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

Thai (SET) Market Analysis & Valuation

UpdatedJan 15, 2026
DataAggregated Company Financials
Companies902
  • 7D-2.9%
  • 3M-3.8%
  • 1Y-6.6%
  • YTD-2.8%

Over the last 7 days, the market has dropped 2.9%, driven by a decline of 13% in the Information Technology sector. On the other hand, the Communication Services has risen by 4.2%. The market has dropped 6.6% in the last 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, 15 Jan 2026฿15.8t฿16.8t฿1.0t11.2x15.5x0.9x
Sat, 13 Dec 2025฿15.9t฿16.8t฿1.0t11.4x15.6x1x
Mon, 10 Nov 2025฿16.6t฿17.2t฿996.2b11.8x16.6x1x
Wed, 08 Oct 2025฿16.6t฿17.3t฿966.0b12.2x17.2x1x
Fri, 05 Sep 2025฿15.9t฿17.3t฿962.4b12.2x16.5x0.9x
Sun, 03 Aug 2025฿15.2t฿17.5t฿913.1b11.8x16.6x0.9x
Tue, 01 Jul 2025฿13.6t฿17.5t฿908.5b11.2x14.9x0.8x
Thu, 29 May 2025฿14.4t฿17.5t฿908.8b11.5x15.9x0.8x
Sat, 26 Apr 2025฿14.4t฿17.6t฿906.3b12x15.9x0.8x
Mon, 24 Mar 2025฿14.9t฿17.7t฿912.7b12.2x16.3x0.8x
Wed, 19 Feb 2025฿15.8t฿17.7t฿937.1b12.6x16.8x0.9x
Fri, 17 Jan 2025฿16.9t฿17.7t฿924.3b13.2x18.3x1x
Sun, 15 Dec 2024฿17.9t฿17.7t฿921.1b14.5x19.4x1x
Tue, 12 Nov 2024฿18.3t฿17.8t฿942.7b14.6x19.4x1x
Thu, 10 Oct 2024฿18.2t฿17.7t฿1.0t15.3x18.1x1x
Sat, 07 Sep 2024฿17.9t฿17.7t฿1.0t14.7x17.7x1x
Mon, 05 Aug 2024฿16.5t฿17.4t฿972.1b14.5x16.9x0.9x
Wed, 03 Jul 2024฿16.2t฿17.4t฿972.9b15x16.6x0.9x
Fri, 31 May 2024฿17.0t฿17.4t฿980.2b16x17.3x1x
Sun, 28 Apr 2024฿17.1t฿17.2t฿960.6b16.1x17.8x1x
Tue, 26 Mar 2024฿17.2t฿17.2t฿967.5b16.4x17.8x1x
Thu, 22 Feb 2024฿17.4t฿19.5t฿1.8t16.3x9.8x0.9x
Sat, 20 Jan 2024฿17.2t฿17.2t฿933.5b16.5x18.4x1x
Mon, 18 Dec 2023฿17.3t฿17.1t฿930.1b15.7x18.6x1x
Wed, 15 Nov 2023฿17.2t฿17.3t฿914.5b15.9x18.9x1x
Fri, 13 Oct 2023฿18.0t฿17.4t฿873.1b17.1x20.6x1x
Sun, 10 Sep 2023฿19.2t฿17.3t฿871.1b18x22x1.1x
Tue, 08 Aug 2023฿19.0t฿17.7t฿1.0t16.2x19x1.1x
Thu, 06 Jul 2023฿18.7t฿17.7t฿1.0t16.5x18.6x1.1x
Sat, 03 Jun 2023฿18.9t฿26.5t฿1.2t17.1x16.3x0.7x
Mon, 01 May 2023฿18.9t฿17.6t฿1.0t16.3x18.6x1.1x
Wed, 29 Mar 2023฿19.9t฿17.6t฿994.5b17.3x20x1.1x
Fri, 24 Feb 2023฿20.5t฿38.8t฿3.7t18.2x5.5x0.5x
Sun, 22 Jan 2023฿20.7t฿17.1t฿1.1t18.4x18.9x1.2x
Price to Earnings Ratio

18.9x


Total Market Cap: ฿20.7tTotal 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 15.5x 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 Market-2.88%
Telecom4.20%
Energy3.55%
Materials0.31%
Financials-0.69%
Utilities-1.81%
Real Estate-2.56%
Industrials-2.60%
Consumer Staples-3.80%
Consumer Discretionary-4.97%
Healthcare-6.46%
Tech-13.03%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 54.5x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 25.6%, 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 32% 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 19% 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฿339.005.3%
+฿50.6b		16.9%PE23.5xTelecom
PTT PTT฿32.754.0%
+฿35.7b		5.6%PE12.7xEnergy
DELTA Delta Electronics (Thailand)฿164.501.5%
+฿31.2b		18.8%PE104.1xTech
PTTEP PTT Exploration and Production฿115.506.5%
+฿27.8b		-11.2%PE8xEnergy
TRUE True Corporation฿11.907.2%
+฿27.6b		-0.8%PS2xTelecom
See more

