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Thai (SET) Market Analysis & Valuation

UpdatedJan 08, 2026
DataAggregated Company Financials
Companies902
  • 7D1.7%
  • 3M-2.7%
  • 1Y-6.6%
  • YTD0.06%

The market is up 1.7% over the last week, with the Information Technology sector leading the way, up 6.9%. Longer term the market is actually down 6.6% over the past year. 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
Thu, 08 Jan 2026฿16.3t฿16.8t฿1.0t11.6x15.9x1x
Sat, 06 Dec 2025฿16.2t฿16.8t฿1.0t11.5x15.8x1x
Mon, 03 Nov 2025฿16.6t฿17.3t฿973.8b11.8x17x1x
Wed, 01 Oct 2025฿16.2t฿17.3t฿965.8b12.4x16.7x0.9x
Fri, 29 Aug 2025฿15.9t฿17.3t฿966.5b12.2x16.4x0.9x
Sun, 27 Jul 2025฿15.2t฿17.5t฿900.8b11.6x16.8x0.9x
Tue, 24 Jun 2025฿13.2t฿17.5t฿909.5b10.9x14.5x0.8x
Thu, 22 May 2025฿14.7t฿17.5t฿907.3b11.5x16.2x0.8x
Sat, 19 Apr 2025฿14.3t฿17.6t฿905.3b11.9x15.8x0.8x
Mon, 17 Mar 2025฿14.7t฿17.7t฿912.4b12.3x16.1x0.8x
Wed, 12 Feb 2025฿16.1t฿17.8t฿935.2b12.5x17.2x0.9x
Fri, 10 Jan 2025฿17.1t฿17.7t฿923.8b13.6x18.5x1x
Sun, 08 Dec 2024฿18.2t฿17.7t฿921.1b14.8x19.8x1x
Tue, 05 Nov 2024฿18.3t฿17.7t฿1.0t14.8x18.1x1x
Thu, 03 Oct 2024฿18.3t฿17.6t฿1.0t15.7x18.2x1x
Sat, 31 Aug 2024฿17.0t฿17.7t฿1.0t14.4x16.9x1x
Mon, 29 Jul 2024฿16.4t฿17.4t฿970.0b14.4x16.9x0.9x
Wed, 26 Jun 2024฿16.6t฿17.4t฿972.4b15.5x17x1x
Fri, 24 May 2024฿17.2t฿17.4t฿979.9b15.9x17.5x1x
Sun, 21 Apr 2024฿16.7t฿17.2t฿971.8b15.7x17.2x1x
Tue, 19 Mar 2024฿17.3t฿17.2t฿966.4b16.7x17.9x1x
Thu, 15 Feb 2024฿17.3t฿17.1t฿963.7b16.4x18x1x
Sat, 13 Jan 2024฿17.6t฿17.1t฿929.8b16.6x18.9x1x
Mon, 11 Dec 2023฿17.2t฿17.1t฿931.6b15.9x18.5x1x
Wed, 08 Nov 2023฿17.5t฿17.3t฿880.4b16.3x19.9x1x
Fri, 06 Oct 2023฿18.2t฿17.4t฿875.1b17.1x20.8x1.1x
Sun, 03 Sep 2023฿19.3t฿17.3t฿869.2b18.3x22.3x1.1x
Tue, 01 Aug 2023฿19.3t฿17.7t฿1.0t16.6x19.2x1.1x
Thu, 29 Jun 2023฿18.3t฿17.7t฿1.0t15.9x18.2x1x
Sat, 27 May 2023฿18.9t฿17.7t฿1.0t16.9x18.9x1.1x
Mon, 24 Apr 2023฿19.3t฿17.6t฿1.0t16.7x19.2x1.1x
Wed, 22 Mar 2023฿18.9t฿17.3t฿969.7b17.8x19.5x1.1x
Fri, 17 Feb 2023฿20.5t฿17.1t฿1.1t18x19.1x1.2x
Sun, 15 Jan 2023฿20.8t฿17.1t฿1.1t18.1x18.9x1.2x
Price to Earnings Ratio

