Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Thai (SET) Market Analysis & Valuation

UpdatedJan 29, 2026
DataAggregated Company Financials
Companies902
  • 7D1.6%
  • 3M1.7%
  • 1Y1.3%
  • YTD4.5%

The market is up 1.6% over the last week, with the Information Technology sector leading the way, up 11%. As for last year, the market performance has been flat. 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
Thu, 29 Jan 2026฿17.0t฿16.8t฿1.0t11.5x16.6x1x
Sat, 27 Dec 2025฿16.0t฿16.8t฿1.0t11.5x15.7x1x
Mon, 24 Nov 2025฿16.0t฿17.0t฿1.0t11.5x15.6x0.9x
Wed, 22 Oct 2025฿16.4t฿17.3t฿974.7b11.9x16.8x0.9x
Fri, 19 Sep 2025฿16.5t฿17.3t฿962.8b12.6x17.1x1x
Sun, 17 Aug 2025฿16.0t฿17.3t฿963.6b12.1x16.6x0.9x
Tue, 15 Jul 2025฿14.2t฿17.5t฿908.5b11.4x15.7x0.8x
Thu, 12 Jun 2025฿14.2t฿17.5t฿909.0b11.4x15.6x0.8x
Sat, 10 May 2025฿15.1t฿17.6t฿901.9b12x16.7x0.9x
Mon, 07 Apr 2025฿13.3t฿17.5t฿887.5b11.6x15x0.8x
Wed, 05 Mar 2025฿14.8t฿26.8t฿1.1t12.1x13x0.6x
Fri, 31 Jan 2025฿16.8t฿17.7t฿929.3b13.3x18x0.9x
Sun, 29 Dec 2024฿17.5t฿17.7t฿922.7b14x19x1x
Tue, 26 Nov 2024฿18.1t฿17.7t฿915.0b14.9x19.8x1x
Thu, 24 Oct 2024฿18.4t฿17.7t฿1.0t15x18.2x1x
Sat, 21 Sep 2024฿18.2t฿17.7t฿1.0t15.4x18x1x
Mon, 19 Aug 2024฿16.3t฿42.2t฿999.2b13.9x16.3x0.4x
Wed, 17 Jul 2024฿16.6t฿17.4t฿971.1b15.1x17.1x1x
Fri, 14 Jun 2024฿16.5t฿17.4t฿972.7b15.3x17x1x
Sun, 12 May 2024฿17.2t฿17.3t฿973.9b16.2x17.7x1x
Tue, 09 Apr 2024฿17.2t฿17.2t฿970.1b16.1x17.8x1x
Thu, 07 Mar 2024฿17.1t฿17.4t฿825.4b16.4x20.8x1x
Sat, 03 Feb 2024฿17.2t฿17.2t฿946.9b16.3x18.2x1x
Mon, 01 Jan 2024฿17.7t฿17.1t฿930.6b16.3x19x1x
Wed, 29 Nov 2023฿17.4t฿17.1t฿928.5b16x18.8x1x
Fri, 27 Oct 2023฿17.0t฿17.4t฿878.6b16.2x19.4x1x
Sun, 24 Sep 2023฿18.9t฿17.4t฿872.4b17.7x21.7x1.1x
Tue, 22 Aug 2023฿18.8t฿17.3t฿868.5b17.2x21.7x1.1x
Thu, 20 Jul 2023฿19.0t฿17.7t฿997.7b16.6x19.1x1.1x
Sat, 17 Jun 2023฿19.3t฿17.7t฿1.0t17.3x19.2x1.1x
Mon, 15 May 2023฿19.3t฿17.7t฿1.0t16.5x19.1x1.1x
Wed, 12 Apr 2023฿19.7t฿17.6t฿993.9b17.2x19.9x1.1x
Fri, 10 Mar 2023฿19.9t฿17.6t฿1.0t17.4x19.7x1.1x
Sun, 05 Feb 2023฿20.9t฿17.1t฿1.1t18.4x19.2x1.2x
Price to Earnings Ratio

19.2x


Total Market Cap: ฿20.9tTotal 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
  • Both revenue and earnings for Thai listed companies have remained mostly flat over the last three years.
  • This means sales and the cost of doing business have remained relatively consistent over this period and subsequently, so have profits.

