For income-seeking investors: 8 high-dividend Thai stocks to watch in 2025

In a market environment with multiple uncertainties, many investors seek stable returns, making “high dividend stocks” an option that never fades from consideration. Whether you’re a long-term investor or looking for additional income, this article compiles 8 Thai stocks with promising dividend potential, along with in-depth analysis to help you make more informed decisions.

8 Thai Stocks with Genuine High Dividends

The selection criteria for these stocks are based on consistent dividend payment history, business income stability, and growth opportunities in the future.

Deep Dive into Each Stock

( DIF: The Future Digital Fund

DIF plays a vital role in the 5G world and digital expansion. It owns over 16,000 telecom towers and fiber optic networks, with long-term contracts with mobile operators like TRUE, generating predictable income.

Key Stats

• Trading Price: 7.90 THB
• Yield: 11.25%
• Latest Dividend: 0.22 THB/share
• Price/Book Ratio: 0.52x

Analysts are divided into two camps. The bullish group )target price 10.50-11.50 THB### believes that falling interest rates will reduce financing costs, while the cautious group (8.70-9.30 THB) warns of refinancing challenges for the 11.6 billion THB debt maturing multiple times.

( DMT: A Steady Cash Cow

DMT exemplifies a classic “Cash Cow” business. Its elevated toll road concession generates steady and regular cash flow.

Main Stats

• Market Price: 9.70 THB
• Yield: 8.56%
• Latest Dividend: 0.22 THB/share
• Price/Earnings Ratio: 12.69x

Its policy of paying dividends “not less than 90% of net profit” reassures investors of consistent payouts. The target price is 12.17 THB, though long-term risk stems from the concession ending in 2034.

) SIRI and AP: Resilient Real Estate Leaders

Both SIRI and AP withstand the real estate crisis with attractive book values.

SIRI - Pioneering Beyond the Crisis

• Price: 1.17 THB
• Yield: 8.72%
• P/E: 4.47x / P/BV: 0.43x

AP - Valuation Approach

• Price: 5.80 THB
• Yield: 7.35%
• P/E: 3.77x / P/BV: 0.41x

Out of 16 analysts, 13 recommend AP with a target price of 9.54 THB, reflecting its potential as a growth stock with value.

TISCO: A Classic High Dividend Stock

TISCO is dubbed the “People’s Favorite Dividend Stock” for its long history of steady dividends, paid twice annually.

Key Data

• Price: 97.50 THB
• Yield: 7.95%
• Total Dividends 2025: 7.75 THB/share
• P/E: 11.46x

Main risk lies in slowing loan growth. Analysts emphasize that high dividend yield is the main appeal rather than price appreciation potential.

MC: Stronger Profits from Fashion

MC operates in apparel and lifestyle retail, with a strong financial position ###D/E of only 0.51x###.

Important Figures

• Price: 9.55 THB
• Yield: 8.26%
• Latest Dividend: 0.55 THB/share
• P/E: 10.03x

All four analysts recommend “Buy” with a target of 12.55 THB, expecting Q3 profits to be boosted by growing online channels.

( TCAP: Diversified Income House

TCAP is a holding company investing in various financial businesses, including leasing, insurance, securities, and stakes in TMBThanachart Bank.

Details

• Price: 46.00 THB
• Yield: 6.98%
• Latest Dividend: 2.05 THB/share
• P/E: 7.51x / P/BV: 0.65x

Valuation is attractive )trading below book value###, with a target price of 53.86 THB, expecting around 7% annual dividend yield.

( PTT: Fuel for Core Portfolios

Thailand’s energy leader covers exploration to retail, diversifying across regions.

Main Figures

• Price: 30.00 THB
• Yield: 7.05%
• Latest Dividend: 1.30 THB/share
• P/E: 10.08x

Despite challenges in the energy sector, analysts see PTT maintaining strong cash flow and ongoing investments for future growth.

Three Conditions When Choosing High Dividend Stocks

1. Yield Above the Dividend Payout Rate

A high yield may signal danger if driven by sharp price declines. Look for at least 3-5 years of continuous dividend payments. Companies that can sustain dividends during crises are preferred.

2. Clear Dividend Policy

A payout ratio )Payout Ratio### of around 90% of net profit provides confidence. If payout exceeds 90-100%, the company may lack funds for growth investments.

3. Debt and Cash Flow Analysis

A reasonable debt-to-equity (D/E) ratio and positive operating cash flow indicate the company can generate dividends from actual operations, not asset sales or borrowing.

Options for International Investors

Invest via Mutual Funds: For convenience and diversification.

CFD (Contract For Difference): A popular method allowing investment on both rising and falling markets, leveraging to amplify returns, and receiving dividends as if owning the stock.

Conclusion: High Yield Stocks Remain Desirable

These Thai high dividend stocks offer valuable ways to generate ongoing income in 2025. The key is careful consideration of dividend sustainability, business fundamentals, and long-term growth potential—whether in Thailand or globally—to build truly sustainable additional income.