London, 13th June 2024 – Telecoms brand True Dtac (brand value USD2.3 billion) makes a powerful new entry into Brand Finance’s ranking of the 50 most valuable Thai brands this year, claiming the title of the 4th most valuable brands ranked – according to a new report by Brand Finance, the world’s leading brand valuation consultancy.
Among telecoms brands in our rankings, True Dtac is now the 2nd most valuable telecoms brand from Thailand, ahead of JAS (brand value down 4% to USD230 million) and just behind AIS (brand value up 4% to USD3 billion). Together, these three most valuable Thai telecoms brands have a combined brand value of approximately USD5.6 billion and are the third largest contributor to the total brand value of our rankings, ahead of Thailand’s most valuable retail and engineering brands.
Oil and gas brand, PTT retains its status as Thailand’s most valuable brand ranked this year. While its brand strength rating slightly decreased from AAA in 2023 to AAA-, it also experienced a remarkable 25% increase in brand value, reaching USD8.3 billion.
For the second year running, Centara Hotels & Resorts (brand value up 0.4% to USD234 million), renowned for its luxury accommodations, has maintained its position as Thailand's strongest brands ranked, moving from 32nd to the 30th spot. It is followed closely by AIS, accompanied by an impressive rise in rank from 6th to 2nd and thereafter, PTT secures the 3rd position as the strongest brands ranked.
Out of the most valuable Thai brands listed this year, banking brand Srisawad emerged with the largest recorded brand value growth of 66% to USD226 million. In 2nd place is Carabao (brand value up 63% to USD756 million), and TISCO (brand value up 36% to USD185 million) comes up 3rd. Srisawad surged up 10 spots to become the 32nd most valuable brand in our rankings followed by Carabao rising by three spots to place 17th, while TISCO climbed up one spot to become the 42nd most valuable brands ranked.
Alex Haigh, Managing Director of Brand Finance Asia Pacific, commented:
“As Thailand endeavours to drive transformative growth and spearhead innovation in the ICT industry, the telecoms sector pushing for broader adoption of the 5G technology holds promise as a key catalyst.
“This year, True Dtac, a telecoms brand valued at USD2.3 billion, has become a notable new entry to Brand Finance's list of the 50 most valuable brands in Thailand, claiming the 4th position amongst brands ranked. The combined strengths of True & Dtac following the largest telco merger in Southeast Asia by combined enterprise value, is well poised to help drive forward digitalisation in Thailand and serve Thai consumers’ need for more mobile data.”
The 2024 Sustainability Perceptions Index finds that among Thai brands, PTT has the highest Sustainability Perceptions Value of USD748 million. Meanwhile, Krungsi has the highest positive gap value of USD23 million among brands in the rankings.
Brand Finance is the world’s leading brand valuation consultancy. Bridging the gap between marketing and finance for more than 25 years, Brand Finance evaluates the strength of brands and quantifies their financial value to help organizations of all kinds make strategic decisions.
Headquartered in London, Brand Finance has offices in over 20 countries, offering services on all continents. Every year, Brand Finance conducts more than 5,000 brand valuations, supported by original market research, and publishes over 100 reports which rank brands across all sectors and countries.
Brand Finance also operates the Global Brand Equity Monitor, conducting original market research annually on over 5,000 brands, surveying more than 150,000 respondents across 38 countries and 31 industry sectors. Combining perceptual data from the Global Brand Equity Monitor with data from its valuation database enables Brand Finance to arm brand leaders with the data and analytics they need to enhance brand and business value.
Brand Finance is a regulated accountancy firm, leading the standardization of the brand valuation industry. Brand Finance was the first to be certified by independent auditors as compliant with both ISO 10668 and ISO 20671 and has received the official endorsement of the Marketing Accountability Standards Board (MASB) in the United States.
Brand is defined as a marketing-related intangible asset including, but not limited to, names, terms, signs, symbols, logos, and designs, intended to identify goods, services, or entities, creating distinctive images and associations in the minds of stakeholders, thereby generating economic benefits.
Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors. Brand Finance evaluates brand strength in a process compliant with ISO 20671, looking at Marketing Investment, Stakeholder Equity, and the impact of those on Business Performance. The data used is derived from Brand Finance’s proprietary market research programme and from publicly available sources.
Each brand is assigned a Brand Strength Index (BSI) score out of 100, which feeds into the brand value calculation. Based on the score, each brand is assigned a corresponding Brand Rating up to AAA+ in a format similar to a credit rating.
Brand Finance calculates the values of brands in its rankings using the Royalty Relief approach – a brand valuation method compliant with the industry standards set in ISO 10668. It involves estimating the likely future revenues that are attributable to a brand by calculating a royalty rate that would be charged for its use, to arrive at a ‘brand value’ understood as a net economic benefit that a brand owner would achieve by licensing the brand in the open market.
The steps in this process are as follows:
1 Calculate brand strength using a balanced scorecard of metrics assessing Marketing Investment, Stakeholder Equity, and Business Performance. Brand strength is expressed as a Brand Strength Index (BSI) score on a scale of 0 to 100.
2 Determine royalty range for each industry, reflecting the importance of brand to purchasing decisions. In luxury, the maximum percentage is high, while in extractive industry, where goods are often commoditised, it is lower. This is done by reviewing comparable licensing agreements sourced from Brand Finance’s extensive database.
3 Calculate royalty rate. The BSI score is applied to the royalty range to arrive at a royalty rate. For example, if the royalty range in a sector is 0-5% and a brand has a BSI score of 80 out of 100, then an appropriate royalty rate for the use of this brand in the given sector will be 4%.
4 Determine brand-specific revenues by estimating a proportion of parent company revenues attributable to a brand.
5 Determine forecast revenues using a function of historic revenues, equity analyst forecasts, and economic growth rates.
6 Apply the royalty rate to the forecast revenues to derive brand revenues.
7 Discount post-tax brand revenues to a net present value which equals the brand value.
Brand Finance has produced this study with an independent and unbiased analysis. The values derived and opinions presented in this study are based on publicly available information and certain assumptions that Brand Finance used where such data was deficient or unclear. Brand Finance accepts no responsibility and will not be liable in the event that the publicly available information relied upon is subsequently found to be inaccurate. The opinions and financial analysis expressed in the study are not to be construed as providing investment or business advice. Brand Finance does not intend the study to be relied upon for any reason and excludes all liability to any body, government, or organisation.
The data presented in this study form part of Brand Finance's proprietary database, are provided for the benefit of the media, and are not to be used in part or in full for any commercial or technical purpose without written permission from Brand Finance.
