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Thai (SET) Market Analysis & Valuation

UpdatedJan 01, 2026
DataAggregated Company Financials
Companies902
  • 7D-1.2%
  • 3M-2.4%
  • 1Y-8.8%
  • YTD-8.2%

Over the last 7 days, the market has dropped 1.2%, driven by a pullback of 4.7% in the Industrials sector. The market has dropped 8.8% in the last year. As for the next few years, earnings are expected to grow by 12% per annum.

Trending IndustriesOil and GasRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
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
Sun, 08 Jan 2023฿20.6t฿17.1t฿1.1t17.7x18.8x1.2x
Price to Earnings Ratio

18.8x


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 17.9x202420252026
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 15.7x which is lower than its 3-year average PE of 17.9x.
Past Earnings Growth
  • The earnings for Thai listed companies have declined 2.4% 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-1.22%
Financials0.73%
Energy0.62%
Real Estate-0.20%
Consumer Discretionary-1.00%
Telecom-1.28%
Utilities-1.42%
Healthcare-1.74%
Materials-1.83%
Consumer Staples-1.94%
Tech-2.31%
Industrials-4.71%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 54.2x.
    • 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
SCB SCB X฿139.001.8%
+฿8.4b		18.3%PB1xFinancials
PTT PTT฿32.000.8%
+฿7.1b		0.8%PE12.4xEnergy
BAY Bank of Ayudhya฿26.003.0%
+฿5.5b		6.1%PB0.5xFinancials
KBANK Kasikornbank฿194.501.0%
+฿4.7b		25.1%PB0.8xFinancials
TLI Thai Life Insurance฿9.954.2%
+฿4.6b		-11.2%PE11.6xFinancials
See more

Market Insights

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฿183.50
Siam Cement
7D
-3.4%
1Y
9.2%

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PTT
฿32.00
PTT
7D
0.8%
1Y
0.8%

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PTTEP
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PTT Exploration and Production
7D
0.9%
1Y
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SCB
฿139.00
SCB X
7D
1.8%
1Y
18.3%

SCB: Future Earnings Multiple Will Shape A Stable Risk Outlook

Analysts have slightly trimmed their price target on SCB X to THB 136.72 from THB 136.78, reflecting modestly lower assumptions for revenue growth and profit margins, partly offset by a marginally higher expected future P/E multiple. Valuation Changes The fair value estimate has edged down slightly to THB 136.72 from THB 136.78.
TRUE
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True Corporation
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1Y
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TRUE: Profitability Outlook And Dividend Decision Are Expected To Drive Upside

Analysts have nudged their price target for True Corporation slightly higher to THB 18.20 from THB 18.00, citing expectations for stronger revenue growth, improved profit margins, and a lower future price to earnings multiple. What's in the News True Corporation reaffirmed its 2025 earnings guidance, expecting flat to +1% year on year service revenue (excluding interconnection and domestic roaming with NT) and a return to profitability, despite macroeconomic headwinds and the impact of a one time network outage on mobile revenue (Key Developments).
BPP
฿12.60
Banpu Power
7D
6.8%
1Y
16.7%
TLI
฿9.95
Thai Life Insurance
7D
4.2%
1Y
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AOT
฿53.00
Airports of Thailand
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-2.3%
1Y
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BAY
฿26.00
Bank of Ayudhya
7D
3.0%
1Y
6.1%
THAI
฿6.95
Thai Airways International
7D
-20.1%
1Y
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BDMS
฿19.30
Bangkok Dusit Medical Services
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1Y
-21.2%
CPALL
฿43.50
CP ALL
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-3.9%
1Y
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GULF
฿41.75
Gulf Development
7D
-2.3%
1Y
n/a
KBANK
฿194.50
Kasikornbank
7D
1.0%
1Y
25.1%
DELTA
฿173.00
Delta Electronics (Thailand)
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13.4%
BBL
฿169.50
Bangkok Bank
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1.2%
1Y
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