Thai Firms Launch Share Buyback Spree Amid Undervaluation

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