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Thai (SET) Market Analysis & Valuation

UpdatedFeb 03, 2026
DataAggregated Company Financials
Companies902
  • 7D1.1%
  • 3M1.6%
  • 1Y2.8%
  • YTD3.2%

In the last week, the market has stayed flat, however the Information Technology sector stood out, gaining 3.2%. In line with that, the market has also been flat over the past year. Looking forward, earnings are forecast to grow by 13% annually.

Trending IndustriesOil and GasRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
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
Sat, 20 May 2023฿18.7t฿17.8t฿1.0t16.6x18.3x1.1x
Mon, 17 Apr 2023฿19.7t฿17.6t฿994.3b17.3x19.8x1.1x
Wed, 15 Mar 2023฿18.8t฿17.6t฿1.0t16.5x18.8x1.1x
Fri, 10 Feb 2023฿20.6t฿17.1t฿1.1t18.3x19x1.2x
Price to Earnings Ratio

19x


Total Market Cap: ฿20.6tTotal Earnings: ฿1.1tTotal Revenue: ฿17.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Thai Market Price to Earnings3Y Average 17.8x202420252026
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 17.8x.
Past Earnings Growth
  • The earnings for Thai listed companies have declined 2.0% 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 Market1.08%
Telecom3.51%
Tech3.30%
Energy1.83%
Utilities1.37%
Real Estate0.94%
Consumer Discretionary0.59%
Consumer Staples0.57%
Industrials0.49%
Financials-0.52%
Healthcare-1.27%
Materials-2.03%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 55.0x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 29.0%, 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 9.6x.
Forecasted Growth
  • Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 38% over the next 5 years.
  • This is better than its past earnings growth rate of 4.4% 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)฿200.003.6%
+฿87.3b		59.4%PE126.5xTech
ADVANC Advanced Info Service฿359.003.5%
+฿35.7b		28.7%PE24.9xTelecom
PTT PTT฿34.252.2%
+฿21.4b		10.5%PE13.3xEnergy
TRUE True Corporation฿11.705.4%
+฿20.7b		0.9%PS2xTelecom
GULF Gulf Development฿47.502.2%
+฿14.9b		n/aPE9.5xUtilities
See more

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SCGP
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SCG Packaging
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AOT
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TRUE
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True Corporation
7D
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TRUE: M&A Stake Sale Board Changes And Dividend Review Will Shape Outlook

Analysts now estimate True Corporation’s fair value at ฿11.35, revised from ฿11.99, citing updated assumptions related to the discount rate, revenue growth, profit margins, and future P/E expectations. What's in the News Arise Digital Technology Company Limited agreed to acquire a 24.95% stake in True Corporation from Telenor ASA for approximately ฿100b at ฿11.70 per share, with a mutual put and call option on the remaining 5.35% at the higher of ฿11.70 per share or the market price two years after closing, subject to customary conditions and expected to close within a few months (M&A Transaction Announcements).
PTT
฿34.25
PTT
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2.2%
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PTT: Five Year Plan And Governance Changes Will Support Steady Outlook

Analysts have nudged their price target on PTT higher to reflect a fair value of $35.19, with the adjustment tied to modest tweaks in the discount rate, long term revenue growth, profit margin assumptions and future P/E expectations. What's in the News A board meeting on August 21, 2025 will appoint Ms. Piyaporn Thanangteerapong as Company Secretary, replacing Mrs.
ADVANC
฿359.00
Advanced Info Service
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3.5%
1Y
28.7%

ADVANC: Sports Partnership And CEO Transition Will Support Measured Long Term Outlook

Analysts have nudged up their fair value estimate for Advanced Info Service from ฿346.05 to ฿348.58, citing slightly higher assumptions for revenue growth, profit margins and future P/E as the key drivers behind the refreshed price target. What's in the News AIS signed a partnership with the PGA TOUR, gaining exclusive rights to broadcast all PGA TOUR tournaments in Thailand through AIS PLAY, including the FedExCup Playoffs and the Presidents Cup (Key Developments).
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KBANK
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KTB
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Krung Thai Bank
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OR
฿13.40
PTT Oil and Retail Business
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BDMS
฿19.90
Bangkok Dusit Medical Services
7D
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THAI
฿7.30
Thai Airways International
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DELTA
฿200.00
Delta Electronics (Thailand)
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1Y
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GULF
฿47.50
Gulf Development
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Charoen Pokphand Foods
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CP ALL
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