The 10 SET100 stocks that handed out the highest dividends in 2024

The year 2024 marks another highly volatile period for the Thai stock market, influenced by both domestic and international factors. Rising inflation, stringent monetary policies of central banks worldwide, ongoing instability in the Middle East, and the Russia-Ukraine war have all contributed to market turbulence.

Additionally, Thailand's political landscape remains a critical variable, significantly affecting the financial and capital markets. The focus has been on the SET100 Index, which reflects the price movements of the top 100 listed companies with the highest market capitalisation and liquidity. These are typically mid-to-large-sized companies with high growth potential and strong dividend yields. 

Over the past year, 10 stocks stood out for their exceptional performance, delivering dividend yields of up to 29% alongside positive price growth.

Jasmine International Pcl (JAS)
Dividend Yield year to date (YTD): 29.05%
Price YTD: +1.90%
Market Cap: 18.389 billion baht

SCB X Pcl (SCB)
Dividend Yield YTD: 8.76%
Price YTD: +11.32%
Market Cap: 397.319 billion baht

Tipco Asphalt Pcl (TASCO)
Dividend Yield YTD: 6.87%
Price YTD: +10.98%
Market Cap: 28.726 billion baht

Thanachart Capital Pcl (TCAP)
Dividend Yield YTD: 6.37%
Price YTD: +1.52%
Market Cap: 52.692 billion baht

Kiatnakin Phatra Bank Pcl (KKP)
Dividend Yield YTD: 5.80%
Price YTD: +4.98%
Market Cap: 44.667 billion baht

Sri Trang Agro-Industry Pcl (STA)
Dividend Yield YTD: 5.68%
Price YTD: +9.32%
Market Cap: 27.034 billion baht

TMBThanachart Bank Pcl (TTB)
Dividend Yield YTD: 5.62%
Price YTD: +11.38%
Market Cap: 181.167 billion baht

Sri Trang Gloves (Thailand) Pcl (STGT)
Dividend Yield YTD: 5.05%
Price YTD: +47.76%
Market Cap: 28.365 billion baht

Thai Life Insurance Pcl (TLI)
Dividend Yield YTD: 4.76%
Price YTD: +14.75%
Market Cap: 120.225 billion baht

Bangkok Airways Pcl (BA)
Dividend Yield YTD: 4.46%
Price YTD: +42.68%
Market Cap: 47.040 billion baht

Tanawat Ruenbanterng, chief analyst at TISCO Securities, said that economic stimulus plans by the government will remain a key factor to watch in 2025. He acknowledges that the economy has faced challenges recently but notes that the government likely has measures in place to boost economic growth. The latest policies focus on short-term economic stimulus, which is expected to drive improved retail sector sales in the first half of the year. Following this, the government is expected to invest in infrastructure projects or large-scale ventures like an entertainment complex, which could provide some upside if implemented successfully.

He saw limited growth potential for the SET100 Index in 2025, primarily due to the heavy weighting of energy stocks in the index. Historically, energy stocks have underperformed in terms of investment returns and failed to meet profit expectations, which has pressured earnings per share. However, excluding energy, other sectors within the SET100 may still show resilience.

Although the overall stock market outlook appears lackluster, selecting individual stocks with strong potential for returns remains viable. Dividend-paying stocks, particularly in the banking sector, continue to offer attractive yields. In contrast, the real estate sector shows mixed prospects, with luxury projects performing relatively well and providing decent dividends, such as Sansiri Pcl (SIRI) and Land and Houses Pcl (LH).

Additionally, while upstream energy stocks face challenges, certain power plant stocks, such as Electricity Generating Pcl (EGCO) and Ratch Group Pcl (RATCH), stand out for their high dividend yields and relatively low prices, making them appealing for dividend-focused investors.