คลิกเพื่ออ่านบทความฉบับภาษาไทย
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%.