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Thai (SET) Market Analysis & Valuation

UpdatedJan 14, 2026
DataAggregated Company Financials
Companies902
  • 7D-3.1%
  • 3M-4.1%
  • 1Y-6.5%
  • YTD-3.5%

Over the last 7 days, the market has dropped 3.0%, driven by a pullback of 12% in the Information Technology sector. As for last year, the market is also down 7.0%. Looking forward, 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
Wed, 14 Jan 2026฿15.7t฿16.8t฿1.0t11.2x15.4x0.9x
Fri, 12 Dec 2025฿15.9t฿16.8t฿1.0t11.4x15.6x1x
Sun, 09 Nov 2025฿16.6t฿17.2t฿995.9b11.8x16.6x1x
Tue, 07 Oct 2025฿16.3t฿17.3t฿965.9b12.2x16.9x0.9x
Thu, 04 Sep 2025฿16.0t฿17.3t฿962.6b12.2x16.6x0.9x
Sat, 02 Aug 2025฿15.2t฿17.5t฿914.1b11.7x16.6x0.9x
Mon, 30 Jun 2025฿13.5t฿17.5t฿908.7b11x14.8x0.8x
Wed, 28 May 2025฿14.5t฿17.5t฿908.0b11.4x15.9x0.8x
Fri, 25 Apr 2025฿14.3t฿17.7t฿906.9b11.8x15.8x0.8x
Sun, 23 Mar 2025฿14.9t฿17.7t฿912.7b12.2x16.3x0.8x
Tue, 18 Feb 2025฿15.8t฿17.7t฿952.9b12.5x16.5x0.9x
Thu, 16 Jan 2025฿16.9t฿17.7t฿924.6b13.4x18.3x1x
Sat, 14 Dec 2024฿17.9t฿17.7t฿919.1b14.6x19.5x1x
Mon, 11 Nov 2024฿18.4t฿17.8t฿941.3b14.8x19.5x1x
Wed, 09 Oct 2024฿18.2t฿17.7t฿1.0t15.3x18x1x
Fri, 06 Sep 2024฿17.6t฿17.7t฿1.0t14.8x17.5x1x
Sun, 04 Aug 2024฿16.5t฿17.4t฿972.1b14.5x16.9x0.9x
Tue, 02 Jul 2024฿16.3t฿17.4t฿972.6b15x16.8x0.9x
Thu, 30 May 2024฿17.0t฿17.4t฿982.1b16x17.3x1x
Sat, 27 Apr 2024฿17.1t฿17.2t฿960.2b16x17.8x1x
Mon, 25 Mar 2024฿17.3t฿17.2t฿967.4b16.6x17.9x1x
Wed, 21 Feb 2024฿17.3t฿17.1t฿1.2t16.2x15x1x
Fri, 19 Jan 2024฿17.2t฿17.1t฿932.0b16.4x18.4x1x
Sun, 17 Dec 2023฿17.3t฿17.1t฿930.1b15.7x18.6x1x
Tue, 14 Nov 2023฿17.2t฿17.3t฿934.3b16x18.5x1x
Thu, 12 Oct 2023฿18.1t฿17.4t฿873.6b17.1x20.7x1x
Sat, 09 Sep 2023฿19.2t฿17.3t฿870.7b18x22x1.1x
Mon, 07 Aug 2023฿19.0t฿17.7t฿1.0t16.3x19x1.1x
Wed, 05 Jul 2023฿18.7t฿17.7t฿1.0t16.4x18.7x1.1x
Fri, 02 Jun 2023฿18.8t฿26.5t฿1.2t17.1x16.2x0.7x
Sun, 30 Apr 2023฿18.9t฿17.6t฿1.0t16.3x18.7x1.1x
Tue, 28 Mar 2023฿19.7t฿17.6t฿995.0b17.1x19.8x1.1x
Thu, 23 Feb 2023฿20.5t฿36.4t฿1.8t18.4x11.6x0.6x
Sat, 21 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-3.12%
Telecom2.43%
Materials2.00%
Energy0.25%
Utilities-0.66%
Financials-1.84%
Real Estate-2.40%
Industrials-2.43%
Consumer Discretionary-3.11%
Consumer Staples-3.92%
Healthcare-7.10%
Tech-11.97%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 54.4x.
    • 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 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 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
ADVANC Advanced Info Service฿332.003.4%
+฿32.7b		16.9%PE23xTelecom
TRUE True Corporation฿11.603.6%
+฿13.8b		-0.9%PS2xTelecom
SCGP SCG Packaging฿19.0010.5%
+฿7.7b		7.3%PE29.1xMaterials
GULF Gulf Development฿43.001.2%
+฿7.5b		n/aPE8.6xUtilities
OR PTT Oil and Retail Business฿13.704.6%
+฿7.2b		15.1%PE13.4xConsumer Discretionary
See more

Market Insights

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What research teams agree on – and where they don’t – heading into 2026.
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Last Week

Three Sectors Expected to Rally in 2026 📈

Latest News

TRUE
฿11.60
True Corporation
7D
3.6%
1Y
-0.9%

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).
IVL
฿16.70
Indorama Ventures
7D
4.4%
1Y
-26.1%

IVL: Stronger Margins And Lower P/E Will Support Upside Potential

Analysts have trimmed their price target for Indorama Ventures to $28.10, reflecting slightly softer revenue growth assumptions, together with a modestly higher profit margin outlook and a lower forward P/E multiple. Valuation Changes Fair Value: Unchanged at THB 28.10 per share, indicating no adjustment to the overall valuation anchor.
SCC
฿193.50
Siam Cement
7D
1.8%
1Y
27.7%

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).
ADVANC
฿332.00
Advanced Info Service
7D
3.4%
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
฿159.50
Delta Electronics (Thailand)
7D
-12.8%
1Y
11.1%
GULF
฿43.00
Gulf Development
7D
1.2%
1Y
n/a
THAI
฿6.75
Thai Airways International
7D
-4.3%
1Y
n/a
SCGP
฿19.00
SCG Packaging
7D
10.5%
1Y
7.3%

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.
BH
฿136.50
Bumrungrad Hospital
7D
-12.5%
1Y
-28.2%
MTC
฿27.50
Muangthai Capital
7D
-12.0%
1Y
-36.8%
AOT
฿50.75
Airports of Thailand
7D
-1.5%
1Y
-11.0%
CPAXT
฿14.10
CP Axtra
7D
-10.8%
1Y
-46.3%
BDMS
฿17.60
Bangkok Dusit Medical Services
7D
-8.8%
1Y
-24.8%
CPALL
฿41.00
CP ALL
7D
-5.7%
1Y
-24.8%
OR
฿13.70
PTT Oil and Retail Business
7D
4.6%
1Y
15.1%
KTB
฿29.00
Krung Thai Bank
7D
0.9%
1Y
31.8%