Asia Plus Group Holdings PCL

฿2.28As of Sun 8 Nov 2026, 12:00 UTC

SET:ASPFinancials

Country Thailand

PE (Fwd) •••

TSR 10Y CAGR 3.39%

Div yield 3.95%

ROE 9.69%

Capital Markets

Beta (5Y) 0.32

PE TTM 10.85

TSR TTM 12.03%

Mkt cap ฿4.633B

ROIC 4.43%

SE Grade™

Value

Quality

Moat

Consensus

Reference

฿2.77

21.55%

(87.42%)

Hold 4|5|4|10|7

TTM

FYE 31 Dec THB

FY2016

FY2017

FY2018

FY2019

FY2020

FY2021

FY2022

FY2023

FY2024

FY2025

FY2026E

Trend

10Y

Peers

0.983

Revenue฿B

1.629

1.667

1.659

1.653

1.711

1.783

1.845

1.890

1.886

1.943

1.025

2.57%

1.94%

10.33

Revenue growth%

22.29

24.70

23.36

24.10

21.64

23.92

21.64

23.06

21.73

18.80

7.47

21.73

22.67

13.79

Gross margin%

20.75

19.38

18.99

17.22

16.30

18.46

17.03

19.88

21.23

18.60

25.48

18.60

18.79

11.49

Operating margin%

12.23

12.09

11.63

12.07

14.12

13.47

13.98

15.40

16.94

14.41

24.19

14.41

13.72

4.18

Net margin%

18.42

15.68

18.58

18.82

18.56

17.76

16.77

18.17

18.88

19.19

10.63

18.17

18.49

35.33

P/E ratio (avg)x

21.91

20.99

22.51

21.78

24.21

25.51

28.05

30.65

34.18

37.05

37.11

30.65

24.86

35.34

EV/EBITx

8.545

10.08

11.32

13.15

13.09

14.03

15.12

15.81

16.95

20.35

14.39

15.81

13.59

8.90

FCF yield (avg)%

28.54

25.86

25.43

24.68

25.00

22.92

21.30

21.88

19.12

18.96

3.05

21.30

23.80

8.03

FCF margin%

23.34

25.00

23.63

25.56

22.67

24.84

26.11

27.01

24.87

27.21

3.02

26.11

24.94

1.234

FCF / Net incomex

0.197

0.204

0.245

0.274

0.280

0.296

0.361

0.376

0.394

0.452

0.492

0.376

0.288

17.81

ROIC%

7.81

9.79

9.17

9.20

11.41

13.45

16.15

18.17

15.50

29.86

15.50

10.60

16.36

Return on equity%

15.63

14.07

11.16

12.01

9.42

8.35

8.29

11.19

10.05

12.89

10.34

10.05

11.18

29.27

Return on assets%

1.95

4.29

6.92

5.83

5.23

6.33

7.45

10.32

10.15

8.32

14.65

8.32

6.62

0.05

EPS฿

0.17

0.16

0.15

0.14

0.15

0.14

0.15

0.14

0.05

(2.25%)

(1.60%)

—

19.47

EPS growth%

21.36

18.45

18.14

17.44

14.99

12.70

10.86

13.58

15.30

15.07

18.78

13.58

15.18

0.13

Bookvalue per sh฿

0.22

0.21

0.23

0.22

0.19

0.18

0.16

0.07

(3.70%)

(2.95%)

—

0.24

FCF per share฿

0.08

0.07

0.06

0.07

0.06

0.07

0.22

2.28%

(2.11%)

—

0.14

Dividend per sh฿

0.13

0.11

0.10

0.09

0.11

(3.51%)

(2.96%)

—

22.24

Div yield (avg)%

22.23

21.26

19.76

20.32

18.37

19.63

20.50

20.11

20.20

19.70

23.11

20.11

20.16

8.49

Payout ratio%

16.28

16.35

15.89

16.25

14.64

14.03

16.92

13.98

14.48

14.82

28.79

14.48

15.36

2.035

Shares (diluted)B

1.875

1.724

1.612

1.677

1.554

1.760

1.754

1.908

2.177

2.350

2.001

8.63%

1.86%

20.41

Buyback yield%

24.51

25.23

25.13

24.19

26.77

27.52

27.57

29.53

27.28

28.23

26.32

27.57

27.02

0.436

D/E ratiox

0.221

0.215

0.207

0.216

0.209

0.207

0.191

0.180

0.191

0.189

0.341

0.191

0.207

1.584

Enterprise value฿B

1.568

1.642

1.801

2.038

2.137

1.959

2.207

2.238

2.416

2.449

0.996

2.76%

4.26%

0.669

LT debt฿B

1.484

1.423

1.444

1.299

1.351

1.264

1.190

1.197

1.274

1.422

0.879

1.03%

(0.77%)

Peers (US$138.6M)

Cap (US$)

AIRA Capital PCL

190.8M

—

Maybank Securities…

129.8M

10.84x

Country Group Holdings…

86.94M

—

Oyak Yatirim Menkul…

138.5M

3.151x

Capital

TTM

10Y

Leveragex

0.875

(0.140)

(0.134)

EBIT/Intx

0.150

0.552

0.500

Own earn%

(85.83)

(24.61)

(23.39)

Sh yield%

42.65

47.93

46.94

Owners

Insiders/Inst%

8.26

45.73

Short interest%

0.89

SBC / revenue%

0.51

Record

10Y

Profitable years

10/10

Revenue growth years

10/10

EPS growth years

10/10

Dividend streakyrs

Op margin range%

12–17

$1 testx

1.0

Incr. ROIC%

Asia Plus Group Holdings Public Company Limited, together with its subsidiaries, engages in the securities business in Thailand. It operates through four segments: Securities and Derivatives Brokerage, Investment Banking, Fund Management, and Investment Trading.

Growth vs revenue

Latest

Trend

10Y CAGR

Rel growth

Revenue

฿1.943B

1.94%

1.00×

Cost of revenue

฿1.325B

1.78%

0.98×

Operating expenses

฿351.1M

2.49%

1.06×