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Multiples SEA Titans Index

Curated by Multiples, this index tracks the largest publicly listed companies in Southeast Asia.

Explore the Multiples SEA Titans Index

100

public companies
tracked

$2.3T

cumulative
enterprise value

3.4x

median EV/NTM revenue multiple

median NTM/LTM revenue growth

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Index Performance

This chart shows the weighted market cap evolution over time for the Multiples SEA Titans Index constituents, indexed to 0% at the beginning of the period.

+24.6%

Multiples SEA Titans Index

Data as of 16 August 2026. Underlying financial data from FactSet and Morningstar. S&P 500 and NASDAQ data sourced from Yahoo Finance.

Key Index Metrics

This chart shows the median evolution over time of key valuation metrics for the Multiples SEA Titans Index constituents.

Valuation Benchmarks

This chart shows the regression relationship between valuation metrics across companies in the Multiples SEA Titans Index.

x-axis:

y-axis:

Data as of August 16, 2026. Companies with EV multiples above 50x and y-axis values above 250% are considered non-meaningful and excluded from calculation.

Company Rankings

This chart shows company rankings by selected metric within the Multiples SEA Titans Index.

Metric:

Data as of August 16, 2026. Companies with EV multiples above 50x and y-axis values above 300% are considered non-meaningful and excluded from calculation.

Companies Side-by-Side

Compare key metrics between companies in the Multiples SEA Titans Index.

Metric	DBS Bank	OCBC Bank	Delta Electronics (Thailand)
Market Cap	$168B	$112B	$102B
EV/Revenue (NTM)	12.0x	11.0x	10.2x
EV/Gross Profit (NTM)	-	-	31.8x
EV/EBITDA (NTM)	-	-	54.9x
EV/FCF (NTM)	-	-	130.9x
Revenue Growth	6%	6%	30%
Gross Margin (NTM)	-	-	32%
EBITDA Margin (NTM)	-	-	19%
FCF Margin (NTM)	-	-	8%
Rule of 40	-	-	59%
Rule of X	-	-	120%

Data as of August 16, 2026.

Cumulative Metrics

This chart shows the cumulative sum of selected metrics across all companies in the Multiples SEA Titans Index, over time.

Index Methodology

Similar to the NASDAQ 100 Index, the Multiples SEA Titans Index employs a modified market capitalization weighting scheme.

The weight process uses company-level weights, which are derived using company market capitalization.

Company weights are evaluated based on two rules:

Rule 1

No company's weight may exceed 24%.

Rule 2

The aggregate weight of the companies whose weights exceed 4.5% may not exceed 48%.

If neither rule is 'violated', then no adjustments are made. Only in cases where either or both of the rules are 'violated', weight adjustments are made according to a two-stage adjustment process.

Rule 1 adjustment

If no company's initial weight exceeds 24% of the Index, initial weights are used as Rule 1 weights without adjustment. Otherwise, initial weights are adjusted such that no company's weight may exceed 20% of the Index.

Rule 2 adjustment

If the aggregate weight of the companies whose Rule 1 weights exceeds 4.5% and does not exceed 48%, Rule 1 weights are used as the final weights. Otherwise, Rule 1 weights are adjusted such that:

The aggregate weight of the companies whose Rule 1 weights exceeded 4.5% is set to 40%.
Companies with Rule 1 weights below 4.5% may also have their weights adjusted to keep the initial rank order of all companies.

If the two-stage rule process results in a 'violation' of the weighting rules as previously detailed, then the process is repeated until the company weights meet the rule system.

Companies Included in the Multiples SEA Titans Index

This index tracks the largest listed companies across Southeast Asia.


