Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Thai (SET) Market Analysis & Valuation

UpdatedNov 25, 2025
DataAggregated Company Financials
Companies902
  • 7D-2.3%
  • 3M1.1%
  • 1Y-11.3%
  • YTD-8.8%

Over the last 7 days, the market has dropped 2.3%, driven by a loss of 7.5% in the Information Technology sector. As for last year, the market is also down 11%. Earnings are forecast to grow by 12% annually.

Trending IndustriesOil and GasRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 28 Nov 2025฿15.9t฿17.0t฿1.0t11.4x15.6x0.9x
Sun, 26 Oct 2025฿16.7t฿17.4t฿980.9b11.9x17x1x
Tue, 23 Sep 2025฿16.3t฿17.3t฿962.8b12.4x16.9x0.9x
Thu, 21 Aug 2025฿15.8t฿17.3t฿966.8b12.2x16.4x0.9x
Sat, 19 Jul 2025฿15.0t฿17.5t฿908.6b11.6x16.5x0.9x
Mon, 16 Jun 2025฿14.0t฿17.5t฿908.2b11.3x15.4x0.8x
Wed, 14 May 2025฿15.1t฿17.6t฿899.9b11.9x16.8x0.9x
Fri, 11 Apr 2025฿13.4t฿17.5t฿886.3b11.4x15.2x0.8x
Sun, 09 Mar 2025฿15.1t฿17.7t฿913.9b12.5x16.5x0.9x
Tue, 04 Feb 2025฿16.4t฿17.7t฿931.4b12.9x17.6x0.9x
Thu, 02 Jan 2025฿17.5t฿17.7t฿923.1b14.1x19x1x
Sat, 30 Nov 2024฿17.9t฿17.7t฿922.1b14.8x19.4x1x
Mon, 28 Oct 2024฿18.3t฿17.7t฿1.0t15x18.1x1x
Wed, 25 Sep 2024฿18.3t฿17.7t฿1.0t15.6x18.2x1x
Fri, 23 Aug 2024฿16.8t฿17.7t฿997.7b14.3x16.8x1x
Sun, 21 Jul 2024฿16.5t฿17.4t฿972.1b14.8x17x0.9x
Tue, 18 Jun 2024฿16.3t฿17.4t฿972.9b15x16.7x0.9x
Thu, 16 May 2024฿17.2t฿17.4t฿982.4b16.3x17.5x1x
Sat, 13 Apr 2024฿17.5t฿17.2t฿970.0b16.3x18.1x1x
Mon, 11 Mar 2024฿17.3t฿17.2t฿965.9b16.5x18x1x
Wed, 07 Feb 2024฿17.4t฿17.1t฿951.9b16.5x18.3x1x
Fri, 05 Jan 2024฿17.9t฿17.1t฿930.0b17x19.3x1x
Sun, 03 Dec 2023฿17.2t฿17.1t฿930.1b15.6x18.5x1x
Tue, 31 Oct 2023฿17.4t฿17.4t฿873.9b16.2x19.9x1x
Thu, 28 Sep 2023฿18.6t฿17.4t฿873.3b17.4x21.3x1.1x
Sat, 26 Aug 2023฿19.3t฿17.3t฿868.0b17.8x22.3x1.1x
Mon, 24 Jul 2023฿18.9t฿17.7t฿1.0t16.5x18.8x1.1x
Wed, 21 Jun 2023฿19.0t฿17.7t฿1.0t17x18.9x1.1x
Fri, 19 May 2023฿18.9t฿17.8t฿1.0t16.8x18.4x1.1x
Sun, 16 Apr 2023฿19.7t฿17.6t฿994.3b17.3x19.8x1.1x
Tue, 14 Mar 2023฿19.4t฿17.6t฿1.0t17x19.3x1.1x
Thu, 09 Feb 2023฿20.8t฿17.1t฿1.1t18.1x19.2x1.2x
Sat, 07 Jan 2023฿20.6t฿17.1t฿1.1t17.7x18.8x1.2x
Mon, 05 Dec 2022฿20.2t฿17.1t฿1.1t17.6x18.3x1.2x
Price to Earnings Ratio

18.3x


Total Market Cap: ฿20.2tTotal Earnings: ฿1.1tTotal Revenue: ฿17.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Thai Market Price to Earnings3Y Average 18x202320242025
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 18.0x.
Past Earnings Growth
  • The earnings for Thai listed companies have declined 2.6% per year over the last three years.
  • Meanwhile revenues have been flat.
  • This means that either the cost of doing business or the level of investment back into businesses is increasing since sales have remained steady while profits have fallen.

