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Thai (SET) Market Analysis & Valuation

UpdatedJun 10, 2025
DataAggregated Company Financials
Companies900
  • 7D-1.2%
  • 3M-4.2%
  • 1Y-15.8%
  • YTD-17.3%

Over the last 7 days, the market has dropped 1.2%, driven by a loss of 3.8% in the Information Technology sector. In the last 12 months the market is down 16%. 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
Tue, 10 Jun 2025฿14.1t฿17.5t฿909.1b11.4x15.5x0.8x
Thu, 08 May 2025฿15.2t฿17.6t฿903.9b12.1x16.8x0.9x
Sat, 05 Apr 2025฿13.3t฿17.5t฿886.9b11.6x15x0.8x
Mon, 03 Mar 2025฿15.1t฿18.5t฿924.9b12.3x16.3x0.8x
Wed, 29 Jan 2025฿16.9t฿17.7t฿931.0b13.3x18.1x1x
Fri, 27 Dec 2024฿17.5t฿17.7t฿923.0b14.1x19x1x
Sun, 24 Nov 2024฿18.1t฿17.7t฿915.6b15x19.8x1x
Tue, 22 Oct 2024฿18.6t฿17.7t฿1.0t15.2x18.5x1.1x
Thu, 19 Sep 2024฿18.0t฿17.7t฿1.0t15x17.8x1x
Sat, 17 Aug 2024฿16.3t฿42.2t฿1.0t13.9x16.3x0.4x
Mon, 15 Jul 2024฿16.7t฿17.4t฿971.2b15.6x17.2x1x
Wed, 12 Jun 2024฿16.6t฿17.4t฿973.5b15.6x17x1x
Fri, 10 May 2024฿17.2t฿17.3t฿970.1b16.2x17.7x1x
Sun, 07 Apr 2024฿17.2t฿17.2t฿969.2b16.1x17.8x1x
Tue, 05 Mar 2024฿17.0t฿20.7t฿1.1t16.3x15.3x0.8x
Thu, 01 Feb 2024฿17.0t฿17.2t฿947.6b16.1x17.9x1x
Sat, 30 Dec 2023฿17.7t฿17.1t฿930.3b16.3x19x1x
Mon, 27 Nov 2023฿17.4t฿17.1t฿929.5b15.7x18.7x1x
Wed, 25 Oct 2023฿17.3t฿17.4t฿879.0b16.4x19.7x1x
Fri, 22 Sep 2023฿18.8t฿17.4t฿872.8b17.5x21.5x1.1x
Sun, 20 Aug 2023฿18.8t฿17.3t฿868.9b17x21.6x1.1x
Tue, 18 Jul 2023฿18.9t฿17.7t฿999.7b16.5x18.9x1.1x
Thu, 15 Jun 2023฿19.3t฿17.7t฿1.0t17.3x19.3x1.1x
Sat, 13 May 2023฿19.3t฿17.7t฿1.0t16.6x19.1x1.1x
Mon, 10 Apr 2023฿19.5t฿17.6t฿994.1b17.1x19.6x1.1x
Wed, 08 Mar 2023฿20.0t฿17.6t฿1.0t18x19.7x1.1x
Fri, 03 Feb 2023฿20.8t฿17.1t฿1.1t18.1x19.2x1.2x
Sun, 01 Jan 2023฿20.6t฿17.1t฿1.1t17.7x18.6x1.2x
Tue, 29 Nov 2022฿19.8t฿17.1t฿1.1t17.5x17.9x1.2x
Thu, 27 Oct 2022฿19.5t฿15.8t฿1.1t17x17.8x1.2x
Sat, 24 Sep 2022฿19.9t฿15.7t฿1.1t17.7x18.6x1.3x
Mon, 22 Aug 2022฿19.7t฿15.7t฿1.1t17.5x18.5x1.3x
Wed, 20 Jul 2022฿18.4t฿14.2t฿977.5b16.9x18.8x1.3x
Fri, 17 Jun 2022฿18.7t฿14.2t฿976.3b17.5x19.2x1.3x
Price to Earnings Ratio

19.2x


Total Market Cap: ฿18.7tTotal Earnings: ฿976.3bTotal 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 15.5x which is lower than its 3-year average PE of 18.3x.
Past Earnings Growth
  • The earnings for Thai listed companies have declined 2.3% 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 Market-1.21%
Consumer Staples0.96%
Energy0.18%
Consumer Discretionary-0.017%
Telecom-0.63%
Financials-1.00%
Utilities-1.07%
Healthcare-1.40%
Real Estate-2.46%
Industrials-2.75%
Materials-3.05%
Tech-3.84%
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 28.3%, 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 4.0% 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
CPF Charoen Pokphand Foods฿25.755.1%
+฿10.3b
16.5%PE8.2xConsumer Staples
PTTEP PTT Exploration and Production฿100.502.6%
+฿9.9b
-33.0%PE5.6xEnergy
PTT PTT฿30.000.8%
+฿6.8b
-6.3%PE10.1xEnergy
SCB SCB X฿120.501.7%
+฿6.7b
17.0%PB0.8xFinancials
ADVANC Advanced Info Service฿288.000.7%
+฿5.9b
36.5%PE23xTelecom
See more
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Market Insights

It’s time for an update on renewable energy stocks, as well as nuclear stocks, which have continued to gain momentum. Specifically, we are having a look at the state of the clean energy transition, what it means for the sector, and how to find opportunities.

Latest News

CIMBT

฿0.37

CIMB Thai Bank

7D

-27.5%

1Y

-22.9%

ADVANC

฿288.00

Advanced Info Service

7D

0.7%

1Y

36.5%

CENTEL

฿23.80

Central Plaza Hotel

7D

10.2%

1Y

-40.9%

CPAXT

฿19.20

CP Axtra

7D

2.1%

1Y

-30.8%

TLI

฿10.50

Thai Life Insurance

7D

-3.7%

1Y

33.8%

SPI

฿44.50

Saha Pathana Inter-Holding

7D

-3.3%

1Y

0%

PTT

฿30.00

PTT

7D

0.8%

1Y

-6.3%

AOT

฿31.75

Airports of Thailand

7D

-4.5%

1Y

-47.3%

GULF

฿43.75

Gulf Development

7D

-2.8%

1Y

n/a

TOP

฿27.75

Thai Oil

7D

-6.7%

1Y

-44.2%

KBANK

฿156.00

Kasikornbank

7D

1.3%

1Y

24.3%

DELTA

฿99.50

Delta Electronics (Thailand)

7D

-4.3%

1Y

33.1%

PTTEP

฿100.50

PTT Exploration and Production

7D

2.6%

1Y

-33.0%

CPF

฿25.75

Charoen Pokphand Foods

7D

5.1%

1Y

16.5%

SCB

฿120.50

SCB X

7D

1.7%

1Y

17.0%

KTC

฿36.75

Krungthai Card

7D

-4.5%

1Y

-17.4%