DBS Bank	9.4%	$59	+50%	$168B	12.0x	6%	-	-	-	-	$437K
OCBC Bank	6.2%	$25	+91%	$112B	11.0x	6%	-	-	-	-	$338K
Delta Electronics (Thailand)	5.7%	$8	+76%	$102B	10.2x	30%	32%	19%	8%	59%	$210K
Sea	4.2%	$122	-35%	$75B	2.0x	27%	46%	12%	13%	48%	$284K
Vingroup	3.2%	$8	+210%	$58B	3.5x	22%	28%	21%	-	55%	$27M
Singtel	3.2%	$3	+4%	$57B	5.3x	5%	49%	28%	16%	40%	$531K
United Overseas Bank	3.0%	$33	+19%	$54B	7.7x	4%	-	-	-	-	$337K
Bank Central Asia	2.4%	$0	-28%	$44B	6.3x	5%	-	-	-	-	$243K
PTT	1.9%	$1	+25%	$34B	0.6x	-1%	17%	15%	7%	26%	$22M
International Container Terminal Services	1.8%	$16	+89%	$32B	8.9x	14%	79%	65%	42%	79%	$288K
Maybank	1.8%	$3	+11%	$31B	5.5x	-1%	-	-	-	-	$155K
Gulf Development	1.6%	$2	+34%	$29B	9.0x	4%	26%	23%	12%	30%	$3M
Airports Of Thailand	1.6%	$2	+76%	$28B	11.7x	18%	55%	61%	34%	65%	$44M
DCI Indonesia	1.5%	$12	-44%	$28B	-	-	-	-	-	-	$880K
Bayan Resources	1.5%	$1	-27%	$27B	-	-	-	-	-	-	$826K
Barito Renewables	1.5%	$0	-64%	$27B	32.5x	21%	-	85%	-	119%	$845K
ST Engineering	1.5%	$9	+43%	$27B	2.7x	9%	24%	14%	8%	24%	$353K
Bank Rakyat Indonesia	1.5%	$0	-29%	$26B	2.9x	-1%	-	-	-	-	$128K
Public Bank	1.4%	$1	+24%	$24B	7.3x	3%	-	-	-	-	$170K
Bank Mandiri	1.2%	$0	-19%	$22B	3.9x	1%	-	-	-	-	$202K
Singapore Exchange	1.2%	$20	+53%	$21B	15.1x	7%	61%	65%	49%	73%	$1M
CIMB Group	1.2%	$2	+11%	$21B	5.0x	2%	-	-	-	-	$166K
Tenaga Nasional	1.2%	$4	+13%	$21B	2.3x	2%	30%	32%	6%	33%	$475K
Vietcombank	1.0%	$2	-15%	$19B	5.8x	17%	-	-	-	-	$154K
Krungthai Bank	1.0%	$1	+74%	$18B	6.5x	-3%	-	-	-	-	$287K
Jardines	1.0%	$62	+3%	$18B	0.8x	0%	14%	17%	4%	10%	$77K
Wilmar International	1.0%	$3	+28%	$18B	0.5x	8%	5%	5%	3%	17%	$704K
Kasikornbank	1.0%	$7	+44%	$18B	4.3x	-4%	-	-	-	-	$197K
IHH Healthcare	1.0%	$2	+25%	$18B	2.8x	8%	71%	22%	11%	32%	$90K
PTTEP	1.0%	$4	+27%	$17B	2.0x	1%	48%	72%	3%	88%	$2M
Singapore Airlines	1.0%	$6	+8%	$17B	1.1x	5%	10%	20%	0%	28%	$577K
Amman Mineral Internasion	1.0%	$0	-50%	$17B	5.0x	37%	48%	55%	12%	180%	$334K
Great Eastern Life	0.9%	$17	+63%	$16B	-	-	-	-	-	-	$2M
