FVMR Methodology Reveals 8 Interesting Stocks in Thailand
We recently applied our FVMR Investing model in Thailand and identified eight stocks that we considered worthy of your further research. Remember that these are not recommendations. I developed the FVMR model years ago to help me assess a stock’s relative attractiveness based on Fundamentals, Valuation, Momentum, and Risk.
1) This group of stocks leans conservative, emphasizing steady cash flow and essential demand (via Consumer Staples and Health Care) while lightly tapping into growth or cyclical opportunities through Industrials and Consumer Discretionary. It aims to strike a balance between stability and select opportunities across various sectors.
2) What follows is a list of the companies and a short description of what they do.
Thai Foods Group – Cons. Staples (Market Cap US$947m, Average daily volume US$1.6m)
An integrated agro-industrial and food company covering everything from animal feed to frozen and chilled meat products. Serves both domestic and export markets with a focus on animal health and packaging.
TIPCO Asphalt – Materials (Market Cap US$713m, Average daily volume US$1.3m)
A leading Asian producer and distributor of asphalt products for road construction. Offers Asphalt Cement, Emulsion, Polymer Modified Asphalt, and “Tipco Premix” for various applications.
MC Group – Cons. Disc. (Market Cap US$249m, Average daily volume US$0.5m)
Designs, manufactures, and retails casual wear, focusing on denim under the “MC Jeans” brand, as well as other labels such as “U-P” and “MINNIM.” Sells through wide retail and online networks.
Regional Cont. Lines – Industrials (Market Cap US$697m, Average daily volume US$2.3m)
Provides intra-Asia container shipping and logistics with over 40 years of experience. Operates a versatile fleet and integrates sea, road, and rail transport, including hazardous cargo.
MBK – Real Estate (Market Cap US$690m, Average daily volume US$0.6m)
A diversified holding company with businesses in retail (“MBK Center”), hospitality (“Dusit Thani”), golf (“Riverdale”), real estate, food (“Food Legends”), finance, and car auctions.
Mega Lifesciences – Health Care (Market Cap US$696m, Average daily volume US$1.0m)
Global producer and distributor of health supplements, pharmaceuticals, and wellness products. Owns the “Mega We Care” brand (e.g., NAT C, LIVOLIN FORTE) and distributes a broad medicine portfolio.
Thai Vegetable Oil – Cons. Staples (Market Cap US$611m, Average daily volume US$0.5m)
A major Southeast Asian processor of soybeans, producing high-quality soybean oil under the “Angoon” brand and distributing products like “MONINI” olive oil for global markets.
GFPT – Cons. Staples (Market Cap US$387m, Average daily volume US$1.0m)
An integrated poultry company managing the whole chain from farming to export. Supplies fresh and processed chicken (e.g., “Yakitori”) to local markets and key international partners like Japan.
Considering FVMR Factors
Source: LSEG, data as of 10 June 2025. *PTM = Past 12 months. F – Fundamentals, V – Valuation, MP – Momentum in price, MF – Momentum in fundamentals, R – Risk. CCC – Cash conversion cycle, NPM – Net profit margin, ROE – Return on equity, ROIC – Return on invested capital, PE – Price-to-earnings ratio, PB – Price-to-book value, RG – Revenue growth, Price – 6m price change, NDE – Net debt-to-equity, B – Stock beta.
The companies trade at multiples ranging from a low of 2.5x to a high of 12.3x, and three are trading below their book value. All have relatively strong returns on equity, with Thai Foods Group reaching a high of 27%.
All have betas of one or less, which generally means that if the market falls further, they might not fall as much. It also means that if the market rebounds substantially, these may not run as fast.
Remember that this is not a recommendation; rather, it’s a list of stocks that appear attractive and might be worth doing more research on to see if they could have a place in a Thai portfolio.
DISCLAIMER: This content is for information purposes only. It is not intended to be investment advice. Readers should not consider statements made by the author(s) as formal recommendations and should consult their financial advisor before making any investment decisions. While the information provided is believed to be accurate, it may include errors or inaccuracies. The author(s) cannot be held liable for any actions taken as a result of reading this article.