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Thai (SET) Market Analysis & Valuation

UpdatedApr 14, 2026
DataAggregated Company Financials
Companies901
  • 7D2.9%
  • 3M21.5%
  • 1Y34.9%
  • YTD17.6%

Over the last 7 days, the market has risen 2.9%, driven by gains of 14% in the Information Technology sector. As for the past 12 months, the market is up 35%. As for the next few years, earnings are expected to grow by 11% per annum.

Trending IndustriesOil and GasRenewable Energy

Market Valuation and Performance

Has the Thai Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 15 Apr 2026฿19.1t฿16.4t฿1.1t11.3x17.3x1.2x
Fri, 13 Mar 2026฿18.1t฿16.4t฿1.1t11.7x16.3x1.1x
Sun, 08 Feb 2026฿17.2t฿16.8t฿1.0t11.5x16.8x1x
Tue, 06 Jan 2026฿16.3t฿16.8t฿1.0t11.6x15.9x1x
Thu, 04 Dec 2025฿16.2t฿16.8t฿1.0t11.6x15.8x1x
Sat, 01 Nov 2025฿16.6t฿17.3t฿973.9b11.8x17x1x
Mon, 29 Sep 2025฿16.2t฿17.3t฿963.6b12.5x16.8x0.9x
Wed, 27 Aug 2025฿15.9t฿17.3t฿966.8b12.1x16.4x0.9x
Fri, 25 Jul 2025฿15.1t฿17.5t฿910.4b11.5x16.6x0.9x
Sun, 22 Jun 2025฿13.3t฿17.5t฿909.0b11x14.6x0.8x
Tue, 20 May 2025฿14.8t฿17.5t฿907.8b11.7x16.3x0.8x
Thu, 17 Apr 2025฿14.2t฿17.6t฿902.5b11.5x15.7x0.8x
Sat, 15 Mar 2025฿14.7t฿17.7t฿912.5b12.3x16.1x0.8x
Mon, 10 Feb 2025฿16.1t฿17.7t฿933.7b12.4x17.2x0.9x
Wed, 08 Jan 2025฿17.4t฿17.7t฿923.4b14x18.9x1x
Fri, 06 Dec 2024฿18.2t฿17.7t฿921.2b14.9x19.7x1x
Sun, 03 Nov 2024฿18.3t฿17.7t฿1.0t14.8x18.1x1x
Tue, 01 Oct 2024฿18.1t฿17.6t฿1.0t15.4x18x1x
Thu, 29 Aug 2024฿17.1t฿17.7t฿1.0t14.4x17x1x
Sat, 27 Jul 2024฿16.4t฿17.4t฿968.4b14.4x16.9x0.9x
Mon, 24 Jun 2024฿16.4t฿17.4t฿972.9b15x16.9x0.9x
Wed, 22 May 2024฿17.2t฿17.4t฿980.7b16.1x17.5x1x
Fri, 19 Apr 2024฿17.1t฿17.2t฿971.1b16x17.6x1x
Sun, 17 Mar 2024฿17.3t฿17.2t฿966.3b16.7x18x1x
Tue, 13 Feb 2024฿17.3t฿17.1t฿954.8b16.4x18.2x1x
Thu, 11 Jan 2024฿17.6t฿17.1t฿930.0b16.6x18.9x1x
Sat, 09 Dec 2023฿17.2t฿17.1t฿931.2b15.9x18.5x1x
Mon, 06 Nov 2023฿17.7t฿17.3t฿874.2b16.6x20.2x1x
Wed, 04 Oct 2023฿18.2t฿17.4t฿875.1b17.1x20.8x1.1x
Fri, 01 Sep 2023฿19.4t฿17.3t฿868.5b18.3x22.3x1.1x
Sun, 30 Jul 2023฿19.1t฿17.7t฿1.0t16.4x19.1x1.1x
Tue, 27 Jun 2023฿18.4t฿17.7t฿1.0t16.1x18.3x1x
Thu, 25 May 2023฿19.1t฿17.7t฿1.0t16.8x19.1x1.1x
Sat, 22 Apr 2023฿19.3t฿17.6t฿994.5b16.7x19.4x1.1x
Price to Earnings Ratio

19.4x


Total Market Cap: ฿19.3tTotal Earnings: ฿994.5bTotal Revenue: ฿17.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Thai Market Price to Earnings3Y Average 17.7x202420252026
Current Market PE
  • Investors are relatively neutral on the Thai market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
  • The market is trading close to its 3-year average PE ratio of 17.7x.
Past Earnings Growth
  • The earnings for Thai listed companies have grown 3.6% per year over the last three years.
  • Meanwhile revenues for these companies have declined 2.3% per year.
  • This means that less sales are being generated overall, but since the cost of doing business is lower, profits are increasing.

Sector Trends

Which sectors have driven the changes within the Thai Market?

