Uncovered Thai Stocks: English

The Top 50 Uncovered Thai Stocks – March 2026

Uncovered Thai Stocks — Fri, 20 Mar 2026 09:55:01 GMT

It’s time to reveal the Top 50 Uncovered Thai Stocks as of 4Q25 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 4Q25 financial results

The latest financial data we use for this quarter’s Top 50 is as of 4Q25. 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.

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 – December 2025, 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.

About the Uncovered Thai Stocks universe

The Uncovered Thai Stocks universe consists of about 250 stocks. Not all uncovered Thai stocks are eligible for inclusion in the universe; we only include non-financial companies that had at least US$5,000 (Bt161K) in average daily turnover in 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$5.0 million (m) (Bt164m), and the highest is US$1.9 billion (bn) (Bt62,426m), with a median of US$49m (Bt1,585m). Regarding trading volume measured as the past three months’ average daily turnover, the lowest in the universe is in line with our minimum requirement of US$5,000 (Bt163K), and the highest is US$3.6m (Bt117m), with a median of US$20,000 (Bt652K).

The lowest market capitalization of the Top 50 Uncovered Thai Stocks is US$6.2m (Bt202m), and the highest is US$1.9bn (Bt62,426m), with a median of US$59m (Bt1,938m). The lowest trading volume in the Top 50 is in line with our minimum requirement of US$5,000 (Bt163K), and the highest is US$1.2m (Bt39m), with a median of US$20,000 (Bt652K).

FVMR overview of the Top 50 Uncovered Thai Stocks as of 4Q25

The Uncovered Thai Stock Everyone Knows – Thai President Foods PCL (TFMAMA)

Uncovered Thai Stocks — Thu, 19 Feb 2026 01:01:16 GMT

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In the world of investing, some spend a vast amount of time chasing high-growth stocks and the latest trends. Yet, robust risk-adjusted returns can come from “boring” and mature companies sitting right in front of us. In Thailand, Thai President Foods PCL (TFMAMA) is a great example.

TFMAMA ranks 42 out of 250 Uncovered Thai Stocks.

While its ticker might seem obscure to those outside the Thai capital markets, its flagship product, “Mama,” is a cultural and economic staple so ubiquitous that its name is often used as a generic term for instant noodles. Despite this, TFMAMA remains uncovered by major banks and research houses due to its low trading volume—creating a potential opportunity for the diligent retail investor.

Business Overview: More Than Just a Noodle

TFMAMA is the dominant force in the Thai instant noodle market, boasting a domestic market share of around 50% in pack- and cup-type noodle categories and close to 60% in instant rice noodles. Founded in 1972, the company has evolved from a local manufacturer into a global food powerhouse.

The flagship “Mama” instant noodle brand is the heart of the business. The company operates five major factories in Thailand (Si Racha, Lamphun, Rayong, and two in Ratchaburi), with production capacity exceeding 6 million packs per day.

Crucially, TFMAMA is not a pure-play noodle company. It owns a majority stake in President Bakery PCL (PB), the manufacturer of “Farmhouse” bread, which holds the top spot in Thailand’s wholesale bakery market. This vertical and horizontal integration provides a massive defensive moat.

Revenue Breakdown: The Engine Room

Based on the most recent operational data, TFMAMA’s revenue is driven by three main pillars.

Revenue by Segment (Others 6%)

Instant Noodles & Semi-Finished Food (61%): This is the core engine, driven by wheat and rice-based products.
Bakery (24%): Contributed largely through President Bakery, providing a steady, daily-consumption revenue stream.
Biscuits, Fruit Juice & Packaging (9%): Includes brands like Bissin and Homey, alongside the production of packaging materials, which improves internal cost efficiency.

Geographic Reach

While Thailand remains the largest single market (accounting for roughly 75% of revenue), the export segment is the growth frontier. The largest export markets include the United States, Australia, and neighboring CLMV countries (Cambodia, Laos, Myanmar, Vietnam). The company operates overseas plants in Hungary, Bangladesh, Cambodia, and Myanmar to mitigate logistics costs and regional trade risks.

