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Thai (SET) Market Analysis & Valuation

UpdatedDec 19, 2025
DataAggregated Company Financials
Companies903
  • 7D-0.3%
  • 3M-3.5%
  • 1Y-8.3%
  • YTD-8.9%

Over the last 7 days, the market has remained flat, although notably the Industrials sector gained 3.3% in that time. The past year hasn't been profitable, with the market dropping 8.3%. 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
Fri, 19 Dec 2025฿15.9t฿16.8t฿1.0t11.4x15.6x0.9x
Sun, 16 Nov 2025฿16.2t฿17.0t฿1.0t11.3x15.8x0.9x
Tue, 14 Oct 2025฿16.3t฿17.3t฿965.8b12.2x16.9x0.9x
Thu, 11 Sep 2025฿16.2t฿17.3t฿962.8b12.5x16.8x0.9x
Sat, 09 Aug 2025฿15.6t฿17.4t฿909.7b12.1x17.1x0.9x
Mon, 07 Jul 2025฿13.9t฿17.5t฿908.2b11.4x15.4x0.8x
Wed, 04 Jun 2025฿14.3t฿17.5t฿910.8b11.5x15.7x0.8x
Fri, 02 May 2025฿14.9t฿17.7t฿905.9b12x16.5x0.8x
Sun, 30 Mar 2025฿14.8t฿17.7t฿912.0b12x16.2x0.8x
Tue, 25 Feb 2025฿15.5t฿17.6t฿930.6b12.8x16.7x0.9x
Thu, 23 Jan 2025฿17.1t฿17.7t฿931.9b13.1x18.3x1x
Sat, 21 Dec 2024฿17.1t฿17.7t฿922.0b13.8x18.5x1x
Mon, 18 Nov 2024฿18.1t฿17.8t฿930.7b14.6x19.4x1x
Wed, 16 Oct 2024฿18.3t฿17.7t฿1.0t15x18.2x1x
Fri, 13 Sep 2024฿17.8t฿17.7t฿1.0t15.1x17.6x1x
Sun, 11 Aug 2024฿16.2t฿17.6t฿986.9b13.9x16.5x0.9x
Tue, 09 Jul 2024฿16.6t฿17.4t฿971.9b15.2x17.1x1x
Thu, 06 Jun 2024฿16.8t฿17.4t฿973.9b15.5x17.3x1x
Sat, 04 May 2024฿17.2t฿17.2t฿963.4b16.2x17.8x1x
Mon, 01 Apr 2024฿17.2t฿17.2t฿967.8b16.5x17.7x1x
Wed, 28 Feb 2024฿17.4t฿17.2t฿988.0b16.7x17.7x1x
Fri, 26 Jan 2024฿17.1t฿17.2t฿943.4b16.3x18.2x1x
Sun, 24 Dec 2023฿17.5t฿17.1t฿929.5b16.2x18.9x1x
Tue, 21 Nov 2023฿17.6t฿17.1t฿925.4b15.8x19.1x1x
Thu, 19 Oct 2023฿17.8t฿17.4t฿873.3b16.8x20.4x1x
Sat, 16 Sep 2023฿19.2t฿17.3t฿870.8b18x22x1.1x
Mon, 14 Aug 2023฿19.0t฿17.3t฿885.6b16.9x21.5x1.1x
Wed, 12 Jul 2023฿18.5t฿17.7t฿1.0t16.2x18.5x1x
Fri, 09 Jun 2023฿19.3t฿17.7t฿1.0t17.2x19.2x1.1x
Sun, 07 May 2023฿19.0t฿17.6t฿1.0t16.1x18.6x1.1x
Tue, 04 Apr 2023฿19.8t฿17.6t฿994.8b17.3x19.9x1.1x
Thu, 02 Mar 2023฿20.0t฿17.5t฿1.0t17.9x19.6x1.1x
Sat, 28 Jan 2023฿20.8t฿17.1t฿1.1t18.2x19.2x1.2x
Mon, 26 Dec 2022฿19.9t฿17.1t฿1.1t17.4x18x1.2x
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 15.6x 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 Market-0.27%
Industrials3.34%
Financials2.24%
Materials1.72%
Real Estate1.48%
Energy0.88%
Telecom0.70%
Consumer Staples0.68%
Consumer Discretionary0.24%
Utilities0.084%
Healthcare-0.85%
Tech-8.45%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 53.8x.
    • 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 32% 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
AOT Airports of Thailand฿54.258.5%
+฿60.7b		-6.9%PE42.8xIndustrials
GULF Gulf Development฿41.502.5%
+฿14.9b		n/aPE8.3xUtilities
THAI Thai Airways International฿8.856.0%
+฿14.2b		n/aPS1.3xIndustrials
ADVANC Advanced Info Service฿309.001.3%
+฿11.9b		12.8%PE21.4xTelecom
BBL Bangkok Bank฿168.503.4%
+฿10.5b		12.7%PB0.6xFinancials
See more

Market Insights

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Latest News

TRUE
฿10.90
True Corporation
7D
-0.9%
1Y
2.8%

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).
TIDLOR
฿17.80
Tidlor Holdings
7D
-8.2%
1Y
n/a
ADVANC
฿309.00
Advanced Info Service
7D
1.3%
1Y
12.8%

ADVANC: Sports Content Expansion And Leadership Transition Will Support Stable Outlook

Analysts have nudged their price target on Advanced Info Service slightly higher to approximately 343.37 from 341.84 Thai baht, reflecting marginally stronger profit margin assumptions and a modestly higher future earnings multiple. What's in the News AIS entered a strategic partnership with the PGA TOUR, securing exclusive rights to broadcast all PGA TOUR tournaments in Thailand via AIS PLAY and becoming the sole official telecommunications sponsor in the country (Key Developments).
PTT
฿31.50
PTT
7D
0.8%
1Y
1.6%

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).
MTC
฿32.50
Muangthai Capital
7D
-6.5%
1Y
-31.2%
AOT
฿54.25
Airports of Thailand
7D
8.5%
1Y
-6.9%
CRC
฿18.00
Central Retail Corporation
7D
-5.8%
1Y
-47.4%
THAI
฿8.85
Thai Airways International
7D
6.0%
1Y
n/a
CPF
฿21.50
Charoen Pokphand Foods
7D
4.9%
1Y
-4.9%
BDMS
฿19.70
Bangkok Dusit Medical Services
7D
-2.0%
1Y
-16.2%
BJC
฿14.40
Berli Jucker
7D
-6.5%
1Y
-38.2%
GULF
฿41.50
Gulf Development
7D
2.5%
1Y
n/a
SAWAD
฿26.00
Srisawad Corporation
7D
-8.0%
1Y
-27.1%
KBANK
฿195.50
Kasikornbank
7D
1.8%
1Y
28.2%
DELTA
฿169.00
Delta Electronics (Thailand)
7D
-7.1%
1Y
13.0%
BBL
฿168.50
Bangkok Bank
7D
3.4%
1Y
12.7%