The year 2025: 8 dividend-paying stocks that investors must watch out for

The Thai stock market continues to be disappointing, but if you are an investor aiming to build a “second income” from dividends, this kind of situation can actually be a good opportunity. Amid market uncertainty, choosing good dividend stocks with strong fundamentals becomes a smart strategy. This article compiles 8 worthwhile dividend stocks in 2025, along with the latest information to assist your decision-making.

What kind of good dividend stocks should you choose?

Before investing, it’s most important to understand that a high Dividend Yield does not always mean “good.” Because high rates might be due to a falling stock price. Therefore, when selecting good dividend stocks, look for these qualities:

Consistent Payment History (Track Record): Good companies should have paid dividends consistently for at least 3-5 years, even during business crises.

Clear Dividend Policy: Check what Payout Ratio the company has set. If it exceeds 90-100%, it might mean there’s no remaining funds for growth.

Business Must Be Strong: Continuous profits, manageable debt, and most importantly, positive cash flow (Operating Cash Flow) must be steady.

Dividends Should Increase: Excellent good dividend stocks don’t just pay high dividends but also increase them every year, reflecting genuine business growth.

8 Hot Picks for Passive Income Investors

1. DIF - The Future of Infrastructure

DIF is an infrastructure fund holding 16,059 telecom towers and fiber optic networks. Its business is simple: lease towers to mobile companies for long periods, making revenue predictable.

Key Data:

• Latest Price: 7.90 THB
• Dividend Yield: 11.25%
• Dividend per Share: 0.22 THB
• P/BV: 0.52 times

Analysts are divided. The buy side sees DIF benefiting from falling interest rates, which reduces costs. The other side warns to monitor refinancing of 11.6 billion THB due in March 2025 and lease negotiations with TRUE.

2. TISCO - The “Dividend Darling” of the Thai Stock Market

TISCO is not new to dividends. This company operates in finance, especially car leasing and pawn loans. Its reputation comes from paying dividends regularly at least twice a year.

Key Data:

• Latest Price: 97.50 THB
• Dividend Yield: 7.95%
• Total dividends in 2025: 7.75 THB per share
• P/E: 11.46 times, P/BV: 1.75 times

Main challenge: loan growth may slow with a weak car market. Most analysts “hold,” emphasizing that Dividend Yield is more attractive than stock price appreciation.

3. AP - More Established Real Estate Developer

AP is a top real estate developer known for houses, townhomes, and condos. Many families recognize AP’s valuation as being quite low.

Key Data:

• Latest Price: 5.80 THB
• Forecasted (Dividend Yield): 7.35%
• Dividend per Share: 0.60 THB
• P/E: 3.77 times, P/BV: 0.41 times

13 out of 16 analysts recommend “Buy” with an average target price of 9.54 THB. Main point: Low price but high dividends. If AP recovers, profit from price difference will follow.

4. SIRI - The Community Builder with a Billionaire’s Touch

SIRI has a long history (founded in 1984). It develops residential communities, from houses to condos, and has expanded into community malls.

Key Data:

• Latest Price: 1.17 THB
• Forecasted (Dividend Yield): 8.72%
• Dividend per Share: 0.08 THB
• P/E: 4.47 times, P/BV: 0.43 times

SIRI stands out with top-tier Dividend Yield and very attractive valuation. 8 out of 14 analysts recommend “Buy” with a target of 1.72 THB. Despite the real estate market’s headwinds, dividends and valuation remain appealing.

5. DMT - The Road to Success You Can’t Miss

DMT is the operator of Don Mueang elevated road (from Din Daeng to the Memorial), a 21 km stretch. Its business is like a “Cash Cow”—generating steady cash flow.

Key Data:

• Latest Price: 9.70 THB
• Dividend Yield: 8.56%
• Dividend per Share: 0.22 THB
• P/E: 12.69 times, P/BV: 1.31 times

Highlight: Dividend policy of “not less than 90% of profit” makes forecasts almost certain. Analysts set a target of 12.17 THB. Risk: contract ends in 2577.

6. MC - Power Jeans in Retail

MC is a clothing retailer known for the “MC” brand. Despite a tough market, MC maintains a strong Dividend Yield.

Key Data:

• Latest Price: 9.55 THB
• Forecasted (Dividend Yield): 8.26%
• Dividend per Share: 0.55 THB
• P/E: 10.03 times, P/BV: 2.12 times
• D/E Ratio: Only 0.51 times (Very Low Debt)

All four analysts recommend “Buy” with a target of 12.55 THB, expecting good growth in Q3/2025 supported by online sales.

7. TCAP - Your Financial Investment Portfolio

TCAP acts as a holding company investing in various financial businesses: leasing (via THANI), insurance, securities, asset management, and is a major shareholder in TTB.

Key Data:

• Latest Price: 46.00 THB
• Dividend Yield: 6.98%
• Dividend per Share: 2.05 THB
• P/E: 7.51 times, P/BV: 0.65 times

TCAP has a confident valuation—price clearly below book value (P/BV 0.65). The average analyst target is 53.86 THB. Expect dividend yield around 7%.

8. PTT - The Energy Giant with Steady Performance

PTT is a leading energy company with a comprehensive business: exploration, production, refining, gas, and retail. Despite global energy shifts, PTT still has cash flow potential.

Key Data:

• Latest Price: 30.00 THB
• Dividend Yield: 7.05%
• Dividend per Share: 1.30 THB
• P/E: 10.08 times, P/BV: 0.73 times

Major challenge: transition to clean energy. However, analysts believe PTT still has the capacity and is investing in new businesses for the future, making it a good dividend stock with value.

How to Invest in Good Dividend Stocks?

Step 1: Open an account with an authorized online or branch broker (approved by the SEC).

Step 2: Transfer Thai Baht into your account.

Step 3: Study information from the Stock Exchange (set.or.th), Settrade, and various analyses.

Step 4: Use a streaming app to specify stock symbols, quantities, prices, then place your order.

Step 5: Receive dividends automatically (after 10% tax deduction) into your bank account.

Going Abroad: Good Dividend Stocks in the US

Thai investors can also invest in US dividend stocks. Why is this interesting?

Benefits:

• Access to global companies (Apple, Microsoft, Coca-Cola, Johnson & Johnson)
• Long dividend history, some are “Dividend Aristocrats” (increasing dividends for 25 consecutive years)
• Receive dividends in dollars, diversifying currency risk

How:

1. Invest via mutual funds: choose funds investing in US stocks, compare performance, fees, policies.

2. Use CFD (Contract For Difference): a derivative contract allowing both Long (Buy) and Short (Sell) positions, with leverage, enabling higher profits (e.g., not needing 40 USD per share but only 11 USD for 3 shares). Also, dividends are received as if you own the stock, except voting rights.

⚠️ Warning: Investment involves risks and may not suit everyone. Study thoroughly before deciding.

Summary: 2025 Is the Year of Good Dividend Stocks

These 8 options are not “magic,” but they have strong fundamentals, attractive dividend rates, and good prospects. Choose good dividend stocks aligned with your risk profile. Consider dividends, stability, and long-term growth opportunities to help you build sustainable passive income.