Market Insights

Header cover image
Which Markets Will Sink or Swim in 2026? 🌍
Richard Bowman avatar
Richard Bowman
|
|
What research teams agree on – and where they don’t – heading into 2026.
Continue reading
Three Sectors Expected to Rally in 2026 📈
Last Week

Three Sectors Expected to Rally in 2026 📈

Latest News

BDMS
฿18.50
Bangkok Dusit Medical Services
7D
-4.6%
1Y
-22.3%
THAI
฿6.90
Thai Airways International
7D
-3.5%
1Y
n/a
TRUE
฿11.90
True Corporation
7D
7.2%
1Y
-0.8%

TRUE: Board Changes And Dividend Policy Review Will Shape Balanced Outlook

Analysts have raised their fair value estimate for True Corporation from ฿10.97 to ฿11.99, citing updated assumptions for discount rates, revenue growth, profit margins, and future P/E levels as key drivers of the change. What's in the News Board meeting scheduled for December 18, 2025 to consider the resignation of Mr. Natwut Amornvivat from the Board, Corporate Governance and Sustainability Committee, and Executive Committee, and the appointment of Mr. Vichaow Rakphongphairoj to those roles effective the same day (Key Developments).
SCC
฿208.00
Siam Cement
7D
5.1%
1Y
33.3%

SCC: Audit Committee Review And Modest Assumption Tweaks Will Support Balanced Outlook

Analysts have nudged their fair value estimate for Siam Cement slightly lower from ฿219.03 to ฿218.78 per share, reflecting modest tweaks to assumptions on the discount rate, revenue growth, profit margin and future P/E multiples. What's in the News Siam Cement has scheduled a Board Meeting for Oct 29, 2025, to review the composition of its audit committee and to consider appointments and term renewals (Key Developments).
PTT
฿32.75
PTT
7D
4.0%
1Y
5.6%

PTT: Five Year Investment Plan Will Support Future Upside Potential

Analysts have modestly adjusted their price target on PTT, citing slightly lower revenue growth and profit margin assumptions, along with a small change in the discount rate and a revised future P/E. Together, these factors support a refreshed fair value view near $35.19.
ADVANC
฿339.00
Advanced Info Service
7D
5.3%
1Y
16.9%

ADVANC: Sports Rights Partnership And CEO Succession Will Support Steady Outlook

Analysts have nudged their fair value estimate for Advanced Info Service from ฿343.37 to ฿346.05, reflecting slightly adjusted expectations for revenue growth, profit margin, and future P/E assumptions. What's in the News AIS entered a partnership with the PGA TOUR, securing exclusive rights to broadcast all PGA TOUR tournaments in Thailand through its AIS PLAY streaming platform, including the FedExCup Playoffs and the Presidents Cup (Key Developments).
DELTA
฿164.50
Delta Electronics (Thailand)
7D
1.5%
1Y
18.8%
GULF
฿43.25
Gulf Development
7D
1.8%
1Y
n/a
SCGP
฿20.50
SCG Packaging
7D
12.0%
1Y
16.5%

SCGP: Higher Fair Value Will Likely Mask Ongoing Earnings Quality Risk

Analysts have raised their fair value estimate for SCG Packaging from $12.00 to $13.00, citing updated assumptions for revenue growth, profit margins, and a slightly lower future P/E multiple. What's in the News A board meeting is scheduled for November 25, 2025, to consider electing Mrs.
SCB
฿139.00
SCB X
7D
-1.1%
1Y
13.9%

SCB: Future Earnings Multiple And Profitability Assumptions Will Shape Stable Risk Outlook

Analysts have nudged their fair value estimate for SCB X up to ฿139.39 from ฿136.72, citing updated assumptions that combine slightly lower revenue growth and a modestly reduced discount rate with a small uplift in profit margin and future P/E. Valuation Changes Fair Value: Revised slightly higher from THB 136.72 to THB 139.39.
MINT
฿22.40
Minor International
7D
-5.9%
1Y
-6.3%

MINT: Share Repurchase Plan Will Support Future Earnings And Upside Potential

Analysts have maintained their fair value estimate for Minor International at $34.50. They cite only small adjustments to the discount rate, profit margin, and forward P/E assumptions, rather than any major change in their overall outlook.
BH
฿143.00
Bumrungrad Hospital
7D
-7.4%
1Y
-26.1%
PTTEP
฿115.50
PTT Exploration and Production
7D
6.5%
1Y
-11.2%
CPAXT
฿14.90
CP Axtra
7D
-3.9%
1Y
-47.3%
CPALL
฿42.25
CP ALL
7D
-1.7%
1Y
-24.6%
KBANK
฿191.50
Kasikornbank
7D
-1.5%
1Y
18.6%