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

Thai (SET) Market Analysis & Valuation

UpdatedJun 15, 2026
DataAggregated Company Financials
Companies900
  • 7D0.6%
  • 3M13.3%
  • 1Y43.0%
  • YTD24.3%

In the last week, the market has stayed flat, however the Information Technology sector stood out, gaining 5.4%. More promisingly, the market is up 43% over the past year. Earnings are forecast to grow by 11% annually.

Trending IndustriesOil and GasRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 15 Jun 2026฿20.2t฿16.5t฿1.2t11.3x17.1x1.2x
Wed, 13 May 2026฿18.8t฿16.5t฿1.1t11.4x16.6x1.1x
Fri, 10 Apr 2026฿18.9t฿16.4t฿1.1t11.3x17.1x1.1x
Sun, 08 Mar 2026฿17.9t฿16.5t฿1.1t11.6x16x1.1x
Tue, 03 Feb 2026฿16.8t฿16.8t฿1.0t11.4x16.4x1x
Thu, 01 Jan 2026฿16.0t฿16.8t฿1.0t11.5x15.7x1x
Sat, 29 Nov 2025฿16.0t฿16.8t฿1.0t11.5x15.6x1x
Mon, 27 Oct 2025฿16.7t฿17.4t฿981.0b11.9x17x1x
Wed, 24 Sep 2025฿16.2t฿17.3t฿962.9b12.3x16.8x0.9x
Fri, 22 Aug 2025฿15.8t฿17.3t฿966.9b12.1x16.3x0.9x
Sun, 20 Jul 2025฿15.0t฿17.5t฿908.6b11.6x16.5x0.9x
Tue, 17 Jun 2025฿13.9t฿17.5t฿908.4b11.2x15.3x0.8x
Thu, 15 May 2025฿15.2t฿17.6t฿902.4b12x16.8x0.9x
Sat, 12 Apr 2025฿14.1t฿17.6t฿903.2b11.3x15.6x0.8x
Mon, 10 Mar 2025฿15.1t฿17.7t฿914.1b12.4x16.5x0.9x
Wed, 05 Feb 2025฿16.3t฿17.7t฿931.0b12.8x17.5x0.9x
Fri, 03 Jan 2025฿17.3t฿17.7t฿922.9b14x18.7x1x
Sun, 01 Dec 2024฿17.9t฿17.7t฿922.0b14.8x19.4x1x
Tue, 29 Oct 2024฿18.2t฿17.7t฿1.0t14.9x17.9x1x
Thu, 26 Sep 2024฿18.3t฿17.6t฿1.0t15.5x18.2x1x
Sat, 24 Aug 2024฿17.0t฿17.7t฿1.0t14.4x16.9x1x
Mon, 22 Jul 2024฿16.5t฿17.4t฿969.6b14.8x17x0.9x
Wed, 19 Jun 2024฿16.3t฿17.4t฿973.1b15x16.7x0.9x
Fri, 17 May 2024฿17.3t฿17.4t฿981.7b15.9x17.6x1x
Sun, 14 Apr 2024฿17.5t฿17.2t฿970.0b16.3x18.1x1x
Tue, 12 Mar 2024฿17.3t฿17.2t฿965.9b16.5x17.9x1x
Thu, 08 Feb 2024฿17.4t฿17.1t฿951.2b16.5x18.3x1x
Sat, 06 Jan 2024฿17.8t฿17.1t฿930.6b17x19.1x1x
Mon, 04 Dec 2023฿17.2t฿17.1t฿930.1b15.6x18.5x1x
Wed, 01 Nov 2023฿17.2t฿17.4t฿875.4b16.1x19.6x1x
Fri, 29 Sep 2023฿18.4t฿17.4t฿874.3b17.4x21x1.1x
Sun, 27 Aug 2023฿19.3t฿17.3t฿868.0b17.9x22.3x1.1x
Tue, 25 Jul 2023฿18.9t฿17.7t฿1.0t16.5x18.7x1.1x
Thu, 22 Jun 2023฿18.8t฿17.7t฿1.0t16.8x18.7x1.1x
Price to Earnings Ratio

18.7x


Total Market Cap: ฿18.8tTotal Earnings: ฿1.0tTotal Revenue: ฿17.7tTotal Market Cap vs Earnings and Revenue0%0%0%
Thai Market Price to Earnings3Y Average 17.6x202420252026
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 17.6x.
Past Earnings Growth
  • The earnings for Thai listed companies have grown 5.6% per year over the last three years.
  • Meanwhile revenues for these companies have declined 2.4% per year.
  • This means that less sales are being generated overall, but since the cost of doing business is lower, profits are increasing.

Sector Trends

Which sectors have driven the changes within the Thai Market?

