Thailand is one of the largest thriving economies in Asia.
The country is home to many industry leaders from medical to food and energy.
Through Singapore Exchange’s Thai Singapore Depository Receipts (SDRs), investors can gain exposure to promising Thai stocks without needing to buy them on the Stock Exchange of Thailand (SET).
Here are three Thai SDRs delivering impressive financial performance in 2025.
Bangkok Dusit Medical Services (SGX: TBDD)
Bangkok Dusit Medical Services (BDMS) is Thailand’s largest private hospital network with holdings in medical services, medical technology and pharmaceuticals.
In the first quarter of 2025 ending 31 March 2025 (1Q 2025), BDMS reported a 6% year-on-year growth in hospital revenue to THB 27.1 billion.
The healthcare giant also saw a 7% YoY increase in net profit to THB 4.3 billion.
This strong earnings performance was mainly due to a 22% YoY surge in revenue in the Middle East.
This surge was primarily driven by Qatar with the highest international patient revenue growth of 56% YoY which can be credited to the success of BDMS’ active marketing in the region.
Another contributor to total hospital revenue growth would be the climb in revenue for hospitals at tourist sites like Changmai which saw a 24% YoY uptick in revenue.
On 4 February 2025, BDMS announced a partnership with SparkBeyond and leading researchers at Thailand’s King Mongkut Institute of Technology Ladkrabang to develop artificial intelligence (AI) analytics for preventive healthcare.
SparkBeyond’s AI software uses BDMS’s hospital patients’ data to create predictive models which can aid in drug discovery and the understanding of diseases.
BDMS also actively upskills its human capital to manage the AI integration into its workplace with training programmes such as “The impacts of AI”.
These strategic developments enable BDMS to leverage AI to provide better services and improve operational efficiency.
Charoen Pokphand Foods (SGX: TFPD)
Charoen Pokphand Foods, or CPF, is a argo-industrial and food conglomerate with three main business divisions – animal feed manufacturing, farming, and food processing.
In 1Q 2025, CPF reported a sales revenue growth of 3% YoY to THB 144.2 billion.
The firm also experienced a huge boost in net profit of 642% YoY to THB 8.5 billion.
The robust earnings this quarter is due to CPF’s business in China.
The livestock business in China saw its revenue growing 46% YoY to THB 11.4 billion.
Similarly, revenue for the aquaculture business in China soared 116% YoY to THB 164 million.
On 16 July 2025, CPF’s AquaPro shrimp farming platform, developed by its innovation arm, AXON was awarded the 2025 ABIP Enterprise Innovation Award.
AquaPro uses advanced smart sensors, digital farm management and data analytics tools to optimise shrimp health and to allow for better planning for aquaculture operations.
Farmers will be able to reduce waste and operational costs and increase the quantity and quality of shrimp yields, driving higher profits.
Gulf Energy Development (SGX: TGUD)
Gulf is a leading power producer with businesses in energy generation, logistics and digital infrastructure.
In 1Q 2025, Gulf had a slight increase in revenue of 0.2% YoY to THB 32.3 billion.
However, the company saw a sizable growth in core profits of 31.9% YoY to THB 6.5 billion.
The main driver for this growth was from the renewable energy business with a rise in revenue of 23.2% YoY to THB 1.1 billion.
This rise was because of the rolling out of commercial operations for domestic solar power farms with a total installed capacity of 532 megawatts.
For core profits, one of the key factors of its growth was the profit share from Gulf’s associates and joint ventures alongside commercial operations.
For instance, Gulf’s core profit share in Global Green Chemicals Public Company Limited (BKK: GCC) rose by 146.8% YoY from increased electricity generation sales from higher wind speeds.
On 6 December 2024, Gulf signed a master agreement with Siam AI, Nvidia’s (NASDAQ: NVDA) Thai partner.
This agreement aims to increase AI adoption in Thailand and drive digital transformation through AI Cloud Solutions.
Gulf also aims to leverage the AI software to improve predictive maintenance and customer services through increased personalisation.
Get Smart: Breaking into the Thai market
As Thailand enjoys economic momentum, SGX’s Thai SDRs give investors a chance to participate in this growth.
These Thai stocks offer investors both stability and upside from a range of high-performing sectors.
With the opportunities that come with SDRs, it is now more convenient than ever to position yourself at the forefront of the next wave of growth.
The STI just broke past its all-time high — and it could signal the start of a new market phase. Join our upcoming webinar here as we unpack what’s driving the rally and what it means for your portfolio.
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Disclosure: Gabriel Lim does not own shares in any of the companies mentioned.