Biggest Player in Recession-Proof Sector

The instant noodle sector is often viewed as “recession-proof.” In economics, noodles are sometimes classified as inferior goods—demand tends to rise or remain flat when the economy slows, and consumers trade down from expensive meals.

Rising raw material costs (wheat, palm oil) and packaging expenses are the primary headwinds in 2026. However, the “Silver Economy” (an aging population) is driving a shift toward premium, health-conscious options such as the MAMA OK (Oriental Kitchen) series.

Locally, TFMAMA faces competition from Thai Preserved Food Factory (Wai Wai) and Ajinomoto (Yum Yum). Globally, it competes with giants like Nissin Foods (who owns a 17%-stake in TFMAMA) and Nongshim. TFMAMA stands out for its superior distribution network in Thailand and exceptionally high net profit margins compared to pure-play manufacturing peers.

Competitive Positioning: The Scale Master

Using Porter’s Five Forces, the instant noodle industry is moderately attractive but possesses high barriers to entry.

TFMAMA utilizes a Cost Leadership strategy. Its massive scale enables significant economies of scale, and its internal packaging production keeps margins higher than competitors’. However, through the “MAMA OK” line, it is also successfully using a Differentiation strategy to capture younger, premium-paying demographics.

The industry rivalry is high, but TFMAMA’s dominant marketshare gives it “price maker” status. The threat of new entrants is low due to the massive capital required for distribution and manufacturing scale. The buyer power is high (retailers like 7-Eleven), but the brand strength of “Mama” makes it a “must-have” for any shelf.

Constraints to Growth: A Realistic Ranking

For an investor, the question isn’t “Will TFMAMA survive?” (it will), but “Can it grow and thrive?” We analyze four key constraints:

1. Market (Major Constraint): The Thai domestic market is largely saturated. With a 50-60% share, finding new domestic customers is difficult. Growth must come from international expansion or “premiumization” (charging more for better noodles).

2. Operations (Neutral): Scaling production across different continents (Hungary, Myanmar) brings geopolitical and supply chain complexity.

3. People (Minor): The company is backed by the Saha Group, one of Thailand’s most stable conglomerates, with a deep bench of experienced management.

4. Capital (Minor): With a net-cash balance sheet and over 19 billion Baht as of 3Q25 in cash and short-term investments, capital is not a constraint to growth; the challenge is finding high-return projects to deploy it.

Owning a Piece of the Thai Diet

On the one hand, TFMAMA is a world-class, cash-rich, potentially recession-proof business in a monopoly-like position. On the other hand, it’s a mature industry, and instant noodles and white bread may not be considered the healthiest of foods. Low trading volume also poses a risk.

What do you think about TFMAMA? How would it fit in your investment portfolio?

Risks and Potential Rewards Investing in Uncovered Thai Stocks

Uncovered Thai Stocks — Thu, 12 Feb 2026 07:01:32 GMT

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In the institutional world, we often speak of market efficiency—the idea that all known information is already baked into a stock’s price. This is largely true for the blue-chip large caps like PTT, CPALL, or SCB, where you are competing against high-frequency algorithms and rooms full of analysts.

However, move away from the SET100 and into the quieter corners of the mai (Market for Alternative Investment) or the small-cap SET, and you enter a different world. Here, stocks often trade with very low volume, have zero research coverage from major banks, and frequently go days without a single headline. These are the stocks we focus on with Uncovered Thai Stocks.

For the disciplined investor, these neglected stocks represent a unique frontier. While they carry other types of risks, they also offer the potential for alpha that is simply unavailable in well-covered large caps.

The Illiquidity Premium: The Reward for Patience

In finance, liquidity is the ability to exit a position quickly at a fair price. When a stock is illiquid, it means there are few buyers and sellers. To most institutional players, this is a deal-breaker. To the retail investor, it is the source of the “illiquidity premium.”

Because these stocks are harder to trade, they often trade at a significant discount to their intrinsic value. Investors essentially demand a higher expected return to compensate for the risk of being stuck in the position.

