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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

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.

+26.1%

Multiples SEA Titans Index

Data as of 01 July 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 July 1, 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 July 1, 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	$144B	$122B	$86B
EV/Revenue (NTM)	7.7x	13.0x	7.2x
EV/Gross Profit (NTM)	-	39.9x	-
EV/EBITDA (NTM)	-	67.1x	-
EV/FCF (NTM)	-	152.8x	-
Revenue Growth	3%	27%	3%
Gross Margin (NTM)	-	33%	-
EBITDA Margin (NTM)	-	19%	-
FCF Margin (NTM)	-	9%	-
Rule of 40	-	58%	-
Rule of X	-	115%	-

Data as of July 1, 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	8.5%	$51	+35%	$144B	7.7x	3%	-	-	-	-	$441K
Delta Electronics (Thailand)	7.2%	$10	+116%	$122B	13.0x	27%	33%	19%	9%	58%	$223K
OCBC Bank	5.1%	$19	+45%	$86B	7.2x	3%	-	-	-	-	$344K
Vingroup	3.7%	$8	+303%	$63B	4.0x	24%	27%	21%	-	55%	$27M
Sea	3.5%	$96	-39%	$59B	1.5x	26%	46%	12%	14%	44%	$284K
Singtel	3.3%	$3	+12%	$56B	5.3x	4%	49%	28%	16%	40%	$531K
United Overseas Bank	3.0%	$31	+9%	$51B	7.6x	3%	-	-	-	-	$340K
Bank Central Asia	2.3%	$0	-36%	$38B	5.4x	3%	-	-	-	-	$253K
Maybank	1.9%	$3	+11%	$32B	5.6x	-3%	-	-	-	-	$191K
PTT	1.8%	$1	+4%	$30B	0.6x	0%	16%	14%	6%	22%	$24M
International Container Terminal Services	1.7%	$15	+93%	$29B	-	-	-	-	-	-	$288K
Gulf Development	1.6%	$2	+27%	$28B	9.1x	3%	23%	24%	18%	25%	$3M
Airports Of Thailand	1.6%	$2	+52%	$28B	11.9x	16%	54%	61%	33%	65%	$45M
ST Engineering	1.5%	$8	+17%	$25B	2.6x	8%	24%	14%	8%	23%	$357K
DCI Indonesia	1.4%	$10	-51%	$24B	-	-	-	-	-	-	$875K
Barito Renewables	1.4%	$0	-63%	$23B	-	-	-	-	-	-	$845K
Bank Rakyat Indonesia	1.4%	$0	-30%	$23B	2.6x	-2%	-	-	-	-	$173K
Public Bank	1.4%	$1	+10%	$23B	6.9x	2%	-	-	-	-	$178K
Bayan Resources	1.3%	$1	-42%	$21B	-	-	-	-	-	-	$826K
Tenaga Nasional	1.2%	$4	+6%	$20B	2.3x	1%	31%	31%	5%	33%	$495K
Bank Mandiri	1.2%	$0	-19%	$20B	3.4x	2%	-	-	-	-	$236K
Singapore Exchange	1.2%	$19	+49%	$20B	15.0x	9%	60%	65%	49%	74%	$896K
Vietcombank	1.2%	$2	+2%	$20B	6.2x	16%	-	-	-	-	$161K
CIMB Group	1.2%	$2	+9%	$20B	4.7x	2%	-	-	-	-	$172K
