM) ranked 25th and is very good at generating consistently positive operating cash flow. VCOM is a specialized distributor of enterprise IT solutions and a provider of managed security services.

MBK PCL (MBK) ranked 19th, and the tightness of the operation is very good based on the cash conversion cycle. MBK operates as a diversified conglomerate with a strong foundation in shopping center management.

The 10 WORST performers in May 2026

Practical Solution PCL (TPS) ranked 16th and has delivered strong sales growth, which is essential for long-term value creation. TPS is an information and communication technology system integrator in Thailand.

Premier Technology PCL (PT) ranked 41st, and looking at the balance sheet, the company has very good access to capital to fund growth. PT is an IT investment holding company that operates primarily through its subsidiary, Datapro Computer Systems (DCS).

Readyplanet PCL (READY) ranked 36th, and looking at the balance sheet, the company has very good access to capital to fund growth. READY is a pioneering Thai technology company providing an All-in-One Sales and Marketing Platform.

Primo Service Solutions PCL (PRI) ranked 6th and has delivered strong sales growth, which is essential for long-term value creation. PRI is a leading “One-Stop Service” provider in the Thai real estate industry, operating as a subsidiary of Origin Property.

Samart Telcoms PCL (SAMTEL) ranked 5th, and Earnings quality is very high based on our analysis of net income relative to operating cash flow. SAMTEL is a core subsidiary of the Samart Group, specializing in comprehensive ICT solutions.

Patrangsit Healthcare Group PCL (PHG) ranked 43rd, and looking at the balance sheet, the company has very good access to capital to fund growth. PHG is a leading private healthcare provider located in the strategic northern gateway of Bangkok, specifically in the Pathum Thani province.

Nonthavej Hospital PCL (NTV) ranked 26th and is very good at generating consistently positive operating cash flow. NTV operates a full-service private hospital in Nonthaburi province, near Bangkok.

KT Medical Service Co Ltd (KTMS) ranked 8th and has delivered strong sales growth, which is essential for long-term value creation. KTMS is a specialized healthcare service provider primarily focused on hemodialysis operations.

Index International Group PCL (IND) ranked 38th and has delivered strong sales growth, which is essential for long-term value creation. IND operates as a specialized engineering consultancy and construction-management firm.

Ubon Bio Ethanol PCL (UBE) ranked 44th, and its Earnings quality is very high based on our analysis of net income relative to operating cash flow. UBE is a leading Thai producer of ethanol and cassava-based products, operating a large-scale integrated production facility in Ubon Ratchathani.

The 10 BEST performers - Top 50 as of 4Q25 financial results

• ND Rubber PCL (NDR)

• SPVI PCL (SPVI)

• Roctec Global PCL (ROCTEC)

• TKS Technologies PCL (TKS)

• Earth Tech Environment PCL (ETC)

• 2S Metal PCL (2S)

• Chow Steel Industries PCL (CHOW)

• K&K Superstore Southern PCL (KK)

• Vintcom Technology PCL (VCOM)

• TEAM Consulting Engineering and Management PCL (TEAMG)

The 10 WORST performers - Top 50 as of 4Q25 financial results

• ARIP PCL (ARIP)

• AMA Marine PCL (AMA)

• Samart Telcoms PCL (SAMTEL)

• Premier Technology PCL (PT)

• Primo Service Solutions PCL (PRI)

• Patrangsit Healthcare Group PCL (PHG)

• Nonthavej Hospital PCL (NTV)

• Index International Group PCL (IND)

• Ubon Bio Ethanol PCL (UBE)

• KT Medical Service Co Ltd (KTMS)

This is not investment advice or recommendations. Please refer to our full disclaimer.

It’s time to reveal the Top 50 Uncovered Thai Stocks as of 1Q26 financial results based on the A. Stotz Investment Research Stock Picking Checklist and our proprietary FVMR framework. We also analyze each company’s financial performance relative to global peers of similar size using our World Class Benchmarking scorecard.

The dream outcome of Uncovered Thai Stocks is to find hidden gems in the Thai stock market that can multiply in value. Our objective is to provide you with unbiased, data-driven insights that serve as a preliminary resource. These reports are intended as a starting point for further research and are not recommendations or investment advice (click here for the full disclaimer).

The Top 50 Uncovered Thai Stocks as of 1Q26 financial results

The latest financial data we use for this quarter’s Top 50 is as of 1Q26. Click on the company names below to read the full reports on Settrade. Our reports are also available on leading global institutional research platforms like FactSet, Bloomberg, LSEG, and Smartkarma.

