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Thai (SET) Market Analysis & Valuation

UpdatedFeb 10, 2026
DataAggregated Company Financials
Companies902
  • 7D6.0%
  • 3M7.6%
  • 1Y12.1%
  • YTD9.3%

Over the last 7 days, the market has risen 6.0%, driven by gains in every sector, especially the Information Technology sector. The market is up 12% over the last 12 months. As for the next few years, earnings are expected to grow by 13% per annum.

Trending IndustriesOil and GasRenewable Energy

Market Valuation and Performance

Has the Thai Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 10 Feb 2026฿17.8t฿16.8t฿1.0t11.5x17.3x1.1x
Thu, 08 Jan 2026฿16.3t฿16.8t฿1.0t11.6x15.9x1x
Sat, 06 Dec 2025฿16.2t฿16.8t฿1.0t11.5x15.8x1x
Mon, 03 Nov 2025฿16.6t฿17.3t฿973.8b11.8x17x1x
Wed, 01 Oct 2025฿16.2t฿17.3t฿965.8b12.4x16.7x0.9x
Fri, 29 Aug 2025฿15.9t฿17.3t฿966.5b12.2x16.4x0.9x
Sun, 27 Jul 2025฿15.2t฿17.5t฿900.8b11.6x16.8x0.9x
Tue, 24 Jun 2025฿13.2t฿17.5t฿909.5b10.9x14.5x0.8x
Thu, 22 May 2025฿14.7t฿17.5t฿907.3b11.5x16.2x0.8x
Sat, 19 Apr 2025฿14.3t฿17.6t฿905.3b11.9x15.8x0.8x
Mon, 17 Mar 2025฿14.7t฿17.7t฿912.4b12.3x16.1x0.8x
Wed, 12 Feb 2025฿16.1t฿17.8t฿935.2b12.5x17.2x0.9x
Fri, 10 Jan 2025฿17.1t฿17.7t฿923.8b13.6x18.5x1x
Sun, 08 Dec 2024฿18.2t฿17.7t฿921.1b14.8x19.8x1x
Tue, 05 Nov 2024฿18.3t฿17.7t฿1.0t14.8x18.1x1x
Thu, 03 Oct 2024฿18.3t฿17.6t฿1.0t15.7x18.2x1x
Sat, 31 Aug 2024฿17.0t฿17.7t฿1.0t14.4x16.9x1x
Mon, 29 Jul 2024฿16.4t฿17.4t฿970.0b14.4x16.9x0.9x
Wed, 26 Jun 2024฿16.6t฿17.4t฿972.4b15.5x17x1x
Fri, 24 May 2024฿17.2t฿17.4t฿979.9b15.9x17.5x1x
Sun, 21 Apr 2024฿16.7t฿17.2t฿971.8b15.7x17.2x1x
Tue, 19 Mar 2024฿17.3t฿17.2t฿966.4b16.7x17.9x1x
Thu, 15 Feb 2024฿17.3t฿17.1t฿963.7b16.4x18x1x
Sat, 13 Jan 2024฿17.6t฿17.1t฿929.8b16.6x18.9x1x
Mon, 11 Dec 2023฿17.2t฿17.1t฿931.6b15.9x18.5x1x
Wed, 08 Nov 2023฿17.5t฿17.3t฿880.4b16.3x19.9x1x
Fri, 06 Oct 2023฿18.2t฿17.4t฿875.1b17.1x20.8x1.1x
Sun, 03 Sep 2023฿19.3t฿17.3t฿869.2b18.3x22.3x1.1x
Tue, 01 Aug 2023฿19.3t฿17.7t฿1.0t16.6x19.2x1.1x
Thu, 29 Jun 2023฿18.3t฿17.7t฿1.0t15.9x18.2x1x
Sat, 27 May 2023฿18.9t฿17.7t฿1.0t16.9x18.9x1.1x
Mon, 24 Apr 2023฿19.3t฿17.6t฿1.0t16.7x19.2x1.1x
Wed, 22 Mar 2023฿18.9t฿17.3t฿969.7b17.8x19.5x1.1x
Fri, 17 Feb 2023฿20.5t฿17.1t฿1.1t18x19.1x1.2x
Price to Earnings Ratio

19.1x


Total Market Cap: ฿20.5tTotal 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 Market6.00%
Tech9.52%
Utilities8.82%
Industrials8.20%
Consumer Discretionary5.93%
Telecom5.65%
Consumer Staples5.11%
Healthcare4.47%
Materials4.38%
Energy4.20%
Financials3.86%
Real Estate3.76%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 55.2x.
    • 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 40% 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)฿217.004.8%
+฿124.7b		90.4%PE137.3xTech
GULF Gulf Development฿54.7514.7%
+฿104.6b		n/aPE10.9xUtilities
ADVANC Advanced Info Service฿391.008.3%
+฿89.2b		37.7%PE24.3xTelecom
AOT Airports of Thailand฿57.5011.1%
+฿82.1b		5.0%PE45.3xIndustrials
CPALL CP ALL฿48.7510.2%
+฿40.1b		-3.9%PE15.7xConsumer Staples
See more

Market Insights

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Latest News

PTTEP
฿129.50
PTT Exploration and Production
7D
6.1%
1Y
2.4%
METCO
฿253.00
Muramoto Electron (Thailand)
7D
-14.5%
1Y
59.1%
TRUE
฿13.00
True Corporation
7D
9.2%
1Y
3.2%

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).
ADVANC
฿391.00
Advanced Info Service
7D
8.3%
1Y
37.7%

ADVANC: Dividend Returns And Sports Partnership Will Support Measured Long Term Outlook

Analysts have raised their price target for Advanced Info Service from ฿348.58 to ฿373.37, citing updated assumptions that include a slightly lower discount rate, a modest adjustment to revenue growth and profit margin expectations, and a refined future P/E outlook. What's in the News The board has proposed a total dividend of ฿34.30 per share for the year ended 31 December 2025.
TTB
฿2.02
TMBThanachart Bank
7D
1.5%
1Y
4.1%

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).
AOT
฿57.50
Airports of Thailand
7D
11.1%
1Y
5.0%
PTT
฿35.50
PTT
7D
2.9%
1Y
16.4%

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.
BAM
฿7.50
Bangkok Commercial Asset Management
7D
-4.5%
1Y
25.0%
THAI
฿6.85
Thai Airways International
7D
-2.1%
1Y
n/a
DELTA
฿217.00
Delta Electronics (Thailand)
7D
4.8%
1Y
90.4%
GULF
฿54.75
Gulf Development
7D
14.7%
1Y
n/a
TLI
฿11.60
Thai Life Insurance
7D
-2.5%
1Y
4.5%
CPNREIT
฿11.30
CPN Retail Growth Leasehold REIT
7D
-1.7%
1Y
-5.8%
MUD
฿0.65
Mud & Hound
7D
-38.1%
1Y
-42.5%
CPALL
฿48.75
CP ALL
7D
10.2%
1Y
-3.9%
ITC
฿16.50
i-Tail Corporation
7D
-2.9%
1Y
-1.2%