18.9x


Total Market Cap: ฿20.8tTotal Earnings: ฿1.1tTotal Revenue: ฿17.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Thai Market Price to Earnings3Y Average 17.9x202420252026
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 15.9x which is lower than its 3-year average PE of 17.9x.
Past Earnings Growth
  • The earnings for Thai listed companies have declined 2.3% 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 Market1.66%
Tech6.90%
Materials5.66%
Utilities2.47%
Telecom1.81%
Real Estate1.20%
Healthcare1.16%
Consumer Staples0.74%
Consumer Discretionary0.61%
Financials-0.27%
Industrials-0.72%
Energy-0.99%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 54.3x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 26.6%, 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 9.7x.
Forecasted Growth
  • Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 33% over the next 5 years.
  • This is better than its past earnings growth rate of 3.9% 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฿322.002.9%
+฿26.8b		16.7%PE22.3xTelecom
SCC Siam Cement฿198.007.9%
+฿17.4b		28.6%PE13.8xMaterials
GULF Gulf Development฿42.501.8%
+฿11.2b		n/aPE8.5xUtilities
BBL Bangkok Bank฿173.502.4%
+฿7.6b		13.8%PB0.6xFinancials
TOP Thai Oil฿39.259.0%
+฿7.3b		57.0%PE5.9xEnergy
See more

Market Insights

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Latest News

DELTA
฿162.00
Delta Electronics (Thailand)
7D
-6.4%
1Y
4.2%
GULF
฿42.50
Gulf Development
7D
1.8%
1Y
n/a
TRUE
฿11.10
True Corporation
7D
1.8%
1Y
1.8%
PTTEP
฿108.50
PTT Exploration and Production
7D
-4.0%
1Y
-11.1%
SCC
฿198.00
Siam Cement
7D
7.9%
1Y
28.6%

SCC: Board Meeting Audit Review Will Support Future Upside Potential

Narrative Update on Siam Cement Analysts have maintained their price target for Siam Cement at THB 219.03, with only marginal adjustments to discount rate, revenue growth, and profit margin assumptions, reflecting a largely unchanged medium term outlook. What's in the News A board meeting is scheduled for October 29, 2025, to consider the appointment and renewal of audit committee members, signaling upcoming changes in key governance oversight roles (company filing).
CRC
฿17.40
Central Retail Corporation
7D
-3.3%
1Y
-48.4%
ADVANC
฿322.00
Advanced Info Service
7D
2.9%
1Y
16.7%

ADVANC: Sports Partnership And CEO Transition Will Support Steady Outlook

Analysts have maintained their price target for Advanced Info Service at approximately THB 343.37 per share, reflecting unchanged assumptions around the discount rate, revenue growth, profit margin, and forward P/E multiples. What's in the News AIS entered a strategic partnership with the PGA TOUR, gaining exclusive rights to broadcast all PGA TOUR tournaments in Thailand via AIS PLAY and becoming the sole official telecommunications sponsor in the country (Key Developments).
PTT
฿31.50
PTT
7D
-1.6%
1Y
0%

PTT: Long Term Investment Plan And Lower Risk Will Support Steadier Returns

Analysts have raised their price target on PTT by approximately 9 percent to $29.17 per share, citing a lower perceived risk profile, slightly improving revenue trends, and modestly higher expected profit margins that support a richer forward earnings multiple. What's in the News Board meeting on December 18, 2025 to review a five year investment plan for 2026 to 2030 totaling THB 76,572 million for PTT and its wholly owned subsidiaries, signaling continued long term capital spending (company filing) Extraordinary General Meeting of Shareholders of Swap and Go Company Limited on October 27, 2025 approved the dissolution of the 100 percent owned subsidiary, in line with PTT strategy to refocus on core competitiveness and revisit non hydrocarbon businesses (company filing) Board meeting on November 13, 2025 to appoint a director to replace a resigning board member, based on a nomination committee recommendation (company filing) Board meeting on October 28, 2025 to appoint specific committee members and address other governance matters (company filing) Board meeting on October 16, 2025 to update authorized signatories, including designating Mr. Vuttikrai Leewiraphan as an authorized director and confirming new signing arrangements with the company seal (company filing) Valuation Changes The fair value estimate has risen moderately from $26.89 to $29.17 per share, reflecting a higher intrinsic valuation for PTT.
TOP
฿39.25
Thai Oil
7D
9.0%
1Y
57.0%
BPP
฿10.80
Banpu Power
7D
-14.3%
1Y
13.7%
AOT
฿51.50
Airports of Thailand
7D
-2.8%
1Y
-12.7%
CPALL
฿43.00
CP ALL
7D
-1.1%
1Y
-22.2%
OR
฿13.80
PTT Oil and Retail Business
7D
3.8%
1Y
16.0%
SAWAD
฿23.10
Srisawad Corporation
7D
-9.4%
1Y
-32.2%
KTB
฿28.75
Krung Thai Bank
7D
1.8%
1Y
33.1%
BBL
฿173.50
Bangkok Bank
7D
2.4%
1Y
13.8%