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Thai (SET) Market Analysis & Valuation

UpdatedDec 16, 2025
DataAggregated Company Financials
Companies901
  • 7D0.9%
  • 3M-2.8%
  • 1Y-9.2%
  • YTD-7.2%

The Healthcare sector gained 3.7% while the market remained flat over the last week. The past year hasn't been profitable, with the market dropping 9.2%. 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
Tue, 16 Dec 2025฿16.2t฿16.8t฿1.0t11.5x15.8x1x
Thu, 13 Nov 2025฿16.3t฿17.2t฿1.0t11.6x16.1x1x
Sat, 11 Oct 2025฿16.3t฿17.3t฿965.6b12.2x16.9x0.9x
Mon, 08 Sep 2025฿16.0t฿17.3t฿962.2b12.3x16.6x0.9x
Wed, 06 Aug 2025฿15.5t฿17.5t฿912.8b11.8x17x0.9x
Fri, 04 Jul 2025฿14.0t฿17.5t฿908.1b11.4x15.5x0.8x
Sun, 01 Jun 2025฿14.3t฿17.5t฿911.9b11.5x15.7x0.8x
Tue, 29 Apr 2025฿14.4t฿17.7t฿907.0b11.9x15.9x0.8x
Thu, 27 Mar 2025฿14.9t฿17.7t฿912.0b12.1x16.3x0.8x
Sat, 22 Feb 2025฿15.6t฿17.6t฿927.3b12.8x16.9x0.9x
Mon, 20 Jan 2025฿16.8t฿17.7t฿924.7b13.1x18.2x0.9x
Wed, 18 Dec 2024฿17.5t฿17.6t฿919.2b14.3x19x1x
Fri, 15 Nov 2024฿18.2t฿17.8t฿932.7b14.6x19.5x1x
Sun, 13 Oct 2024฿18.4t฿17.7t฿1.0t15x18.3x1x
Tue, 10 Sep 2024฿17.9t฿17.7t฿1.0t15x17.8x1x
Thu, 08 Aug 2024฿16.2t฿17.4t฿977.2b14.3x16.5x0.9x
Sat, 06 Jul 2024฿16.5t฿17.4t฿972.3b15.2x16.9x0.9x
Mon, 03 Jun 2024฿16.9t฿17.4t฿978.5b16x17.3x1x
Wed, 01 May 2024฿17.2t฿17.2t฿961.4b16.2x17.9x1x
Fri, 29 Mar 2024฿17.2t฿17.2t฿967.8b16.5x17.7x1x
Sun, 25 Feb 2024฿17.5t฿18.2t฿1.2t16.9x14.9x1x
Tue, 23 Jan 2024฿17.1t฿17.2t฿936.7b16.3x18.2x1x
Thu, 21 Dec 2023฿17.5t฿17.1t฿930.3b16.1x18.8x1x
Sat, 18 Nov 2023฿17.6t฿17.1t฿925.6b15.7x19x1x
Mon, 16 Oct 2023฿18.0t฿17.4t฿873.4b17.1x20.6x1x
Wed, 13 Sep 2023฿19.2t฿17.3t฿870.4b18x22x1.1x
Fri, 11 Aug 2023฿19.0t฿17.6t฿953.4b16.5x19.9x1.1x
Sun, 09 Jul 2023฿18.4t฿17.7t฿1.0t16.3x18.4x1x
Tue, 06 Jun 2023฿18.9t฿26.5t฿1.2t17.1x16.3x0.7x
Thu, 04 May 2023฿19.0t฿17.6t฿1.0t16.1x18.6x1.1x
Sat, 01 Apr 2023฿19.9t฿17.6t฿994.2b17.1x20x1.1x
Mon, 27 Feb 2023฿20.2t฿17.6t฿1.1t18.2x19.1x1.2x
Wed, 25 Jan 2023฿20.8t฿17.1t฿1.1t18.1x19.1x1.2x
Fri, 23 Dec 2022฿19.9t฿17.1t฿1.1t17.5x18x1.2x
Price to Earnings Ratio

18x


Total Market Cap: ฿19.9tTotal Earnings: ฿1.1tTotal Revenue: ฿17.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Thai Market Price to Earnings3Y Average 17.9x202320242025
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 15.8x which is lower than its 3-year average PE of 17.9x.
Past Earnings Growth
  • The earnings for Thai listed companies have declined 2.7% 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 Market0.93%
Healthcare3.74%
Utilities3.16%
Materials2.67%
Real Estate2.00%
Consumer Staples1.95%
Industrials1.73%
Telecom1.69%
Energy1.12%
Financials0.74%
Consumer Discretionary0.53%
Tech-2.77%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 53.7x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 27.2%, 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 9.8x.
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 17% 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
THAI Thai Airways International฿9.058.4%
+฿19.8b		n/aPS1.4xIndustrials
JTS Jasmine Technology Solution฿55.7543.9%
+฿11.9b		-11.5%PE150.5xTelecom
GULF Gulf Development฿41.501.8%
+฿11.2b		n/aPE8.3xUtilities
SCB SCB X฿135.002.3%
+฿10.1b		16.4%PB0.9xFinancials
CPN Central Pattana฿55.253.8%
+฿9.0b		-1.3%PE13.9xReal Estate
See more

Market Insights

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Richard Bowman
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The recent dip in stock prices came on the back of stretched valuations and fears of an AI fueled bubble. This time the nervousness also spilled into the corporate bond market...
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Latest News

TRUE
฿11.00
True Corporation
7D
-0.9%
1Y
-4.3%

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).
SCC
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Siam Cement
7D
3.4%
1Y
10.5%

SCC: Governance Focus At Upcoming Board Meeting Will Support Future Upside

Narrative Update on Siam Cement Analysts have modestly raised their price target on Siam Cement to 366.48 from 352.94, citing slightly stronger expectations for revenue growth and higher future valuation multiples. These factors are partly offset by a softer profit margin outlook and a higher perceived discount rate.
PTT
฿31.25
PTT
7D
-0.8%
1Y
-3.1%

PTT: Share Buyback And Dividend Policy Will Support Future Upside

Analysts have nudged their price target for PTT slightly higher to approximately $35.19 from about $35.03, citing modest improvements in expected revenue growth, profit margins, and a slightly lower projected discount rate and future price to earnings multiple. What's in the News PTT completed a share repurchase program, buying back 238,660,400 shares, or 0.84% of outstanding shares, for THB 7,548.9 million under the buyback announced on March 20, 2025 (Key Developments).
TLI
฿9.20
Thai Life Insurance
7D
-2.1%
1Y
-14.8%
AOT
฿54.50
Airports of Thailand
7D
0.9%
1Y
-8.0%
SCB
฿135.00
SCB X
7D
2.3%
1Y
16.4%

SCB: Stable Margins And Risk Profile Will Shape A Measured Outlook

Analysts have nudged their price target for SCB X higher to THB 136.78. This represents a modest upward revision that reflects slightly lower perceived risk and steady expectations for revenue growth, profit margins, and future valuation multiples.
CCET
฿4.56
Cal-Comp Electronics (Thailand)
7D
-4.6%
1Y
-57.4%
JTS
฿55.75
Jasmine Technology Solution
7D
43.9%
1Y
-11.5%
CPN
฿55.25
Central Pattana
7D
3.8%
1Y
-1.3%
THAI
฿9.05
Thai Airways International
7D
8.4%
1Y
n/a
BDMS
฿19.70
Bangkok Dusit Medical Services
7D
2.6%
1Y
-16.5%
GULF
฿41.50
Gulf Development
7D
1.8%
1Y
n/a
KTB
฿28.25
Krung Thai Bank
7D
-0.9%
1Y
35.2%
ITC
฿15.20
i-Tail Corporation
7D
-4.4%
1Y
-26.9%
KBANK
฿190.50
Kasikornbank
7D
-0.5%
1Y
24.1%
DELTA
฿176.00
Delta Electronics (Thailand)
7D
-10.9%
1Y
16.6%