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Thai (SET) Market Analysis & Valuation

UpdatedJun 12, 2025
DataAggregated Company Financials
Companies901
  • 7D0.9%
  • 3M-1.3%
  • 1Y-15.1%
  • YTD-16.9%

The Information Technology sector gained 6.2% while the market remained flat over the last week. Unfortunately though, the market is down 15% over the past year. Looking forward, earnings are forecast to grow by 12% annually.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 12 Jun 2025฿14.2t฿17.5t฿909.0b11.4x15.6x0.8x
Sat, 10 May 2025฿15.1t฿17.6t฿901.9b12x16.7x0.9x
Mon, 07 Apr 2025฿13.3t฿17.5t฿887.5b11.6x15x0.8x
Wed, 05 Mar 2025฿14.8t฿26.8t฿1.1t12.1x13x0.6x
Fri, 31 Jan 2025฿16.8t฿17.7t฿929.3b13.3x18x0.9x
Sun, 29 Dec 2024฿17.5t฿17.7t฿922.7b14x19x1x
Tue, 26 Nov 2024฿18.1t฿17.7t฿915.0b14.9x19.8x1x
Thu, 24 Oct 2024฿18.4t฿17.7t฿1.0t15x18.2x1x
Sat, 21 Sep 2024฿18.2t฿17.7t฿1.0t15.4x18x1x
Mon, 19 Aug 2024฿16.3t฿42.2t฿999.2b13.9x16.3x0.4x
Wed, 17 Jul 2024฿16.6t฿17.4t฿971.1b15.1x17.1x1x
Fri, 14 Jun 2024฿16.5t฿17.4t฿972.7b15.3x17x1x
Sun, 12 May 2024฿17.2t฿17.3t฿973.9b16.2x17.7x1x
Tue, 09 Apr 2024฿17.2t฿17.2t฿970.1b16.1x17.8x1x
Thu, 07 Mar 2024฿17.1t฿17.4t฿825.4b16.4x20.8x1x
Sat, 03 Feb 2024฿17.2t฿17.2t฿946.9b16.3x18.2x1x
Mon, 01 Jan 2024฿17.7t฿17.1t฿930.6b16.3x19x1x
Wed, 29 Nov 2023฿17.4t฿17.1t฿928.5b16x18.8x1x
Fri, 27 Oct 2023฿17.0t฿17.4t฿878.6b16.2x19.4x1x
Sun, 24 Sep 2023฿18.9t฿17.4t฿872.4b17.7x21.7x1.1x
Tue, 22 Aug 2023฿18.8t฿17.3t฿868.5b17.2x21.7x1.1x
Thu, 20 Jul 2023฿19.0t฿17.7t฿997.7b16.6x19.1x1.1x
Sat, 17 Jun 2023฿19.3t฿17.7t฿1.0t17.3x19.2x1.1x
Mon, 15 May 2023฿19.3t฿17.7t฿1.0t16.5x19.1x1.1x
Wed, 12 Apr 2023฿19.7t฿17.6t฿993.9b17.2x19.9x1.1x
Fri, 10 Mar 2023฿19.9t฿17.6t฿1.0t17.4x19.7x1.1x
Sun, 05 Feb 2023฿20.9t฿17.1t฿1.1t18.4x19.2x1.2x
Tue, 03 Jan 2023฿20.6t฿17.1t฿1.1t17.7x18.6x1.2x
Thu, 01 Dec 2022฿20.1t฿17.1t฿1.1t17.6x18.1x1.2x
Sat, 29 Oct 2022฿19.6t฿15.8t฿1.1t17x18x1.2x
Mon, 26 Sep 2022฿19.9t฿15.7t฿1.1t17.7x18.6x1.3x
Wed, 24 Aug 2022฿19.9t฿15.7t฿1.1t17.5x18.6x1.3x
Fri, 22 Jul 2022฿18.6t฿14.1t฿972.5b17x19.1x1.3x
Sun, 19 Jun 2022฿18.7t฿14.2t฿976.8b17.6x19.1x1.3x
Price to Earnings Ratio

19.1x


Total Market Cap: ฿18.7tTotal Earnings: ฿976.8bTotal Revenue: ฿14.2tTotal Market Cap vs Earnings and Revenue0%0%0%
Thai Market Price to Earnings3Y Average 18.3x202320242025
Current Market PE
  • Investors are pessimistic on the Thai market, indicating that they anticipate earnings will not grow as fast as they have historically.
  • The market is trading at a PE ratio of 15.6x which is lower than its 3-year average PE of 18.3x.
Past Earnings Growth
  • The earnings for Thai listed companies have declined 2.4% per year over the last three years.
  • Meanwhile revenues for these companies have grown 7.3% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Sector Trends

Which sectors have driven the changes within the Thai Market?

TH Market0.86%
Tech6.25%
Materials2.47%
Energy1.91%
Financials1.25%
Healthcare1.09%
Consumer Discretionary-0.11%
Utilities-0.55%
Industrials-0.58%
Consumer Staples-0.70%
Telecom-0.89%
Real Estate-1.92%
Sector PE
  • Investors favour the Telecom sector the most for future growth even though it's trading below its 3-year average PE ratio of 82.9x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 27.9%, which is higher than its past year's earnings growth of 6.1% per year.
Forecasted Growth
  • Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 50% over the next 5 years.
  • This is better than its past earnings decline of 1.1% per year.
  • In contrast, the Financials sector is expected to see its earnings grow by 3.9% 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
PTTEP PTT Exploration and Production฿105.005.3%
+฿20.8b
-30.2%PE5.9xEnergy
SCC Siam Cement฿174.507.1%
+฿13.8b
-22.8%PE41.7xMaterials
PTT PTT฿30.250.8%
+฿6.7b
-4.7%PE10.2xEnergy
AOT Airports of Thailand฿32.000.8%
+฿3.6b
-46.7%PE23.8xIndustrials
SCB SCB X฿118.500.9%
+฿3.4b
13.4%PB0.8xFinancials
See more
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SCGP

฿16.90

SCG Packaging

7D

3.0%

1Y

-49.6%

ADVANC

฿286.00

Advanced Info Service

7D

-2.4%

1Y

36.8%

SPI

฿44.50

Saha Pathana Inter-Holding

7D

-3.3%

1Y

2.3%

BDMS

฿21.30

Bangkok Dusit Medical Services

7D

0.9%

1Y

-22.5%

PTT

฿30.25

PTT

7D

0.8%

1Y

-4.7%

CPALL

฿46.75

CP ALL

7D

-2.6%

1Y

-16.5%

PTTGC

฿20.60

PTT Global Chemical

7D

2.0%

1Y

-34.6%

GULF

฿43.50

Gulf Development

7D

-2.2%

1Y

n/a

TRUE

฿12.00

True Corporation

7D

-5.5%

1Y

42.9%

KBANK

฿152.50

Kasikornbank

7D

-2.6%

1Y

18.2%

SCC

฿174.50

Siam Cement

7D

7.1%

1Y

-22.8%

PTTEP

฿105.00

PTT Exploration and Production

7D

5.3%

1Y

-30.2%

SCB

฿118.50

SCB X

7D

0.9%

1Y

13.4%

BBL

฿138.50

Bangkok Bank

7D

-2.5%

1Y

3.4%