Brand Finance’s latest data reveals Thailand’s top brands account for $45.8 billion or 15% of the region’s leading names, spurred by its retail and energy brands
BANGKOK, 15th October 2025 – Thailand’s oil & gas giant, PTT (brand value up 11% to USD9.2 billion), climbed up one spot to become the region’s third most valuable brand in 2025, according to the latest ASEAN 500 2025 report by Brand Finance, the world’s leading brand valuation consultancy.
Over the past five years, PTT’s brand value has steadily grown, driven by operational excellence and strategic investments in refining, petrochemicals, and infrastructure, contributing to both business and the nation’s economic growth.
Thai Airways (brand value up 27% to USD1.2 billion) remains the third most valuable airline brand in the region. The airline has undergone a significant transformation, emerging leaner, more profitable, and growth focused. This turnaround has strengthened both its financial outlook and its reputation, positioning Thai Airways as a revitalised national carrier with renewed confidence in its long-term growth prospects.
Bangkok Airport (brand value up 10% to USD227 million) is the second most valuable airport in ASEAN, supported by brand strength gains and exchange rate benefits. In November 2024, Suvarnabhumi Airport opened a new satellite terminal to expand the capacity by 15 million passengers annually to accommodate Thailand’s booming tourism under new visa waiver programmes.
Kasikornbank (brand value up 32% to USD2.5 billion) maintained its position as ASEAN’s ninth most valuable banking brand this year. The bank continues to strengthen its presence in Thailand’s competitive banking sector by prioritising digital innovation, SME support, and sustainability initiatives. These efforts, combined with improved financial stability and investor confidence, have elevated customer loyalty and brand reputation, enabling Kasikornbank to grow steadily in a fast-changing landscape.
Krung Thai Bank (brand value up 38% to USD2.3 billion) has made a mark as the fourth strongest banking brand ranked in ASEAN this year. With a Brand Strength Index (BSI) score of 92/100 supported by an AAA+ brand strength rating, it is also notably Thailand’s strongest banking brand in 2025. As a state-owned entity, the bank is trusted for its stability and reputation. Krung Thai Bank’s leadership in digital public services, combined with its strong presence in rural and provincial areas, ensures it remains deeply connected to the Thai people.
Recording the fastest growth among the region’s hotel brand is Centara Hotels & Resorts (brand value to USD323million). The brand’s expanding footprint and improved financial performance have significantly boosted its valuation. In December 2024, Centara announced the opening of Centara Mirage Lagoon Waterpark in Phuket, expanding its family-oriented offerings and reinforcing its ambition to become a leader in leisure and resort experiences in Southeast Asia.
The sole restaurant brand from Thailand, MK Restaurants (brand value up 24% to USD188 million), stands as a testament of Thai cuisine within the region. It retained its position as ASEAN’s fifth most valuable restaurant brand. Known for its signature Sukiyaki hot pot, MK represents Thailand’s deep-rooted culinary traditions while adapting to the tastes and preferences of modern consumers. The restaurant chain's brand value growth demonstrate how Thai food continues to gain international recognition.
Alex Haigh, Managing Director of Brand Finance Asia Pacific, commented:
“Thailand’s leading brands are showcasing the power of transformation and innovation. PTT continues to fuel national growth, Thai Airways has re-emerged as a revitalised flag carrier, while Kasikornbank and Krung Thai Bank are setting new standards in digital banking. Meanwhile, Centara and MK Restaurants highlights the Thai hospitality and cuisine, underlining Thailand’s growing influence across ASEAN.”
The ASEAN 500 rankings for 2025 showcase the remarkable brand value growth across Southeast Asia, underscoring a dynamic period of economic transformation, digital innovation, and regional integration. The total brand value of ASEAN stands at USD306.6 billion, reflecting the scale of this collective growth with top Thai brands accounting for USD45.8 billion (15%) in value, spurred by its retail and energy brands playing a pivotal role in domestic and regional markets.
The Brand Guardianship Index (BGI), which assesses how effectively CEOs manage and grow their companies’ brands while driving long-term value creation, is also featured in the ASEAN 500 report.
