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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

$2.1T

cumulative
enterprise value

2.7x

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.

+37.3%

Multiples SEA Titans Index

Data as of 04 October 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 October 4, 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 October 4, 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	$172B	$111B	$97B
EV/Revenue (NTM)	8.6x	8.5x	9.3x
EV/Gross Profit (NTM)	-	-	29.2x
EV/EBITDA (NTM)	-	-	50.7x
EV/FCF (NTM)	-	-	128.9x
Revenue Growth	7%	7%	31%
Gross Margin (NTM)	-	-	32%
EBITDA Margin (NTM)	-	-	18%
FCF Margin (NTM)	-	-	7%
Rule of 40	-	-	60%
Rule of X	-	-	124%

Data as of October 4, 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	10.0%	$60	+46%	$172B	8.6x	7%	-	-	-	-	$437K
OCBC Bank	6.5%	$25	+89%	$111B	8.5x	7%	-	-	-	-	$338K
Delta Electronics (Thailand)	5.6%	$8	+16%	$97B	9.3x	31%	32%	18%	7%	60%	$600K
Vingroup	3.8%	$9	+122%	$65B	3.9x	51%	29%	18%	-	49%	$27M
Sea	3.4%	$95	-39%	$58B	1.4x	26%	47%	12%	12%	49%	$284K
United Overseas Bank	3.2%	$34	+26%	$56B	4.8x	5%	-	-	-	-	$337K
Singtel	3.1%	$3	+2%	$54B	5.1x	4%	71%	28%	16%	40%	$531K
Bank Central Asia	2.4%	$0	-34%	$42B	6.0x	6%	-	-	-	-	$241K
PTT	2.0%	$1	+30%	$35B	0.8x	-3%	16%	15%	6%	27%	$22M
Maybank	1.7%	$2	+4%	$30B	3.8x	1%	-	-	-	-	$155K
International Container Terminal Services	1.6%	$14	+52%	$28B	7.8x	13%	73%	66%	44%	80%	$288K
ST Engineering	1.6%	$9	+31%	$27B	2.7x	10%	20%	14%	7%	24%	$353K
DCI Indonesia	1.6%	$11	-28%	$27B	-	-	-	-	-	-	$875K
Gulf Development	1.5%	$2	+29%	$26B	8.6x	4%	27%	24%	11%	29%	$3M
Bank Rakyat Indonesia	1.5%	$0	-28%	$26B	1.9x	2%	-	-	-	-	$127K
Airports Of Thailand	1.5%	$2	+39%	$25B	10.7x	21%	55%	63%	36%	65%	$43M
Public Bank	1.3%	$1	+13%	$22B	5.7x	4%	-	-	-	-	$170K
Bayan Resources	1.3%	$1	-40%	$22B	-	-	-	-	-	-	$826K
Barito Renewables	1.2%	$0	-70%	$21B	26.2x	47%	-	85%	-	119%	$845K
Bank Mandiri	1.2%	$0	-21%	$21B	2.4x	3%	-	-	-	-	$201K
CIMB Group	1.2%	$2	+8%	$20B	3.5x	3%	-	-	-	-	$166K
Tenaga Nasional	1.1%	$3	+0%	$18B	2.2x	2%	30%	32%	6%	33%	$475K
Vietcombank	1.1%	$2	-5%	$18B	4.8x	15%	-	-	-	-	$155K
Singapore Exchange	1.0%	$16	+26%	$18B	12.4x	7%	61%	65%	51%	65%	$1M
Krungthai Bank	1.0%	$1	+48%	$17B	3.8x	-2%	-	-	-	-	$283K
