Previously, we looked at the largest stock markets in Southeast Asia and the best performing Southeast Asia stock markets in the past 10 years.
Which left me wondering, we know of the Magnificent 7, but who can name the biggest stocks in the Southeast Asia region?
If you’re equally curious, here’re the 10 largest stocks in Southeast Asia (ASEAN), by market cap:
The Biggest Companies in Southeast Asia, by market cap
| Company | Ticker | Country | Market Cap (USD) | Industry |
|---|---|---|---|---|
| PT Bank Central Asia Tbk | BBCA | Indonesia | $75.93 B | Banks |
| DBS Group | D05 | Singapore | $62.48 B | Banks |
| PT Bank Rakyat Indonesia (Persero) | BBRI | Indonesia | $57.59 B | Banks |
| PT Barito Renewables Energy | BREN | Indonesia | $43.23 B | Independent Power & Renewable Electricity Producers |
| Oversea-Chinese Banking Corporation | O39 | Singapore | $43.45 B | Banks |
| PT Bank Mandiri (Persero) | BMRI | Indonesia | $41.5 B | Banks |
| PT Bayan Resources | BYAN | Indonesia | $41.96 B | Oil, Gas & Consumable Fuels |
| PT Amman Mineral Internasional | AMMN | Indonesia | $35.26 B | Metals & Mining |
| United Overseas Bank | U11 | Singapore | $35.36 B | Banks |
| Singapore Telecommunications | Z74 | Singapore | $28.60 B | Telecommunication |
p.s. we have also compiled the 5 largest stocks in each ASEAN stock market below!
1) PT Bank Central Asia (BBCA)
- Market Cap: 1186.86 trillion IDR (US$75.93 billion)
- Listed on: Indonesia Stock Exchange
Bank Central Asia is an Indonesia bank that has been around since 1957. It is the largest private bank in Indonesia, serving nearly 39 million customer accounts and processing about 81 million transactions everyday. The bank was also awarded the “Best Bank in Indonesia” by Forbes in 2022.
2) DBS Group (D05)
- Market Cap: S$84.07 billion (US$62.48 billion)
- Listed on: Singapore Exchange
DBS is the largest bank in Singapore that serves over 5 million active customers. The bank is also one of the largest bank in Southeast Asia by assets.
3) PT Bank Rakyat Indonesia (Persero) (BBRI)
- Market Cap: 900.26 trillion IDR (US$57.59 billion)
- Listed on: Indonesia Stock Exchange
Another bank on the list, Bank Rakyat Indonesia is one of the largest banks in Indonesia. The bank specialises in microfinancing and serves over 30 million retail clients in the country.
4) PT Barito Renewables Energy (BREN)
- Market Cap: 675.62 trillion IDR (US$43.23 Billion)
- Listed on: Indonesia Stock Exchange
As its name suggests, Barito Renewables Energy is an energy company that offers clean energy and a strong focus on ESG.
The company IPO-ed in 2023 to much fanfare, closing after a 25% jump on its first day of trading.
5) Oversea-Chinese Banking Corporation (O39)
- Market Cap: S$58.47 billion (US$43.45 billion)
- Listed on: Singapore Exchange
All the big 3 banks in Singapore made the list, so its no surprise to see OCBC here. The bank serves clients across Singapore, Malaysia, Indonesia and Greater China. Fun fact, OCBC was named the 2nd largest bank in Southeast Asia by assets in 2022 and has consistently ranked in the top 3 “safest banks in the world” by Global Finance.
6) PT Bank Mandiri (Persero) (BMRI)
- Market Cap: 649.11 trillion IDR (US$41.5 billion)
- Listed on: Indonesia Stock Exchange
Bank Mandiri was the largest bank in Indonesia by total assets in 2022. The bank offers a full range of services for both retail and corporate clients.
7) PT Bayan Resources (BYAN)
- Market Cap: 655.83 trillion IDR (US$41.96 billion)
- Listed on: Indonesia Stock Exchange
Bayan Resources is a coal mining company that’s part of the Bayan Group. The company engages in open cut mining in East and South Kalimantan, and produces a variety of coal products used in power stations and other industries.
8) PT Amman Mineral Internasional (AMMN)
- Market Cap: 551.14 trillion IDR (US$35.26 billion)
- Listed on: Indonesia Stock Exchange
Another mining company, Amman Mineral Internasional owns the second largest gold and copper mine in Indonesia. The company was listed recently on 7 July 2023 and was reportedly the world’s largest IPO in 2023, raising at least $500 million. It is also the largest copper and gold producer listed on the Indonesian Stock Exchange.
9) United Overseas Bank Limited (U11)
- Market Cap: S$47.58 billion (US$35.36 billion)
- Listed on: Singapore Exchange
UOB is a Singaporean regional bank with a global network that serves 19 countries and territories across Asia Pacific, Europe and North America.
The bank’s chairman emeritus and honorary adviser, Wee Cho Yaw passed recently. He was a titan in the Singapore banking industry and a successful businessman.
10) Singapore Telecommunications (Z74)
- Market Cap: S$38.48 billion (US$28.60 billion)
- Listed on: Singapore Exchange
Singtel is a Singapore Telco with a long history. It has seen better days but the company continues to look for ways to grow in a cut throat industry.
Given that the size factor may be biased towards certain countries, you’d noticed that banks and mining companies have took the top 10 positions in the list above.
Would this phenomenon persist across Southeast Asian stock markets? I took a second look at each of the ASEAN markets to find the top 5 largest companies in each of them.