1. Itthirit Nice Corporation PCL (ITTHI)

2. Samart Telcoms PCL (SAMTEL)

3. Platinum Group PCL (PLAT)

4. Seafco PCL (SEAFCO)

5. Bound and Beyond PCL (BEYOND)

6. Ditto (Thailand) PCL (DITTO)

7. Floyd PCL (FLOYD)

8. KT Medical Service Co Ltd (KTMS)

9. Beryl 8 Plus PCL (BE8)

10. Sky ICT PCL (SKY)

11. Wattanapat Hospital Trang PCL (WPH)

12. Humanica PCL (HUMAN)

13. Syntec Construction PCL (SYNTEC)

14. SPVI PCL (SPVI)

15. BlueVenture Group PCL (BVG)

16. Nforce Secure PCL (SECURE)

17. Sun Vending Technology PCL (SVT)

18. Better World Green PCL (BWG)

19. Earth Tech Environment PCL (ETC)

20. Symphony Communication PCL (SYMC)

21. Seafresh Industry PCL (CFRESH)

22. BBGI PCL (BBGI)

23. Bangkok Aviation Fuel Services PCL (BAFS)

24. Saha Pathanapibul PCL (SPC)

25. ARIP PCL (ARIP)

26. MFEC PCL (MFEC)

27. Don Muang Tollway PCL (DMT)

28. V L Enterprise PCL (VL)

29. S&P Syndicate PCL (SNP)

30. BG Container Glass PCL (BGC)

31. ALT Telecom PCL (ALT)

32. Rojukis International PCL (KISS)

33. Ratchaphruek Hospital PCL (RPH)

34. Sikarin PCL (SKR)

35. ATP30 PCL (ATP30)

36. Readyplanet PCL (READY)

37. DTC Enterprise PCL (DTCENT)

38. PRTR Group PCL (PRTR)

39. WP Energy PCL (WP)

40. Vintcom Technology PCL (VCOM)

41. MBK PCL (MBK)

42. Advanced Information Technology PCL (AIT)

43. Salee Industry PCL (SALEE)

44. TEAM Consulting Engineering and Management PCL (TEAMG)

45. Eastern Water Resources Development and Management PCL (EASTW)

46. Thoresen Thai Agencies PCL (TTA)

47. Namyong Terminal PCL (NYT)

48. ND Rubber PCL (NDR)

49. TKS Technologies PCL (TKS)

50. Chuwit Farm (2019) PCL (CFARM)

Companies that are no longer in the Top 50

Below is a list of the companies that were in the Top 50 Uncovered Thai Stocks – March 2026 but didn’t make it into the current Top 50. There are three reasons why a stock doesn’t make it into the Top 50.

The first and most obvious reason is that the stock no longer ranks in the Top 50. The second reason is that the stock is no longer uncovered; i.e., analysts are covering the stock. The final reason is that the stock doesn’t meet the criteria for inclusion in the universe (see more below), for example, it doesn’t meet the minimum liquidity requirement.

• 2S Metal PCL (2S)

• AMA Marine PCL (AMA)

• Amata VN PCL (AMATAV)

• Chow Steel Industries PCL (CHOW)

• Index International Group PCL (IND)

• JD Food PCL (JDF)

• K&K Superstore Southern PCL (KK)

• Krungthai Car Rent and Lease PCL (KCAR)

• Mena Transport PCL (MENA)

• Nonthavej Hospital PCL (NTV)

• Patrangsit Healthcare Group PCL (PHG)

• Practical Solution PCL (TPS)

• Premier Technology PCL (PT)

• President Bakery PCL (PB)

• Primo Service Solutions PCL (PRI)

• Roctec Global PCL (ROCTEC)

• S & J International Enterprises PCL (S&J)

• Thai President Foods PCL (TFMAMA)

• Thai Steel Cable PCL (TSC)

• Ubon Bio Ethanol PCL (UBE)

About the Uncovered Thai Stocks universe

The Uncovered Thai Stocks universe consists of about 300 stocks. Not all uncovered Thai stocks are eligible for inclusion in the universe; we include only non-financial companies with at least US$5,000 (Bt161K) in average daily turnover over the past three months. The stock must also fulfill various corporate governance criteria.

The lowest market capitalization of the stocks in the universe is US$5 million (m) (Bt171m), and the highest is US$1.9 billion (bn) (Bt62,283m), with a median of US$61m (Bt2,000m). Regarding trading volume, measured as the average daily turnover over the past three months, the lowest in the universe is in line with our minimum requirement of US$5,000 (Bt164K), and the highest is US$8.3m (Bt271m), with a median of US$30,000 (Bt981K).

