Thailand 25 2022

The annual report on the most valuable and strongest Thai brands

Brand Finance Thailand 25 2022

Thai brands return to growth in challenging global environment as PTT remains #1

  • PTT is most valuable Thai brand valued at US$5.3 billion
  • Kasikornbank is strongest Thai brand, with AAA rating
  • BDMS is fastest-growing Thai brand, up 38%%
  • Top 25 most valuable Thai brands grew 4% this year

PTT is most valuable Thai brand valued at US$5.3 billion

As Thailand’s largest state-owned enterprise, the multinational energy brand has grown over time to benefit Thai society and the nation. PTT has not only identified that energy sustainability is crucial in response to climate change, but it has also recently announced its plans to make Thailand a liquified natural gas (LNG) hub with the brand aspiring to achieve carbon neutrality by 2050. PTT investments in renewable energy and energy storage indicates how important it is for the brand to assist in sustaining Thailand’s energy industry.

Multi-year high inflation and China's slowdown remain a drag on the nascent recovery of Thailand’s brands. While the Thai economy is projected to expand with domestic demand and exports. We expect that banking, oil, gas, and telecoms brands will be key to the country's recovery in the short-term.

Alex Haigh, Managing Director Asia Pacific

Kasikornbank is strongest Thai brand, with AAA rating

In addition to brand value, Brand Finance determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance. Compliant with ISO 20671, Brand Finance’s assessment of stakeholder equity incorporates original market research data from over 100,000 respondents in more than 35 countries and across nearly 30 sectors.  

According to this, Kasikornbank (brand value up 13% to US$1.9 billion) is the strongest brand in Thailand with its Brand Strength Index (BSI) score of 88.8 and corresponding AAA brand rating. An innovative and customer-centric banking brand, Kasikornbank has made digital transformation a priority. It has also been vocal of its intention to become the Regional Digital Bank of the post COVID-19 era, setting up service technologies that are more user responsive. Kasikornbank is committed to decarbonising its own operations and aims to become the leading sustainable bank in Thailand by pioneering green banking products. For Kasikornbank, sustainability is deeply ingrained in how it serves its customers and in how it manages its operations. 

BDMS is fastest-growing Thai brand, up 38%

Bangkok Dusit Medical Services is the fastest growing Thai brand in the ranking up by 38% to US$656 million. In a world that has changed due to the global pandemic, it is no surprise that the demand for quality healthcare has become a top priority for many Thai people. As Thailand’s largest private healthcare network, BDMS has operated on the ‘prevention is better than cure’ philosophy and has pursued some exciting partnerships that support this notion. Their rapid brand growth this year has been correlated with their recent sponsorship campaign with CNN focused on healthy living and global health issues. BDMS has also recently entered into an agreement to lease an area of land earmarked to develop its BDMS Silver Wellness and Residence Project.

Top 25 most valuable Thai brands grew 4% this year

The total value of top 25 Thai brands (US$31.9 billion) is 4% higher than it was in 2021 (US$30.7 billion). According to our last Global Soft Power Index 2022, Thailand is one of 25 countries where recovery and response to Covid-19 pandemic was best, although currently the war in Ukraine and inflation are slowing growth. Banking (28%), Oil & Gas (20%) and Telecoms (16%) sectors performed well and has contributed the most to the nation’s growth