ASP (Asia Plus Group) — Deep Research

Second-wave deep dive. Live spot ฿2.14 (2026-06-23). Sourced; unverifiable items flagged.

Controlling shareholder — PRIOR IS WRONG

ASP is NOT Sophonpanich-controlled. Top holders (Thai Wikipedia, citing 14-Mar-2025 register): Asia Supplement Co. 9.07%, Bangkok Bank 8.46%, Suchaada Leesawatdigul 3.75%, Thaipat Insurance 3.44%, Thai NVDR 3.04%. Chalie Sophonpanich (Chairman) holds just 1.54% and Chatsiri Sophonpanich 1.26% — combined family ~2.8%. So a Sophonpanich chairs the board, but the company is widely held with no controlling family; the largest economic block is Asia Supplement + Bangkok Bank. (Founded 1974 as Asia Securities; ABN AMRO held 35–40% 1997–2004, then exited.)

Financials

• FY2024 revenue ฿2.20bn (+0.6%), earnings ฿356m (−12.6%).
• FY2025 full-year results not yet published (release ~Feb 2026) — no FY2025 profit quoted here.
• ROE ~7.5%, trailing P/E ~13.5x, mkt cap ~฿4.8bn (mid-2025).
• Thai brokerage industry under genuine structural pressure (collapsed SET turnover, foreign outflows). ASP was also dropped from the S&P Global BMI index — a liquidity/visibility negative.

Valuation

• Dividend yield ~4.3–7.4% (varies by source/window; annual DPS ~฿0.17–0.21); price ฿2.14.
• P/B unverified from a primary source — Thai brokers typically trade near/below book, and ASP's ~7.5% ROE supports a sub-1x P/B, but flagged as unconfirmed.

Insider transactions

No specific 12–18-month insider filings verified.

Sober verdict

Structurally challenged with optionality. Revenue is hostage to SET turnover, which has been depressed; ROE is single-digit; index exclusion hurts. It's a low-beta-to-fundamentals, high-beta-to-sentiment broker — a SET-recovery call option with a decent dividend while you wait, not a quality compounder. The deep-value-on-recovery thesis is plausible but depends entirely on Thai market volumes turning.

Sources

Thai Wikipedia (Asia Plus shareholders); SEC market.sec.or.th ASP profile; stockanalysis.com ASP; MarketScreener (S&P BMI removal); Kaohoon (Thai leasing peers).