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

Thai (SET) Market Analysis & Valuation

UpdatedDec 02, 2025
DataAggregated Company Financials
Companies900
  • 7D1.9%
  • 3M2.0%
  • 1Y-10.2%
  • YTD-7.0%

The market is up 1.9% over the last week, with the Information Technology sector leading the way, up 3.6%. In contrast, the market has seen a decline of 10% over the last 12 months. 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, 02 Dec 2025฿16.2t฿16.8t฿1.0t11.6x15.9x1x
Thu, 30 Oct 2025฿16.7t฿17.3t฿979.1b11.8x17x1x
Sat, 27 Sep 2025฿16.2t฿17.3t฿963.7b12.5x16.8x0.9x
Mon, 25 Aug 2025฿15.9t฿17.3t฿966.6b12.1x16.5x0.9x
Wed, 23 Jul 2025฿14.8t฿17.5t฿911.0b11.6x16.3x0.8x
Fri, 20 Jun 2025฿13.3t฿17.5t฿909.0b10.9x14.6x0.8x
Sun, 18 May 2025฿14.9t฿17.9t฿959.1b11.7x15.5x0.8x
Tue, 15 Apr 2025฿14.1t฿17.6t฿903.2b11.3x15.6x0.8x
Thu, 13 Mar 2025฿14.6t฿17.7t฿914.0b12.1x15.9x0.8x
Sat, 08 Feb 2025฿16.1t฿17.7t฿930.6b12.4x17.3x0.9x
Mon, 06 Jan 2025฿17.3t฿17.7t฿923.6b14.1x18.8x1x
Wed, 04 Dec 2024฿18.2t฿17.7t฿921.9b14.8x19.8x1x
Fri, 01 Nov 2024฿18.1t฿17.7t฿1.0t14.7x17.9x1x
Sun, 29 Sep 2024฿18.2t฿17.6t฿1.0t15.5x18.1x1x
Tue, 27 Aug 2024฿17.1t฿17.7t฿1.0t14.4x17x1x
Thu, 25 Jul 2024฿16.3t฿17.4t฿972.8b14.5x16.7x0.9x
Sat, 22 Jun 2024฿16.4t฿17.4t฿972.6b15x16.9x0.9x
Mon, 20 May 2024฿17.4t฿17.4t฿979.2b16.1x17.7x1x
Wed, 17 Apr 2024฿17.5t฿17.2t฿970.8b16.3x18x1x
Fri, 15 Mar 2024฿17.5t฿17.2t฿966.3b16.7x18.1x1x
Sun, 11 Feb 2024฿17.3t฿17.1t฿954.9b16.2x18.1x1x
Tue, 09 Jan 2024฿17.7t฿17.1t฿930.1b16.8x19x1x
Thu, 07 Dec 2023฿17.3t฿17.1t฿930.8b15.9x18.6x1x
Sat, 04 Nov 2023฿17.7t฿17.3t฿875.2b16.7x20.2x1x
Mon, 02 Oct 2023฿18.3t฿17.4t฿874.0b17.2x20.9x1.1x
Wed, 30 Aug 2023฿19.4t฿17.3t฿868.2b17.9x22.4x1.1x
Fri, 28 Jul 2023฿19.1t฿17.7t฿1.0t16.3x19x1.1x
Sun, 25 Jun 2023฿18.6t฿17.7t฿1.0t16.6x18.6x1.1x
Tue, 23 May 2023฿18.7t฿17.7t฿1.0t16.4x18.6x1.1x
Thu, 20 Apr 2023฿19.6t฿17.6t฿994.8b17.1x19.7x1.1x
Sat, 18 Mar 2023฿19.3t฿17.6t฿994.7b16.8x19.4x1.1x
Mon, 13 Feb 2023฿20.6t฿17.1t฿1.1t18.2x19.2x1.2x
Wed, 11 Jan 2023฿20.9t฿17.1t฿1.1t17.8x19x1.2x
Fri, 09 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 18x202320242025
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 15.9x which is lower than its 3-year average PE of 18.0x.
Past Earnings Growth
  • The earnings for Thai listed companies have declined 2.5% 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 Market1.90%
Consumer Discretionary4.50%
Industrials3.61%
Tech3.58%
Energy2.58%
Healthcare1.38%
Real Estate1.21%
Materials1.16%
Financials0.91%
Utilities0.81%
Consumer Staples0.55%
Telecom-0.16%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 53.2x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 27.3%, 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 15% 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฿45.253.4%
+฿21.4b		-27.0%PE35.7xIndustrials
PTT PTT฿31.252.5%
+฿21.4b		-3.1%PE12.1xEnergy
KTB Krung Thai Bank฿28.755.5%
+฿21.0b		41.6%PB0.9xFinancials
MINT Minor International฿22.608.1%
+฿9.6b		-18.6%PE16.1xConsumer Discretionary
BBL Bangkok Bank฿162.002.9%
+฿8.6b		7.6%PB0.5xFinancials
See more