Keppel	0.9%	$9	+28%	$16B	3.9x	13%	25%	18%	8%	38%	$891K
SCB X	0.9%	$5	+15%	$15B	5.8x	-3%	-	-	-	-	$173K
Grab	0.8%	$4	-27%	$15B	2.2x	23%	48%	20%	15%	41%	$268K
Telkom Indonesia	0.8%	$0	-23%	$14B	1.9x	1%	50%	50%	23%	52%	$380K
True Corporation	0.8%	$0	+17%	$14B	4.6x	-2%	40%	61%	31%	57%	$799K
CP All	0.7%	$1	+4%	$13B	0.8x	2%	24%	9%	3%	14%	$165K
J&T Global Express	0.7%	$1	-6%	$12B	0.8x	20%	14%	9%	4%	35%	$78K
SM Investments	0.7%	$10	-26%	$12B	2.6x	28%	72%	67%	22%	38%	$25M
Hong Leong Bank	0.6%	$6	+16%	$11B	6.9x	7%	-	-	-	-	$186K
BDO Unibank	0.6%	$2	-13%	$11B	3.4x	7%	-	-	-	-	$93K
Bangkok Bank	0.6%	$6	+19%	$11B	6.1x	-5%	-	-	-	-	$205K
Astra International	0.6%	$0	-20%	$11B	0.8x	-1%	21%	16%	7%	12%	$91K
BIDV	0.6%	$1	-15%	$11B	5.7x	13%	-	-	-	-	$117K
YTL Power International	0.6%	$1	+25%	$10B	3.0x	7%	32%	27%	-8%	30%	$554K
Mayapada Hospital	0.6%	$1	+84%	$10B	-	-	-	-	-	-	$35K
Barito Pacific	0.5%	$0	-21%	$9.8B	1.0x	16%	-	12%	-	108%	$2M
Chandra Asri Group	0.5%	$0	-78%	$9.8B	1.0x	18%	25%	11%	-1%	88%	$3M
VietinBank	0.5%	$1	-11%	$9.4B	3.8x	13%	-	-	-	-	$124K
Bangkok Dusit Medical Services	0.5%	$1	-8%	$9.4B	2.8x	1%	35%	25%	12%	26%	$59K
RHB Bank	0.5%	$2	+37%	$9.2B	4.4x	4%	-	-	-	-	$162K
ThaiBev	0.5%	$0	+3%	$9.2B	1.4x	3%	37%	16%	10%	18%	$172K
Manila Electric	0.5%	$8	-15%	$9B	1.3x	2%	22%	15%	3%	20%	$413K
Bank of the Philippine Islands	0.5%	$2	-14%	$9B	3.7x	8%	-	-	-	-	$133K
MISC	0.5%	$2	+13%	$8.9B	3.3x	6%	60%	39%	15%	53%	$262K
Bank Of Ayudhya	0.5%	$1	+66%	$8.8B	3.7x	1%	-	-	-	-	$82K
Dian Swastatika Sentosa	0.5%	$0	-77%	$8.7B	-	-	-	-	-	-	$1M
Techcombank	0.5%	$1	-19%	$8.7B	7.7x	17%	-	-	-	-	$183K
SM Prime Holdings	0.5%	$0	-26%	$8.5B	6.3x	0%	78%	61%	10%	62%	$199K
Petronas Gas	0.5%	$4	-3%	$8.4B	5.4x	0%	36%	55%	28%	57%	$836K
CelcomDigi	0.5%	$1	-20%	$8.2B	3.5x	0%	45%	45%	24%	46%	$1M
TMBThanachart Bank	0.5%	$0	+53%	$8.2B	5.7x	0%	-	-	-	-	$151K
Sembcorp	0.5%	$5	-4%	$8.1B	2.6x	32%	21%	23%	-3%	58%	$848K
Indoritel	0.4%	$1	-7%	$7.9B	-	-	-	-	-	-	$160K
VPBank	0.4%	$1	-26%	$7.6B	4.9x	22%	-	-	-	-	$537K