TH Market0.63%
Tech5.37%
Telecom1.02%
Real Estate0.19%
Financials0.018%
Industrials-0.067%
Consumer Staples-0.55%
Materials-0.80%
Consumer Discretionary-1.30%
Energy-2.08%
Healthcare-2.53%
Utilities-3.29%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 61.8x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 25.9% which is higher than its past year's earnings decline of 2.3% per year.
  • The Energy 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 27% over the next 5 years.
  • This is better than its past earnings decline of 0.2% 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
DELTA Delta Electronics (Thailand)฿361.006.8%
+฿286.9b		261.0%PE158.5xTech
AOT Airports of Thailand฿59.003.1%
+฿25.0b		116.5%PE46.6xIndustrials
THAI Thai Airways International฿7.158.3%
+฿15.6b		n/aPE6.5xIndustrials
MINT Minor International฿24.209.0%
+฿11.2b		9.0%PE18xConsumer Discretionary
KTB Krung Thai Bank฿35.752.1%
+฿10.5b		63.2%PB1.1xFinancials
See more

Market Insights

Header cover image
Software stocks crashed on fears AI would make them obsolete, then they came roaring back. This edition of Market Insights aims to hand investors a repeatable playbook for separating real risk from market panic.
Continue reading
The gravity of the SpaceX IPO

Latest News

PTTGC
฿32.00
PTT Global Chemical
7D
-6.6%
1Y
56.9%
MINT
฿24.20
Minor International
7D
9.0%
1Y
9.0%
Narrative Update • Jun 07

MINT: Share Buyback And Investor Day Will Support Future Returns

Analysts have slightly adjusted their price target for Minor International, trimming fair value from THB32.67 to THB32.26 as they factor in revised assumptions for discount rate, revenue growth, profit margin and forward P/E. What's in the News The company completed a share buyback program, repurchasing 45,402,400 shares, representing 0.8% of its shares, for THB 1,047.83 million under the buyback announced on November 28, 2025 (Key Developments).
SCC
฿241.00
Siam Cement
7D
3.0%
1Y
43.0%
Narrative Update • Jun 06

SCC: LSP Suspension And Cash Burn Will Pressure Stretched Share Price

Analysts have raised their price target for Siam Cement from THB132 to THB150, citing updated assumptions around discount rate, revenue growth, profit margin and future P/E, which they see as better reflecting the stock's risk and earnings profile. What's in the News FPT Corporation and SCG signed an MOU to explore next-generation AI and digital transformation across SCG’s business ecosystem, covering AI driven industrial transformation, digital platforms, enterprise process changes, infrastructure, and security.
SCGP
฿25.00
SCG Packaging
7D
-2.0%
1Y
49.7%
PTT
฿35.00
PTT
7D
-4.1%
1Y
13.8%
Narrative Update • Jun 01

PTT: Higher Dividend And Margin Outlook Will Likely Keep Shares Rangebound

Analysts have raised their price target on PTT from THB30.18 to THB35.00, citing updated assumptions that include a revised revenue growth outlook, higher profit margin expectations, a slightly adjusted discount rate, and a higher future P/E multiple. What's in the News PTT approved 2025 net profit allocation and a total dividend of THB 2.30 per share for the 2025 performance, consisting of an annual dividend of THB 2.10 per share and a non recurring special dividend of THB 0.20 per share, based on AGM resolutions on April 10, 2026.
IVL
฿21.80
Indorama Ventures
7D
-4.8%
1Y
8.5%
Narrative Update • Jun 01

IVL: Financial Support Plans And Margin Outlook Will Shape Fairly Valued Shares

Analysts have lifted their price target on Indorama Ventures slightly to THB21.34 from THB21.00. This reflects updated views on a modestly smaller revenue decline, a slightly higher profit margin, a slightly lower discount rate, and a marginally lower assumed future P/E multiple.
DELTA
฿361.00
Delta Electronics (Thailand)
7D
6.8%
1Y
261.0%
THAI
฿7.15
Thai Airways International
7D
8.3%
1Y
n/a
CCET
฿9.85
Cal-Comp Electronics (Thailand)
7D
9.4%
1Y
101.0%
BEM
฿5.70
Bangkok Expressway and Metro
7D
10.7%
1Y
12.9%
BCP
฿32.75
Bangchak Corporation
7D
-5.1%
1Y
-9.0%
PTTEP
฿135.50
PTT Exploration and Production
7D
-7.8%
1Y
21.0%
AOT
฿59.00
Airports of Thailand
7D
3.1%
1Y
116.5%
IRPC
฿1.74
IRPC
7D
-5.9%
1Y
123.1%
TOP
฿44.00
Thai Oil
7D
-4.3%
1Y
53.0%
KTB
฿35.75
Krung Thai Bank
7D
2.1%
1Y
63.2%