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Thai (SET) Market Analysis & Valuation

UpdatedFeb 12, 2026
DataAggregated Company Financials
Companies902
  • 7D4.9%
  • 3M9.6%
  • 1Y11.4%
  • YTD10.2%

Over the last 7 days, the market has risen 4.9%, driven by gains in every sector, especially the Information Technology sector. In the last year, the market has climbed 11%. 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, 12 Feb 2026฿17.9t฿16.7t฿1.0t11.6x17.4x1.1x
Sat, 10 Jan 2026฿15.9t฿16.8t฿1.0t11.5x15.6x1x
Mon, 08 Dec 2025฿16.2t฿16.8t฿1.0t11.5x15.8x1x
Wed, 05 Nov 2025฿16.5t฿17.3t฿973.7b11.6x16.9x0.9x
Fri, 03 Oct 2025฿16.3t฿17.3t฿965.7b12.3x16.9x0.9x
Sun, 31 Aug 2025฿15.7t฿17.3t฿966.4b12.2x16.2x0.9x
Tue, 29 Jul 2025฿15.2t฿17.5t฿901.0b11.6x16.8x0.9x
Thu, 26 Jun 2025฿13.8t฿17.5t฿908.7b11x15.2x0.8x
Sat, 24 May 2025฿14.7t฿17.5t฿907.9b11.5x16.1x0.8x
Mon, 21 Apr 2025฿14.3t฿17.6t฿905.2b11.9x15.8x0.8x
Wed, 19 Mar 2025฿14.8t฿17.7t฿912.4b12.2x16.2x0.8x
Fri, 14 Feb 2025฿16.1t฿17.7t฿937.3b12.5x17.2x0.9x
Sun, 12 Jan 2025฿17.1t฿17.7t฿924.7b13.5x18.5x1x
Tue, 10 Dec 2024฿18.1t฿17.7t฿920.3b14.7x19.7x1x
Thu, 07 Nov 2024฿18.4t฿17.7t฿1.0t14.6x18.1x1x
Sat, 05 Oct 2024฿18.1t฿17.7t฿1.0t15.2x18x1x
Mon, 02 Sep 2024฿17.0t฿17.7t฿1.0t14.4x16.9x1x
Wed, 31 Jul 2024฿16.4t฿17.4t฿970.3b14.5x16.9x0.9x
Fri, 28 Jun 2024฿16.4t฿17.4t฿973.0b15.2x16.9x0.9x
Sun, 26 May 2024฿17.1t฿17.4t฿979.5b16.1x17.5x1x
Tue, 23 Apr 2024฿16.7t฿17.2t฿971.6b15.7x17.2x1x
Thu, 21 Mar 2024฿17.2t฿17.2t฿967.1b16.4x17.8x1x
Sat, 17 Feb 2024฿17.3t฿17.0t฿958.7b16.5x18.1x1x
Mon, 15 Jan 2024฿17.6t฿17.1t฿929.4b16.6x18.9x1x
Wed, 13 Dec 2023฿17.1t฿17.1t฿931.9b15.6x18.4x1x
Fri, 10 Nov 2023฿17.5t฿17.3t฿934.7b16.3x18.7x1x
Sun, 08 Oct 2023฿17.9t฿17.4t฿875.1b17x20.4x1x
Tue, 05 Sep 2023฿19.2t฿17.3t฿869.4b18.1x22.1x1.1x
Thu, 03 Aug 2023฿19.2t฿17.7t฿1.0t16.3x19.2x1.1x
Sat, 01 Jul 2023฿18.6t฿17.7t฿1.0t16.4x18.5x1x
Mon, 29 May 2023฿18.9t฿17.7t฿1.0t16.9x18.9x1.1x
Wed, 26 Apr 2023฿19.0t฿17.6t฿1.0t16.3x19x1.1x
Fri, 24 Mar 2023฿19.4t฿17.6t฿976.5b17.9x19.9x1.1x
Sun, 19 Feb 2023฿20.4t฿17.3t฿1.1t17.9x19.3x1.2x
Price to Earnings Ratio

