Only a handful of Singapore- listed companies are likely to be affected directly by the unrest in Thailand, analysts say.
They include brewer Thai Beverage Public, whose share price has dropped as the instability has intensified, instant beverage maker Super Group and engineering company King Wan Corp.
But most companies trading on the Singapore Exchange (SGX) will not be affected greatly.
Bloomberg data showed that only five SGX firms derived more than one quarter of revenue from Thailand in the last financial year.
Topping the list is Bangkok- based Thai Beverage, which derived 96 per cent of revenues from Thailand last year and makes the country's popular Chang beer.
"Thai Beverage, which is the largest and most prominent Thai play listed on the SGX, will likely see continued pressure on the stock, having fallen by 10 per cent in the past two weeks," DMG & Partners Research said on Monday.
Thai Beverage shares closed at 48 cents on Monday, down 9.4 per cent from Nov 15, with the unrest in Bangkok intensifying in recent weeks.
Bloomberg said the other SGX companies with more than 25 per cent of turnover from Thailand are rubber producer GMG Global, packaging products maker Texchem-Pack Holdings (S), foam parts maker Armstrong Industrial Corp, and energy company KrisEnergy - a Gulf of Thailand oil and gas producer.
Super Group and King Wan Corp get less than a quarter of revenue from Thailand, but analysts still think they may be affected.
Super gets about 20 per cent of its revenue from the kingdom, said DMG's note.
Maybank Kim Eng analyst James Koh, who covers Super, said the concern for the company is more on logistical and distribution issues, and not so much on the end demand for its products.
"If there is unrest, the question is how the goods will move to the end-customers."
But he said this is not a major issue as the last time there was unrest, there was only "a minor negative impact" on Super.
He added that he is watching the situation in Thailand.
King Wan Corp, which has businesses in engineering, property development, manufacturing and vessel chartering, may be affected because it wants to list its Thai sugar unit in Bangkok by February next year.
"The listing still remains the key value-unlocking strategy" for King Wan, said DMG analyst Lee Yue Jer.
"Potentially, if the protests get so bad... they could agree to delay the listing at the very worst case."
Mr Lee said the timing of the listing is the only issue, and it is not likely the listing will be cancelled. He is keeping his "buy" recommendation on the stock.
Get a copy of The Straits Times or go to straitstimes.com for more stories.