Singapore Airlines	1.1%	$6	+12%	$19B	1.2x	5%	5%	20%	1%	27%	$576K
MoraRepublic	1.1%	$0	+1709%	$18B	-	-	-	-	-	-	$241K
IHH Healthcare	1.1%	$2	+22%	$18B	2.9x	7%	71%	22%	11%	32%	$95K
Jardines	1.1%	$62	+13%	$18B	-	-	-	-	-	-	$77K
Wilmar International	1.0%	$3	+21%	$17B	0.5x	9%	6%	5%	3%	17%	$704K
PTTEP	0.9%	$4	+3%	$16B	1.8x	3%	48%	71%	2%	87%	$2M
Krungthai Bank	0.9%	$1	+68%	$16B	6.0x	-5%	-	-	-	-	$311K
Kasikornbank	0.9%	$7	+31%	$16B	4.1x	-8%	-	-	-	-	$214K
Grab	0.9%	$4	-23%	$15B	2.4x	21%	47%	19%	16%	40%	$268K
Keppel	0.9%	$8	+29%	$15B	4.2x	11%	26%	20%	9%	34%	$895K
SCB X	0.9%	$4	+14%	$15B	5.8x	-6%	-	-	-	-	$173K
True Corporation	0.8%	$0	+23%	$13B	4.5x	-4%	36%	60%	28%	57%	$849K
Telkom Indonesia	0.8%	$0	-23%	$13B	1.7x	1%	47%	50%	23%	53%	$389K
CP All	0.7%	$1	-4%	$13B	0.8x	1%	24%	9%	3%	14%	$177K
Amman Mineral Internasion	0.7%	$0	-65%	$13B	4.0x	48%	47%	53%	27%	186%	$334K
Great Eastern Life	0.7%	$13	-	$12B	-	-	-	-	-	-	$2M
BIDV	0.7%	$2	+11%	$12B	6.1x	11%	-	-	-	-	$138K
SM Investments	0.7%	$10	-30%	$12B	2.5x	41%	72%	68%	21%	39%	$25M
Hong Leong Bank	0.6%	$5	+9%	$11B	6.6x	6%	-	-	-	-	$186K
Manila Electric	0.6%	$9	+3%	$11B	-	-	-	-	-	-	$415K
BDO Unibank	0.6%	$2	-19%	$10B	-	-	-	-	-	-	$94K
J&T Global Express	0.6%	$1	-19%	$10B	0.7x	20%	14%	9%	5%	33%	$78K
Bangkok Bank	0.6%	$5	+18%	$10B	6.0x	-8%	-	-	-	-	$205K
Astra International	0.6%	$0	-16%	$10B	0.8x	-2%	21%	17%	7%	13%	$96K
VietinBank	0.6%	$1	+6%	$10B	4.1x	14%	-	-	-	-	$139K
Bangkok Dusit Medical Services	0.5%	$1	-13%	$9B	2.7x	0%	36%	25%	12%	27%	$63K
Bank Of Ayudhya	0.5%	$1	+76%	$9B	3.9x	-1%	-	-	-	-	$90K
Techcombank	0.5%	$1	-3%	$9B	7.8x	17%	-	-	-	-	$185K
YTL Power International	0.5%	$1	-2%	$9B	2.8x	7%	33%	27%	-1%	30%	$556K
RHB Bank	0.5%	$2	+30%	$9B	4.2x	3%	-	-	-	-	$169K
Sembcorp	0.5%	$5	-19%	$9B	2.2x	33%	27%	22%	-8%	59%	$858K
MISC	0.5%	$2	+1%	$9B	3.2x	7%	60%	39%	15%	53%	$274K
Petronas Gas	0.5%	$4	-6%	$9B	5.4x	-1%	36%	55%	27%	57%	$876K
SM Prime Holdings	0.5%	$0	-24%	$8B	-	-	-	-	-	-	$200K
ThaiBev	0.5%	$0	-8%	$8B	1.4x	3%	37%	16%	10%	18%	$177K
Bank of the Philippine Islands	0.5%	$2	-21%	$8B	-	-	-	-	-	-	$134K
VPBank	0.5%	$1	+7%	$8B	5.1x	23%	-	-	-	-	$534K
Chandra Asri Group	0.5%	$0	-83%	$8B	1.0x	17%	14%	10%	4%	67%	$3M
