TQM Alpha Public (TQM.BK)

What Moves the Stock

1. 01Thai motor vehicle sales and registration growth - directly drives compulsory motor insurance demand
2. 02Insurance penetration rates in Thailand - currently low versus developed markets, providing structural growth runway
3. 03Commission rate trends and competitive intensity among brokers - impacts unit economics
4. 04Regulatory changes affecting insurance distribution or mandatory coverage requirements
5. 05Digital platform adoption rates and cost-per-acquisition metrics
6. 06Motor insurance brokerage commissions (estimated 60-70% of revenue) - distributing compulsory and voluntary motor policies
7. 07Non-motor insurance brokerage (estimated 20-30%) - employee benefits, property, marine, and specialty lines
8. 08Fee-based services and technology platform licensing (estimated 5-10%)

TQM.BK Chart

My Notes

• growth - Investors are attracted to Thailand's structural insurance penetration story (currently ~4% of GDP versus 7-10% in developed Asia)…
• Rising interest rates have mixed effects: (1) Negative impact on valuation multiples as investors demand higher returns from growth stocks…
• Watch on earnings: Thai passenger car and commercial vehicle sales volumes (monthly data from Thai Automotive Industry Association), Thai insurance industry gross written premium growth rates by segment, Thai consumer confidence index and household debt-to-GDP ratio.