When Dividends Signal Stress, Not Strength
Why balance sheets — not payout headlines — shape Thai equity valuations
In the previous note, I argued that record dividend payouts have failed to rebuild confidence in Thai equities.
Not because dividends are unimportant — but because they do not answer the questions investors now care most about.
This follow-up looks inside Thai listed companies themselves, where balance sheets and capital allocation decisions reveal why high payouts can sometimes signal stress rather than strength.
Dividends tell us how much — not whether they should be paid
Headline dividend figures show how much cash was distributed.
They do not tell us whether those distributions were sustainable, disciplined, or value-accretive.
A closer look at Thai corporates highlights several structural frictions: