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Thai (SET) Market Analysis & Valuation
UpdatedFeb 16, 2026
DataAggregated Company Financials
Companies902
- 7D5.7%
- 3M11.7%
- 1Y13.9%
- YTD11.7%
Over the last 7 days, the market has risen 5.7%, driven by gains in every sector, especially the Utilities sector. As for the past 12 months, the market is up 14%. As for the next few years, earnings are expected to grow by 11% per annum.
Market Valuation and Performance
Has the Thai Market valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Mon, 16 Feb 2026 | ฿18.1t | ฿16.7t | ฿1.0t | 11.9x | 17.6x | 1.1x |
| Wed, 14 Jan 2026 | ฿15.7t | ฿16.8t | ฿1.0t | 11.2x | 15.4x | 0.9x |
| Fri, 12 Dec 2025 | ฿15.9t | ฿16.8t | ฿1.0t | 11.4x | 15.6x | 1x |
| Sun, 09 Nov 2025 | ฿16.6t | ฿17.2t | ฿995.9b | 11.8x | 16.6x | 1x |
| Tue, 07 Oct 2025 | ฿16.3t | ฿17.3t | ฿965.9b | 12.2x | 16.9x | 0.9x |
| Thu, 04 Sep 2025 | ฿16.0t | ฿17.3t | ฿962.6b | 12.2x | 16.6x | 0.9x |
| Sat, 02 Aug 2025 | ฿15.2t | ฿17.5t | ฿914.1b | 11.7x | 16.6x | 0.9x |
| Mon, 30 Jun 2025 | ฿13.5t | ฿17.5t | ฿908.7b | 11x | 14.8x | 0.8x |
| Wed, 28 May 2025 | ฿14.5t | ฿17.5t | ฿908.0b | 11.4x | 15.9x | 0.8x |
| Fri, 25 Apr 2025 | ฿14.3t | ฿17.7t | ฿906.9b | 11.8x | 15.8x | 0.8x |
| Sun, 23 Mar 2025 | ฿14.9t | ฿17.7t | ฿912.7b | 12.2x | 16.3x | 0.8x |
| Tue, 18 Feb 2025 | ฿15.8t | ฿17.7t | ฿952.9b | 12.5x | 16.5x | 0.9x |
| Thu, 16 Jan 2025 | ฿16.9t | ฿17.7t | ฿924.6b | 13.4x | 18.3x | 1x |
| Sat, 14 Dec 2024 | ฿17.9t | ฿17.7t | ฿919.1b | 14.6x | 19.5x | 1x |
| Mon, 11 Nov 2024 | ฿18.4t | ฿17.8t | ฿941.3b | 14.8x | 19.5x | 1x |
| Wed, 09 Oct 2024 | ฿18.2t | ฿17.7t | ฿1.0t | 15.3x | 18x | 1x |
| Fri, 06 Sep 2024 | ฿17.6t | ฿17.7t | ฿1.0t | 14.8x | 17.5x | 1x |
| Sun, 04 Aug 2024 | ฿16.5t | ฿17.4t | ฿972.1b | 14.5x | 16.9x | 0.9x |
| Tue, 02 Jul 2024 | ฿16.3t | ฿17.4t | ฿972.6b | 15x | 16.8x | 0.9x |
| Thu, 30 May 2024 | ฿17.0t | ฿17.4t | ฿982.1b | 16x | 17.3x | 1x |
| Sat, 27 Apr 2024 | ฿17.1t | ฿17.2t | ฿960.2b | 16x | 17.8x | 1x |
| Mon, 25 Mar 2024 | ฿17.3t | ฿17.2t | ฿967.4b | 16.6x | 17.9x | 1x |
| Wed, 21 Feb 2024 | ฿17.3t | ฿17.1t | ฿1.2t | 16.2x | 15x | 1x |
| Fri, 19 Jan 2024 | ฿17.2t | ฿17.1t | ฿932.0b | 16.4x | 18.4x | 1x |
| Sun, 17 Dec 2023 | ฿17.3t | ฿17.1t | ฿930.1b | 15.7x | 18.6x | 1x |
| Tue, 14 Nov 2023 | ฿17.2t | ฿17.3t | ฿934.3b | 16x | 18.5x | 1x |
| Thu, 12 Oct 2023 | ฿18.1t | ฿17.4t | ฿873.6b | 17.1x | 20.7x | 1x |
| Sat, 09 Sep 2023 | ฿19.2t | ฿17.3t | ฿870.7b | 18x | 22x | 1.1x |
| Mon, 07 Aug 2023 | ฿19.0t | ฿17.7t | ฿1.0t | 16.3x | 19x | 1.1x |
| Wed, 05 Jul 2023 | ฿18.7t | ฿17.7t | ฿1.0t | 16.4x | 18.7x | 1.1x |
| Fri, 02 Jun 2023 | ฿18.8t | ฿26.5t | ฿1.2t | 17.1x | 16.2x | 0.7x |
| Sun, 30 Apr 2023 | ฿18.9t | ฿17.6t | ฿1.0t | 16.3x | 18.7x | 1.1x |
| Tue, 28 Mar 2023 | ฿19.7t | ฿17.6t | ฿995.0b | 17.1x | 19.8x | 1.1x |
| Thu, 23 Feb 2023 | ฿20.5t | ฿36.4t | ฿1.8t | 18.4x | 11.6x | 0.6x |
Price to Earnings Ratio
11.6x
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 17.8x.
Past Earnings Growth
- The earnings for companies in the Thai industry have declined 17% per year over the last three years.
- Revenues have also declined 23% per year.
- This means overall sales from these companies are declining and profits are subsequently falling as well.
Sector Trends
Which sectors have driven the changes within the Thai Market?
| TH Market | 5.69% | |
| Utilities | 14.84% | |
| Telecom | 8.18% | |
| Industrials | 7.70% | |
| Consumer Discretionary | 5.08% | |
| Consumer Staples | 4.69% | |
| Tech | 4.54% | |
| Real Estate | 4.49% | |
| Healthcare | 4.14% | |
| Energy | 3.91% | |
| Financials | 3.81% | |
| Materials | 3.41% | |
Sector PE
- Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 55.5x.
- The market's confidence is likely because analysts are expecting annual earnings growth of 21.6%, which is higher than its past year's earnings growth of 8.9% per year.
- The Financials sector is the least preferred by investors for future growth, which is trading close to its 3-year average of 9.5x.
Forecasted Growth
- Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 37% over the next 5 years.
- This is better than its past earnings growth rate of 3.6% per year.
- In contrast, the Utilities sector is expected to see its earnings decline by 19% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | Sector | |
|---|---|---|---|---|---|---|
| GULF Gulf Development | ฿59.75 | 12.2% +฿97.1b | n/a | PE11.9x | Utilities | |
| ADVANC Advanced Info Service | ฿390.00 | 4.3% +฿47.6b | 31.8% | PE24.2x | Telecom | |
| TRUE True Corporation | ฿13.60 | 5.4% +฿24.2b | 7.1% | PS2.3x | Telecom | |
| PTTEP PTT Exploration and Production | ฿133.00 | 3.5% +฿17.9b | 4.3% | PE9.3x | Energy | |
| CPALL CP ALL | ฿49.50 | 4.2% +฿17.8b | -1.5% | PE15.9x | Consumer Staples |
