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

3.7x

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.

+0.0%

Multiples SEA Titans Index

Data as of 01 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 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 April 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	$125B	$101B	$73B
EV/Revenue (NTM)	9.9x	13.1x	8.2x
EV/Gross Profit (NTM)	—	46.1x	—
EV/EBITDA (NTM)	—	69.8x	—
EV/FCF (NTM)	—	158.5x	—
Revenue Growth	2%	16%	2%
Gross Margin (NTM)	—	29%	—
EBITDA Margin (NTM)	—	19%	—
FCF Margin (NTM)	—	8%	—
Rule of 40	—	40%	—
Rule of X	—	72%	—

Data as of April 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	6.9%	$44	+33%	$125B	9.9x	2%	—	—	—	—	$441K
Delta Electronics (Thailand)	5.5%	$8	+168%	$101B	13.1x	16%	29%	19%	8%	40%	$223K
OCBC Bank	4.0%	$16	+28%	$73B	8.2x	2%	—	—	—	—	$344K
Barito Renewables	3.5%	$0	+34%	$63B	—	—	—	—	—	—	$845K
Singtel	3.4%	$4	+28%	$63B	5.9x	4%	49%	28%	19%	32%	$521K
Sea	3.4%	$105	-22%	$62B	1.8x	26%	46%	13%	13%	40%	$208K
Bank Central Asia	2.8%	$0	-20%	$51B	7.2x	5%	—	—	—	—	$255K
Vingroup	2.7%	$7	+405%	$49B	4.2x	8%	16%	12%	2%	17%	$27M
United Overseas Bank	2.5%	$28	+4%	$46B	7.3x	2%	—	—	—	—	$340K
Maybank	2.0%	$3	+17%	$36B	5.8x	-4%	—	—	—	—	$191K
Bank Rakyat Indonesia	1.9%	$0	-1%	$34B	3.2x	-3%	—	—	—	—	$173K
Advanced Info Service	1.8%	$11	+22%	$33B	5.3x	0%	41%	54%	27%	57%	$364K
PTT	1.7%	$1	+17%	$32B	0.6x	0%	14%	14%	6%	19%	$24M
Amman Mineral Internasion	1.7%	$0	+2%	$31B	7.7x	115%	55%	55%	16%	202%	$334K
Chandra Asri Group	1.7%	$0	-24%	$30B	—	—	—	—	—	—	$3M
DCI Indonesia	1.7%	$13	+31%	$30B	—	—	—	—	—	—	$924K
Dian Swastatika Sentosa	1.6%	$5	+74%	$29B	—	—	—	—	—	—	$1M
Bank Mandiri	1.5%	$0	+4%	$28B	4.1x	6%	—	—	—	—	$236K
Bayan Resources	1.5%	$1	-29%	$27B	—	—	—	—	—	—	$826K
Gulf Development	1.5%	$2	+20%	$27B	8.8x	2%	24%	23%	17%	24%	$3M
ST Engineering	1.4%	$8	+37%	$25B	2.7x	8%	23%	14%	9%	23%	$357K
International Container Terminal Services	1.3%	$12	+106%	$24B	—	—	—	—	—	—	$288K
Public Bank	1.3%	$1	+7%	$24B	7.1x	2%	—	—	—	—	$178K
Jardines	1.3%	$79	+77%	$23B	—	—	—	—	—	—	$81K
Airports Of Thailand	1.2%	$2	+32%	$22B	9.8x	12%	52%	60%	29%	68%	$45M
