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

$2.2T

cumulative
enterprise value

3.5x

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.

+35.6%

Multiples SEA Titans Index

Data as of 18 May 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 May 18, 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 May 18, 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	Delta Electronics (Thailand)	OCBC Bank
Market Cap	$133B	$128B	$80B
EV/Revenue (NTM)	7.1x	14.1x	6.7x
EV/Gross Profit (NTM)	—	44.1x	—
EV/EBITDA (NTM)	—	74.3x	—
EV/FCF (NTM)	—	174.8x	—
Revenue Growth	3%	28%	3%
Gross Margin (NTM)	—	32%	—
EBITDA Margin (NTM)	—	19%	—
FCF Margin (NTM)	—	8%	—
Rule of 40	—	55%	—
Rule of X	—	109%	—

Data as of May 18, 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	7.8%	$47	+34%	$133B	7.1x	3%	—	—	—	—	$441K
Delta Electronics (Thailand)	7.4%	$10	+218%	$128B	14.1x	28%	32%	19%	8%	55%	$223K
OCBC Bank	4.7%	$18	+41%	$80B	6.7x	3%	—	—	—	—	$344K
Vingroup	3.8%	$9	+373%	$65B	4.5x	21%	25%	20%	—	45%	$27M
Singtel	3.6%	$4	+26%	$62B	5.8x	4%	52%	29%	20%	32%	$526K
Sea	3.1%	$88	-45%	$54B	1.4x	27%	46%	12%	14%	43%	$284K
United Overseas Bank	2.8%	$29	+5%	$48B	7.4x	3%	—	—	—	—	$340K
Bank Central Asia	2.5%	$0	-37%	$43B	6.1x	3%	—	—	—	—	$253K
Maybank	2.0%	$3	+13%	$34B	5.6x	-1%	—	—	—	—	$191K
PTT	1.9%	$1	+24%	$32B	0.6x	2%	16%	14%	6%	22%	$24M
Gulf Development	1.6%	$2	+33%	$28B	9.1x	3%	23%	24%	19%	26%	$3M
DCI Indonesia	1.6%	$12	+25%	$28B	—	—	—	—	—	—	$892K
Bank Rakyat Indonesia	1.6%	$0	-32%	$27B	2.9x	-3%	—	—	—	—	$173K
International Container Terminal Services	1.5%	$13	+89%	$26B	—	—	—	—	—	—	$288K
ST Engineering	1.5%	$8	+32%	$25B	2.6x	9%	24%	14%	8%	24%	$357K
Barito Renewables	1.4%	$0	-52%	$24B	—	—	—	—	—	—	$845K
Public Bank	1.4%	$1	+14%	$24B	7.1x	4%	—	—	—	—	$178K
Airports Of Thailand	1.4%	$2	+59%	$23B	10.0x	14%	52%	60%	28%	67%	$45M
Bank Mandiri	1.3%	$0	-24%	$22B	3.7x	3%	—	—	—	—	$236K
CIMB Group	1.3%	$2	+14%	$22B	4.9x	4%	—	—	—	—	$172K
Tenaga Nasional	1.3%	$4	+4%	$22B	2.3x	1%	31%	32%	6%	32%	$496K
Jardines	1.2%	$73	+65%	$21B	—	—	—	—	—	—	$81K
Bayan Resources	1.2%	$1	-46%	$21B	—	—	—	—	—	—	$826K
Chandra Asri Group	1.2%	$0	-56%	$21B	—	—	—	—	—	—	$3M