The lowest market capitalization of the Top 50 Uncovered Thai Stocks is US$6.5m (Bt212m), and the highest is US$805m (Bt26,331m), with a median of US$68m (Bt2,219m). The lowest trading volume in the Top 50 is in line with our minimum requirement of US$5,000 (Bt164K), and the highest is US$1.1m (Bt36m), with a median of US$50,000 (Bt1.6m).

FVMR overview of the Top 50 Uncovered Thai Stocks as of 1Q26

Thailand’s economy shifted in important ways between April 2026 and early May 2026: an upgrade in credit outlook, lower growth forecasts, a dovish central bank, strong fuel price action, and the end of a year-long deflation streak. Each potentially shapes how Thai equities are being priced today.

1. Moody’s upgrades Thailand’s outlook to stable

On April 21, Moody’s raised Thailand’s sovereign outlook from negative to stable while keeping the Baa1 rating. This reversed last year’s downgrade. The agency pointed to lower tariff risk, as US duties on Thai exports now align with those of regional peers, and recovering investment. PM Anutin Charnvirakul’s February 2026 election win also eased political concerns.

A stable outlook lowers sovereign risk and is generally supportive of valuations, especially for banks and large caps. Whether it is enough to bring foreign flows back is the real test.

2. Growth forecasts cut across the board

Every major institution lowered its 2026 outlook for Thailand in April. The IMF cut its forecast to 1.5%, the World Bank to 1.3%, and the ADB to 1.8%. Both the Bank of Thailand (BOT) and Moody’s project 1.5%. The World Bank flagged Thailand as one of Southeast Asia’s most exposed economies to the energy shock.

On May 5, the Cabinet approved an emergency Bt400bn borrowing decree, split into Bt200bn for grassroots support, SMEs, and vulnerable groups, and Bt200bn for energy transition projects. BOT Governor Vitai Ratanakorn has warned that spending must be tightly targeted because broad relief simply raises the base and lowers measured growth the following year.

Where the Bt400bn actually lands will determine who benefits. Domestic consumer and SME-linked names are best placed if it’s well-targeted.

3. BOT holds at 1%, choosing growth over inflation

On April 29, the Monetary Policy Committee (MPC) voted unanimously to hold the policy rate at 1%, the lowest since September 2022. The MPC described the rise in inflation as supply-driven, and therefore not a problem that tighter policy can solve.

Updated forecasts project GDP growth of 1.5% in 2026 and 2% in 2027, with headline inflation averaging 2.9% this year before easing to 1.5%. Inflation is expected to remain above the 1–3% target range “for some time,” but the BOT does not view the move as broad enough to warrant action. With six cuts totaling 1.5% since October 2024, there is limited room to ease further.

Keeping rates low for longer can squeeze banks’ net interest margins, while rate-sensitive sectors such as property keep a modest lift.

4. Strong fuel price intervention

On April 23, EPPO approved a 5 baht per liter cut at the refinery gate, targeting refining margins that had averaged 14 baht per liter. The measure expired on May 9, and prices have begun to rise again. The Oil Fund is now in a Bt60bn deficit, with diesel subsidies at one point exceeding Bt1bn per day.

The Ministry of Energy is seeking a Bt20bn loan to stabilize the fund, separate from the Bt400bn decree. Given Thailand’s heavy reliance on imported energy, the choice between absorbing more inflation and drawing down fiscal buffers is narrowing.

With the subsidy gone, margin pressure returns to fuel-sensitive sectors, including transport, logistics, and utilities.

5. Deflation ends with April CPI at 2.9%

After roughly 12 months of near-zero or negative readings, CPI inflation rose to 2.9% YoY in April 2026, the highest in 38 months and a sharp swing from −0.1% in March. The move was driven by domestic fuel prices linked to a Middle East supply disruption, which fed through to transport fares and prepared food costs. Core inflation rose to 0.8% YoY, its strongest reading in nine months. The Commerce Ministry expects May inflation to be around 3.1% and 2Q26 inflation to average 3.7%.

The key question is whether this marks a healthy return to the target band or the start of a stagflationary mix of rising prices and weak growth that would narrow policy options.

Looking ahead

Without de-escalation in the Middle East, Thailand’s outlook remains constrained by its reliance on imported energy. Growth is well below potential, inflation is rising due to supply-side factors, and fiscal buffers are being drawn down quickly. This is the environment Thai equities will have to navigate in the coming quarters.

But remember, the economy and the stock market, maybe a bit counterintuitively, often do not move in sync. One explanation is that the stock market is forward-looking, trying to predict what’s next, while economic data is typically lagging by months or quarters, attempting to explain what has already happened. A rising stock market when the economy is weak can signal a turning point.