DR Product Specification

A Depositary Receipt (DR) is listed on the stock exchange and can be traded the same way stocks are.

DR...Introducing local investors to global investment opportunities.
DR... Introducing local investors to global investment opportunities.
What is DR?

A Depositary Receipt is a type of security that is traded on the stock exchange the same way stocks are. DR issuers must first obtain SEC approval before buying foreign shares and selling the DR to Thai investors in Thai baht. 

DRs are classified into two types:

1. DR of depositor of foreign security

1 unit of DR = 1 unit of foreign security

2. DR representing interest from underlying foreign security

1 or more DR = 1 unit of foreign security
such as 10 units of DR = 1 share of foreign assets

Therefore, DR holder will receive similar rights and benefits as direct investment in foreign asset.

Benefits of DR
DRs make it simple for local investors to invest in foreign securities. Investors can purchase DRs in Thai bath through securities trading accounts. They can also monitor news, rights and benefits from the issuers’ regular reports.

DRs are ideal for investors looking to diversify their portfolios into foreign securities or ETFs. Investors can choose between short-term investments for quick returns and long-term portfolio investments for long-term growth. Investors are also able to rebalance their portfolios or sell DRs without the hassle of cross-border money transfer.
DR Returns

DR Returns


Capital gains:
Investors will earn capital gains when they sell DRs at a higher price than when they were bought

Dividends and other benefits:
DR holders will receive dividends or other benefits associated with foreign securities after deducting transaction fees (if any) as specified in the Information Memorandum.
* * Information Memorandum governs the rights and obligations of the issuer and DR holders
DR Issuance Mechanism

A DR issuer will raise funds either through an IPO or direct listing, then invest all in foreign securities before listing on SET’s real-time trading platform the same way as stocks.
A DR issuer will raise funds either through an IPO or direct listing, then invest all in foreign securities before listing on SET’s real-time trading platform the same way as stocks.
DR Issuance


1. IPO (Initial Public Offering)
Issuers can offer DRs through an IPO, allowing investors to profit from price differences when they trade their DRs at a higher price than the IPO price.


2. Direct listing
DR issuers can offer their DRs through the direct listing with SET

DR Features
DRs are listed and traded on the stock exchange just like stocks. Upon the receipt of SET approval, the issuers will purchase foreign shares and sell them to Thai investors as DRs. DR holders are considered to effectively own the foreign shares and are thus entitled to all of the shares' financial benefits.
Underlying securitiesForeign shares or ETFs that are listed on foreign markets and have the characteristics required by the SEC
The symbol cannot be more than ten letters long 
The first eight letters denote the underlying securities 
The last two letters represent the issuer number 
For example, APPR99 denotes a DR containing APPR securities issued by an issuer with the issuer number 99
Ratio1X DR : 1 underlying share
Minimum order1 DR (Board Lot = 1)
Trading currencyThai baht
Trading method and trading timeSame as stocks
Transaction feesSame as stocks
DisclosureWhen foreign stocks have news that affects stock prices or rights, the DR issuer must disclose information to investors through SET's channel as well as the issuer's website.


You can immediately buy or sell DRs using your existing trading account.
DRs are traded in Thai baht.
The DR price movement corresponds to the underlying assets, currency exchange rate fluctuations, and market demand.
The same as the trading fee for stocks on the stock exchange.
All of the benefits of the underlying shares will be available to DR holders, subject to the terms and conditions, as well as transaction fees, outlined in the prospectus and depositary agreement.
The dividend will be paid in Thai baht. When the issuers receive dividends, they will distribute to DR holders after after deducting fees through the channels specified in the depositary agreement, which investors should study prior to investment.
Because DRs are registered in the scripless system, the answer is no.
The DRs can be traded at any time during the Thai stock exchange's trading hours.
The DR issuers will request that the Thai Stock Exchange display the same sign to keep investors up to date on the latest news.
The DR issuers will be responsible for managing liquidity or appointing a market maker to handle the task.
There are no foreign limit restrictions so foreign investors can invest on the same trading board.

Just like any other investment, DRs carry a certain level of risks:

  • Currency risk due to fluctuating exchange rates
  • Price risk due to fluctuations in the underlying price
  • The risk of DR price fluctuations
Commission and dividend fees as specified in the depositary agreement. Investors should review the agreement before investing.

The depositary agreement is an important document outlining details regarding the DR’s terms and conditions. Key terms include:

  • DR issuer’s rights and obligations such as information disclosure and financial benefits distribution
  • DR holder’s rights and obligations such as the right to receive relevant information from the issuer    
  • Resolutions and meetings of DR holders
  • Terms and conditions on DR creation and redemption
  • Terms and conditions on DR cancellation
  • Actions to be taken by an issuer in the event of significant changes in the foreign underlying securities, such as a special circumstance or a change in core business  
  • Actions to be taken by an issuer if it fails to provide a sufficient number of foreign securities for the DR issuance, as well as terms and conditions on compensation or other remedial measures that DR holders may receive  
  • Fees and expenses charged to DR holders
  • Terms and conditions on agreement revision  
  • Applicable laws and regulations