The premium is realized when the company grows, liquidity improves, and the market eventually re-rates the stock to a higher valuation.

Price Discovery: Finding Value in the Ghost Town

In a liquid market, price discovery is efficient. In illiquid uncovered Thai stocks, price discovery is often delayed or nonexistent.

Without analysts writing reports or Bloomberg terminals flashing updates, a company can undergo a massive fundamental change—such as winning a major government contract or shifting to a higher-margin business model—without the share price moving for weeks. The same, of course, goes for negative news not being reflected in the price.

This mispricing creates a window for retail investors to perform their own analysis. By the time the news reaches the mainstream, the early investor has already built a position at a stale price.

The Low Free Float Phenomenon

In Thailand, many small-cap companies are family-owned, with the founding family often retaining 70% to 80% of the shares. This results in a low free float (the portion of shares available for public trading).

Opportunity: Scarcity Value

When a company with a tiny free float begins to perform well, the lack of available shares can lead to explosive price action. Since there is very little supply of the stock, even a small increase in demand from retail investors can send the price significantly higher. This is often a key ingredient in multi-bagger returns—stocks that double, triple, or quadruple in value.

Risk: Extreme Volatility

Conversely, a low free float means the “exit door” is very narrow. If negative news hits, the lack of buyers can cause the price to gap down violently. In some cases, the SET may post a “CF” (Caution – Free Float) sign if a company fails to meet the minimum minority shareholder requirements, which can eventually lead to trading suspension or delisting.

The Risk of Price Manipulation

With low trading volume comes the increased risk of price manipulation. Because it takes relatively little capital to move the needle on an illiquid stock, these neglected names can become targets for “Pump and Dump” schemes.

Sophisticated manipulators may use coordinated trades to create a false appearance of high volume and rising prices. Investors must be wary of stocks that see a sudden, unexplained surge in volume and price without any fundamental news.

Beating the Institutions

One of the most compelling reasons to look at Uncovered Thai Stocks is the institutional barrier.

Strict mandates govern most mutual funds and foreign institutional investors. They are often prohibited from buying stocks with a market capitalization below a certain size (e.g., 2 billion Baht) or those with daily trading volumes below a specific threshold.

This gives retail investors a potential first-mover advantage. You can buy into a high-growth company while it is still too small for the big players. If the company succeeds and its market cap grows, it eventually crosses the threshold at which institutions must consider it.

As these large funds begin to build positions, their massive buying power provides liquidity and upward price pressure that could allow early retail investors to exit at significant profits.

Information Arbitrage: Doing the Legwork

In the absence of bank and broker research, investors have an opportunity for information arbitrage.

In the Thai market, this might involve:

Physically visiting a company’s stores or factories to gauge activity
Attending Annual General Meetings (AGM), where management speaks directly to investors
Analyzing the Management Discussion and Analysis (MD&A) on the SET website

When no one else is looking, the information you gather through basic boots-on-the-ground research can give you a massive edge over the rest of the market.

Final Thoughts for the Retail Investor

Investing in illiquid, Uncovered Thai Stocks is not for everyone. It requires a high risk tolerance, a long-term horizon, and a willingness to do deep homework. However, for those who view the market as a place to find value rather than just a place to trade momentum, these forgotten stocks offer a rare chance to beat the institutional giants at their own game.

The objective of Uncovered Thai Stocks is to provide you with objective, data-driven insights that serve as a preliminary resource. Our reports are intended to be a starting point for further research.

Learn more about how we use the A. Stotz Stock Picking Checklist and World Class Benchmarking in our hunt for gems to uncover.

The Top 50 Uncovered Thai Stocks – December 2025

Uncovered Thai Stocks — Thu, 04 Dec 2025 07:16:21 GMT

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It’s finally time to reveal the Top 50 Uncovered Thai Stocks 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 Top 50 Uncovered Thai Stocks as of 3Q25 financial results

The latest financial data we use for this quarter’s Top 50 is as of 3Q25. Click on the company names below to read the full reports on Settrade. Our reports are also available on leading global institutional research platforms.

There are 223 stocks in the Uncovered Thai Stocks universe this quarter

This quarter, 223 stocks made it into the universe. Not all uncovered Thai stocks are eligible for inclusion in the universe; we only include non-financial companies that had at least US$5,000 (~Bt161K) in average daily turnover in the past three months. The stock must also fulfill various corporate governance criteria.

The lowest market capitalization of the 223 stocks in the universe is US$5.3 million (m) (Bt172m), and the highest is US$2 billion (bn) (Bt64,226m), with a median of US$47 (Bt1,506m). Regarding trading volume measured as the past three months’ average daily turnover, the lowest in the universe is in line with our minimum requirement of US$5,000 (Bt161K), and the highest is US$2.8m (Bt90m), with a median of US$20,000 (Bt645K).

The lowest market capitalization of the Top 50 Uncovered Thai Stocks is US$11m (Bt350m), and the highest is US$2bn (Bt64,226m), with a median of US$62m (Bt2,009m). The lowest trading volume in the Top 50 is in line with our minimum requirement of US$5,000 (Bt161K), and the highest is US$0.9m (Bt29m), with a median of US$30,000 (~Bt968K).

FVMR overview of the Top 50 Uncovered Thai Stocks as of 3Q25

How to Read the World Class Benchmarking Triangle

Uncovered Thai Stocks — Tue, 25 Nov 2025 03:37:43 GMT

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The World Class Benchmarking triangle is a scorecard that compares the subject company to global sector peers of similar size. Research we have conducted shows that companies that improve their rank on the World Class Benchmarking scorecard also see share price gains.

The top of the triangle is what matters: Profitable Growth. Our research shows that high Profitable Growth companies gained almost 10x the market over 20 years.

The results at the top of the triangle are explained by the results below. Levels two and three of the triangle explain what is driving the Profitable Growth. Our research shows that the market values growth more than profitability, but the best is, of course, when companies have both.

Each number in the triangle is a decile rank relative to global peers

In World Class Benchmarking, we rank all companies from 1 (best) to 10 (worst) against all sector peers of similar size.

We use a global universe of 27,000 non-financial companies. No two companies are alike, but some are more alike than others, so we compare the subject company to companies in its sector. A large company should not be compared against a small company and vice versa. So, we classify the business based on its size: small, medium, or large.

We rank the subject company from 1 (best) to 10 (worst). If you see that the rank is colored in green, it means the company is World Class. If the rank is colored in red, the company is very bad relative to peers on that measure.

Let’s look at an example.

In the case shown below, in the year 2012, we ranked companies from best to worst. The subject company ranked in the 9^th decile relative to global sector peers of similar size.

We are looking at five periods in the scorecard: four full fiscal years and the past 12 months (PTM). In the case below, the company was ranked in the 9th decile in 2015, and over the past 12 months, it improved to the 5th decile.

We then put that company’s rank from 1 to 10 into the triangle.

How to read the top of the triangle: Profitable Growth

Profitable Growth comes from a combination of the company’s score on profitability and growth.

Strong profit growth with minimum asset use is great. Profitable Growth drives truly sustainable long-term value. There is a never-ending competition between high profitability and high growth. A company that generates more profits from its assets (such as physical, human, or software assets) can internally finance its growth.

How to read the middle of the triangle: Profitability and Growth

Profitable Growth comes from a combination of the company’s score on profitability and growth.

Profitability is measured as Profit divided by assets = Return on assets. Strong profitability means generating more profit from existing assets.

Getting more out of assets relative to peers means a company is more efficiently run and, over time, should be better able to finance its growth internally.

BEWARE: Very high profitability can dramatically slow growth.

Growth is measured as the annual percent change in profit per share = Earnings per share growth. High profit growth relative to peers indicates that customers want the company’s products and that the company can produce them profitably.

BEWARE: High growth at a low level of profitability is often a waste of money.

How to read the bottom of the triangle: Asset efficiency, Expense control, Revenue growth, and Expense direction

Each measure is explained by the two measures below it. We can see that asset utilization and profit margin produce the calculation of profitability, while sales growth and margin change make up the EPS growth. And it is our profitability and our growth that ultimately make the Profitable Growth.

Let’s review the two measures that drive profitability.

Note that you can see the peer group of the subject company below the triangle; in the above case, the peer group is “810 small Industrial companies worldwide.”

Asset efficiency is measured as Sales divided by assets = Asset turnover. It tells us the amount of revenue the company generates from its existing assets. Getting more revenue from a company’s assets relative to peers shows that management is better at generating output from their assets. Careful asset growth that is matched with revenue growth preserves the company’s capital.

BEWARE: A too slow asset growth policy can hold back sales growth.

Expense control is measured as Net profit divided by sales = Net profit margin. Profit is proof of competence. The profit margin shows how good the company is at cost control. A strong profit margin shows that products that customers want can be profitably delivered by management. It’s a good measure of the strength of the management team.

BEWARE: Too tight cost control can constrict growth.

There are two ways to increase EPS Growth. The first is sales growth – increase sales while keeping costs flat. The second is margin increase – maintain sales but reduce costs. There is a third thing that impacts EPS growth, and it’s the shares outstanding. Issuance of new shares reduces the EPS growth, all else equal, and vice versa. This will be reflected in the Growth rank in the triangle, even though it’s not shown separately in the breakdown.

Let’s review the two measures that drive EPS growth.

Revenue growth is measured as the annual percent change in sales = Sales growth. Sales growth is proof of concept. Sales growth proves that customers want the product. It’s the externally driven component of EPS growth. Weak sales growth means poor customer demand for the company’s products and services.

BEWARE: Sales growth without profit ends painfully.

Expense direction is measured as the annual change in net profit margin = Net margin change. Improving the profit margin is one of the fastest routes to strong EPS growth. For example, if a company improves its profit margin to 4% from 3%, while the margin of competitors does not change, then this is a margin improvement relative to peers. This comes from the management team’s focused effort. As the margin improves, the company is getting more profit from every sale.

BEWARE: Too high prices or too low costs could hurt sales growth.

Key takeaways: World Class Benchmarking

In World Class Benchmarking, we use a global universe of 27,000 non-financial companies. We rank all the companies from 1 (best) to 10 (worst) against all sector peers of similar sizes. The subject company is ranked against peers on six different measures, each of which is explained by the two measures below.

We have found that the share price performance of superior Profitable Growth companies beats their peers. Companies with large improvements in Profitable Growth rank yield the best share price returns.

Even if a company doesn’t rank high, the bottom of the triangle shows the strengths and weaknesses of the company. Improvements or negative trends in the lower levels of the triangle will sooner or later affect what really matters: the top of the triangle—Profitable Growth.

The A. Stotz Stock Picking Checklist

Uncovered Thai Stocks — Fri, 31 Oct 2025 02:12:35 GMT

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The dream outcome of Uncovered Thai Stocks is to find hidden gems that can multiply in value. Many years ago, we read the book 100 Baggers: Stocks That Return 100-to-1 and How To Find Them by Christopher W Mayer. Mr. Mayer was also a guest on Dr. Stotz’s podcast.

Inspired by the book and that conversation, using our FVMR framework, we set out to test what factors stocks that multiply in share price have in common. While finding stocks that return 100x might be a bit audacious, finding stocks that return 3-10x should be possible.

Eight common characteristics of stocks that have multiplied in value

From our research, we identified eight common characteristics of stocks that have multiplied in value. From that, we created the A. Stotz Stock Picking Checklist:

1. Growth – Product and industry can support a decade of 10%+ annual growth

2. Sustainable – Competitive strategy creates sustainably high gross margin

3. Quality – Good earnings quality, non-core items are small or non-existent

4. Efficiency – In the long run, sales grow faster than assets

5. Tight – Relatively low cash conversion cycle, negative is best

6. Cash flow – Operating cash flow is consistently positive

7. Capacity – Company has access to capital to fund growth

8. Inexpensive – Valuation is reasonable, avoid very expensive stocks

Let’s look into the eight items one by one.

