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Thai (SET) Market Analysis & Valuation

UpdatedSep 02, 2025
DataAggregated Company Financials
Companies895
  • 7D-1.5%
  • 3M8.0%
  • 1Y-9.0%
  • YTD-9.2%

Over the last 7 days, the market has dropped 1.5%, driven by pullbacks in the Information Technology and Consumer Staples sectors of 2.6% and 3.4%, respectively. As for last year, the market is also down 9.0%. Looking forward, earnings are forecast to grow by 11% annually.

Trending IndustriesOil and GasRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 02 Sep 2025฿15.8t฿17.3t฿962.4b12.1x16.4x0.9x
Thu, 31 Jul 2025฿15.5t฿17.5t฿900.3b11.8x17.2x0.9x
Sat, 28 Jun 2025฿13.5t฿17.5t฿908.7b11x14.8x0.8x
Mon, 26 May 2025฿14.7t฿17.5t฿907.3b11.5x16.2x0.8x
Wed, 23 Apr 2025฿14.3t฿17.6t฿906.2b11.8x15.7x0.8x
Fri, 21 Mar 2025฿14.8t฿17.7t฿912.3b12.4x16.3x0.8x
Sun, 16 Feb 2025฿16.0t฿17.8t฿947.1b12.4x16.8x0.9x
Tue, 14 Jan 2025฿16.9t฿17.7t฿924.0b13.5x18.3x1x
Thu, 12 Dec 2024฿18.1t฿17.7t฿920.7b14.7x19.6x1x
Sat, 09 Nov 2024฿18.4t฿17.7t฿973.4b14.6x18.9x1x
Mon, 07 Oct 2024฿18.1t฿17.7t฿1.0t15.2x17.9x1x
Wed, 04 Sep 2024฿17.1t฿17.7t฿1.0t14.4x17x1x
Fri, 02 Aug 2024฿16.6t฿17.4t฿972.9b14.6x17x1x
Sun, 30 Jun 2024฿16.3t฿17.4t฿972.7b15x16.8x0.9x
Tue, 28 May 2024฿17.2t฿17.4t฿980.4b16.1x17.5x1x
Thu, 25 Apr 2024฿17.1t฿17.2t฿975.2b15.9x17.5x1x
Sat, 23 Mar 2024฿17.3t฿17.2t฿967.6b16.6x17.9x1x
Mon, 19 Feb 2024฿17.3t฿17.0t฿970.1b16.5x17.9x1x
Wed, 17 Jan 2024฿17.5t฿17.1t฿931.6b16.5x18.7x1x
Fri, 15 Dec 2023฿17.2t฿17.1t฿929.9b15.6x18.5x1x
Sun, 12 Nov 2023฿17.3t฿17.3t฿934.1b16.1x18.5x1x
Tue, 10 Oct 2023฿17.8t฿17.4t฿875.6b16.8x20.3x1x
Thu, 07 Sep 2023฿19.2t฿17.3t฿870.7b18x22.1x1.1x
Sat, 05 Aug 2023฿19.0t฿17.7t฿1.0t16.3x18.9x1.1x
Mon, 03 Jul 2023฿18.6t฿17.7t฿1.0t16.4x18.5x1x
Wed, 31 May 2023฿19.0t฿26.5t฿1.2t17.2x16.3x0.7x
Fri, 28 Apr 2023฿18.1t฿17.6t฿1.0t16.2x17.9x1x
Sun, 26 Mar 2023฿19.4t฿17.6t฿976.8b17.9x19.8x1.1x
Tue, 21 Feb 2023฿20.5t฿17.3t฿1.1t18.3x19.4x1.2x
Thu, 19 Jan 2023฿20.8t฿17.1t฿1.1t18x19x1.2x
Sat, 17 Dec 2022฿20.0t฿17.1t฿1.1t17.5x18x1.2x
Mon, 14 Nov 2022฿20.1t฿16.8t฿1.1t17.2x18.7x1.2x
Wed, 12 Oct 2022฿19.1t฿15.7t฿1.1t16.7x17.8x1.2x
Fri, 09 Sep 2022฿20.0t฿15.7t฿1.1t17.7x18.7x1.3x
Price to Earnings Ratio

18.7x


Total Market Cap: ฿20.0tTotal Earnings: ฿1.1tTotal Revenue: ฿15.7tTotal Market Cap vs Earnings and Revenue0%0%0%
Thai Market Price to Earnings3Y Average 18.1x202320242025
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 18.1x.
Past Earnings Growth
  • The earnings for Thai listed companies have declined 3.4% per year over the last three years.
  • Meanwhile revenues for these companies have grown 3.4% 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 Market-1.46%
Consumer Discretionary0.77%
Telecom0.43%
Financials0.25%
Energy-1.31%
Healthcare-1.40%
Real Estate-1.94%
Utilities-2.12%
Industrials-2.55%
Tech-2.64%
Consumer Staples-3.38%
Materials-3.58%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 25.2x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 31.4% which is higher than its past year's earnings decline of 9.3% per year.
  • The Financials sector is the least preferred by investors for future growth, which is trading below its 3-year average of 10.2x.
Forecasted Growth
  • Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 31% over the next 5 years.
  • This is better than its past earnings decline of 9.3% per year.
  • In contrast, the Utilities sector is expected to see its earnings decline by 18% 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
ADVANC Advanced Info Service฿299.002.7%
+฿23.8b
21.5%PE22.4xTelecom
KBANK Kasikornbank฿170.503.0%
+฿11.8b
20.5%PB0.7xFinancials
KTB Krung Thai Bank฿24.903.3%
+฿11.2b
36.1%PB0.8xFinancials
GLOBAL Siam Global House฿7.7520.2%
+฿7.0b
-44.5%PE20.6xConsumer Discretionary
CRC Central Retail Corporation฿22.703.7%
+฿4.8b
-21.7%PE17.6xConsumer Discretionary
See more

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