Thai Firms Launch Share Buyback Spree Amid Undervaluation

Thirty listed companies announce £800m+ in stock repurchases by March-end, a 26% jump on year-end figures; PTT, HomePro, TTB lead the charge

 

A significant number of companies listed on the Stock Exchange of Thailand (SET) have been trading below their book value, prompting a wave of share buyback announcements as firms look to manage surplus cash.

 

These "treasury stock" purchases are primarily aimed at optimising excess company liquidity, boosting shareholder returns (ROE), and increasing earnings per share (EPS).

 

Furthermore, the buybacks serve to highlight the companies' robust financial health and ample cash reserves, bolstering investor confidence and delivering long-term value to shareholders. Historically, share buyback regulations in Thailand were somewhat restrictive, limiting their appeal.

 

However, recent easing of these rules by the Thai bourse has spurred greater interest in share repurchases. This increased demand for shares can support price appreciation, and a reduction in the number of shares actively traded can lead to higher earnings per share.
  

The Stock Exchange of Thailand recently revealed that 30 listed companies had announced share buyback programmes as of March 31st, 2025, with a total value exceeding 36.8 billion baht. This comprises 26 SET-listed firms with a combined buyback value of 26.59 billion baht and four companies listed on the Market for Alternative Investment (mai) with a total value of 255 million baht.

 

Sector breakdown includes:


AGRO: 2 companies,  216 million baht
 
FINANCIAL: 2 companies,  7.5  billion baht
INDUSTRIAL: 5 companies, 430 million baht
PROPERTY & CONSTRUCTION: 6 companies, 1.575 billion baht
RESOURCES: 3 companies, 16.7  billion baht
SERVICES: 10 companies, 9.874 billion baht
TECHNOLOGY: 2 companies, 550 million baht, etc.
 

Comparing this to the end of 2024, when 39 listed companies had announced buybacks totalling 29.22 billion baht (34 SET-listed at 28.82 billion baht and five mai-listed at 397 million baht), the number of participating firms has decreased. However, the total value has risen by 2.38 billion baht since the end of last year, representing a growth of over 26%.

 

Key Thai Firms Buying Back Shares:


ACE: 500 million baht
ASEFA: 70 million baht
ASP: 500 million baht
DRT: 320 million baht
EKH: 400 million baht
HMPRO: 7 billion baht
HUMAN: 250 million baht
III: 125 million baht
ITEL: 300 million baht
KIAT: 30 million baht
LPN: 100 million baht
MGC: 100 million baht
PRM: 600 million baht
PSL: 675 million baht
PTT: 16 billion baht
SFLEX: 50 million baht
SKR: 700 million baht
SNC: 180 million baht
SORKON: 81 million baht
SSP: 200 million baht
STECON: 990 million baht
SYNTEC: 150 million baht
TAN: 24 million baht
TKN: 135 million baht
TTB: 7 billion baht
VIH: 200 million baht
K: 75 million baht
PMO: 30 million baht
THANA: 30 million baht
TRP: 120 million baht

(2025/04/07-00:00)