PTTEP	1.0%	$4	+31%	$17B	2.0x	0%	48%	71%	3%	90%	$1M
Amman Mineral Internasion	1.0%	$0	-45%	$17B	4.8x	26%	51%	58%	22%	183%	$334K
Wilmar International	1.0%	$3	+13%	$17B	0.5x	8%	8%	5%	1%	20%	$704K
IHH Healthcare	1.0%	$2	-3%	$17B	2.8x	9%	71%	23%	12%	32%	$90K
Kasikornbank	1.0%	$7	+22%	$17B	2.8x	-2%	-	-	-	-	$195K
Singapore Airlines	1.0%	$5	+7%	$16B	0.9x	4%	14%	20%	0%	26%	$552K
Jardines	0.9%	$55	-6%	$16B	1.5x	2%	14%	17%	4%	10%	$77K
Keppel	0.9%	$9	+10%	$15B	3.9x	12%	26%	18%	6%	39%	$891K
SCB X	0.9%	$4	+10%	$15B	3.0x	-2%	-	-	-	-	$170K
Great Eastern Life	0.8%	$15	+31%	$15B	-	-	-	-	-	-	$2M
True Corporation	0.8%	$0	+10%	$13B	4.5x	-1%	36%	61%	32%	57%	$788K
Grab	0.7%	$3	-49%	$13B	1.8x	23%	47%	20%	15%	41%	$281K
Telkom Indonesia	0.7%	$0	-35%	$12B	1.7x	2%	48%	50%	22%	52%	$378K
YTL Power International	0.7%	$1	+46%	$12B	3.3x	8%	32%	29%	-7%	33%	$559K
MoraRepublic	0.7%	$0	+179%	$12B	-	-	-	-	-	-	$241K
CP All	0.7%	$1	-10%	$11B	0.9x	2%	24%	9%	3%	14%	$163K
Hong Leong Bank	0.7%	$6	+13%	$11B	6.4x	6%	-	-	-	-	$194K
Bangkok Bank	0.6%	$6	+13%	$11B	2.2x	-3%	-	-	-	-	$202K
BIDV	0.6%	$1	-7%	$10B	2.4x	13%	-	-	-	-	$117K
J&T Global Express	0.6%	$1	-16%	$10B	0.6x	20%	15%	9%	4%	38%	$78K
SD Guthrie	0.6%	$1	-	$10B	2.2x	4%	30%	23%	10%	30%	$62K
Astra International	0.6%	$0	-30%	$10B	1.0x	2%	20%	16%	8%	12%	$90K
Dian Swastatika Sentosa	0.6%	$0	-69%	$9.8B	-	-	-	-	-	-	$1M
SM Investments	0.6%	$8	-36%	$9.6B	2.0x	3%	40%	27%	14%	31%	$25M
BDO Unibank	0.5%	$2	-22%	$9.4B	1.8x	7%	-	-	-	-	$85K
Bangkok Dusit Medical Services	0.5%	$1	-3%	$9B	2.7x	2%	34%	25%	13%	27%	$58K
VietinBank	0.5%	$1	-12%	$8.9B	2.1x	13%	-	-	-	-	$124K
Mayapada Hospital	0.5%	$1	+3%	$8.9B	-	-	-	-	-	-	$35K
VPBank	0.5%	$1	-21%	$8.8B	2.1x	24%	-	-	-	-	$540K
Techcombank	0.5%	$1	-9%	$8.8B	3.3x	18%	-	-	-	-	$184K
ThaiBev	0.5%	$0	-9%	$8.4B	1.6x	5%	36%	16%	11%	18%	$170K
Petronas Gas	0.5%	$4	-5%	$8.3B	5.3x	0%	35%	55%	22%	57%	$836K
MISC	0.5%	$2	-1%	$8.2B	3.0x	3%	60%	40%	19%	60%	$262K
Chandra Asri Group	0.5%	$0	-77%	$8.2B	0.9x	13%	28%	13%	-1%	88%	$3M
Jardine Cycle & Carriage	0.5%	$21	-17%	$8.2B	1.2x	-3%	18%	19%	9%	7%	$106K
Sembcorp	0.5%	$5	-9%	$8.1B	2.5x	30%	18%	23%	3%	64%	$848K
Bank of the Philippine Islands	0.5%	$2	-16%	$7.9B	2.2x	9%	-	-	-	-	$130K
RHB Bank	0.5%	$2	+13%	$7.9B	3.4x	4%	-	-	-	-	$162K