Here they are:
Top 5 largest stocks in Cambodia
| No. | Company | Ticker | Market Cap (USD) | Industry |
|---|---|---|---|---|
| 1 | CAMGSM Plc. | CGSM | $1.26 B | Telecommunication |
| 2 | ACLEDA Bank Plc. | ABC | $1.08 B | Banks |
| 3 | Sihanoukville Autonomous Port | PAS | $0.269 B | Port Services |
| 4 | Pestech (Cambodia) Plc. | PEPC | $0.235 B | Power |
| 5 | Mengly J. Quach Education Plc. | MJQE | $0.170 B | Education |
Top 5 largest stocks in Indonesia
| No. | Company | Ticker | Market Cap (USD) | Industry |
|---|---|---|---|---|
| 1 | PT Bank Central Asia Tbk | BBCA | $75.93 B | Banks |
| 2 | PT Bank Rakyat Indonesia (Persero) | BBRI | $57.59 B | Banks |
| 3 | PT Barito Renewables Energy | BREN | $43.23 B | Independent Power & Renewable Electricity Producers |
| 4 | PT Bank Mandiri (Persero) | BMRI | $41.5 B | Banks |
| 5 | PT Bayan Resources | BYAN | $41.96 B | Oil, Gas & Consumable Fuels |
Top 5 largest stocks in Laos
| No. | Company | Ticker | Market Cap (USD) | Industry |
|---|---|---|---|---|
| 1 | Lao ASEAN Leasing Public Company | LALCO | $0.333 B | Financials |
| 2 | EDL Generation Public Company | EDL-Gen | $0.178 B | Energy |
| 3 | Phousy Construction and Development Public Company | PCD | $0.109 B | Construction |
| 4 | BANQUE POUR LE COMMERCE EXTERIEUR LAO PUBLIC | BCEL | $0.043 B | Banks |
| 5 | Souvanny Home Center Public Company | SVN | $0.03 B | Home Improvement & Hardware |
Top 5 largest stocks in Malaysia
| No. | Company | Ticker | Market Cap (USD) | Industry |
|---|---|---|---|---|
| 1 | Maybank | 1155 | $30.75 B | Banks |
| 2 | Public Bank Bhd | 1295 | $17.92 B | Banks |
| 3 | CIMB Group | 1023 | $14.18 B | Banks |
| 4 | Tenaga Nasional | 5347 | $13.08 B | Energy |
| 5 | Petronas Chemicals Group | 5183 | $11.52 B | Chemicals |
Top 5 largest stocks in Myanmar (Burma)
| No. | Company | Ticker | Market Cap (USD) | Industry |
|---|---|---|---|---|
| 1 | First Myanmar Investment Public Co., Ltd. | FMI | $0.138 B | Financials |
| 2 | Myanmar Thilawa SEZ Holdings Public Co., Ltd. | MTSH | $0.055 B | Real Estate Development |
| 3 | Myanmar Citizens Bank Ltd. | MCB | $0.038 B | Banks |
| 4 | Amata Holding Public Co., Ltd. | AMATA | $0.024 B | Tourism |
| 5 | First Private Bank Ltd | FPB | $0.022 B | Banks |
Top 5 largest stocks in Philippines
| No. | Company | Ticker | Market Cap (USD) | Industry |
|---|---|---|---|---|
| 1 | BDO Unibank, Inc. | BDO | $14.45 B | Banks |
| 2 | Bank of the Philippine Islands | BPI | $10.74 B | Banks |
| 3 | International Container Terminal Services, Inc. | ICT | $9.95 B | Transportation Services |
| 4 | Ayala Land, Inc. | ALI | $9.37 B | Property |
| 5 | Ayala Corporation | AC | $8.03 B | Conglomerate |
Top 5 largest stocks in Singapore
| No. | Company | Ticker | Market Cap (USD) | Industry |
|---|---|---|---|---|
| 1 | DBS Group | D05 | $62.48 B | Banks |
| 2 | Oversea-Chinese Banking Corporation | O39 | $43.45 B | Banks |
| 3 | United Overseas Bank | U11 | $35.36 B | Banks |
| 4 | Singapore Telecommunications | Z74 | $28.60 B | Telecommunication |
| 5 | Singapore Airlines | C6L | $15.05 B | Airlines |
Top 5 largest stocks in Thailand
| No. | Company | Ticker | Market Cap (USD) | Industry |
|---|---|---|---|---|
| 1 | Delta Electronics (Thailand) Public Company Limited | DELTA | $28.37 B | Electronic Components |
| 2 | PTT Public Company Limited | PTT | $27.78 B | Energy |
| 3 | Airports of Thailand | AOT | $26.09 B | ICT |
| 4 | Advanced Info Service Public Company Limited | ADVANC | $17.9 B | Energy |
| 5 | PTT Exploration & Production | PTTEP | $17 B | Energy |
p.s. if you’re a Singapore investor who is interested to own some of the best stocks in Thailand conveniently, you’ll find the Singapore Depository Receipts (SDRs) very useful!
Top 5 largest stocks in Vietnam
| No. | Company | Ticker | Market Cap (USD) | Industry |
|---|---|---|---|---|
| 1 | IDICO Corporation | IDC | $0.758 B | Construction |
| 2 | Petro Vietnam Technical Services Corporation | PVS | $0.737 B | Oil and gas |
| 3 | Tasco | HUT | $0.692 B | Construction |
| 4 | Saigon – Hanoi Securities | SHS | $0.587 B | Finance |
| 5 | MB Securities Joint Stock Company | MBS | $0.484 B | Finance |
Should You Invest?
Although discovering the largest stocks in the ASEAN markets was a fun journey, do keep in mind that not all of them are suitable investments.
You should take note of risks such as low liquidity, regulations and macroeconomic factors that could affect these stocks.
If you’re looking for more stock ideas, Alvin shares how he finds the best stocks to invest in to grow our Dr Wealth portfolio. Learn more here.