IHH Healthcare	1.2%	$2	+31%	$20B	3.2x	8%	71%	22%	10%	32%	$95K
Vietcombank	1.1%	$2	+7%	$19B	6.2x	16%	—	—	—	—	$161K
Wilmar International	1.1%	$3	+24%	$19B	0.5x	7%	4%	5%	1%	14%	$704K
PTTEP	1.1%	$5	+53%	$18B	2.0x	5%	49%	71%	2%	85%	$2M
Singapore Exchange	1.0%	$17	+50%	$18B	13.5x	8%	58%	64%	50%	71%	$900K
Telkom Indonesia	1.0%	$0	+1%	$17B	2.2x	3%	45%	51%	22%	55%	$389K
Singapore Airlines	0.9%	$5	-10%	$16B	1.0x	5%	11%	20%	3%	26%	$576K
True Corporation	0.9%	$0	+20%	$16B	4.8x	-4%	36%	60%	26%	57%	$849K
Amman Mineral Internasion	0.9%	$0	-48%	$15B	4.3x	68%	55%	53%	38%	201%	$334K
Keppel	0.9%	$8	—	$15B	4.3x	10%	26%	21%	9%	31%	$895K
Grab	0.8%	$4	-27%	$15B	2.3x	21%	47%	19%	17%	39%	$268K
Krungthai Bank	0.8%	$1	+51%	$14B	5.7x	-6%	—	—	—	—	$311K
Kasikornbank	0.8%	$6	+27%	$14B	3.9x	-9%	—	—	—	—	$214K
SCB X	0.8%	$4	+11%	$14B	5.5x	-7%	—	—	—	—	$175K
Astra International	0.8%	$0	+14%	$13B	0.9x	-2%	22%	17%	8%	15%	$96K
CP All	0.7%	$1	-1%	$13B	0.8x	1%	24%	9%	3%	14%	$177K
BIDV	0.7%	$2	+19%	$12B	6.0x	13%	—	—	—	—	$138K
SM Investments	0.7%	$10	-31%	$12B	2.6x	55%	72%	68%	19%	38%	$25M
Great Eastern Life	0.7%	$12	—	$12B	—	—	—	—	—	—	$2M
Manila Electric	0.7%	$10	+10%	$12B	—	—	—	—	—	—	$412K
Hong Leong Bank	0.7%	$6	+13%	$12B	6.8x	7%	—	—	—	—	$193K
Barito Pacific	0.6%	$0	+59%	$11B	0.9x	53%	—	7%	—	128%	$2M
VietinBank	0.6%	$1	+33%	$11B	4.2x	14%	—	—	—	—	$139K
BDO Unibank	0.6%	$2	-30%	$10B	—	—	—	—	—	—	$93K
Bangkok Bank	0.6%	$5	+15%	$10B	5.8x	-9%	—	—	—	—	$208K
CelcomDigi	0.6%	$1	-14%	$10B	3.8x	1%	47%	44%	23%	46%	$1M
MISC	0.5%	$2	+9%	$9B	3.4x	10%	60%	38%	15%	54%	$274K
RHB Bank	0.5%	$2	+28%	$9B	4.7x	5%	—	—	—	—	$169K
Petronas Gas	0.5%	$5	+1%	$9B	5.4x	1%	35%	55%	25%	57%	$876K
Techcombank	0.5%	$1	+10%	$9B	7.9x	17%	—	—	—	—	$185K
Dian Swastatika Sentosa	0.5%	$0	-98%	$9B	—	—	—	—	—	—	$1M
Mayapada Hospital	0.5%	$1	+318%	$9B	—	—	—	—	—	—	$35K
Bangkok Dusit Medical Services	0.5%	$1	-15%	$9B	2.6x	0%	36%	25%	12%	27%	$63K
VinFast	0.5%	$4	+18%	$9B	2.0x	49%	-8%	-22%	—	38%	$202K
YTL Power International	0.5%	$1	+26%	$9B	2.7x	8%	43%	27%	3%	32%	$575K
SM Prime Holdings	0.5%	$0	-19%	$9B	—	—	—	—	—	—	$197K
VPBank	0.5%	$1	+57%	$9B	5.2x	24%	—	—	—	—	$532K
Sembcorp	0.5%	$5	-8%	$9B	2.5x	23%	28%	25%	-12%	49%	$858K