Sinar Mas Multiartha	0.5%	$1	+30%	$8B	-	-	-	-	-	-	$157K
Indoritel	0.5%	$1	-6%	$8B	-	-	-	-	-	-	$159K
Military Commercial	0.5%	$1	+22%	$8B	5.2x	23%	-	-	-	-	$173K
CelcomDigi	0.5%	$1	-33%	$8B	3.4x	0%	46%	44%	22%	46%	$1M
Mayapada Hospital	0.4%	$1	+109%	$8B	-	-	-	-	-	-	$35K
VinFast	0.4%	$3	-9%	$7B	1.6x	44%	-11%	-28%	-	17%	$202K
99 Speedmart	0.4%	$1	+50%	$7B	2.2x	9%	18%	10%	6%	23%	$128K
PetroVietnam Gas	0.4%	$3	+18%	$7B	1.0x	6%	19%	13%	6%	20%	$2M
Telekom Malaysia	0.4%	$2	+6%	$7B	2.4x	1%	61%	38%	13%	41%	$170K
Ayala	0.4%	$7	-31%	$7B	-	-	-	-	-	-	$21M
Dian Swastatika Sentosa	0.4%	$0	-99%	$7B	-	-	-	-	-	-	$1M
Barito Pacific	0.4%	$0	-54%	$7B	0.7x	43%	-	8%	-	102%	$2M
TMBThanachart Bank	0.4%	$0	+24%	$7B	5.1x	-3%	-	-	-	-	$150K
Bank Negara Indonesia	0.4%	$0	-25%	$7B	2.4x	4%	-	-	-	-	$141K
Maxis	0.4%	$1	-5%	$7B	3.2x	0%	46%	40%	22%	43%	$831K
UOL Group	0.4%	$7	+37%	$6B	4.1x	-9%	44%	36%	22%	22%	$1M
Airports Corporation of Vietnam	0.4%	$2	-26%	$6B	5.3x	11%	50%	63%	-96%	62%	$92K
YTL Corp	0.3%	$1	-21%	$6B	1.8x	7%	-	26%	-5%	31%	$432K
Thai Airways	0.3%	$0	-	$6B	0.9x	2%	22%	24%	6%	27%	$498K
Techcom Securities	0.3%	$2	-	$6B	10.0x	22%	-	-	-	-	$875K
Capital Financial	0.3%	$0	+65%	$5B	-	-	-	-	-	-	$319K
Nestlé Malaysia	0.3%	$23	+2%	$5B	3.0x	3%	31%	15%	10%	20%	$351K
SATS	0.3%	$4	+41%	$5B	1.5x	4%	7%	18%	8%	24%	$95K
AmBank Group	0.3%	$2	+22%	$5B	6.0x	4%	-	-	-	-	$156K
Seatrium	0.3%	$2	-14%	$5B	0.7x	-6%	15%	10%	5%	3%	$381K
Westports Holdings	0.3%	$1	+4%	$5B	6.9x	5%	73%	64%	30%	59%	$137K
Sunway Healthcare	0.3%	$0	-	$5B	7.3x	18%	65%	25%	5%	39%	$65K
Aboitiz Power	0.3%	$1	-8%	$5B	-	-	-	-	-	-	$763K
Metrobank	0.3%	$1	-15%	$5B	-	-	-	-	-	-	$159K
San Miguel Food	0.3%	$1	-12%	$5B	0.7x	-	-	16%	-	20%	$593K
Axiata Group	0.3%	$1	-25%	$5B	2.7x	1%	-	47%	24%	49%	$288K
Bank Permata	0.3%	$0	-32%	$5B	-	-	-	-	-	-	$99K
MyMesra	0.3%	$5	-16%	$5B	0.3x	-1%	-	5%	3%	7%	$7M
Merdeka Gold Resources	0.3%	$0	-	$5B	-	-	-	-	-	-	$1K
FPT Corp.	0.3%	$3	-34%	$5B	1.7x	-1%	35%	21%	7%	7%	$49K
PTT Oil and Retail	0.3%	$0	-13%	$5B	0.2x	0%	10%	3%	1%	7%	$11M
Globe Telecom	0.3%	$31	+10%	$4B	-	-	-	-	-	-	$458K
Bumrungrad Hospital	0.3%	$6	+7%	$4B	5.1x	0%	52%	40%	26%	42%	$192K