Asia Plus Group
Asia Plus Group (SET: ASP) is a standalone listed securities, asset-management holding company. FY2024 consolidated revenue approximately THB 1.8B. Subsidiaries include Asia Plus Securities (primary broker arm covering retail, HNW, institutional equity, derivatives trading), Asset Plus Fund Management (mutual fund, private fund business), and selected investment-banking activities. Founded 1974; among Thailand's oldest standalone brokerage groups. Positioned between bank-subsidiary scale (Bualuang, Kasikorn, KKP) and smaller standalone peers via integrated broker-plus-asset-manager model.
Snapshot
Headline numbers a buyer checks first.
FY2024 revenue
~THB 1.8B
FY2024
Model
Integrated broker, AM
FY2024
Ticker
SET: ASP
Listed 2012
Track record
50+ years
Since 1974
What this company actually does
ASP operates a standalone securities, asset-management holdco. Asia Plus Securities (the broker arm) delivers cash-equities, derivatives brokerage, margin lending, investment banking, and research to retail, HNW, institutional clients. Asset Plus Fund Management runs mutual funds, private funds, provident funds, selected offshore mandates. Revenue splits roughly: brokerage commission, related-fee income dominant; asset-management fee income secondary but higher-margin; investment banking, advisory intermittent.[]
Strategic position: ASP is the integrated standalone play in Thai capital markets. Differentiated from pure brokers (FSS, Trinity, CGS) by asset-management cross-sell; differentiated from bank-subsidiary brokers by independence, research-franchise depth. Downside is scale — ASP's ~5% dealer-volume share caps absolute revenue potential. Upside requires either asset-management AUM growth or successful cross-sell from broker to AM. Asia-Plus equity research is among the more-respected independent research franchises in Thai market.[]
Business segments
Core broker arm
Asia Plus Securities
Cash equities, derivatives brokerage, margin lending, investment banking, and sell-side research for retail, HNW, and institutional clients. Accounts for ~75% of group revenue at approximately $39.1M.
Asset management
Asset Plus Fund Management
Mutual funds, private funds, and provident funds. AUM estimated at $0.87-40B. Higher-margin fee income than brokerage commissions, providing some revenue diversification.
Research franchise
Asia Plus Equity Research
Among the more-respected independent Thai equity research franchises. Covers 60-80 SET-listed companies. Serves as a client-acquisition anchor for both retail and institutional brokerage.
Investment banking
Advisory and capital markets
Intermittent contribution from M&A advisory, IPO bookrunning, and rights-issue mandates. Completes the integrated holdco model alongside brokerage and asset management.
Peer comparison — standalone Thai brokers
SET-listed standalone brokerage groups, FY2024 estimates
Trinity Securities
Ticker
SET:TRINITY
FY2024 Revenue
~ $26.1M
Model
Standalone broker, AM
Dealer mkt share (est.)
~3%
| Entity | Ticker | FY2024 Revenue | Model | Dealer mkt share (est.) |
|---|---|---|---|---|
| Asia Plus Group | SET:ASP | ~ $52.2M | Broker, AM holdco | ~5% |
| Finansia Syrus Securities | SET:FSS | ~ $34.8M | Retail broker, TFEX | ~4% |
| Trinity Securities | SET:TRINITY | ~ $26.1M | Standalone broker, AM | ~3% |
| CGS International (TH) | Unlisted (JV) | n/a | Regional broker JV | ~4% |
Watchpoints 2025-2026
Revenue risk
Broker commission cycle
SET daily turnover and retail-participation cycle drive brokerage fee income. Extended low-turnover periods compress ASP revenue sharply given commission-revenue concentration.
Growth driver
Asset Plus AUM growth
Mutual and private fund AUM growth is the margin-accretive lever. AUM growth depends on retail investor appetite and distribution reach of the broker arm.
Related Market profiles
Peers, parents, partners, agencies, and other Capital Markets & Securities actors.
Competitor
Finansia Syrus Securities
Standalone broker peer; FSS retail-specialist, ASP integrated with AM.
Open Market profile →
Competitor
Trinity Watthana
Fellow standalone integrated broker, AM.
Open Market profile →
Competitor
MFC Asset Management
Standalone AM peer; MFC pure-play AM, ASP integrated.
Open Market profile →
Sector peer
Country Group Securities
Listed broker; retail, HNW, derivatives-focused; FY2024 revenue ~ $23.2M.
Open Market profile →
Sources + data provenance
Every filing, filing-adjacent register, or trusted industry source cited in this profile.
Asia Plus Group Holdings PCL (SET: ASP) FY2024 Form 56-1 One Report
| Source | Publisher | Grade | As of |
|---|---|---|---|
| Asia Plus Group Holdings PCL (SET: ASP) FY2024 Form 56-1 One Report | Asia Plus Group Holdings PCL | Primary | 2025-03-31 |
Reports featuring this profile
Related Market profiles
competitor
Finansia Syrus Securities
Listed retail-broker specialist; Streaming mobile-trading platform; FY2024 revenue ~THB 1.2B.
competitor
Trinity Watthana
Listed holdco over Trinity Securities, Trinity Asset Mgmt; mid-tier retail, HNW broker; FY2024 revenue ~THB 0.9B.
competitor
MFC Asset Management
Thailand's oldest asset-management company; listed standalone AM; ~THB 400B AUM; government, private-sector mandate depth.