CIMB Group	1.2%	$2	+10%	$22B	5.1x	2%	—	—	—	—	$172K
Tenaga Nasional	1.1%	$4	+0%	$21B	2.3x	-1%	30%	32%	5%	33%	$497K
Vietcombank	1.1%	$2	+13%	$21B	6.7x	16%	—	—	—	—	$162K
Telkom Indonesia	1.1%	$0	+31%	$20B	2.5x	3%	48%	51%	26%	54%	$408K
IHH Healthcare	1.1%	$2	+28%	$20B	3.3x	6%	71%	22%	11%	32%	$95K
PTTEP	0.9%	$4	+40%	$17B	2.0x	2%	47%	70%	2%	78%	$2M
Grab	0.9%	$4	-14%	$17B	2.9x	21%	45%	18%	17%	39%	$268K
Wilmar International	0.9%	$3	+14%	$17B	0.4x	6%	7%	5%	2%	12%	$704K
Singapore Airlines	0.9%	$5	0%	$17B	1.2x	3%	11%	22%	2%	25%	$544K
Astra International	0.8%	$0	+31%	$15B	0.9x	0%	23%	17%	7%	17%	$96K
Singapore Exchange	0.8%	$14	+24%	$15B	11.7x	7%	58%	63%	47%	70%	$896K
True Corporation	0.8%	$0	+16%	$15B	4.7x	-5%	35%	59%	26%	57%	$849K
SCB X	0.8%	$4	+18%	$15B	5.3x	-9%	—	—	—	—	$174K
Kasikornbank	0.8%	$6	+22%	$14B	3.8x	-12%	—	—	—	—	$214K
Krungthai Bank	0.8%	$1	+48%	$14B	5.8x	-9%	—	—	—	—	$311K
SM Investments	0.7%	$11	-24%	$14B	3.2x	66%	66%	67%	15%	173%	$25M
CP All	0.7%	$2	-4%	$14B	0.8x	0%	24%	9%	3%	14%	$177K
BDO Unibank	0.7%	$2	-16%	$12B	—	—	—	—	—	—	$87K
Hong Leong Bank	0.6%	$6	+13%	$12B	7.3x	7%	—	—	—	—	$188K
Great Eastern Life	0.6%	$12	—	$12B	—	—	—	—	—	—	$2M
Manila Electric	0.6%	$10	+7%	$12B	—	—	—	—	—	—	$417K
Mayapada Hospital	0.6%	$1	+439%	$12B	—	—	—	—	—	—	$45K
VietinBank	0.6%	$1	+48%	$11B	4.7x	15%	—	—	—	—	$139K
BIDV	0.6%	$2	+19%	$11B	5.3x	12%	—	—	—	—	$134K
Moratelindo	0.6%	$0	+1612%	$10B	—	—	—	—	—	—	$253K
Bangkok Bank	0.6%	$5	+22%	$10B	5.3x	-11%	—	—	—	—	$207K
Bank of the Philippine Islands	0.6%	$2	-19%	$10B	—	—	—	—	—	—	$124K
Ayala	0.6%	$10	-2%	$10B	—	—	—	—	—	—	$20M
Barito Pacific	0.5%	$0	+142%	$10B	1.3x	18%	20%	11%	1%	31%	$743K
SM Prime Holdings	0.5%	$0	-16%	$10B	—	—	—	—	—	—	$200K
PetroVietnam Gas	0.5%	$4	+90%	$10B	1.5x	10%	22%	13%	6%	21%	$2M
Techcombank	0.5%	$1	+35%	$10B	8.1x	18%	—	—	—	—	$185K
Bank Negara Indonesia	0.5%	$0	+3%	$9B	3.2x	7%	—	—	—	—	$141K
CelcomDigi	0.5%	$1	-19%	$9B	3.8x	-1%	47%	45%	25%	46%	$1M
RHB Bank	0.5%	$2	+23%	$9B	4.4x	3%	—	—	—	—	$169K
Bangkok Dusit Medical Services	0.5%	$1	-23%	$9B	2.6x	0%	35%	24%	12%	28%	$62K
MISC	0.5%	$2	+5%	$9B	3.2x	11%	61%	38%	18%	55%	$274K
Petronas Gas	0.5%	$4	0%	$9B	5.3x	-2%	—	54%	24%	57%	$895K
