6 Outstanding High-Dividend Thai Stocks with Continuous Payouts for Over 10 Years

 Data as of Q2/2025

Hello everyone, Trustman is here once again with an analysis of high-dividend stocks in the Thai stock market. Today, I will introduce you to six Thai companies that offer dividend yields of over 10%, making them attractive for investors seeking consistent income from their investments.

What makes these high-dividend stocks stand out is their long and consistent dividend payment history, ranging from 6 to 32 years, reflecting each company’s stability and ability to generate cash flow.

Before we look at the list of high-dividend stocks, if you’d like to understand how to structure an investment portfolio suitable for 2025, check out the article “Unlocking the Secret Code! How to Build an Asian Stock Portfolio to Get Rich in 2025.”
Trustman has compiled key investment insights across the Asian region to help investors enhance their portfolios from all dimensions.

The Importance of Dividend Payment History in Thai Stocks

When considering high-dividend stocks in the Thai market, investors shouldn’t focus solely on the dividend yield percentage. A long dividend payment history is a strong indicator of a company’s ability to generate profits consistently, even during economic fluctuations. Companies that have paid dividends for many consecutive years often possess robust business models, good management, and solid financial positions — all crucial factors for long-term, reliable returns.

In today’s Thai stock context, companies with dividend yields exceeding 10% may reach that figure for several reasons. In some cases, it results from a decline in share price while maintaining the same payout level. In others, it may stem from special dividends due to specific events, or simply a policy of paying higher-than-average dividends. Understanding the source of such high yields is essential to evaluate the sustainability of returns.

LANNA (Lanna Resources) – 32 Years of Dividend Leadership in the Thai Stock Market

Lanna Resources Public Company Limited (LANNA) is one of the longest-standing high-dividend stocks in this group, boasting 32 consecutive years of dividend payments and a 14.84% dividend yield (as of Q3/2025). LANNA invests in coal mining operations in Indonesia and sells coal to both domestic and international customers, particularly in Asia — including India, Japan, and South Korea.

What makes LANNA notable is its clear dividend policy, which mandates a payout of no less than 60% of net profit from the separate financial statement. This reflects the company’s commitment to delivering consistent shareholder returns. However, LANNA’s coal business is highly volatile, as it depends on global coal prices, leading to some uncertainty in earnings and dividend capacity.

The entry of Siam City Cement Public Company Limited (SCCC) as a major shareholder is a development to watch. Since SCCC is a major coal consumer, this partnership could help stabilize LANNA’s long-term sales volume. Despite environmental pressures and the ongoing energy transition, coal demand in Asia remains strong and is expected to continue for some time.

SCP (Taksin Concrete) – A Promising Stock with a Clear Dividend Policy

Taksin Concrete Public Company Limited (SCP) is another high-dividend stock in the Thai market, offering an impressive 19.61% dividend yield and a continuous 18-year dividend history. SCP produces and sells prestressed concrete products, particularly concrete piles, which are essential materials for all types of construction. The company also provides transportation and piling services.

SCP’s main highlight is its transparent and consistent dividend policy, with a payout ratio between 30–60% of net profit after tax. This allows investors to forecast future dividends based on performance. The company’s financial position is strong, with a debt-to-equity ratio (D/E) of just 0.29, indicating low debt and financial stability.

SCP’s business is closely tied to Thailand’s construction cycle, especially public infrastructure investment and private real estate development. Continued investment by the government in large-scale projects — such as electric train lines, expressways, and Eastern Economic Corridor (EEC) projects — would positively impact the company’s revenue and dividend-paying ability. However, the business faces risks from construction slowdowns and fluctuations in raw material prices, particularly cement and steel.

XO (Exotic Food) – A High-Quality Thai Export Stock

Exotic Food Public Company Limited (XO) stands out with a 12.97% dividend yield and 11 consecutive years of dividend payments. XO produces and exports Thai condiments and food products, including sauces, curry pastes, coconut milk, and ready-to-eat foods under strong brands like EXOTIC FOOD, THAI PRIDE, and FLYING GOOSE.

XO’s performance is exceptional in terms of profitability, with a gross margin of 50% and a net profit margin of 28.39%, among the highest in its sector. Its balance sheet is strong, with a D/E ratio of 0.17, indicating growth primarily driven by reinvested profits. With 83.1% of revenue coming from exports to Europe and a distribution network covering over 70 countries, XO benefits from the global popularity of Thai cuisine.

The company’s strong cash flow generation supports sustainable dividend payments. XO converts most of its profits into free cash flow, enabling continuous returns to shareholders. Although risks remain from foreign exchange volatility and global economic uncertainty, the long-term outlook for Thai food exports remains bright.

