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Thai (SET) Market Analysis & Valuation

UpdatedAug 11, 2026
DataAggregated Company Financials
Companies898
  • 7D0.1%
  • 3M9.5%
  • 1Y28.6%
  • YTD26.7%

The market has been flat over the last week. More promisingly, the market is up 29% over the past year. As for the next few years, earnings are expected to grow by 11% 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
Tue, 11 Aug 2026฿20.5t฿16.7t฿1.2t12.1x17.5x1.2x
Thu, 09 Jul 2026฿19.9t฿16.5t฿1.2t11.6x16.9x1.2x
Sat, 06 Jun 2026฿20.0t฿16.5t฿1.2t11.4x17x1.2x
Mon, 04 May 2026฿18.9t฿16.5t฿1.1t11.3x17x1.2x
Wed, 01 Apr 2026฿18.4t฿16.4t฿1.1t11.3x16.6x1.1x
Fri, 27 Feb 2026฿19.5t฿16.6t฿1.1t12.2x18.1x1.2x
Sun, 25 Jan 2026฿16.7t฿16.8t฿1.0t11.4x16.4x1x
Tue, 23 Dec 2025฿16.1t฿16.8t฿1.0t11.4x15.8x1x
Thu, 20 Nov 2025฿16.2t฿17.0t฿1.0t11.5x15.9x1x
Sat, 18 Oct 2025฿16.2t฿17.3t฿972.0b12x16.6x0.9x
Mon, 15 Sep 2025฿16.4t฿17.3t฿962.7b12.3x17x0.9x
Wed, 13 Aug 2025฿15.6t฿17.4t฿967.3b12.1x16.1x0.9x
Fri, 11 Jul 2025฿13.8t฿17.5t฿909.0b11.4x15.2x0.8x
Sun, 08 Jun 2025฿14.2t฿17.5t฿909.3b11.3x15.6x0.8x
Tue, 06 May 2025฿14.9t฿17.6t฿903.0b12x16.5x0.8x
Thu, 03 Apr 2025฿14.7t฿17.7t฿918.4b12x16x0.8x
Sat, 01 Mar 2025฿15.1t฿17.6t฿917.1b12.2x16.5x0.9x
Mon, 27 Jan 2025฿17.0t฿17.7t฿931.2b13.4x18.2x1x
Wed, 25 Dec 2024฿17.5t฿17.7t฿922.9b14x18.9x1x
Fri, 22 Nov 2024฿18.1t฿17.8t฿926.2b14.9x19.5x1x
Sun, 20 Oct 2024฿18.7t฿17.7t฿1.0t15.1x18.5x1.1x
Tue, 17 Sep 2024฿18.0t฿17.6t฿1.0t15x17.8x1x
Thu, 15 Aug 2024฿16.2t฿17.7t฿1.0t13.7x16.1x0.9x
Sat, 13 Jul 2024฿16.7t฿17.4t฿971.4b15.6x17.2x1x
Mon, 10 Jun 2024฿16.7t฿17.4t฿973.9b15.3x17.2x1x
Wed, 08 May 2024฿17.3t฿17.3t฿962.3b16.2x17.9x1x
Fri, 05 Apr 2024฿17.2t฿17.2t฿969.5b16.1x17.8x1x
Sun, 03 Mar 2024฿17.1t฿17.4t฿826.9b16.3x20.7x1x
Tue, 30 Jan 2024฿17.1t฿17.2t฿942.4b16.1x18.2x1x
Thu, 28 Dec 2023฿17.6t฿17.1t฿930.6b16.2x18.9x1x
Sat, 25 Nov 2023฿17.4t฿17.1t฿929.9b15.6x18.7x1x
Mon, 23 Oct 2023฿17.4t฿17.4t฿879.5b16.5x19.8x1x
Wed, 20 Sep 2023฿18.9t฿17.3t฿871.4b17.7x21.7x1.1x
Fri, 18 Aug 2023฿18.9t฿17.3t฿884.9b17.2x21.4x1.1x
Price to Earnings Ratio

21.4x


Total Market Cap: ฿18.9tTotal Earnings: ฿884.9bTotal Revenue: ฿17.3tTotal Market Cap vs Earnings and Revenue0%0%0%
Thai Market Price to Earnings3Y Average 17.5x202420252026
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 17.5x.
Past Earnings Growth
  • The earnings for Thai listed companies have grown 9.7% per year over the last three years, while revenues have remained steady.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Sector Trends

Which sectors have driven the changes within the Thai Market?

TH Market0.15%
Tech2.12%
Materials1.29%
Healthcare1.06%
Energy0.61%
Industrials0.26%
Financials0.15%
Consumer Staples-0.51%
Utilities-1.25%
Real Estate-1.28%
Telecom-1.52%
Consumer Discretionary-1.90%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 64.6x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 24.5% which is higher than its past year's earnings decline of 2.6% per year.
  • The Energy sector is the least preferred by investors for future growth, which is trading close to its 3-year average of 9.9x.
Forecasted Growth
  • Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 25% over the next 5 years.
  • This is better than its past earnings growth rate of 4.5% per year.
  • In contrast, the Energy industry is expected to see its earnings growth to stay flat over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
PTT PTT฿39.503.9%
+฿42.5b		23.4%PE12.2xEnergy
DELTA Delta Electronics (Thailand)฿269.000.7%
+฿24.9b		86.8%PE112.4xTech
PTTEP PTT Exploration and Production฿152.002.0%
+฿11.9b		27.7%PE8.5xEnergy
THAI Thai Airways International฿5.857.3%
+฿11.3b		-60.2%PE5.3xIndustrials
TOP Thai Oil฿68.755.8%
+฿8.4b		102.2%PE5xEnergy
See more

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Latest News

CPN
฿66.00
Central Pattana
7D
-4.0%
1Y
27.5%
DELTA
฿269.00
Delta Electronics (Thailand)
7D
0.7%
1Y
86.8%
Narrative Update • Aug 10

DELTA: New Manufacturing Plant Plan Will Sustain Excessive P/E Risk

Analysts have trimmed their price target for Delta Electronics (Thailand) from THB253 to THB244, reflecting updated assumptions on the discount rate, revenue growth, profit margin and future P/E expectations. What's in the News Delta Electronics (Thailand) received Board approval on 24 July 2026 to construct a new BP1 manufacturing plant in Bangpoo Industrial Estate, Samut Prakan Province, to replace the existing plant that faces capacity limitations.
PTT
฿39.50
PTT
7D
3.9%
1Y
23.4%
Narrative Update • Aug 08

PTT: Special Dividend And Robust Cash Generation Will Support Future Upside Potential

Analysts have nudged their fair value estimate for PTT slightly higher, lifting the implied price target from THB45.00 to THB46.00. This change reflects updated assumptions on discount rate, revenue growth, profit margin and forward P/E multiples.
BCP
฿48.25
Bangchak Corporation
7D
8.4%
1Y
44.0%
PTTGC
฿38.50
PTT Global Chemical
7D
3.4%
1Y
59.8%
GPSC
฿49.25
Global Power Synergy
7D
-5.7%
1Y
35.9%
GULF
฿65.00
Gulf Development
7D
-2.3%
1Y
36.8%
TRUE
฿13.40
True Corporation
7D
-2.9%
1Y
24.1%
Narrative Update • Aug 05

TRUE: Future Dividend Policy Review Will Support Further Upside

Analysts have raised their price target for True Corporation from THB19.30 to about THB21.10. They cite updated assumptions around fair value, discount rate, revenue growth, profit margins, and future P/E levels as key drivers of the change.
SCB
฿152.00
SCB X
7D
-1.3%
1Y
16.9%
Narrative Update • Aug 04

SCB: Blockchain Payments And Solid Margins Will Support Fair Value Outlook

Analysts have lifted their price target for SCB X to THB156.05 from THB148.58, reflecting updated assumptions for revenue growth, profit margins, and a slightly lower discount rate, while keeping a similar future P/E profile. What's in the News for SCB X SCB X, through The Siam Commercial Bank, is working with Citigroup on the first live use of Citi's integrated 24/7 USD Clearing and Citi Token Services solution, using blockchain and tokenized deposits for cross border payments.
PTTEP
฿152.00
PTT Exploration and Production
7D
2.0%
1Y
27.7%
BAY
฿40.75
Bank of Ayudhya
7D
-4.1%
1Y
77.9%
TOP
฿68.75
Thai Oil
7D
5.8%
1Y
102.2%
KBANK
฿249.00
Kasikornbank
7D
0.8%
1Y
48.2%
THAI
฿5.85
Thai Airways International
7D
7.3%
1Y
-60.2%
AOT
฿63.00
Airports of Thailand
7D
-1.6%
1Y
58.5%
CPALL
฿48.00
CP ALL
7D
-1.5%
1Y
3.8%