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.

+32.1%

Multiples SEA Titans Index

Data as of 23 April 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 April 23, 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 April 23, 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	$127B	$118B	$80B
EV/Revenue (NTM)	10.0x	14.1x	8.4x
EV/Gross Profit (NTM)	—	51.3x	—
EV/EBITDA (NTM)	—	75.8x	—
EV/FCF (NTM)	—	177.7x	—
Revenue Growth	2%	22%	3%
Gross Margin (NTM)	—	28%	—
EBITDA Margin (NTM)	—	19%	—
FCF Margin (NTM)	—	8%	—
Rule of 40	—	45%	—
Rule of X	—	85%	—

Data as of April 23, 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	7.2%	$45	+35%	$127B	10.0x	2%	—	—	—	—	$441K
Delta Electronics (Thailand)	6.6%	$9	+213%	$118B	14.1x	22%	28%	19%	8%	45%	$223K
OCBC Bank	4.5%	$18	+40%	$80B	8.4x	3%	—	—	—	—	$344K
Singtel	3.5%	$4	+27%	$62B	5.8x	4%	51%	29%	19%	32%	$529K
Vingroup	3.1%	$7	+469%	$55B	4.6x	9%	16%	12%	1%	17%	$27M
Sea	3.0%	$86	-36%	$53B	1.5x	25%	45%	12%	13%	40%	$284K
United Overseas Bank	2.7%	$29	+7%	$48B	7.4x	3%	—	—	—	—	$340K
Bank Central Asia	2.6%	$0	-28%	$46B	6.6x	4%	—	—	—	—	$253K
Barito Renewables	2.4%	$0	-11%	$42B	—	—	—	—	—	—	$845K
Maybank	1.9%	$3	+11%	$34B	5.6x	-2%	—	—	—	—	$191K
Advanced Info Service	1.8%	$11	+20%	$32B	5.1x	2%	41%	54%	27%	58%	$364K
Chandra Asri Group	1.7%	$0	-22%	$31B	—	—	—	—	—	—	$3M
PTT	1.7%	$1	+11%	$30B	0.5x	4%	17%	14%	4%	22%	$24M
Bank Rakyat Indonesia	1.6%	$0	-17%	$29B	2.8x	-2%	—	—	—	—	$173K
DCI Indonesia	1.6%	$12	+19%	$28B	—	—	—	—	—	—	$915K
ST Engineering	1.5%	$9	+52%	$28B	2.8x	9%	24%	14%	9%	24%	$357K
Gulf Development	1.5%	$2	+20%	$27B	8.7x	4%	24%	22%	19%	26%	$3M
Bank Mandiri	1.5%	$0	-4%	$26B	4.0x	4%	—	—	—	—	$236K
Airports Of Thailand	1.4%	$2	+44%	$24B	10.2x	14%	52%	60%	29%	68%	$45M
Bayan Resources	1.3%	$1	-38%	$24B	—	—	—	—	—	—	$826K
International Container Terminal Services	1.3%	$12	+105%	$24B	—	—	—	—	—	—	$288K
Public Bank	1.3%	$1	+6%	$23B	6.8x	4%	—	—	—	—	$178K
Amman Mineral Internasion	1.3%	$0	-24%	$23B	6.0x	89%	55%	55%	18%	202%	$334K
Dian Swastatika Sentosa	1.3%	$0	-95%	$23B	—	—	—	—	—	—	$1M
Jardines	1.2%	$73	+65%	$22B	—	—	—	—	—	—	$81K