1. Growth – Product and industry can support a decade of 10%+ annual growth

Every business starts with sales; without it, a company eventually dies. For the value of a business to grow, sales need to grow. Without sales growth, don’t expect any extended increase in share price.

In the past 30 years, the annual revenue growth of all non-financial companies worldwide was 5.8%. So, to outperform, a company needs to grow at 10% or more per year. To grow sales at double digits each year for a decade, it generally requires the business to be in a growing industry. Mature industries rarely see that kind of growth sustained.

2. Sustainable – Competitive strategy creates sustainably high gross margin

A high and stable or improving gross profit margin is the financial evidence of a company’s competitive advantage. A high gross profit margin indicates that the company has pricing power or superior cost efficiency, which rivals cannot easily replicate. This competitive advantage is necessary to prevent competition from eroding the high returns on capital needed for multi-year compounding.

3. Quality – Good earnings quality, non-core items are small or non-existent

Earnings quality ensures that the reported profit truly represents the underlying performance of the business. A reliance on non-core, one-time gains, or aggressive accounting practices (high accruals) provides an unreliable foundation for long-term price appreciation. High-quality earnings, which closely track cash flow, are more predictable and persistent.

4. Efficiency – In the long run, sales grow faster than assets

It tells us the amount of revenue the company generates from its existing assets. Getting more revenue from a company’s assets relative to peers shows that management is better at generating output from their assets. Careful asset growth that is matched with revenue growth preserves the company’s capital. Companies that must constantly spend heavily on assets just to grow sales will have lower incremental returns and a slower compounding rate.

5. Tight – Relatively low cash conversion cycle, negative is best

The cash conversion cycle (CCC) measures how long a company’s cash is tied up in its working capital. A low or negative CCC, where cash is received from customers before the company pays suppliers, indicates that the business is highly efficient and essentially receives free financing from its vendors. This provides an immediate, cost-free source of capital to fund growth.

6. Cash flow – Operating cash flow is consistently positive

Consistently positive operating cash flow is the lifeblood of a healthy business. It confirms that the business model is self-sustaining and generating real cash from its core operations. It provides the necessary funding for capital expenditures, debt payments, and reinvestment in growth opportunities without needing constant dilution or debt.

Operating cash flow is also viewed as a higher-quality metric than net income because it is less susceptible to management manipulation via accounting accruals, giving investors greater confidence in the reported performance.

7. Capacity – Company has access to capital to fund growth

While self-funding via operating cash flow is ideal, all high-growth companies—especially at the small-cap stage—will eventually need capital to scale, invest in large projects, or make acquisitions. Access to capital (via low-cost debt or equity) ensures the company is not financially constrained and can aggressively pursue opportunities. A listed company with low or negative net debt can generally access funding more easily and cheaply.

8. Inexpensive – Valuation is reasonable, avoid very expensive stocks

Buying a stock at a reasonable (or cheap) valuation is crucial because it allows the valuation multiple to expand as the company demonstrates its growth story. Starting with a very high multiple may create a strong headwind. It’s worth noting that investors pay for future growth, so a stock with high growth potential might catch up with or even outpace its multiple if the growth opportunities materialize.

Creating a quant model using the FVMR framework

The eight items on the A. Stotz Stock Picking Checklist are common characteristics of stocks that have multiplied in value. However, we need to identify these stocks before they multiply in value to make money from them as investors.

Based on the A. Stotz Stock Picking Checklist, we did backtesting to come up with our quantitative model. We use our proprietary FVMR framework to create all our quantitative models. FVMR stands for Fundamentals, Valuation, Momentum, and Risk – the sources of investment returns.

First, we needed to test various measures that could represent each factor. For example, “2. Sustainable – Competitive strategy creates sustainably high gross margin” can be measured in many ways, such as by absolute gross margin, gross margin relative to others, and volatility in gross margin. The measure that has historically been the best predictor of future returns was kept.