Market Insights

Header cover image
🏰 Defensive Stocks Are No Longer Cheap
Richard Bowman avatar
Richard Bowman
|
|
In this piece, we’ll cover the key defensive sectors across the US, Canada, the UK, Europe, and Australia, compare their valuations to the broader market, and highlight where “safety” might actually be expensive risk in disguise.
Continue reading
🇬🇧 London’s IPO Drought and the Hunt for the UK’s Real Winners
Last Week

🇬🇧 London’s IPO Drought and the Hunt for the UK’s Real Winners

Latest News

AOT
฿45.25
Airports of Thailand
7D
3.4%
1Y
-27.0%
BSRC
฿2.84
Bangchak Sriracha
7D
-32.4%
1Y
-61.4%
BCP
฿26.75
Bangchak Corporation
7D
-5.3%
1Y
-15.7%
MINT
฿22.60
Minor International
7D
8.1%
1Y
-18.6%

MINT: Net Profit Margin Outlook Will Drive Rebound Despite Revenue Headwinds

Analysts have lowered their price target for Minor International from $35.66 to $34.50. This revision is based on updated expectations for both revenue growth and profit margin outlooks.
CRC
฿20.50
Central Retail Corporation
7D
6.2%
1Y
-40.6%
ADVANC
฿312.00
Advanced Info Service
7D
-1.0%
1Y
5.4%

ADVANC: Leadership Transition and Margin Strength Will Sustain a Balanced Outlook

Analysts have raised their price target for Advanced Info Service from ฿334.79 to ฿341.84, citing expectations for slightly higher revenue growth and improved profit margins. What's in the News The Board of Directors approved the appointment of Mr. Pratthana Leelapanang as the next Chief Executive Officer.
PTT
฿31.25
PTT
7D
2.5%
1Y
-3.1%

PTT: Share Buyback And Lower Discount Rate Will Support Upside Momentum

Analyst Price Target Update for PTT Analysts have marginally raised their price target for PTT from $34.99 to $35.03. They cite improved revenue growth projections and a slightly lower discount rate as key factors behind the update.
TU
฿12.70
Thai Union Group
7D
-3.8%
1Y
-6.6%

TU: Cancelled Stake Sale And Rental Decisions Will Guide Future Performance

Analysts have slightly lowered their price target for Thai Union Group from $13.35 to $13.20. This adjustment is due to modest changes in growth and profitability expectations reflected in recent forecasts.
TRUE
฿11.00
True Corporation
7D
-3.5%
1Y
-7.6%

TRUE: Profit Margins Will Improve Despite Flat Revenue Outlook

Analysts have raised their price target for True Corporation from ฿15.01 to ฿15.16. This reflects improved profit margin expectations, despite more conservative revenue growth forecasts and a higher discount rate.
BH
฿167.50
Bumrungrad Hospital
7D
-3.7%
1Y
-21.0%

BH: Revenue Outlook Will Drive Attractive Upside Potential Ahead

Bumrungrad Hospital Price Target Raised on Growth Outlook Analysts have increased their fair value estimate for Bumrungrad Hospital from 209.86 THB to 214.62 THB, citing improved revenue growth projections. This comes despite a slightly higher discount rate and lower profit margin expectations.
BDMS
฿19.10
Bangkok Dusit Medical Services
7D
2.7%
1Y
-26.5%
GULF
฿40.75
Gulf Development
7D
-0.6%
1Y
n/a
OR
฿13.80
PTT Oil and Retail Business
7D
5.3%
1Y
-3.5%
KTB
฿28.75
Krung Thai Bank
7D
5.5%
1Y
41.6%
DELTA
฿206.00
Delta Electronics (Thailand)
7D
-1.0%
1Y
36.4%
BBL
฿162.00
Bangkok Bank
7D
2.9%
1Y
7.6%