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Thai (SET) Market Analysis & Valuation

UpdatedSep 17, 2025
DataAggregated Company Financials
Companies896
  • 7D2.5%
  • 3M18.7%
  • 1Y-9.9%
  • YTD-4.7%

Over the last 7 days, the market has risen 2.5%, driven by gains of 9.6% in the Information Technology sector. Over the past year the market is down 9.9%. Looking forward, earnings are forecast to grow by 11% annually.

Trending IndustriesOil and GasRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 17 Sep 2025฿16.6t฿17.3t฿962.9b12.6x17.2x1x
Fri, 15 Aug 2025฿15.9t฿17.4t฿937.7b12.1x16.9x0.9x
Sun, 13 Jul 2025฿14.0t฿17.5t฿908.5b11.4x15.4x0.8x
Tue, 10 Jun 2025฿14.1t฿17.5t฿909.1b11.4x15.5x0.8x
Thu, 08 May 2025฿15.2t฿17.6t฿903.9b12.1x16.8x0.9x
Sat, 05 Apr 2025฿13.3t฿17.5t฿886.9b11.6x15x0.8x
Mon, 03 Mar 2025฿15.1t฿18.5t฿924.9b12.3x16.3x0.8x
Wed, 29 Jan 2025฿16.9t฿17.7t฿931.0b13.3x18.1x1x
Fri, 27 Dec 2024฿17.5t฿17.7t฿923.0b14.1x19x1x
Sun, 24 Nov 2024฿18.1t฿17.7t฿915.6b15x19.8x1x
Tue, 22 Oct 2024฿18.6t฿17.7t฿1.0t15.2x18.5x1.1x
Thu, 19 Sep 2024฿18.0t฿17.7t฿1.0t15x17.8x1x
Sat, 17 Aug 2024฿16.3t฿42.2t฿1.0t13.9x16.3x0.4x
Mon, 15 Jul 2024฿16.7t฿17.4t฿971.2b15.6x17.2x1x
Wed, 12 Jun 2024฿16.6t฿17.4t฿973.5b15.6x17x1x
Fri, 10 May 2024฿17.2t฿17.3t฿970.1b16.2x17.7x1x
Sun, 07 Apr 2024฿17.2t฿17.2t฿969.2b16.1x17.8x1x
Tue, 05 Mar 2024฿17.0t฿20.7t฿1.1t16.3x15.3x0.8x
Thu, 01 Feb 2024฿17.0t฿17.2t฿947.6b16.1x17.9x1x
Sat, 30 Dec 2023฿17.7t฿17.1t฿930.3b16.3x19x1x
Mon, 27 Nov 2023฿17.4t฿17.1t฿929.5b15.7x18.7x1x
Wed, 25 Oct 2023฿17.3t฿17.4t฿879.0b16.4x19.7x1x
Fri, 22 Sep 2023฿18.8t฿17.4t฿872.8b17.5x21.5x1.1x
Sun, 20 Aug 2023฿18.8t฿17.3t฿868.9b17x21.6x1.1x
Tue, 18 Jul 2023฿18.9t฿17.7t฿999.7b16.5x18.9x1.1x
Thu, 15 Jun 2023฿19.3t฿17.7t฿1.0t17.3x19.3x1.1x
Sat, 13 May 2023฿19.3t฿17.7t฿1.0t16.6x19.1x1.1x
Mon, 10 Apr 2023฿19.5t฿17.6t฿994.1b17.1x19.6x1.1x
Wed, 08 Mar 2023฿20.0t฿17.6t฿1.0t18x19.7x1.1x
Fri, 03 Feb 2023฿20.8t฿17.1t฿1.1t18.1x19.2x1.2x
Sun, 01 Jan 2023฿20.6t฿17.1t฿1.1t17.7x18.6x1.2x
Tue, 29 Nov 2022฿19.8t฿17.1t฿1.1t17.5x17.9x1.2x
Thu, 27 Oct 2022฿19.5t฿15.8t฿1.1t17x17.8x1.2x
Sat, 24 Sep 2022฿19.9t฿15.7t฿1.1t17.7x18.6x1.3x
Price to Earnings Ratio

18.6x


Total Market Cap: ฿19.9tTotal Earnings: ฿1.1tTotal Revenue: ฿15.7tTotal Market Cap vs Earnings and Revenue0%0%0%
Thai Market Price to Earnings3Y Average 18.1x202320242025
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 18.1x.
Past Earnings Growth
  • The earnings for Thai listed companies have declined 3.4% per year over the last three years.
  • Meanwhile revenues for these companies have grown 3.3% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Sector Trends

Which sectors have driven the changes within the Thai Market?

