Amid a challenging stock market environment, seeking "value stocks" with strong fundamentals, affordable prices, and consistent dividend payments is a sound defensive strategy.
Thairath Money screened stocks within the SET100 and identified six stocks with dividend yields exceeding 5% for three consecutive years (2023–2025) and current price-to-earnings (P/E) ratios below 10.
1. SIRI (Sansiri Public Company Limited)
A developer offering all types and price levels of residential projects, from condominiums, detached houses, townhomes to luxury projects, along with after-sales services, property management, and investments in PropTech.
Notably, SIRI pays the highest dividends in this group, with a recent P/E of only 5.74 and historical dividend yields as follows:
Its stock price return year-to-date (YTD) is +11.19%, while over the past three years it declined by -26.24%.
2. SPALI (Supalai Public Company Limited)
A developer of detached houses, twin houses, townhomes, and condominiums, known for excellent cost management, strong financial position, and risk diversification by expanding projects into many provincial cities.
SPALI consistently pays high dividends, with a P/E ratio of 7.42 and dividend yields of:
Its stock price has declined -7.65% YTD and -25.24% over the past three years.
3. QH (Quality Houses Public Company Limited)
Specializes in developing detached houses, townhouses, and condominiums under brands like Q House, Casa, and Laddarom. It also benefits from recurring income from investments in hotels, office buildings, and stakes in large listed companies such as LH and HMPRO.
Currently, it has a P/E of 8.33 and dividend yields of:
Its stock price rose +5.26% YTD but fell -37.50% over the last three years.
4. AP (AP Thailand Public Company Limited)
A full-service residential developer of detached houses, twin houses, townhomes, and condominiums, mainly in Bangkok and its vicinity, strengthened by a joint venture with Japanese giant Mitsubishi Estate.
AP trades at a relatively low P/E of 5.70, with dividend yields of:
Its stock price has declined -8.14% YTD and -34.17% over the past three years.
5. TCAP (Thanachart Capital Public Company Limited)
A financial holding company investing in lending, leasing, securities, asset management, insurance, and real estate businesses.
TCAP pays steady dividends and has the highest P/E on this list at 9.38, with dividend yields of:
It also shows strong price growth, with a +25.32% YTD return and +46.73% over three years.
6. TOP (Thai Oil Public Company Limited)
A major Thai oil refiner under PTT Group, producing fuel, lubricants, and some petrochemicals. Revenue mainly depends on refining margins (GRM) and global oil prices.
TOP has the lowest P/E on this list at 4.68, with dividend yields of:
Its stock price has surged +77.78% YTD and +34.03% over three years.
(Note: Data as of closing price on 23 Jul 2026 GMT+7)
However, a high dividend yield does not always guarantee good returns. Investors should also consider profitability, cash flow, business outlook, and dividend sustainability in their decisions.
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