Sector Trends

Which sectors have driven the changes within the Thai Market?

TH Market-2.28%
Consumer Discretionary0.23%
Real Estate0.12%
Healthcare-0.091%
Financials-0.47%
Industrials-0.61%
Energy-1.14%
Materials-1.32%
Consumer Staples-1.51%
Utilities-2.18%
Telecom-3.86%
Tech-7.50%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 53.0x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 27.3%, which is higher than its past year's earnings growth of 7.1% per year.
  • The Financials sector is the least preferred by investors for future growth, which is trading close to its 3-year average of 9.8x.
Forecasted Growth
  • Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 32% over the next 5 years.
  • This is better than its past earnings growth rate of 4.3% per year.
  • In contrast, the Utilities sector is expected to see its earnings decline by 16% 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
AOT Airports of Thailand฿43.506.1%
+฿35.7b		-28.4%PE34.3xIndustrials
PTT PTT฿30.751.7%
+฿14.3b		-4.7%PE11.9xEnergy
MINT Minor International฿22.0011.1%
+฿12.5b		-17.8%PE15.7xConsumer Discretionary
CPN Central Pattana฿53.503.9%
+฿9.0b		-10.8%PE13.5xReal Estate
HMPRO Home Product Center฿6.4010.3%
+฿7.8b		-32.3%PE13.5xConsumer Discretionary
See more

Market Insights

Header cover image
🏰 Defensive Stocks Are No Longer Cheap
Richard Bowman avatar
Richard Bowman
|
|
In this piece, we’ll cover the key defensive sectors across the US, Canada, the UK, Europe, and Australia, compare their valuations to the broader market, and highlight where “safety” might actually be expensive risk in disguise.
Continue reading
🇬🇧 London’s IPO Drought and the Hunt for the UK’s Real Winners
Last Week

🇬🇧 London’s IPO Drought and the Hunt for the UK’s Real Winners

Latest News

BCP
฿25.00
Bangchak Corporation
7D
-10.7%
1Y
-18.7%
ADVANC
฿307.00
Advanced Info Service
7D
-1.6%
1Y
7.7%

ADVANC: Leadership Transition and Margin Strength Will Sustain a Balanced Outlook

Analysts have raised their price target for Advanced Info Service from ฿334.79 to ฿341.84, citing expectations for slightly higher revenue growth and improved profit margins. What's in the News The Board of Directors approved the appointment of Mr. Pratthana Leelapanang as the next Chief Executive Officer.
BSRC
฿2.84
Bangchak Sriracha
7D
-32.4%
1Y
-61.4%
AOT
฿43.50
Airports of Thailand
7D
6.1%
1Y
-28.4%
PTT
฿30.75
PTT
7D
1.7%
1Y
-4.7%

PTT: Share Buyback And Lower Discount Rate Will Support Upside Momentum

Analyst Price Target Update for PTT Analysts have marginally raised their price target for PTT from $34.99 to $35.03. They cite improved revenue growth projections and a slightly lower discount rate as key factors behind the update.
PTTEP
฿106.50
PTT Exploration and Production
7D
0.9%
1Y
-16.5%
TRUE
฿10.80
True Corporation
7D
-5.3%
1Y
-2.7%

TRUE: Profit Margins Will Improve Despite Flat Revenue Outlook

Analysts have raised their price target for True Corporation from ฿15.01 to ฿15.16. This reflects improved profit margin expectations, despite more conservative revenue growth forecasts and a higher discount rate.
CPN
฿53.50
Central Pattana
7D
3.9%
1Y
-10.8%
THAI
฿8.55
Thai Airways International
7D
-7.6%
1Y
n/a
SCC
฿186.50
Siam Cement
7D
1.9%
1Y
1.6%

SCC: Future Board Meeting and Committee Moves Are Set to Drive Upside

Analysts have slightly raised their fair value estimate for Siam Cement from 218.23 THB to 219.03 THB, citing updated assessments of its future earnings and risk profile. What's in the News The Siam Cement Public Company Limited has scheduled a Board Meeting for October 29, 2025 (Key Developments).
MINT
฿22.00
Minor International
7D
11.1%
1Y
-17.8%
CPF
฿20.30
Charoen Pokphand Foods
7D
-5.6%
1Y
-15.1%
IVL
฿15.40
Indorama Ventures
7D
-4.3%
1Y
-38.4%
OR
฿13.50
PTT Oil and Retail Business
7D
4.7%
1Y
-4.3%
GPSC
฿35.00
Global Power Synergy
7D
-4.1%
1Y
-19.5%
HMPRO
฿6.40
Home Product Center
7D
10.3%
1Y
-32.3%