AMA (Armarin) – A Thai Stock Growing Alongside PTG

Armarin Public Company Limited (AMA) is a high-dividend stock in the transportation sector, offering a 10.71% yield with 9 consecutive years of dividend payments. AMA operates liquid cargo transportation by sea and land. Its marine business transports palm oil and vegetable oil across Southeast Asia, while its land transport division focuses on fuel and biodiesel logistics.

A key feature of AMA is its strategic partnership with PTG Energy Public Company Limited (PTG), with over 90% of land transport revenue coming from PTG. This relationship ensures revenue stability but also creates customer concentration risk. AMA’s dividend policy mandates payouts of no less than 25% of net profit from the separate financial statement, providing flexibility in capital management.

AMA’s growth outlook is linked to PTG’s expansion, especially in cold chain logistics for Punthai Coffee outlets and the food & beverage sector. This diversification extends its existing relationship into a higher-margin segment. AMA’s financial health is solid, with a D/E ratio of 0.48, reasonable for a capital-intensive business that invests in fleets and trucks.

GPI (Grand Prix International) – A Strong Balance Sheet and Promising Outlook

Grand Prix International Public Company Limited (GPI) is a high-dividend stock in the event and marketing promotion sector, offering a 10.63% dividend yield and 8 consecutive years of payouts. Its main business is organizing the Bangkok International Motor Show, which contributes around 90% of total revenue, alongside publishing and digital media operations.

GPI’s greatest strength is its exceptionally strong balance sheet, with a D/E ratio of only 0.14 and cash reserves exceeding its liabilities, providing high strategic flexibility and resilience during economic fluctuations. The company’s performance rebounded strongly after the COVID-19 pandemic, with 2023 net profit reaching a 4-year high.

Currently, GPI is undergoing a strategic transformation, expanding into non-automotive event management, particularly in lifestyle, sports, and entertainment — such as fan meetings, concerts, and sports competitions. The company targets 100 million THB in revenue from these new ventures to reduce dependency on the cyclical automotive industry.

BUI (Bangkok Union Insurance) – A High-Dividend Stock That Requires Careful Consideration

Bangkok Union Insurance Public Company Limited (BUI) offers a very high dividend yield of 17.92% with 6 consecutive years of payments. BUI operates in non-life insurance, covering motor, fire, marine, and transport insurance, and also earns rental income from office space.

The unusually high dividend yield of BUI warrants careful examination. The dividend for fiscal year 2024 was 2.80 THB per share, significantly higher than in previous years. In 2022–2023, the company paid both stock and cash dividends, possibly reflecting past cash flow management practices. The recent large cash payout may stem from special gains, such as asset sales or investment income.

BUI’s financial data available through the Stock Exchange of Thailand is somewhat limited, raising transparency concerns. Its D/E ratio of 0.58 must be interpreted in the insurance context, where most liabilities represent policyholder obligations rather than debt. The growth of the non-life insurance sector generally follows economic activity, car sales, and infrastructure investment, while profitability depends on claims management and investment returns.

Summary: 6 High-Dividend Thai Stocks in the Market

Dividend Yield and Payment History (as of Q3/2025):

• LANNA – 14.84% yield, 32 consecutive years
  
   
• SCP – 19.61% yield, 18 consecutive years
  
   
• XO – 12.97% yield, 11 consecutive years
  
   
• AMA – 10.71% yield, 9 consecutive years
  
   
• GPI – 10.63% yield, 8 consecutive years
  
   
• BUI – 17.92% yield, 6 consecutive years
  
   

Conclusion: Insights on Thailand’s High-Dividend Stocks

When evaluating high-dividend stocks in Thailand, investors should look beyond yield numbers and focus on business models, financial health, and industry outlook. These six Thai companies represent the diverse structure of the Thai economy — from exports, energy, logistics, and construction to insurance — each with its own strengths and challenges.

A deeper understanding like this helps investors identify long-term risks and opportunities, especially as Asia’s economy continues to recover and new investment trends emerge in 2025.

To expand your perspective beyond Thai equities, check out “10 Asian Stocks to Watch in 2025” — a Trustman feature that highlights promising companies across the region that could play key roles in shaping your portfolio this year.

Trustman hopes this analysis helps you better understand Thailand’s high-dividend stocks. Smart investing requires careful research and continuous observation. See you again in our next Thai stock analysis.

Note: This content is for educational purposes only and does not constitute investment advice. Investors should conduct further research and consult professionals before making any investment decisions.

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