Thailand’s ‘sleeping giant’ economy holds potential for global investors says Chartered Chief

Although many investors view Thailand as a “sleeping giant” reliant on tourism, it remains a sizeable market with strong investment potential, Eyal Agmoni, Chairman of Chartered Group, told The Nation in an exclusive interview.

With 36 years of investment experience in the region and strong track record, Agmoni said Chartered Group focuses on two core investment philosophies. Under its distressed asset approach, the group buys companies in difficulty and works to improve their performance and value.

Its second philosophy—the blue ocean strategy—focuses on investing early in markets where future opportunities exist but have not yet been fully recognised, with the aim of being among the first movers.

Agmoni said Chartered Group currently operates across four investment pillars: financial services (banking, asset management and brokerage); private credit and lending for individuals and SMEs; high-end hospitality, with stakes in Japan and Thailand; and technology, focusing on deep tech and defence tech.

“So, with these four investment pilars, when I started this business, I started it from zero. Now, we have roughly above $20 billion asset under management, 400 global employees,” Agmoni said, adding that last year we started to put effort into Southeast Asia and Thailand is one of them.

Three sectors stand out: energy, finance and tourism

Agmoni said that when Chartered Group assessed investment opportunities in Thailand, it identified three priority sectors: energy, asset management and finance, and tourism.

He said energy demand is likely to surge as artificial intelligence expands, because AI-driven growth requires power-hungry data centres and supporting infrastructure. The group initially looked at opportunities linked to data centres and facilities, but he acknowledged that these solutions are largely linked to major players.

Agmoni contrasted Thailand with Japan, where he said the energy sector is dominated by giants, leaving limited room for new entrants. In Thailand, he said, the market structure appears more open.

“When we look at this sector in Japan, it is controlled by giants, so there is no room for us,” he said. “But in Thailand, you have maybe three players. You have the big one, PTT, and then you have smaller players.”

He said the group believes Thai energy companies valuations remain lower than global peers, leaving room to upgrade value through management, products and strategy. With sustained investment, he said Thailand could position itself as a regional data-centre hub.

Agmoni also suggested Thailand could play a wider role in regional energy collaboration, citing Indonesia as an example of a large market that he said lacks refining capacity—an area where Thailand could potentially support growth.

Why Chartered Group invested in Bangchak

Asked about Chartered Group’s investment in Bangchak Corporation, Agmoni reiterated his view that the company is undervalued compared with global peers, despite having multiple business lines.

He said Bangchak’s refining business could expand further, and he argued the company should pursue more regional and international projects.

“Bangchak should not stay as a local Thai company only,” he said. “It should be like Japanese companies: they do business in Japan and they go outside. American companies go out as well.”

Agmoni said there are many ways to improve profitability, including strengthening supply chains related to retail fuel operations and supporting businesses, as well as preparing for an eventual shift towards electric vehicles.

He also pointed to potential investments in energy-adjacent projects such as data centres, along with new technologies.

“There are so many opportunities to look at,” he said, adding that he believes the share price could be two to three times higher, though achieving that would require significant work.

Agmoni said that while PTT is the largest player in the sector, there is still room for smaller competitors. He said Chartered Group aims to increase its market share through innovation and expansion.

AI and the next wave of ASEAN growth

Looking ahead, Agmoni said artificial intelligence is booming and will reshape economies, meaning countries that adopt technology faster are likely to be more successful.

He cited Singapore and Vietnam as early adopters that are aggressively embedding AI and machine learning into operations. If Thailand does not accelerate adoption, he warned, it risks falling behind.

Agmoni also said the next phase of growth should be driven by younger entrepreneurs, not only established corporates. “The young Thai people—the bright guys that just graduate from universities—have an opportunity because they have a strong tool: AI,” and added: “I know the Thai people, I’ve worked closely alongside them, and I believe that the young generation has the potential and the ability to adopt innovation and AI tools and integrate them into the local industry. This sort of transformation can boost and strengthen Thailand’s economy drastically, turning into one of the most attractive markets for foreign investors.”

Chartered group is about to launch a deep-tech and defence-tech fund that will also look to invest in Thai startups and to invite Thai investor’s to participate in. He said AI can help startups with research and development and speed up the creation of new products.

Supporting the younger generation and building a technology-driven ecosystem, he concluded, is key to Thailand’s future.