Thai investors are increasingly turning to global markets for diversification, utilizing depositary receipts (DRs) to access international equities through familiar local trading platforms. This trend is driving a strategic shift, with a growing emphasis on investment advisory services and the expansion of automated asset allocation solutions.
Shifting Investment Landscape
Industry leaders observe a rapid evolution in investment preferences, necessitating an adaptation of business strategies. “Investment trends are changing rapidly, requiring us to adapt our business strategy and emphasise investment advisory services,” stated Pichet Sithi-Amnuai, president of BLS. He added, “Investors want larger allocations for global DRs, particularly through private fund structures. As a result, we expect private fund AUM to increase significantly, with global DR investments becoming a major growth driver.”
BLS aims to significantly boost its total private fund assets under management (AUM) from the current 6-7 billion baht to 10 billion baht. This expansion is underpinned by a heightened demand for professionally managed global investment portfolios. DRs are proving to be a crucial gateway for Thai investors seeking international diversification without the complexities associated with opening foreign brokerage accounts.
Market Growth and Shifting Focus
Since the introduction of DRs in the Thai market in 2018, investor participation and trading activity have seen substantial growth. The market’s focus has also evolved. While Vietnamese and Chinese equities previously garnered considerable attention, investors are now channeling more capital into US markets, particularly in technology stocks and broad-based indices. Popular choices include DRs tracking the S&P 500 index, as well as leading technology firms within the “Magnificent Seven” group, such as Apple, Nvidia, and Tesla. These companies continue to benefit from the long-term growth trajectories of artificial intelligence and digital infrastructure.
Key Market Indicators
- The total market capitalization of Thailand’s DR market has surged to approximately 65 billion baht this year, an increase from 54 billion baht in 2025.
- Average monthly DR trading value has risen to around 23 billion baht in 2026, up from 15 billion the previous year.
- The number of listed DRs has expanded significantly to over 400, with projections to reach 500 by the end of the year.
- Daily trading liquidity has seen a notable increase, now reaching approximately 2-3 billion baht.
“DRs are increasingly viewed as a long-term asset allocation tool, enabling investors to diversify across major global markets while trading conveniently in baht under a regulatory framework requiring 100% backing by underlying securities,” Mr. Pichet commented.
Expanding Investment Horizons
BLS is actively expanding its DR Global Index solutions model, which utilizes active asset allocation and quantitative investment strategies to optimize returns and manage risk. This strategy currently manages over 420 million baht and is anticipated to reach 1 billion baht in AUM by year’s end.
The brokerage is also broadening its investment offerings beyond traditional equities. A new product, GOLDM01, is set to launch, representing the SPDR Gold MiniShares Trust (GLDM). This DR provides Thai investors with direct exposure to global gold prices through the Stock Exchange of Thailand, backed by physical gold bullion.
Furthermore, BLS is preparing to introduce SPACE01, which will offer access to the rapidly growing sectors of space technology, satellite communications, and next-generation aerospace innovation. As Thai investors continue to seek global diversification, DRs are poised to remain a vital bridge, connecting local capital to international investment opportunities ranging from leading US technology firms and global indices to commodities like gold and emerging sectors such as space exploration.