ThaiBev	0.5%	$0	-9%	$8B	1.3x	3%	—	16%	8%	18%	$177K
Bank Negara Indonesia	0.5%	$0	-17%	$8B	2.8x	5%	—	—	—	—	$141K
Military Commercial	0.5%	$1	+39%	$8B	5.3x	25%	—	—	—	—	$173K
Bank of the Philippine Islands	0.5%	$1	-37%	$8B	—	—	—	—	—	—	$133K
PetroVietnam Gas	0.4%	$3	+34%	$8B	1.1x	6%	20%	13%	6%	20%	$2M
Indoritel	0.4%	$1	-8%	$8B	—	—	—	—	—	—	$162K
Ayala	0.4%	$7	-26%	$7B	—	—	—	—	—	—	$21M
Telekom Malaysia	0.4%	$2	+16%	$7B	2.4x	2%	54%	37%	13%	40%	$170K
Maxis	0.4%	$1	+2%	$7B	3.4x	2%	45%	40%	23%	43%	$831K
Chandra Daya Investasi	0.4%	$0	—	$7B	—	—	—	—	—	—	$453K
99 Speedmart	0.4%	$1	+60%	$7B	2.1x	11%	13%	10%	6%	23%	$128K
Bank Permata	0.4%	$0	+32%	$7B	—	—	—	—	—	—	$101K
UOL Group	0.4%	$8	+77%	$7B	4.2x	-9%	45%	36%	24%	23%	$1M
TMBThanachart Bank	0.4%	$0	+18%	$7B	5.0x	-3%	—	—	—	—	$153K
Merdeka Gold Resources	0.4%	$0	—	$7B	15.6x	185%	51%	64%	-6%	311139%	$1K
YTL Corp	0.4%	$1	+18%	$6B	1.8x	5%	—	26%	-3%	31%	$447K
Sinar Mas Multiartha	0.4%	$1	+4%	$6B	—	—	—	—	—	—	$160K
Bank Of Ayudhya	0.4%	$1	+22%	$6B	3.2x	-2%	—	—	—	—	$90K
Airports Corporation of Vietnam	0.4%	$2	-25%	$6B	5.3x	9%	49%	66%	-95%	73%	$93K
Nestlé Malaysia	0.3%	$26	+27%	$6B	3.3x	4%	31%	15%	10%	20%	$351K
Seatrium	0.3%	$2	+9%	$6B	0.8x	-6%	14%	10%	2%	3%	$381K
Sunway Healthcare	0.3%	$0	—	$5B	8.0x	18%	64%	25%	-1%	43%	$67K
AmBank Group	0.3%	$2	+23%	$5B	6.0x	6%	—	—	—	—	$149K
Techcom Securities	0.3%	$2	—	$5B	9.9x	21%	—	—	—	—	$875K
Axiata Group	0.3%	$1	+11%	$5B	2.7x	5%	—	45%	23%	52%	$288K
Thai Airways	0.3%	$0	—	$5B	0.9x	1%	22%	24%	7%	27%	$498K
Aboitiz Power	0.3%	$1	+21%	$5B	—	—	—	—	—	—	$757K
MyMesra	0.3%	$5	+3%	$5B	0.4x	1%	—	5%	3%	8%	$7M
Westports Holdings	0.3%	$1	+28%	$5B	6.9x	5%	70%	64%	29%	55%	$142K
San Miguel Food	0.3%	$1	+0%	$5B	0.8x	3%	—	18%	—	23%	$611K
Metrobank	0.3%	$1	-14%	$5B	—	—	—	—	—	—	$158K
FPT Corp.	0.3%	$3	-28%	$5B	1.7x	1%	29%	22%	18%	14%	$49K
Vinamilk	0.3%	$2	+9%	$5B	1.6x	5%	42%	20%	13%	25%	$255K
Mobile World Investment Corp.	0.3%	$3	+31%	$5B	0.5x	16%	20%	6%	4%	25%	$147K
PTT Oil and Retail	0.3%	$0	+7%	$5B	0.2x	-1%	7%	3%	1%	6%	$11M
Indofood CBP	0.3%	$0	-40%	$5B	1.2x	4%	35%	23%	10%	29%	$124K
Hafnia	0.3%	$9	+73%	$4B	4.9x	5%	71%	66%	68%	23%	$460K
PLDT	0.3%	$20	-1%	$4B	0.5x	10%	38%	27%	17%	478%	$1M