TH Market2.45%
Tech9.59%
Real Estate3.68%
Industrials3.60%
Energy2.80%
Materials2.26%
Consumer Discretionary2.10%
Consumer Staples1.61%
Healthcare0.57%
Telecom0.40%
Utilities-0.23%
Financials-0.61%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 29.1x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 31.7% 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 below its 3-year average of 10.2x.
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 decline of 9.3% per year.
  • In contrast, the Utilities sector is expected to see its earnings decline by 18% 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)฿162.509.8%
+฿180.9b		56.3%PE111.5xTech
PTT PTT฿33.253.1%
+฿28.3b		0%PE13.4xEnergy
AOT Airports of Thailand฿39.503.9%
+฿21.4b		-38.5%PE30.4xIndustrials
ADVANC Advanced Info Service฿297.002.4%
+฿20.8b		14.2%PE22.3xTelecom
PTTEP PTT Exploration and Production฿116.004.0%
+฿17.9b		-15.3%PE7.5xEnergy
See more

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Latest News

OR
฿14.10
PTT Oil and Retail Business
7D
-2.8%
1Y
-16.6%
PTT
฿33.25
PTT
7D
3.1%
1Y
0%

LNG And Renewable Energy Investments Will Improve Competitiveness But Face Regulatory Challenges

PTT’s consensus revenue growth forecast has been revised meaningfully lower, which likely contributed to the marginal decrease in the consensus analyst price target from THB33.94 to THB33.83. What's in the News PTT divested its entire 50.001% indirect stake in Neo Mobility Asia Company Limited to MGC-ASIA Greentech Company Limited for approximately 83 million Baht, aligning with a strategic focus on core business competitiveness and a review of its Non-Hydrocarbon strategy.
ADVANC
฿297.00
Advanced Info Service
7D
2.4%
1Y
14.2%

AI-driven Data Consumption Will Rise 15% Annually, Creating New Opportunities

With consensus analyst forecasts for both revenue growth (2.8% p.a.) and future P/E (23.89x) unchanged, the fair value estimate for Advanced Info Service remains steady at THB331.21. What's in the News AIS, in partnership with Krung Thai Bank and PTT Oil and Retail Business, received approval to establish a virtual bank and formed joint entities Thai Trinity Holding and Clicx Bank, with plans to commence operations in 2026 pending regulatory licensing.
BBL
฿148.00
Bangkok Bank
7D
-1.3%
1Y
-4.5%
KBANK
฿163.50
Kasikornbank
7D
-3.0%
1Y
4.1%
GPSC
฿39.75
Global Power Synergy
7D
-3.6%
1Y
-14.1%
SCB
฿126.00
SCB X
7D
-1.2%
1Y
12.0%
TLI
฿10.70
Thai Life Insurance
7D
9.7%
1Y
17.6%
GULF
฿45.75
Gulf Development
7D
-2.7%
1Y
n/a
IVL
฿23.30
Indorama Ventures
7D
-3.3%
1Y
-2.5%
AOT
฿39.50
Airports of Thailand
7D
3.9%
1Y
-38.5%
CPN
฿57.50
Central Pattana
7D
2.7%
1Y
-11.9%
CPALL
฿48.75
CP ALL
7D
2.1%
1Y
-23.5%
THAI
฿14.50
Thai Airways International
7D
-2.0%
1Y
n/a
PTTEP
฿116.00
PTT Exploration and Production
7D
4.0%
1Y
-15.3%
DELTA
฿162.50
Delta Electronics (Thailand)
7D
9.8%
1Y
56.3%