When we have identified the best measure for each factor, we test the combination of factors. Developing quantitative models for 15+ years, we’ve learned that more factors aren’t always better. So, we test various combinations of factors to determine the final model.

We have optimized the model for the highest forward return and success rate (how often the model picks the right stocks). There are, of course, no guarantees in investing.

What the quantitative model tells us – no guarantees

The quantitative model tells us that there are stocks in the Top 50 that have a higher likelihood of outperforming the market. In our reports, we show you the subject company’s rank within the Top 50. In the example below, FLOYD ranked 32 out of the Top 50. We also decile rank the company, from best (B) to worst (W), on all eight factors on the A. Stotz Stock Picking Checklist. The decile rank is relative to all other stocks in the universe (typically about 250 stocks).

While not all stocks in the Top 50 will outperform, our quantitative model tells us they have a higher probability of outperformance than other stocks in the universe. Generally, a higher rank means a higher probability of outperforming, so being ranked 3 is better than being ranked 30. But note the word “probability.” Keep in mind that even an event that has an 80% probability of occurring fails to happen 20% of the time.

The uncovered Thai stocks universe and identifying the Top 50

The universe excludes companies in the Financials sector and REITs, and consists only of Thai stocks lacking formal analyst coverage from brokers or research houses. Stocks in the universe are required to have at least US$5,000 (~Bt160K) in average daily turnover in the past three months. The stock must have a CGR rating of 3+ in the Corporate Governance Report of Thai Listed Companies by the Thai Institute of Directors and must not be marked CB, CS, CC, CF, or SP, nor have a qualified opinion from the auditor, nor be under formal accusation by the SEC. Based on these criteria, the universe typically includes around 250 stocks.

To come up with the final Top 50 companies to produce reports on each quarter at Uncovered Thai Stocks, we rank all stocks in the universe based on our quantitative FVMR model. We then quality check the model output by reviewing the financial statements of the companies.

About Uncovered Thai Stocks by A. Stotz Investment Research

Uncovered Thai Stocks — Thu, 30 Oct 2025 04:50:18 GMT

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Uncovered Thai stocks can provide opportunities

A significant number of equities listed on the Stock Exchange of Thailand (SET) and Market for Alternative Investment (mai) lack formal research coverage from brokerage firms. This coverage gap typically arises as analytical resources are concentrated on large-capitalization, high-liquidity stocks, leaving many smaller and mid-sized companies uncovered.

The coverage gap can provide opportunities to identify well-performing companies that are mispriced in the market.

A quantitative approach to analyze uncovered Thai stocks

Uncovered Thai Stocks employs a quantitative approach to analyze this under-researched market segment. From the A. Stotz Investment Research Stock Picking Checklist, we have backtested (“FVMR Model”) the combination of factors. With that model, we evaluate a universe of about 250 uncovered Thai stocks each quarter and publish AI-powered reports on the Top 50 companies that exhibit attractive characteristics based on our model.

Not all uncovered Thai stocks are eligible

Our reports are the starting point for further research

The objective is to provide investors with objective, data-driven insights that serve as a preliminary resource. These reports are intended to be a starting point for further research. This content is for information purposes only. It is not intended to be investment advice. The author(s) cannot be held liable for any actions taken as a result of reading this report.

Uncovered small-mid cap research project is supported by the Thailand Capital Market Development Fund (CMDF)

The Capital Market Development Fund (“CMDF”), as an organization promoting capital market development, is only a supporter for the preparation of the reports on small and medium-sized companies (which currently lack formal research coverage). This support is solely for the purpose of providing preliminary information for interested parties. CMDF is not involved in the preparation, consideration, or expression of any opinion regarding such reports. Therefore, CMDF cannot certify that the information in these reports is complete, accurate, or up-to-date, and CMDF shall not be responsible for any damages resulting from any action or omission that may arise from the use of the reports and/or the information contained therein. Investors should thoroughly study the relevant information and exercise careful discretion when making investment decisions.