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Thai (SET) Market Analysis & Valuation

UpdatedNov 08, 2025
DataAggregated Company Financials
Companies905
  • 7D-0.5%
  • 3M3.2%
  • 1Y-10.2%
  • YTD-5.1%

Over the last 7 days, the market has remained flat, although notably the Communication Services sector gained 3.4% in that time. As for last year, the market is down 10%. 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
Sun, 09 Nov 2025฿16.6t฿17.3t฿991.6b11.7x16.7x1x
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
Mon, 19 Dec 2022฿20.0t฿17.1t฿1.1t17.6x18x1.2x
Wed, 16 Nov 2022฿20.0t฿16.9t฿1.1t17.3x18.5x1.2x
Price to Earnings Ratio

18.5x


Total Market Cap: ฿20.0tTotal Earnings: ฿1.1tTotal Revenue: ฿16.9tTotal Market Cap vs Earnings and Revenue0%0%0%
Thai Market Price to Earnings3Y Average 18x202320242025
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 18.0x.
Past Earnings Growth
  • The earnings for Thai listed companies have declined 3.0% 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-0.49%
Telecom3.41%
Tech2.74%
Real Estate-0.98%
Energy-1.18%
Healthcare-1.19%
Financials-1.20%
Consumer Staples-1.29%
Industrials-1.64%
Utilities-1.78%
Consumer Discretionary-2.66%
Materials-5.89%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 44.6x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 30.5% which is higher than its past year's earnings decline of 9.3% per year.
  • The Financials sector is the least preferred by investors for future growth, which is trading close to its 3-year average of 9.9x.
Forecasted Growth
  • Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 31% over the next 5 years.
  • This is better than its past earnings decline of 9.3% per year.
  • In contrast, the Utilities sector is expected to see its earnings decline by 20% 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)฿224.003.2%
+฿87.3b		44.5%PE141.7xTech
ADVANC Advanced Info Service฿315.004.3%
+฿38.7b		11.3%PE21.9xTelecom
TRUE True Corporation฿11.804.4%
+฿17.3b		-1.7%PS2xTelecom
BEM Bangkok Expressway and Metro฿5.608.7%
+฿6.7b		-27.3%PE22.2xIndustrials
CPAXT CP Axtra฿20.102.6%
+฿5.2b		-42.6%PE19.3xConsumer Staples
See more

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Latest News

BH
฿175.50
Bumrungrad Hospital
7D
2.0%
1Y
-24.0%
THAI
฿9.35
Thai Airways International
7D
-5.6%
1Y
n/a
GPSC
฿37.25
Global Power Synergy
7D
-10.2%
1Y
-9.1%
ADVANC
฿315.00
Advanced Info Service
7D
4.3%
1Y
11.3%

ADVANC: Virtual Bank Launch and Steady Margins Will Drive Measured Outlook

Analysts have raised their price target for Advanced Info Service from 331.21 THB to 334.79 THB. They cite marginal improvements in projected revenue growth and profit margin as reasons for the adjustment.
TRUE
฿11.80
True Corporation
7D
4.4%
1Y
-1.7%
KTB
฿27.50
Krung Thai Bank
7D
0.9%
1Y
31.0%
CRC
฿21.00
Central Retail Corporation
7D
2.4%
1Y
-32.8%

CRC: Upcoming Asset Disposal Will Drive Further Upside Potential

Central Retail Corporation's analyst price target has been revised upwards from 22.77 THB to 23.35 THB, as analysts adjust their forecasts based on updated assumptions regarding growth and profitability. What's in the News Special/Extraordinary Shareholders Meeting scheduled for November 6, 2025, at 14:00 SE Asia Standard Time (Key Developments) Board Meeting set for September 17, 2025, with agenda items including the notification of resolutions on a connected transaction and disposal of assets related to Rinascente department store business, appointment of IFA, convening the Extraordinary General Meeting of shareholders, and consideration of other business matters (Key Developments) Valuation Changes Fair Value: Increased slightly from 22.77 THB to 23.35 THB per share.
KBANK
฿180.00
Kasikornbank
7D
-3.5%
1Y
21.2%
SCC
฿193.00
Siam Cement
7D
-5.4%
1Y
-2.0%

SCC: Revenue Expansion and Margin Outlook Will Maintain Balanced Risk Profile

Narrative Update on Siam Cement: Analyst Price Target Revision Analysts have slightly lowered their fair value estimate for Siam Cement from 218.83 THB to 218.23 THB. This revision is due to adjustments in key financial projections, including expectations for improved revenue growth and profit margin, as well as a reduced projected future price-to-earnings ratio.
DELTA
฿224.00
Delta Electronics (Thailand)
7D
3.2%
1Y
44.5%
IVL
฿17.80
Indorama Ventures
7D
-6.8%
1Y
-31.5%
PTTGC
฿20.50
PTT Global Chemical
7D
-18.8%
1Y
-24.1%
CPAXT
฿20.10
CP Axtra
7D
2.6%
1Y
-42.6%
BBL
฿154.50
Bangkok Bank
7D
-2.5%
1Y
4.0%
BEM
฿5.60
Bangkok Expressway and Metro
7D
8.7%
1Y
-27.3%
CPALL
฿45.00
CP ALL
7D
-2.2%
1Y
-29.7%