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Thai (SET) Market Analysis & Valuation

UpdatedFeb 04, 2026
DataAggregated Company Financials
Companies902
  • 7D0.1%
  • 3M3.0%
  • 1Y4.5%
  • YTD4.3%

Over the last 7 days, the market has remained flat, although notably the Communication Services sector gained 3.7% in that time. Meanwhile, the market is actually up 4.5% over the past year. Looking forward, earnings are forecast to grow by 13% annually.

Trending IndustriesOil and GasRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 04 Feb 2026฿17.0t฿16.8t฿1.0t11.5x16.6x1x
Fri, 02 Jan 2026฿16.0t฿16.8t฿1.0t11.5x15.7x1x
Sun, 30 Nov 2025฿16.0t฿16.8t฿1.0t11.5x15.6x1x
Tue, 28 Oct 2025฿16.8t฿17.4t฿981.0b11.9x17.1x1x
Thu, 25 Sep 2025฿16.2t฿17.3t฿963.2b12.4x16.8x0.9x
Sat, 23 Aug 2025฿15.9t฿17.3t฿966.9b12.1x16.5x0.9x
Mon, 21 Jul 2025฿15.0t฿17.5t฿908.6b11.6x16.5x0.9x
Wed, 18 Jun 2025฿13.9t฿17.5t฿908.5b11.2x15.2x0.8x
Fri, 16 May 2025฿14.9t฿17.5t฿903.8b11.7x16.4x0.8x
Sun, 13 Apr 2025฿14.1t฿17.6t฿903.1b11.3x15.6x0.8x
Tue, 11 Mar 2025฿14.8t฿17.7t฿914.0b12.3x16.2x0.8x
Thu, 06 Feb 2025฿16.1t฿17.7t฿930.3b12.7x17.3x0.9x
Sat, 04 Jan 2025฿17.3t฿17.7t฿923.3b14.1x18.8x1x
Mon, 02 Dec 2024฿17.9t฿17.7t฿922.0b14.8x19.4x1x
Wed, 30 Oct 2024฿18.2t฿17.7t฿1.0t14.9x17.9x1x
Fri, 27 Sep 2024฿18.2t฿17.6t฿1.0t15.5x18.1x1x
Sun, 25 Aug 2024฿17.0t฿17.7t฿1.0t14.4x16.9x1x
Tue, 23 Jul 2024฿16.5t฿17.4t฿973.2b14.8x17x0.9x
Thu, 20 Jun 2024฿16.4t฿17.4t฿972.6b15x16.8x0.9x
Sat, 18 May 2024฿17.4t฿17.4t฿977.5b16x17.8x1x
Mon, 15 Apr 2024฿17.5t฿17.2t฿970.6b16.3x18x1x
Wed, 13 Mar 2024฿17.3t฿17.2t฿966.0b16.4x17.9x1x
Fri, 09 Feb 2024฿17.3t฿17.1t฿953.1b16.3x18.1x1x
Sun, 07 Jan 2024฿17.8t฿17.1t฿930.4b17x19.1x1x
Tue, 05 Dec 2023฿17.2t฿17.1t฿930.2b15.7x18.5x1x
Thu, 02 Nov 2023฿17.2t฿17.4t฿876.6b16.1x19.6x1x
Sat, 30 Sep 2023฿18.3t฿17.4t฿873.8b17.3x20.9x1.1x
Mon, 28 Aug 2023฿19.3t฿17.3t฿868.0b17.9x22.3x1.1x
Wed, 26 Jul 2023฿18.9t฿17.7t฿1.0t16.3x18.8x1.1x
Fri, 23 Jun 2023฿18.8t฿17.7t฿1.0t16.6x18.7x1.1x
Sun, 21 May 2023฿18.7t฿17.7t฿1.0t16.6x18.7x1.1x
Tue, 18 Apr 2023฿19.8t฿17.6t฿994.4b17.4x19.9x1.1x
Thu, 16 Mar 2023฿19.3t฿17.6t฿996.5b17x19.4x1.1x
Sat, 11 Feb 2023฿20.6t฿17.1t฿1.1t18.1x19.1x1.2x
Price to Earnings Ratio

19.1x


Total Market Cap: ฿20.6tTotal Earnings: ฿1.1tTotal Revenue: ฿17.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Thai Market Price to Earnings3Y Average 17.8x202420252026
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
  • Both revenue and earnings for Thai listed companies have remained mostly flat over the last three years.
  • This means sales and the cost of doing business have remained relatively consistent over this period and subsequently, so have profits.