Among the top six brand guardians in ASEAN, Dr Kongkrapan Intarajang, CEO of PTT, ranks second this year. His performance spans both B2B and B2C sectors, with strengths in ‘long-term value focus’, ‘commercially shrewd’, ‘positive change’, and ‘sustainability’. Renowned for his commitment to energy transition, Kongkrapan ranks second globally for strongest sustainability perceptions, underscoring PTT’s leadership in balancing growth with climate responsibility.
Brand Finance is the world’s leading brand valuation consultancy. Bridging the gap between marketing and finance, Brand Finance evaluates the strength of brands and quantifies their financial value to help organisations make strategic decisions.
Headquartered in London, Brand Finance operates in over 25 countries. Every year, Brand Finance conducts more than 6,000 brand valuations, supported by original market research, and publishes over 100 reports which rank brands across all sectors and countries.
Brand Finance also operates the Global Brand Equity Monitor, conducting original market research annually on 6,000 brands, surveying more than 175,000 respondents across 41 countries and 31 industry sectors. By combining perceptual data from the Global Brand Equity Monitor with data from its valuation database — the largest brand value database in the world — Brand Finance equips ambitious brand leaders with the data, analytics, and the strategic guidance they need to enhance brand and business value.
In addition to calculating brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance, compliant with ISO 20671.
Brand Finance is a regulated accountancy firm and a committed leader in the standardisation of the brand valuation industry. Brand Finance was the first to be certified by independent auditors as compliant with both ISO 10668 and ISO 20671 and has received the official endorsement of the Marketing Accountability Standards Board (MASB) in the United States.
Brand is defined as a marketing-related intangible asset including, but not limited to, names, terms, signs, symbols, logos, and designs, intended to identify goods, services, or entities, creating distinctive images and associations in the minds of stakeholders, thereby generating economic benefits.
Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors. Brand Finance evaluates brand strength in a process compliant with ISO 20671, looking at Marketing Investment, Stakeholder Equity, and the impact of those on Business Performance. The data used is derived from Brand Finance’s proprietary market research programme and from publicly available sources.
Each brand is assigned a Brand Strength Index (BSI) score out of 100, which feeds into the brand value calculation. Based on the score, each brand is assigned a corresponding Brand Rating up to AAA+ in a format similar to a credit rating.
Brand Finance calculates the values of brands in its rankings using the Royalty Relief approach – a brand valuation method compliant with the industry standards set in ISO 10668. It involves estimating the likely future revenues that are attributable to a brand by calculating a royalty rate that would be charged for its use, to arrive at a ‘brand value’ understood as a net economic benefit that a brand owner would achieve by licensing the brand in the open market.
The steps in this process are as follows:
1 Calculate brand strength using a balanced scorecard of metrics assessing Marketing Investment, Stakeholder Equity, and Business Performance. Brand strength is expressed as a Brand Strength Index (BSI) score on a scale of 0 to 100.
2 Determine royalty range for each industry, reflecting the importance of brand to purchasing decisions. In luxury, the maximum percentage is high, while in extractive industry, where goods are often commoditised, it is lower. This is done by reviewing comparable licensing agreements sourced from Brand Finance’s extensive database.
3 Calculate royalty rate. The BSI score is applied to the royalty range to arrive at a royalty rate. For example, if the royalty range in a sector is 0-5% and a brand has a BSI score of 80 out of 100, then an appropriate royalty rate for the use of this brand in the given sector will be 4%.
4 Determine brand-specific revenues by estimating a proportion of parent company revenues attributable to a brand.
5 Determine forecast revenues using a function of historic revenues, equity analyst forecasts, and economic growth rates.
6 Apply the royalty rate to the forecast revenues to derive brand revenues.
7 Discount post-tax brand revenues to a net present value which equals the brand value.
Brand Finance has produced this study with an independent and unbiased analysis. The values derived and opinions presented in this study are based on publicly available information and certain assumptions that Brand Finance used where such data was deficient or unclear. Brand Finance accepts no responsibility and will not be liable in the event that the publicly available information relied upon is subsequently found to be inaccurate. The opinions and financial analysis expressed in the study are not to be construed as providing investment or business advice. Brand Finance does not intend the study to be relied upon for any reason and excludes all liability to any body, government, or organisation.
The data presented in this study form part of Brand Finance's proprietary database, are provided for the benefit of the media, and are not to be used in part or in full for any commercial or technical purpose without written permission from Brand Finance.
