Connect with us

Branded Content

Investing In Thai SDRs: 8 Thai Blue-Chip Stocks That Singapore Investors Can Trade Through The SGX

Invest in Thai blue-chip stocks on the SGX through SDRs.

This article was written in collaboration with SGX. All views expressed in this article are the independent opinion of based on our research. is not liable for any financial losses that may arise from any transactions and readers are encouraged to do their own due diligence. You can view our full editorial policy here.

Often, as investors, we are inclined to stick to stocks in our home country for their familiarity and ease of trading. In a more interconnected global landscape, diversifying into different geographical markets may not only be more convenient but also beneficial in reducing our portfolio volatility and enhancing returns.

Fortunately, Singapore investors can now invest in foreign stocks on the Singapore Exchange (SGX) with the same familiarity and ease via Singapore Depository Receipts (SDRs). The first batch of SDRs, issued in May 2023, was in non-voting depository receipts (NVDRs) of blue-chip companies listed on the Stock Exchange of Thailand (SET). Also known as Thai SDRs, you can read more about the mechanism behind them in the previous article that we wrote and in the special 10 in 10 report by SGX.

From 1 April 2024, in addition to the initial 3 Thai SDRs—Airports of Thailand, CP All, PTT Exploration & Production—investors will be able to trade another 5 new Thai SDRs on the SGX. In total, the 8 Thai SDRs cover key sectors of the Thai market, accounting for over 40% of the market capitalisation of Thailand’s SET50 benchmark index.

Source: SGX

Read Also: Guide To Singapore Depository Receipts (SDRs): How To Start Investing In Thai Stocks Through SGX

Here’s a brief look into the 8 blue-chip counters that are available on SGX as Thai SDRs:

#1 Advanced Info Service (SDR Code: TADD) – [New SDR]

Source: AIS (Annual Report 2023)

Advanced Info Service (AIS), valued at 621.6 billion baht (S$23 billion) is the largest telecommunications and GSM mobile operator in Thailand. It accounts for 49% of the total revenue market share, with a total subscriber base of 44.6 million nationwide and a 5G customer base of 9.2 million. It also benefits from a strategic partnership with local telecommunications giant Singtel, which has a 23% stake.

AIS has four core services: mobile communication services, fixed broadband services, enterprise business services, and digital services. Among these, mobile communication services accounted for 85% of its core service revenue. In Financial Year (FY) 2023, AIS reported a total revenue of 189,720 million baht, which is a 1.9% year-on-year (YOY) growth, while its net profit increased by 11.8% to 29,086 million baht. Due to its stable business, AIS has maintained a dividend payout for the past decade, with a current dividend yield of above 4%.

For growth, the company is expanding its services into eSports and insurance services with the aim of being a Cognitive Tech company. As the top-performing blue-chip counter in 2023, with a total return of 15.6%, AIS offers a proxy for Thailand’s telecommunications service industry.

#2 Delta Electronics (SDR Code: TDED) – [New SDR]

Source: Delta Electronics (Thailand)

Delta Electronics (Thailand), a subsidiary of the Taiwan-listed Delta Electronics, is a leading power and thermal management solutions provider. It is also the third-largest company listed on SET, with a market capitalisation of around 910 billion baht (S$33.2 billion).

It has a significant regional presence and provides business solutions in EV chargers, industrial automation, data centre infrastructure, and energy management. It also exports electronic components like cooling fans, EMI filters, and solenoids.

For FY2023, Delta Electronics’ revenue grew 23.6% to 147,675 million baht, while its net profit grew 16.7% to a record 18,422 million baht from the previous year.  Additionally, the company’s trading volume recorded an average daily range of 3.9%, or, in other words, it’s around 4x more volatile than SET50 and STI.

By offering business solutions and products that are widely used in applications for automotive, medical, and telecommunications, Delta Electronics is likely to benefit from the structural trends of EV adoption and data centres in the coming years.

#3 Gulf Energy Development (SDR Code: TGED) – [New SDR]

GULF Energy Development is one of Thailand’s largest private power producers, valued at around 510 billion baht (S$18.7 billion. It invests in gas-fired and renewable power projects that serve both public and private clients in Thailand’s main industrial zones. In addition to its energy business, GULF also invests in natural gas supply and distribution, infrastructure development projects, and digital business.

GULF had a strong financial performance in FY2023, with its revenue increasing by 18.7% to 116,950 million baht while its net profit increased by 30.1% to 14,857 million baht. Its average daily traded range was 2.2%, or, in other words, it’s 2x more volatile than SET50 and STI.

Given the Thai government’s policy to become a carbon-neutral country by 2050, GULF looks poised to benefit from the long-term ride and switch to renewable energy. It also expects revenue to grow by 25–30% in 2024 as a few of its gas-fired and solar rooftop projects commence commercial operation.



Founded in June 1945, KASIKORNBANK (KBank) has a market capitalisation of around 293 billion baht (S$10.8 billion) and is the highest traded value bank in Thailand. It ranks 1st in SME Loan and High Net Worth clients, as well as offering a wide range of financial services, including retail banking and treasury and capital markets products and services.