Sector Trends

Which sectors have driven the changes within the Thai Market?

TH Market1.61%
Tech10.74%
Energy3.36%
Materials1.78%
Real Estate0.99%
Financials0.76%
Utilities-0.11%
Healthcare-0.86%
Consumer Discretionary-1.34%
Consumer Staples-1.82%
Industrials-1.96%
Telecom-2.24%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 54.8x.
    • 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 36% 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
DELTA Delta Electronics (Thailand)฿208.007.5%
+฿180.9b		61.9%PE131.6xTech
TRUE True Corporation฿11.7010.4%
+฿38.0b		-1.7%PS2xTelecom
PTTEP PTT Exploration and Production฿124.506.4%
+฿29.8b		0%PE8.7xEnergy
PTT PTT฿34.753.0%
+฿28.6b		12.1%PE13.5xEnergy
ADVANC Advanced Info Service฿348.001.5%
+฿14.9b		21.7%PE24.1xTelecom
See more

Market Insights

Header cover image
How to invest when commodity prices get messy ⚖️
Richard Bowman avatar
Richard Bowman
|
|
From miners to energy, 2026 may reward structure and margins over spot price bets.
Continue reading
Why Didn’t Oil React to Venezuela? 🇻🇪
Last Week

Why Didn’t Oil React to Venezuela? 🇻🇪

Latest News

SCC
฿203.00
Siam Cement
7D
-3.8%
1Y
29.7%
CREDIT
฿16.20
Thai Credit Bank
7D
-17.8%
1Y
-19.4%
GPSC
฿35.50
Global Power Synergy
7D
-7.2%
1Y
11.8%
IVL
฿21.00
Indorama Ventures
7D
8.8%
1Y
-11.0%

IVL: Green Chemistry And AI Will Support Future Upside Potential

Analysts have slightly reduced their price target for Indorama Ventures to US$23.39 from about US$23.54, reflecting updated assumptions for more moderate revenue growth, a marginally lower profit margin outlook, and a slightly higher future P/E multiple, while keeping the discount rate unchanged. Valuation Changes Fair Value: reduced slightly from US$23.54 to US$23.39 per share.
TRUE
฿11.70
True Corporation
7D
10.4%
1Y
-1.7%

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
฿34.75
PTT
7D
3.0%
1Y
12.1%

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
฿348.00
Advanced Info Service
7D
1.5%
1Y
21.7%

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).
PTTEP
฿124.50
PTT Exploration and Production
7D
6.4%
1Y
0%
SCB
฿135.50
SCB X
7D
-1.8%
1Y
8.0%

SCB: Future Profitability And Lower Discount Rate Will Support Stable Risk Outlook

Analysts have nudged their fair value estimate for SCB X slightly higher from ฿139.39 to ฿140.17. This reflects updated views on a lower discount rate, a modest adjustment to expected revenue growth, a higher projected profit margin, and a slightly lower future P/E assumption.
KBANK
฿187.00
Kasikornbank
7D
-1.1%
1Y
15.8%
BBL
฿155.50
Bangkok Bank
7D
-2.8%
1Y
-0.3%
OR
฿13.40
PTT Oil and Retail Business
7D
-12.4%
1Y
13.6%
DELTA
฿208.00
Delta Electronics (Thailand)
7D
7.5%
1Y
61.9%
GULF
฿47.25
Gulf Development
7D
1.6%
1Y
n/a
CPF
฿20.80
Charoen Pokphand Foods
7D
-2.8%
1Y
-8.8%
TLI
฿11.70
Thai Life Insurance
7D
3.5%
1Y
6.4%