Sector Trends

Which sectors have driven the changes within the Thai Market?

TH Market0.11%
Telecom3.69%
Consumer Discretionary1.49%
Utilities1.48%
Real Estate1.02%
Energy1.01%
Consumer Staples0.40%
Industrials0.23%
Healthcare-1.32%
Tech-1.39%
Financials-1.44%
Materials-2.12%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 55.0x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 29.0%, 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 9.6x.
Forecasted Growth
  • Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 38% over the next 5 years.
  • This is better than its past earnings growth rate of 4.4% 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฿374.006.3%
+฿65.4b		33.1%PE23.2xTelecom
TRUE True Corporation฿12.108.0%
+฿31.1b		0.8%PS2.1xTelecom
GULF Gulf Development฿49.504.2%
+฿29.9b		n/aPE9.9xUtilities
MINT Minor International฿25.257.0%
+฿9.3b		1.0%PE18xConsumer Discretionary
CPALL CP ALL฿44.502.3%
+฿8.9b		-11.0%PE14.3xConsumer Staples
See more

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Latest News

ADVANC
฿374.00
Advanced Info Service
7D
6.3%
1Y
33.1%
SCC
฿213.00
Siam Cement
7D
-1.4%
1Y
42.5%
HMPRO
฿6.75
Home Product Center
7D
-3.6%
1Y
-20.6%
PTTGC
฿25.00
PTT Global Chemical
7D
-3.8%
1Y
22.5%
TRUE
฿12.10
True Corporation
7D
8.0%
1Y
0.8%

TRUE: M&A Stake Sale Board Changes And Dividend Review Will Shape Outlook

Analysts now estimate True Corporation’s fair value at ฿11.35, revised from ฿11.99, citing updated assumptions related to the discount rate, revenue growth, profit margins, and future P/E expectations. 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 ฿100b at ฿11.70 per share, with a mutual put and call option on the remaining 5.35% at the higher of ฿11.70 per share or the market price two years after closing, subject to customary conditions and expected to close within a few months (M&A Transaction Announcements).
TOP
฿45.50
Thai Oil
7D
7.1%
1Y
80.2%
MINT
฿25.25
Minor International
7D
7.0%
1Y
1.0%

MINT: Share Buyback Plan Will Support Future Earnings Upside

Analysts have nudged their price target for Minor International slightly higher to about $34.56 from $34.50, citing small adjustments in fair value, discount rate and long term P/E assumptions as the key drivers. What's in the News Board meeting scheduled for December 11, 2025 to consider approval of a share repurchase project for financial management purposes (company filing) Board meeting scheduled for November 28, 2025 with an agenda that also includes approval of a share repurchase project for financial management purposes (company filing) Board of Directors authorized a share buyback plan on November 28, 2025 (company announcement) Company announced a share repurchase program of up to 23,000,000 shares, about 0.41% of share capital, with a budget of THB 500 million and a price cap of 115% of the average closing price of the 5 business days before each repurchase date, valid through June 2, 2026, with 5,669,976,977 shares issued as of March 5, 2025 (company announcement) Analyst and investor day scheduled to cover MINT's business strategy, business parameter updates, outlook and Q3 2025 financial results (company event) Valuation Changes The fair value estimate has risen slightly from THB 34.50 to about THB 34.56 per share.
SCB
฿135.50
SCB X
7D
-0.7%
1Y
7.1%

SCB: Future Profitability And Lower Discount Rate Will Support Stable Risk Outlook

Analysts have nudged their fair value estimate for SCB X slightly higher from ฿139.39 to ฿140.17. This reflects updated views on a lower discount rate, a modest adjustment to expected revenue growth, a higher projected profit margin, and a slightly lower future P/E assumption.
KTB
฿28.75
Krung Thai Bank
7D
-0.9%
1Y
22.9%
BBL
฿156.50
Bangkok Bank
7D
-1.3%
1Y
2.3%
OR
฿13.50
PTT Oil and Retail Business
7D
-2.9%
1Y
19.5%
CPN
฿59.75
Central Pattana
7D
2.6%
1Y
18.3%
THAI
฿6.00
Thai Airways International
7D
-13.7%
1Y
n/a
GULF
฿49.50
Gulf Development
7D
4.2%
1Y
n/a
COM7
฿23.10
Com7
7D
12.7%
1Y
2.7%
CPALL
฿44.50
CP ALL
7D
2.3%
1Y
-11.0%