Banking & Finance
Banks, securities houses, finance and insurance groups. Deep free float and heavy daily turnover make the large names among the most financeable on the SET, though earnings sensitivity to rates and asset quality is weighed.
The sectors that anchor the Thai market.
A listed-equity transaction is never just a number. Sector judgment — free float, volatility, liquidity, and regulatory standing — shapes what a position can support.
01 · Why sector matters
Capital plus judgment
Listed-equity financing turns on the character of the position.
Two SET-listed shares of identical market value can support very different financing. Free float, average daily trading value, share-price volatility, ownership concentration, and regulatory standing all differ by sector — and each of them changes what a position can prudently carry.
A bank trades differently from a property developer; a refiner behaves differently from a hospital group. We read the underlying business and its place in the market before we read the number on the screen. The coverage below spans the sectors that define the Stock Exchange of Thailand, with a note on how position quality and financing considerations shift from one to the next.
02 · Coverage
Across the SET universe
Eight sectors, read on their own terms.
From the large-cap banks and energy names that anchor the SET50 through to growth companies on the mai, our coverage is built on how each industry actually behaves as collateral.
Energy & Utilities
Power, oil & gas, refining, and renewables. The index heavyweights offer strong liquidity, but commodity and policy exposure mean refining and exploration names carry more volatility than regulated utilities.
Petrochemicals & Materials
Chemicals, cement, and packaging. Cyclical, spread-driven earnings widen price swings, so financing leans on liquidity and the strength of the parent group behind each counter.
Property & Construction
Developers, REITs, infrastructure funds, and industrial estates. Free float and trading depth vary widely; REIT and infrastructure-fund units behave differently from developer equity and are assessed apart.
Commerce & Retail
Modern trade and wholesale. Defensive, cash-generative businesses with steady turnover, though several leading names are tightly held by founding families, which concentrates the register.
Food & Beverage / Agribusiness
Integrated food groups, beverages, and agribusiness. Resilient demand supports valuation, while exposure to soft-commodity cycles and export markets is factored into volatility.
Healthcare & Tourism
Hospitals, hotels, and services. Premium hospital groups are stable and well-traded; hospitality names are more cyclical and seasonal, and are sized accordingly.
Technology, Media & Telecom
ICT, electronics, and digital. Telecoms offer scale and liquidity; electronics and digital names range from blue-chip exporters to thinner mai-listed growth stocks that demand closer review.
03 · Cross-sector variables
SET50 · SET100 · mai
The structuring questions we ask of every position.
Sector sets the backdrop; the specific position decides the terms. Whether a name sits in the SET50, the broader SET100, or among the growth companies on the mai, the same variables govern what is possible.
- 01Free float & ADTV. The genuinely tradeable portion of the register and the average daily trading value set the practical ceiling on size, liquidity, and indicative LTV.
- 02Single-name concentration. Founder- and family-held positions in one SET counter are our core competence; the size of the holding relative to float is read carefully rather than waved through.
- 03Foreign limit & NVDR status. Whether shares sit on the local board, the foreign board, or are held as Non-Voting Depositary Receipts changes how the position is positioned and pledged.
- 04Lock-up & strategic holdings. Silent-period restrictions, post-IPO lock-ups, and strategic or related-party stakes are mapped before terms are issued, not after.
- 05Dividend policy. The income profile of the underlying share — and how dividends are treated within the structure — is settled up front so entitlement is clear throughout the loan.
- 06Index & board context. SET50, SET100, and mai membership inform expectations on liquidity, volatility, and disclosure, and frame how each position is approached.
04 · Eligibility
Assessed, never assumed
Every position is reviewed on its own merits.
No sector is in or out by category. A blue-chip bank and a thinly-traded mai growth company are both considered — and both judged on the specifics of the ticker, the position, and the structure required.
Sector coverage describes where we work, not a promise of terms. Eligibility is always assessed case by case, against the free float, trading value, volatility, concentration, board, and disclosure profile of the actual holding. Indicative terms follow review of the specific position — never the sector alone.
Tell us the ticker. We will tell you what it can support.
Share the high-level details of your SET- or mai-listed position. A senior principal will review the specifics and reply — usually within one business day.