TH Market2.91%
Tech14.16%
Industrials1.80%
Real Estate1.43%
Consumer Staples1.15%
Consumer Discretionary0.77%
Healthcare0.15%
Utilities0.12%
Materials0.034%
Financials-0.50%
Telecom-0.73%
Energy-1.18%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 57.9x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 21.7%, which is higher than its past year's earnings growth of 9.1% per year.
  • The Financials sector is the least preferred by investors for future growth, which is trading close to its 3-year average of 9.4x.
Forecasted Growth
  • Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 35% over the next 5 years.
  • This is better than its past earnings decline of 3.9% per year.
  • In contrast, the Utilities sector is expected to see its earnings decline by 17% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
DELTA Delta Electronics (Thailand)฿317.0014.9%
+฿511.4b		361.1%PE159.4xTech
CPALL CP ALL฿47.755.5%
+฿22.3b		-6.4%PE15.3xConsumer Staples
AOT Airports of Thailand฿54.002.4%
+฿17.9b		43.0%PE44.2xIndustrials
SCC Siam Cement฿214.003.9%
+฿9.6b		49.1%PE18.2xMaterials
BH Bumrungrad Hospital฿172.504.5%
+฿6.0b		2.7%PE18.3xHealthcare
See more

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Latest News

KCE
฿25.75
KCE Electronics
7D
17.0%
1Y
60.9%
DELTA
฿317.00
Delta Electronics (Thailand)
7D
14.9%
1Y
361.1%
TTB
฿2.38
TMBThanachart Bank
7D
2.6%
1Y
24.6%

TTB: Dividend Proposal And Fair Value Outlook Will Shape Measured Future Returns

Analysts have nudged their THB fair value estimate for TMBThanachart Bank higher from THB2.18 to THB2.23, citing slightly adjusted assumptions for revenue growth, profit margin and future P/E as the key drivers behind the new price target. What's in the News A board meeting is scheduled for February 17, 2026 to set the timetable for the 2026 Annual General Meeting, providing an early indication of upcoming shareholder-related decisions (Key Developments).
ADVANC
฿363.00
Advanced Info Service
7D
-0.3%
1Y
27.8%
IVL
฿24.50
Indorama Ventures
7D
-5.8%
1Y
31.0%

IVL: Higher Assumed P/E And Softer Margins Will Restrain Future Returns

Analysts now set their price target for Indorama Ventures at about THB17.54, compared with the prior fair value estimate of about THB14.82. This reflects updated views on a lower discount rate, a smaller expected revenue decline, slightly softer profit margins, and a higher assumed future P/E multiple.
SCC
฿214.00
Siam Cement
7D
3.9%
1Y
49.1%

SCC: Planned Dividend And Asset Sale Will Pressure Stretched Share Price

Analysts have reduced their price target for Siam Cement slightly, from THB133 to THB132. This reflects updated assumptions that combine a lower revenue growth outlook with a modestly higher profit margin and a small adjustment to the assumed future P/E multiple.
TRUE
฿14.30
True Corporation
7D
-0.7%
1Y
22.2%

TRUE: Court Win And Stake Sale Will Support Future Upside

Analysts have kept their THB 19.00 price target for True Corporation steady, with small tweaks to assumptions around the discount rate, revenue growth, profit margin and future P/E that reflect largely unchanged long term expectations for the shares. What's in the News Arise Digital Technology Company Limited agreed to acquire a 24.95% stake in True Corporation from Telenor ASA for approximately THB 100b at THB 11.70 per share, with a mutual put/call option on Telenor's remaining 5.35% stake at the higher of THB 11.70 per share or the market price two years after closing (company announcement).
BH
฿172.50
Bumrungrad Hospital
7D
4.5%
1Y
2.7%

BH: Future Dividend Policy Will Drive Attractive Upside Potential Ahead

Analysts now estimate Bumrungrad Hospital’s fair value at THB202.14, reduced from THB214.62, citing updated assumptions around revenue growth, profit margins, and a lower forward P/E multiple. What's in the News The board meeting on 18 February 2026 set the agenda for the General Meeting of Shareholders No. 33 in 2026, which will consider key corporate matters including dividends and capital structure changes (company disclosures).
KTB
฿33.00
Krung Thai Bank
7D
-6.4%
1Y
46.0%
KTC
฿29.00
Krungthai Card
7D
-4.1%
1Y
-37.6%
OR
฿12.20
PTT Oil and Retail Business
7D
-2.4%
1Y
-1.6%
AOT
฿54.00
Airports of Thailand
7D
2.4%
1Y
43.0%
CPALL
฿47.75
CP ALL
7D
5.5%
1Y
-6.4%
BDMS
฿18.60
Bangkok Dusit Medical Services
7D
-1.6%
1Y
-19.8%
CPN
฿63.50
Central Pattana
7D
1.6%
1Y
33.0%
PTTEP
฿151.50
PTT Exploration and Production
7D
-5.3%
1Y
50.0%