ThaiBev	0.5%	$0	-11%	$9B	1.4x	2%	—	16%	10%	19%	$177K
VPBank	0.5%	$1	+75%	$9B	5.0x	25%	—	—	—	—	$532K
Military Commercial	0.5%	$1	+58%	$9B	5.3x	25%	—	—	—	—	$173K
Chandra Daya Investasi	0.5%	$0	—	$8B	—	—	—	—	—	—	$453K
Bank Permata	0.5%	$0	+74%	$8B	—	—	—	—	—	—	$105K
Sembcorp	0.4%	$5	-12%	$8B	2.5x	20%	26%	25%	-17%	44%	$929K
99 Speedmart	0.4%	$1	+57%	$8B	2.3x	9%	13%	10%	6%	23%	$128K
Maxis	0.4%	$1	+2%	$8B	3.6x	0%	40%	40%	23%	43%	$830K
Indoritel	0.4%	$1	-8%	$8B	—	—	—	—	—	—	$141K
VinFast	0.4%	$3	-6%	$8B	1.6x	53%	-10%	-26%	—	30%	$94K
Airports Corporation of Vietnam	0.4%	$2	-6%	$7B	6.7x	6%	—	71%	-125%	76%	$93K
UOL Group	0.4%	$8	+88%	$7B	4.7x	-11%	44%	35%	24%	23%	$1M
Telekom Malaysia	0.4%	$2	+7%	$7B	2.4x	1%	36%	38%	15%	42%	$170K
Merdeka Gold Resources	0.4%	$0	—	$7B	16.3x	298%	52%	65%	4%	311139%	$28K
Techcom Securities	0.4%	$2	—	$7B	11.8x	27%	—	—	—	—	$863K
TMBThanachart Bank	0.4%	$0	+24%	$7B	5.1x	-4%	—	—	—	—	$152K
YTL Power International	0.4%	$1	-14%	$6B	2.3x	7%	35%	27%	10%	32%	$561K
Nestlé Malaysia	0.3%	$27	+23%	$6B	3.7x	2%	31%	15%	10%	19%	$351K
Bank Syariah Indonesia	0.3%	$0	-18%	$6B	3.8x	14%	—	—	—	—	$89K
Seatrium	0.3%	$2	+20%	$6B	0.9x	-7%	9%	9%	7%	2%	$381K
FPT Corp.	0.3%	$4	-3%	$6B	1.8x	8%	37%	22%	14%	29%	$49K
Binh Son Refining	0.3%	$1	+213%	$6B	0.8x	4%	—	19%	24%	28%	$3M
Bank Of Ayudhya	0.3%	$1	+12%	$6B	3.2x	-3%	—	—	—	—	$90K
Metrobank	0.3%	$1	-2%	$6B	—	—	—	—	—	—	$147K
MyMesra	0.3%	$5	+8%	$5B	0.4x	-1%	—	5%	3%	8%	$7M
Vinamilk	0.3%	$3	+18%	$5B	1.9x	4%	42%	21%	12%	26%	$255K
MD Entertainment	0.3%	$0	+252%	$5B	—	—	—	—	—	—	$244K
YTL Corp	0.3%	$0	-7%	$5B	1.7x	3%	—	—	—	—	$436K
AmBank Group	0.3%	$2	+21%	$5B	6.0x	6%	—	—	—	—	$146K
San Miguel Food	0.3%	$1	+1%	$5B	0.8x	3%	—	18%	—	20%	$570K
Westports Holdings	0.3%	$2	+41%	$5B	7.2x	6%	74%	64%	34%	58%	$139K
Indofood CBP	0.3%	$0	-33%	$5B	1.3x	5%	36%	24%	9%	29%	$123K
Axiata Group	0.3%	$1	+6%	$5B	2.5x	10%	2%	45%	21%	61%	$288K
Aboitiz Power	0.3%	$1	+14%	$5B	—	—	—	—	—	—	$763K
Mobile World Investment Corp.	0.3%	$4	+53%	$5B	0.7x	16%	21%	6%	4%	24%	$147K
Nanshan Aluminium	0.3%	$8	+167%	$5B	3.1x	21%	34%	39%	—	65%	$302K
Unilever Indonesia	0.3%	$0	+31%	$5B	2.3x	5%	47%	17%	14%	24%	$450K