19.3x


Total Market Cap: ฿20.4tTotal Earnings: ฿1.1tTotal Revenue: ฿17.3tTotal 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 Market4.86%
Utilities9.62%
Industrials7.55%
Healthcare6.03%
Consumer Staples5.65%
Tech5.21%
Telecom4.97%
Real Estate4.14%
Consumer Discretionary3.93%
Energy3.24%
Financials2.75%
Materials2.58%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 55.3x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 28.9%, 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 9.5x.
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 4.4% per year.
  • In contrast, the Utilities sector is expected to see its earnings decline by 19% 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)฿224.0010.9%
+฿274.4b		93.9%PE141.7xTech
GULF Gulf Development฿58.5016.4%
+฿123.3b		n/aPE11.6xUtilities
ADVANC Advanced Info Service฿395.007.6%
+฿83.3b		29.9%PE24.5xTelecom
AOT Airports of Thailand฿57.0010.1%
+฿75.0b		4.6%PE44.9xIndustrials
TRUE True Corporation฿13.6011.5%
+฿48.4b		8.8%PS2.3xTelecom
See more

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Latest News

GULF
฿58.50
Gulf Development
7D
16.4%
1Y
n/a
PTTEP
฿136.50
PTT Exploration and Production
7D
9.2%
1Y
7.9%
ADVANC
฿395.00
Advanced Info Service
7D
7.6%
1Y
29.9%
BCT
฿50.75
Birla Carbon (Thailand)
7D
-1.9%
1Y
-27.2%
TRUE
฿13.60
True Corporation
7D
11.5%
1Y
8.8%

TRUE: Stake Sale, Court Ruling And Board Change Will Shape Outlook

Analysts have adjusted their price target for True Corporation to THB 11.35, reflecting updated assumptions on discount rate, revenue growth, profit margin, and future P/E that modestly refine their view of the company’s risk and earnings profile. 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 THB 100b, with a cash consideration of THB 11.70 per share and an additional mutual put/call option on the remaining 5.35% two years after closing at the higher of THB 11.70 per share and the market price before the option period, subject to customary closing conditions (Key Developments).
TTB
฿2.02
TMBThanachart Bank
7D
1.0%
1Y
3.6%

TTB: Share Repurchase Plan And EJIP Will Support Balanced Return Outlook

Analysts have made a small upward adjustment to their price target for TMBThanachart Bank, reflecting slightly higher fair value estimates along with updated assumptions for discount rate, revenue growth, profit margin and forward P/E. What's in the News The Board of Directors plans to meet on December 16, 2025, to consider and approve a second share repurchase program (Key Developments).
TU
฿12.00
Thai Union Group
7D
-0.8%
1Y
4.3%

TU: Share Buyback Distribution Will Support Re Rated Earnings Multiple

Analysts have trimmed their price target for Thai Union Group to ฿15.30 from ฿19.10, citing updated assumptions for discount rate, revenue growth, profit margin and future P/E that adjust their valuation framework for the stock. What's in the News Board meeting scheduled for Dec 15, 2025, to consider approval of the distribution of repurchased shares, which could affect how existing buybacks are returned to shareholders (Key Developments).
AOT
฿57.00
Airports of Thailand
7D
10.1%
1Y
4.6%
KTB
฿31.00
Krung Thai Bank
7D
7.8%
1Y
33.0%
KKP
฿72.00
Kiatnakin Phatra Bank
7D
-1.4%
1Y
41.2%
DELTA
฿224.00
Delta Electronics (Thailand)
7D
10.9%
1Y
93.9%
TITLE
฿7.00
Rhom Bho Property
7D
-6.0%
1Y
83.2%
TLI
฿11.70
Thai Life Insurance
7D
-1.7%
1Y
4.5%
CPNREIT
฿11.30
CPN Retail Growth Leasehold REIT
7D
-0.9%
1Y
-6.6%
SDC
฿0.03
Samart Digital
7D
-25.0%
1Y
-25.0%
CPALL
฿49.50
CP ALL
7D
9.4%
1Y
-0.5%