For FY2023, KBank’s revenue increased by 13% to 306,529 million baht, while its net profit rose 18.6% to 42,405 million baht compared to the previous year. KBank has been increasing its dividend distributions over the past three years and has an attractive current dividend yield of above 5%. This has certainly attracted strong investor demand, with KBank being one of the three most active SDRs among the newly launched blue-chip companies.

Along with a focus on expanding its banking business in Vietnam, Indonesia, and China, KBank has also outlined a 3+1 strategy to deliver a double-digit return on equity by 2026. In the interim, KBank expects to grow its loan book by 3–5% in 2024. With an attractive price-to-book valuation of 0.6, KBank presents investors with an opportunity to diversify in Thailand’s financial sector, leveraging the growth potential of the country’s second-largest bank.

#5 Siam Cement Public Group (SDR Code: TSCD) – [New SDR]

Source: SCG (Facebook)

Established in 1913, Siam Cement Group (SCG) is Thailand’s largest materials and industrial conglomerate, valued at around 302 billion baht (S$11.1 billion). Its core businesses include cement-building materials, chemicals, and packaging, which account for 36%, 38%, and 26% of revenue from sales, respectively.

In FY2023, SCG’s net profit increased 21% to 25,915 million baht, along with an increase in its earnings per share (EPS) by 32%. SCG proposed a final dividend per share of 6 baht (S$0.22), translating to a 2.2% dividend yield.

With King Vajiralongkorn – who owns a 30% stake – as its major shareholder, SCG is poised to grow alongside continued investments in infrastructure projects within the country.

#6 Airports Of Thailand Public Co Ltd (SGX: TATD)

As the largest listed company in Thailand, Airports of Thailand Company Limited (AOT) has a market cap of around 1 trillion baht (S$37 billion). It was founded in 1903 as a state enterprise before it went public in September 2002.

AOT engages in the operation of airports and hotels, including 6 international airports, such as Suvarnabhumi Airport and Don Mueang International Airport, and 29 regional airports in Thailand. It is 70% owned by the Thailand Ministry of Finance and has a dividend policy of issuing not less than 25% of its net profit each year.

As one of the first three Thai SDRs to be introduced, retail investor demand (in assets under management) in AOT has not only grown 3 times, but it has also attracted one of the most buy-and-hold interest. AOT’s share price has surged by 10% year-to-date in 2024.

For investors, AOT could be a good proxy for Thailand’s tourism industry, particularly as the number of international tourist arrivals during 1Q2024 surged by 44% to 9.4 million compared to last year. This puts it on pace to achieve the Tourism Authority of Thailand’s (TAT) target of a record 40 million tourists in 2024, compared to the 28 million visitors that arrived in 2023.

#7 CP All Public Co. Ltd (SGX: TCPD)

CP All Public Company Limited is a prominent retail and convenience store operator with a market capitalisation of around 487 billion baht (S$18 billion). Established in 1988, it operates around 14,545 branches of the 7-Eleven stores (as of 2023), of which 6,235 are in the Bangkok Metropolitan Region and 8,310 are in provincial areas. In addition, it engages in various other services such as wholesale, education, financial, ready-to-eat and bakery, information, and marketing communications.

In FY 2023, its convenience store business alone accounted for around 44% of its revenue, with its grocery wholesaling and retailing business and other businesses in Thailand accounting for the remaining 50% and 6%, respectively. Additionally, CP All’s net profit in 2023 was up by 39% supported by an improved performance across all business units.

Despite the positive financial numbers, CP All is currently trading at an attractive valuation price-to-earnings ratio of 19 times, which marks its lowest level in 8 years and two standard deviations below the historical average of 40 times.

Unsurprisingly, CP All has attracted a strong demand for buy-and-hold interest from retail investors since its initial launch. It is well positioned to benefit from consumers’ discretionary spending, particularly as Thailand attracts a larger international crowd.

#8 PTT Exploration & Production (SGX: TPED) 

PTT Exploration and Production (PTTEP), with a market capitalisation of around 603 billion baht (S$22.3 billion), is one of ASEAN’s largest listed exploration and production petroleum company.

It operates over 50 petroleum exploration, development, and production projects in more than 10 countries, including producing a quarter of Thailand’s petroleum. Additionally, PTTEP also diversified into new businesses that involved new forms of energy, advanced technology, and decarbonisation.

PTTEP’s net profit grew by 10.5% to US$2,208 million, while its EPS increased by 5.9% to US$0.54 in 2023. Since it was first launched, PTTEP has been the most actively traded Thai SDR, with trading volume doubling due to the higher price volatility led by movements in oil prices.

Among the 8 Thai blue-chips, PTTEP, which offers a proxy for both traditional and new energy plays, also has the highest dividend yield of 6.2%. It is also the most actively traded SDR, gaining 5% with Brent breaking US$90 a barrel for the first time since October 2023.

Read Also: Why Singapore Investors Should Consider Thai Stocks, And How You Can Buy Companies Listed On The Stock Exchange of Thailand (SET)

*We used an exchange rate of 1 Thai Baht to 0.037 Singapore Dollar (as of 3 April 2024) for our conversions.