Comparison of two of Thailand's wealthiest individuals in 2024

One of the most influential business figures in Thailand in 2024 is undoubtedly Sarath Ratanavadi, chief executive of Gulf Energy Development Pcl. As a leading figure in the energy sector, he has drawn attention for his business’ growth and prominence this year. 

Recently, he strengthened his business by capitalising on the future trend of data centres and took his company public on the Stock Exchange of Thailand. Gulf Energy currently has four listed securities, with a total market capitalisation of more than 1.88 trillion baht.

Meanwhile, Dhanin Chearavanont, owner of the CP Group, continues to build significant wealth and assets. He currently has four companies listed on the stock exchange, with a combined market capitalisation of 1.37 trillion baht (as of December 25, 2024, according to the Stock Exchange of Thailand).

The four Gulf Group stocks collectively have a market capitalisation of 1.88 trillion baht. Here's a breakdown of each company:

Intouch Holdings Pcl (INTUCH)
Investment in telecommunications, media, technology, and digital sectors (holding company).
Gulf Energy Development Pcl holds 41.73% of shares.
Market cap (as of December 25, 2024): 312.65 billion baht (up 36.36% from 229.28 billion baht in 2023).
Stock price (as of December 25, 2024): 97.50 baht (up 36.36% from 71.50 baht in 2023).
Dividend yield (YTD 2024): 3.25%.

Gulf Energy Development Pcl (GULF)
Holding company with operations in energy, infrastructure, utilities, and digital sectors.
Sarath Ratanavadi holds 35.81% of shares.
Market cap (as of December 25, 2024): 701.06 billion baht (up 34.27% from 522.13 billion baht in 2023).
Stock price (as of December 25, 2024): 59.75 baht (up 34.27% from 44.50 baht in 2023).
Dividend yield (YTD 2024): 1.47%.

Advanced Info Service Pcl (ADVANC)
Telecommunications services, including mobile, broadband, and digital services.
Intouch Holdings Pcl holds 40.44% of shares.
Market cap (as of December 25, 2024): 850.62 billion baht (up 31.80% from 645.40 billion baht in 2023).
Stock Price (as of December 25, 2024): 286.00 baht (up 31.80% from 217.00 baht in 2023).
Dividend yield (YTD 2024): 3.01%.

Thaicom Pcl (THCOM)
Satellite, internet, media, international telephony, and joint ventures.
Gulf Ventures Ltd holds 41.14% of shares.
Market cap (as of December 25, 2024): 14.58 billion baht (up 0.76% from 14.47 billion baht in 2023).
Stock price (as of December 25, 2024): 13.30 baht (up 0.76% from 13.20 baht in 2023).
Dividend yield (YTD 2024): 0.98%.

The four CP Group stocks collectively have a market capitalisation of 1.37 trillion baht. Here's a breakdown of each company:

True Corporation Pcl (TRUE)
Major shareholder: Telenor Thailand Investments Pte Ltd with 26.32% of shares.
Market cap (as of December 25, 2024): 373.16 billion baht (up 113.86% from 174.49 billion baht in 2023).
Stock price (as of December 25, 2024): 10.80 baht (up 113.86% from 5.05 baht in 2023).
P/E (price-earnings) ratio: Not available.
Dividend yield (YTD 2024): Not available.

Charoen Pokphand Foods Pcl (CPF)
Agribusiness and food production, including animal feed, livestock breeding, meat processing, and ready-to-eat food.
Major shareholder: Charoen Pokphand Group Co Ltd with 25.61% of shares.
Market cap (as of December 25, 2024): 192.67 billion baht (up 16.84% from 164.91 billion baht in 2023).
Stock price (as of December 25, 2024): 22.90 baht (up 16.84% from 19.60 baht in 2023).
P/E ratio: 12.17.
Dividend yield (YTD 2024): Not available.

CP All Pcl (CPALL)
Convenience-store operations under the 7-Eleven brand, retail partnerships, and investment in businesses supporting convenience stores, such as ready-made food and bakery production, bill payment services, and wholesale distribution under the Makro brand.
Major shareholder: CP Merchandising Co Ltd with 31.94% of shares.
Market cap (as of December 25, 2024): 512.04 billion baht (up 1.79% from 503.05 billion baht in 2023).
Stock price (as of December 25, 2024): 57.00 baht (up 1.79% from 56.00 baht in 2023).
P/E ratio: 21.64.
Dividend yield (YTD 2024): 1.75%.

CP Axtra Pcl (CPAXT)
Wholesale and retail distribution of consumer goods under the Makro and Lotus's brands, and shopping mall space management.
Major shareholder: CP All Pcl with 34.91% of shares.
Market cap (as of December 25, 2024): 289.37 billion baht.
Stock price (as of December 25, 2024): 27.75 baht.
P/E ratio: 29.24.