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Thai (SET) Market Analysis & Valuation
UpdatedJun 12, 2025
DataAggregated Company Financials
Companies901
- 7D0.9%
- 3M-1.3%
- 1Y-15.1%
- YTD-16.9%
The Information Technology sector gained 6.2% while the market remained flat over the last week. Unfortunately though, the market is down 15% over the past year. Looking forward, earnings are forecast to grow by 12% annually.
Market Valuation and Performance
Has the Thai Market valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Thu, 12 Jun 2025 | ฿14.2t | ฿17.5t | ฿909.0b | 11.4x | 15.6x | 0.8x |
| Sat, 10 May 2025 | ฿15.1t | ฿17.6t | ฿901.9b | 12x | 16.7x | 0.9x |
| Mon, 07 Apr 2025 | ฿13.3t | ฿17.5t | ฿887.5b | 11.6x | 15x | 0.8x |
| Wed, 05 Mar 2025 | ฿14.8t | ฿26.8t | ฿1.1t | 12.1x | 13x | 0.6x |
| Fri, 31 Jan 2025 | ฿16.8t | ฿17.7t | ฿929.3b | 13.3x | 18x | 0.9x |
| Sun, 29 Dec 2024 | ฿17.5t | ฿17.7t | ฿922.7b | 14x | 19x | 1x |
| Tue, 26 Nov 2024 | ฿18.1t | ฿17.7t | ฿915.0b | 14.9x | 19.8x | 1x |
| Thu, 24 Oct 2024 | ฿18.4t | ฿17.7t | ฿1.0t | 15x | 18.2x | 1x |
| Sat, 21 Sep 2024 | ฿18.2t | ฿17.7t | ฿1.0t | 15.4x | 18x | 1x |
| Mon, 19 Aug 2024 | ฿16.3t | ฿42.2t | ฿999.2b | 13.9x | 16.3x | 0.4x |
| Wed, 17 Jul 2024 | ฿16.6t | ฿17.4t | ฿971.1b | 15.1x | 17.1x | 1x |
| Fri, 14 Jun 2024 | ฿16.5t | ฿17.4t | ฿972.7b | 15.3x | 17x | 1x |
| Sun, 12 May 2024 | ฿17.2t | ฿17.3t | ฿973.9b | 16.2x | 17.7x | 1x |
| Tue, 09 Apr 2024 | ฿17.2t | ฿17.2t | ฿970.1b | 16.1x | 17.8x | 1x |
| Thu, 07 Mar 2024 | ฿17.1t | ฿17.4t | ฿825.4b | 16.4x | 20.8x | 1x |
| Sat, 03 Feb 2024 | ฿17.2t | ฿17.2t | ฿946.9b | 16.3x | 18.2x | 1x |
| Mon, 01 Jan 2024 | ฿17.7t | ฿17.1t | ฿930.6b | 16.3x | 19x | 1x |
| Wed, 29 Nov 2023 | ฿17.4t | ฿17.1t | ฿928.5b | 16x | 18.8x | 1x |
| Fri, 27 Oct 2023 | ฿17.0t | ฿17.4t | ฿878.6b | 16.2x | 19.4x | 1x |
| Sun, 24 Sep 2023 | ฿18.9t | ฿17.4t | ฿872.4b | 17.7x | 21.7x | 1.1x |
| Tue, 22 Aug 2023 | ฿18.8t | ฿17.3t | ฿868.5b | 17.2x | 21.7x | 1.1x |
| Thu, 20 Jul 2023 | ฿19.0t | ฿17.7t | ฿997.7b | 16.6x | 19.1x | 1.1x |
| Sat, 17 Jun 2023 | ฿19.3t | ฿17.7t | ฿1.0t | 17.3x | 19.2x | 1.1x |
| Mon, 15 May 2023 | ฿19.3t | ฿17.7t | ฿1.0t | 16.5x | 19.1x | 1.1x |
| Wed, 12 Apr 2023 | ฿19.7t | ฿17.6t | ฿993.9b | 17.2x | 19.9x | 1.1x |
| Fri, 10 Mar 2023 | ฿19.9t | ฿17.6t | ฿1.0t | 17.4x | 19.7x | 1.1x |
| Sun, 05 Feb 2023 | ฿20.9t | ฿17.1t | ฿1.1t | 18.4x | 19.2x | 1.2x |
| Tue, 03 Jan 2023 | ฿20.6t | ฿17.1t | ฿1.1t | 17.7x | 18.6x | 1.2x |
| Thu, 01 Dec 2022 | ฿20.1t | ฿17.1t | ฿1.1t | 17.6x | 18.1x | 1.2x |
| Sat, 29 Oct 2022 | ฿19.6t | ฿15.8t | ฿1.1t | 17x | 18x | 1.2x |
| Mon, 26 Sep 2022 | ฿19.9t | ฿15.7t | ฿1.1t | 17.7x | 18.6x | 1.3x |
| Wed, 24 Aug 2022 | ฿19.9t | ฿15.7t | ฿1.1t | 17.5x | 18.6x | 1.3x |
| Fri, 22 Jul 2022 | ฿18.6t | ฿14.1t | ฿972.5b | 17x | 19.1x | 1.3x |
| Sun, 19 Jun 2022 | ฿18.7t | ฿14.2t | ฿976.8b | 17.6x | 19.1x | 1.3x |
Price to Earnings Ratio
19.1x
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 15.6x which is lower than its 3-year average PE of 18.3x.
Past Earnings Growth
- The earnings for Thai listed companies have declined 2.4% 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 | 0.86% | |
| Tech | 6.25% | |
| Materials | 2.47% | |
| Energy | 1.91% | |
| Financials | 1.25% | |
| Healthcare | 1.09% | |
| Consumer Discretionary | -0.11% | |
| Utilities | -0.55% | |
| Industrials | -0.58% | |
| Consumer Staples | -0.70% | |
| Telecom | -0.89% | |
| Real Estate | -1.92% | |
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 27.9%, 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 3.9% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | Sector | |
|---|---|---|---|---|---|---|
| PTTEP PTT Exploration and Production | ฿105.00 | 5.3% +฿20.8b | -30.2% | PE5.9x | Energy | |
| SCC Siam Cement | ฿174.50 | 7.1% +฿13.8b | -22.8% | PE41.7x | Materials | |
| PTT PTT | ฿30.25 | 0.8% +฿6.7b | -4.7% | PE10.2x | Energy | |
| AOT Airports of Thailand | ฿32.00 | 0.8% +฿3.6b | -46.7% | PE23.8x | Industrials | |
| SCB SCB X | ฿118.50 | 0.9% +฿3.4b | 13.4% | PB0.8x | Financials |