Tenaga Nasional	1.2%	$4	+4%	$21B	2.3x	1%	31%	32%	6%	33%	$496K
CIMB Group	1.2%	$2	+8%	$21B	4.8x	3%	—	—	—	—	$172K
IHH Healthcare	1.1%	$2	+26%	$20B	3.1x	8%	71%	22%	11%	32%	$95K
Wilmar International	1.1%	$3	+27%	$19B	0.5x	6%	7%	5%	2%	12%	$704K
Vietcombank	1.1%	$2	+4%	$19B	6.1x	16%	—	—	—	—	$161K
Singapore Exchange	1.0%	$17	+51%	$18B	14.1x	8%	57%	64%	48%	71%	$905K
PTTEP	1.0%	$4	+44%	$18B	1.9x	6%	50%	71%	1%	84%	$2M
Telkom Indonesia	1.0%	$0	+13%	$17B	2.2x	2%	39%	50%	23%	52%	$404K
Grab	0.9%	$4	-17%	$17B	2.7x	22%	46%	19%	18%	39%	$268K
Singapore Airlines	0.9%	$5	-3%	$16B	1.1x	5%	13%	21%	2%	26%	$552K
Astra International	0.9%	$0	+36%	$15B	1.0x	0%	23%	17%	7%	16%	$96K
True Corporation	0.8%	$0	+19%	$15B	4.7x	-3%	36%	59%	25%	57%	$849K
Krungthai Bank	0.8%	$1	+51%	$14B	5.6x	-7%	—	—	—	—	$311K
SCB X	0.8%	$4	+14%	$14B	5.1x	-7%	—	—	—	—	$178K
Kasikornbank	0.8%	$6	+16%	$14B	3.5x	-10%	—	—	—	—	$214K
CP All	0.7%	$1	-10%	$13B	0.8x	2%	24%	9%	3%	14%	$177K
SM Investments	0.7%	$10	-30%	$13B	2.7x	64%	72%	67%	19%	36%	$26M
Barito Pacific	0.7%	$0	+200%	$12B	1.4x	36%	31%	10%	1%	68%	$2M
Manila Electric	0.7%	$11	+10%	$12B	—	—	—	—	—	—	$422K
Hong Leong Bank	0.7%	$6	+12%	$12B	7.0x	7%	—	—	—	—	$192K
Great Eastern Life	0.7%	$12	—	$12B	—	—	—	—	—	—	$2M
VinFast	0.6%	$5	+38%	$11B	2.2x	51%	-9%	-25%	—	30%	$94K
Mayapada Hospital	0.6%	$1	+407%	$11B	—	—	—	—	—	—	$44K
BIDV	0.6%	$2	+19%	$11B	5.0x	13%	—	—	—	—	$138K
BDO Unibank	0.6%	$2	-27%	$11B	—	—	—	—	—	—	$95K
VietinBank	0.6%	$1	+35%	$10B	4.4x	15%	—	—	—	—	$139K
Bangkok Bank	0.6%	$5	+20%	$10B	5.3x	-9%	—	—	—	—	$211K
Sembcorp	0.5%	$5	+5%	$10B	2.7x	24%	28%	25%	-14%	49%	$858K
SM Prime Holdings	0.5%	$0	-19%	$10B	—	—	—	—	—	—	$202K
MISC	0.5%	$2	+10%	$9B	3.4x	11%	61%	38%	18%	55%	$274K
Bangkok Dusit Medical Services	0.5%	$1	-22%	$9B	2.6x	1%	35%	25%	12%	28%	$62K
RHB Bank	0.5%	$2	+23%	$9B	4.7x	4%	—	—	—	—	$169K
Petronas Gas	0.5%	$5	+3%	$9B	5.4x	1%	35%	54%	27%	58%	$893K
CelcomDigi	0.5%	$1	-23%	$9B	3.6x	1%	47%	44%	20%	46%	$1M
Techcombank	0.5%	$1	+24%	$9B	7.8x	17%	—	—	—	—	$185K
Ayala	0.5%	$8	-17%	$9B	—	—	—	—	—	—	$21M
Bank of the Philippine Islands	0.5%	$2	-32%	$8B	—	—	—	—	—	—	$136K
YTL Power International	0.5%	$1	+12%	$8B	2.6x	7%	35%	28%	4%	33%	$572K