Bank Negara Indonesia	0.4%	$0	-24%	$7.6B	2.6x	5%	-	-	-	-	$119K
99 Speedmart	0.4%	$1	+50%	$7.5B	2.2x	9%	18%	10%	6%	23%	$122K
Telekom Malaysia	0.4%	$2	+16%	$7.4B	2.5x	2%	55%	38%	15%	42%	$162K
VinFast	0.4%	$3	-7%	$7.4B	1.6x	43%	-8%	-25%	-	17%	$194K
Sinar Mas Multiartha	0.4%	$1	+18%	$7.2B	-	-	-	-	-	-	$217K
Military Commercial	0.4%	$1	-15%	$7.1B	5.6x	22%	-	-	-	-	$164K
Maxis	0.4%	$1	+9%	$7.1B	3.4x	0%	47%	40%	22%	42%	$792K
PetroVietnam Gas	0.4%	$3	+18%	$7B	0.9x	8%	15%	12%	6%	27%	$2M
MoraRepublic	0.4%	$0	+925%	$7B	-	-	-	-	-	-	$242K
YTL Corp	0.4%	$1	-8%	$6.5B	1.8x	7%	-	26%	-5%	32%	$430K
Merdeka Gold Resources	0.3%	$0	-	$6.2B	10.3x	-	57%	65%	-37%	365800%	$1K
UOL Group	0.3%	$7	+25%	$6.1B	4.3x	-2%	37%	36%	15%	20%	$1M
AmBank Group	0.3%	$2	+41%	$6B	7.0x	4%	-	-	-	-	$155K
Nestlé Malaysia	0.3%	$25	+12%	$5.9B	3.3x	3%	31%	16%	10%	21%	$335K
Capital Financial	0.3%	$0	+53%	$5.7B	-	-	-	-	-	-	$321K
Westports Holdings	0.3%	$2	+26%	$5.7B	7.4x	6%	74%	66%	31%	63%	$137K
Seatrium	0.3%	$2	-8%	$5.7B	0.8x	-7%	12%	10%	6%	6%	$376K
Sunway Healthcare	0.3%	$0	-	$5.7B	8.0x	17%	64%	25%	4%	39%	$64K
Airports Corporation of Vietnam	0.3%	$2	-34%	$5.6B	4.6x	12%	44%	58%	-48%	65%	$93K
SATS	0.3%	$4	+42%	$5.5B	1.5x	6%	49%	18%	8%	25%	$95K
Aboitiz Power	0.3%	$1	-1%	$5.3B	2.6x	5%	40%	31%	11%	43%	$759K
Ayala	0.3%	$8	-13%	$5.3B	2.7x	5%	30%	37%	7%	44%	$21M
Metrobank	0.3%	$1	-8%	$5.1B	2.5x	5%	-	-	-	-	$158K
Thai Airways	0.3%	$0	-54%	$5B	0.8x	3%	20%	24%	4%	27%	$466K
Indofood CBP	0.3%	$0	-22%	$5B	1.2x	4%	34%	23%	10%	29%	$118K
Vinamilk	0.3%	$2	+2%	$4.9B	1.6x	6%	43%	20%	13%	28%	$257K
Chandra Daya Investasi	0.3%	$0	-56%	$4.9B	12.2x	-	47%	58%	-	229%	$453K
MyMesra	0.3%	$5	-6%	$4.7B	0.4x	0%	-	5%	3%	8%	$7M
Central Retail	0.3%	$1	+18%	$4.7B	1.0x	1%	28%	13%	4%	17%	$114K
Bumrungrad Hospital	0.3%	$6	+7%	$4.7B	5.6x	1%	52%	40%	24%	42%	$180K
San Miguel Food	0.3%	$1	-16%	$4.7B	0.7x	-	-	17%	-	21%	$590K
Thaioil	0.2%	$2	+102%	$4.5B	0.5x	-2%	12%	9%	1%	34%	$25M
FPT Corp.	0.2%	$3	-34%	$4.5B	1.7x	1%	32%	22%	7%	4%	$49K