Bank Of Ayudhya	0.5%	$1	+42%	$7.8B	1.5x	1%	-	-	-	-	$81K
Indoritel	0.5%	$1	+1%	$7.8B	-	-	-	-	-	-	$159K
TMBThanachart Bank	0.4%	$0	+54%	$7.7B	3.8x	0%	-	-	-	-	$148K
Manila Electric	0.4%	$7	-33%	$7.5B	1.2x	2%	23%	15%	3%	19%	$405K
Barito Pacific	0.4%	$0	-62%	$7.4B	1.3x	3%	29%	13%	0%	95%	$1M
Telekom Malaysia	0.4%	$2	+10%	$7.4B	2.6x	1%	57%	38%	13%	40%	$162K
PetroVietnam Gas	0.4%	$3	+33%	$7.3B	0.9x	6%	15%	12%	6%	29%	$2M
CelcomDigi	0.4%	$1	-28%	$7.2B	3.2x	1%	53%	44%	24%	46%	$1M
SM Prime Holdings	0.4%	$0	-34%	$7.2B	6.3x	-1%	68%	66%	33%	60%	$195K
Sinar Mas Multiartha	0.4%	$1	+43%	$7.1B	-	-	-	-	-	-	$216K
VinFast	0.4%	$3	-5%	$7.1B	1.9x	50%	-12%	-18%	-	10%	$195K
Bank Negara Indonesia	0.4%	$0	-28%	$7.1B	1.8x	6%	-	-	-	-	$119K
Masan Consumer	0.4%	$5	-	$6.9B	4.8x	11%	47%	26%	20%	39%	-
Military Commercial	0.4%	$1	-7%	$6.8B	1.8x	23%	-	-	-	-	$165K
Maxis	0.4%	$1	-5%	$6.7B	3.3x	1%	51%	40%	24%	43%	$792K
YTL Corp	0.4%	$1	-12%	$6.4B	2.0x	6%	-	27%	11%	36%	$442K
Merdeka Gold Resources	0.4%	$0	+75%	$6.3B	10.0x	321%	59%	65%	-40%	361677%	$1K
99 Speedmart	0.4%	$1	+0%	$6.3B	1.9x	9%	23%	11%	7%	23%	$122K
Petrovietnam Refining	0.3%	$1	+86%	$5.9B	0.9x	-8%	12%	14%	18%	55%	$3M
Sunway Healthcare	0.3%	$1	-	$5.8B	7.9x	18%	64%	25%	6%	46%	$76K
Westports Holdings	0.3%	$2	+35%	$5.7B	7.2x	5%	70%	67%	31%	66%	$137K
Capital Financial	0.3%	$0	+58%	$5.7B	-	-	-	-	-	-	$319K
Vinpearl	0.3%	$3	-	$5.5B	5.9x	-	43%	29%	-	51%	$61K
Airports Corporation of Vietnam	0.3%	$2	-28%	$5.4B	4.4x	13%	41%	54%	-17%	61%	$93K
Seatrium	0.3%	$2	-5%	$5.4B	0.8x	-8%	10%	11%	5%	6%	$376K
Central Retail	0.3%	$1	+40%	$5.3B	1.2x	2%	28%	13%	4%	18%	$112K
UOL Group	0.3%	$6	+3%	$5.3B	5.6x	-1%	36%	36%	10%	21%	$1M
Hafnia	0.3%	$10	+56%	$5.3B	5.1x	-5%	74%	69%	62%	29%	$460K
Aboitiz Power	0.3%	$1	+4%	$5.2B	2.7x	3%	41%	29%	13%	39%	$743K
Ayala	0.3%	$8	+3%	$5.2B	3.3x	8%	38%	35%	13%	47%	$20M
AmBank Group	0.3%	$2	+15%	$5.2B	3.9x	4%	-	-	-	-	$155K
Nestlé Malaysia	0.3%	$22	-19%	$5.1B	2.9x	4%	31%	15%	10%	21%	$335K
ViTrox	0.3%	$3	+138%	$4.8B	12.1x	25%	42%	27%	10%	94%	$220K
Charoen Pokphand Foods	0.3%	$1	-4%	$4.8B	1.2x	0%	15%	12%	3%	13%	$128K
Thai Airways	0.3%	$0	-45%	$4.8B	0.8x	5%	16%	24%	6%	28%	$459K
Thaioil	0.3%	$2	+91%	$4.7B	0.6x	-6%	13%	9%	2%	38%	$24M
MyMesra	0.3%	$5	-13%	$4.7B	0.3x	0%	-	5%	3%	17%	$7M