Chandra Daya Investasi	0.5%	$0	—	$8B	—	—	—	—	—	—	$453K
Bank Negara Indonesia	0.5%	$0	-9%	$8B	2.9x	6%	—	—	—	—	$141K
VPBank	0.5%	$1	+66%	$8B	4.8x	25%	—	—	—	—	$532K
ThaiBev	0.5%	$0	-18%	$8B	1.3x	3%	—	16%	8%	18%	$178K
Merdeka Gold Resources	0.5%	$1	—	$8B	19.2x	228%	52%	65%	0%	311139%	$28K
Military Commercial	0.5%	$1	+47%	$8B	5.1x	25%	—	—	—	—	$173K
Indoritel	0.4%	$1	-5%	$8B	—	—	—	—	—	—	$140K
Moratelindo	0.4%	$0	+1173%	$8B	—	—	—	—	—	—	$252K
99 Speedmart	0.4%	$1	+56%	$8B	2.2x	11%	13%	10%	6%	23%	$128K
PetroVietnam Gas	0.4%	$3	+39%	$7B	1.0x	6%	30%	13%	6%	21%	$2M
UOL Group	0.4%	$9	+88%	$7B	4.4x	-9%	45%	36%	24%	23%	$1M
Bank Permata	0.4%	$0	+48%	$7B	—	—	—	—	—	—	$104K
Maxis	0.4%	$1	-5%	$7B	3.3x	2%	45%	40%	21%	43%	$829K
Telekom Malaysia	0.4%	$2	+2%	$7B	2.2x	2%	55%	37%	13%	41%	$170K
TMBThanachart Bank	0.4%	$0	+25%	$7B	5.1x	-3%	—	—	—	—	$155K
Bank Of Ayudhya	0.4%	$1	+22%	$6B	3.2x	-1%	—	—	—	—	$90K
Seatrium	0.4%	$2	+24%	$6B	0.9x	-5%	10%	10%	7%	4%	$381K
Airports Corporation of Vietnam	0.3%	$2	-21%	$6B	5.5x	8%	50%	65%	-110%	70%	$93K
Nestlé Malaysia	0.3%	$25	+13%	$6B	3.3x	4%	31%	15%	10%	20%	$351K
YTL Corp	0.3%	$1	+2%	$6B	1.7x	8%	—	26%	-1%	32%	$444K
Techcom Securities	0.3%	$2	—	$5B	10.0x	20%	—	—	—	—	$875K
Aboitiz Power	0.3%	$1	+17%	$5B	—	—	—	—	—	—	$775K
AmBank Group	0.3%	$2	+22%	$5B	5.9x	6%	—	—	—	—	$148K
Axiata Group	0.3%	$1	+6%	$5B	2.5x	10%	1%	46%	20%	60%	$288K
MyMesra	0.3%	$5	+4%	$5B	0.4x	1%	—	5%	3%	9%	$7M
Sinar Mas Multiartha	0.3%	$1	-13%	$5B	—	—	—	—	—	—	$164K
San Miguel Food	0.3%	$1	-1%	$5B	0.8x	4%	—	18%	—	23%	$611K
Metrobank	0.3%	$1	-13%	$5B	—	—	—	—	—	—	$161K
Binh Son Refining	0.3%	$1	+162%	$5B	0.6x	13%	—	27%	20%	52%	$3M
Vinamilk	0.3%	$2	+7%	$5B	1.7x	5%	42%	21%	12%	26%	$255K
Westports Holdings	0.3%	$1	+31%	$5B	6.6x	7%	72%	63%	34%	56%	$142K
FPT Corp.	0.3%	$3	-21%	$5B	1.5x	5%	35%	23%	14%	23%	$49K
Indofood CBP	0.3%	$0	-38%	$5B	1.2x	5%	35%	23%	8%	28%	$123K
Mobile World Investment Corp.	0.3%	$3	+41%	$5B	0.6x	16%	20%	6%	4%	24%	$147K
PLDT	0.3%	$21	-3%	$5B	0.5x	10%	38%	27%	17%	465%	$1M
PTT Oil and Retail	0.3%	$0	-15%	$5B	0.2x	0%	7%	3%	2%	6%	$11M
Bumrungrad Hospital	0.2%	$5	+6%	$4B	4.7x	1%	52%	40%	24%	42%	$192K