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Thai (SET) Market Analysis & Valuation

UpdatedJan 26, 2026
DataAggregated Company Financials
Companies902
  • 7D3.0%
  • 3M-0.8%
  • 1Y-1.4%
  • YTD2.6%

The market is up 3.0% over the last week, with the Information Technology sector leading the way, up 17%. The market has been flat overall in the last year. 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
Mon, 26 Jan 2026฿16.7t฿16.8t฿1.0t11.4x16.4x1x
Wed, 24 Dec 2025฿16.1t฿16.8t฿1.0t11.5x15.8x1x
Fri, 21 Nov 2025฿16.3t฿17.0t฿1.0t11.6x16x1x
Sun, 19 Oct 2025฿16.2t฿17.3t฿972.1b12x16.6x0.9x
Tue, 16 Sep 2025฿16.5t฿17.3t฿963.0b12.3x17.1x1x
Thu, 14 Aug 2025฿15.8t฿17.4t฿967.1b12.2x16.3x0.9x
Sat, 12 Jul 2025฿13.8t฿17.5t฿909.0b11.4x15.2x0.8x
Mon, 09 Jun 2025฿14.2t฿17.5t฿909.3b11.3x15.6x0.8x
Wed, 07 May 2025฿14.8t฿17.6t฿902.4b11.7x16.4x0.8x
Fri, 04 Apr 2025฿13.7t฿17.5t฿887.0b11.9x15.5x0.8x
Sun, 02 Mar 2025฿15.1t฿17.7t฿918.7b12.1x16.4x0.9x
Tue, 28 Jan 2025฿16.8t฿17.7t฿930.3b13.3x18.1x0.9x
Thu, 26 Dec 2024฿17.5t฿17.7t฿922.8b14x19x1x
Sat, 23 Nov 2024฿18.1t฿17.7t฿916.2b15x19.8x1x
Mon, 21 Oct 2024฿18.7t฿17.7t฿1.0t15.1x18.5x1.1x
Wed, 18 Sep 2024฿18.0t฿17.7t฿1.0t15.1x17.8x1x
Fri, 16 Aug 2024฿16.2t฿42.2t฿1.0t13.6x16.1x0.4x
Sun, 14 Jul 2024฿16.7t฿17.4t฿971.3b15.6x17.2x1x
Tue, 11 Jun 2024฿16.7t฿17.4t฿973.6b15.3x17.2x1x
Thu, 09 May 2024฿17.2t฿17.3t฿966.8b16.2x17.8x1x
Sat, 06 Apr 2024฿17.2t฿17.2t฿969.3b16.1x17.8x1x
Mon, 04 Mar 2024฿17.1t฿20.7t฿1.1t16.3x15.3x0.8x
Wed, 31 Jan 2024฿17.1t฿17.2t฿942.0b16.1x18.2x1x
Fri, 29 Dec 2023฿17.7t฿17.1t฿930.0b16.3x19x1x
Sun, 26 Nov 2023฿17.4t฿17.1t฿929.5b15.7x18.7x1x
Tue, 24 Oct 2023฿17.4t฿17.4t฿879.6b16.5x19.8x1x
Thu, 21 Sep 2023฿18.7t฿17.3t฿872.3b17.5x21.5x1.1x
Sat, 19 Aug 2023฿18.8t฿17.3t฿867.7b17.2x21.7x1.1x
Mon, 17 Jul 2023฿18.8t฿17.7t฿1.0t16.2x18.8x1.1x
Wed, 14 Jun 2023฿19.3t฿17.7t฿1.0t17.4x19.3x1.1x
Fri, 12 May 2023฿19.4t฿17.7t฿1.0t16.6x19.2x1.1x
Sun, 09 Apr 2023฿19.5t฿17.6t฿994.1b17.1x19.6x1.1x
Tue, 07 Mar 2023฿20.0t฿17.6t฿1.0t17.8x19.7x1.1x
Thu, 02 Feb 2023฿20.8t฿17.1t฿1.1t18.1x19.2x1.2x
Price to Earnings Ratio

19.2x


Total Market Cap: ฿20.8tTotal 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 Market3.04%
Tech16.89%
Healthcare5.52%
Consumer Discretionary2.91%
Energy2.44%
Materials1.70%
Utilities1.53%
Real Estate0.84%
Industrials-0.18%
Consumer Staples-0.35%
Financials-0.94%
Telecom-1.04%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 54.7x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 28.7%, 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 34% 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 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)฿193.0014.9%
+฿311.8b		39.9%PE122.1xTech
ADVANC Advanced Info Service฿347.002.1%
+฿20.8b		20.9%PE24.1xTelecom
GULF Gulf Development฿46.502.2%
+฿14.9b		n/aPE9.3xUtilities
BH Bumrungrad Hospital฿167.5011.7%
+฿13.9b		-5.1%PE17.7xHealthcare
PTTEP PTT Exploration and Production฿119.502.6%
+฿11.9b		-1.6%PE8.4xEnergy
See more

Market Insights

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GPSC
฿35.50
Global Power Synergy
7D
-9.0%
1Y
10.9%
AOT
฿51.25
Airports of Thailand
7D
-1.0%
1Y
-7.7%
TRUE
฿11.10
True Corporation
7D
-9.8%
1Y
-5.9%

TRUE: M&A Stake Sale Board Changes And Dividend Review Will Shape Outlook

Analysts now estimate True Corporation’s fair value at ฿11.35, revised from ฿11.99, citing updated assumptions related to the discount rate, revenue growth, profit margins, and future P/E expectations. 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 ฿100b at ฿11.70 per share, with a mutual put and call option on the remaining 5.35% at the higher of ฿11.70 per share or the market price two years after closing, subject to customary conditions and expected to close within a few months (M&A Transaction Announcements).
SCC
฿215.00
Siam Cement
7D
2.9%
1Y
39.2%

SCC: Higher Discount Rate And Governance Review Will Pressure Future Returns

Narrative Update on Siam Cement The analyst price target for Siam Cement has been adjusted from ฿128.00 to ฿125.00, as analysts factor in updated assumptions for revenue growth, profit margins, discount rate, and future P/E levels. What's in the News A board meeting is scheduled for Oct 29, 2025 to consider appointing the audit committee and renewing its term, which can influence governance oversight and investor confidence (Key Developments).
ADVANC
฿347.00
Advanced Info Service
7D
2.1%
1Y
20.9%

ADVANC: Sports Partnership And CEO Transition Will Support Measured Long Term Outlook

Analysts have nudged up their fair value estimate for Advanced Info Service from ฿346.05 to ฿348.58, citing slightly higher assumptions for revenue growth, profit margins and future P/E as the key drivers behind the refreshed price target. What's in the News AIS signed a partnership with the PGA TOUR, gaining exclusive rights to broadcast all PGA TOUR tournaments in Thailand through AIS PLAY, including the FedExCup Playoffs and the Presidents Cup (Key Developments).
PTTEP
฿119.50
PTT Exploration and Production
7D
2.6%
1Y
-1.6%
SCB
฿135.00
SCB X
7D
-2.9%
1Y
8.9%

SCB: Future Profitability And Lower Discount Rate Will Support Stable Risk Outlook

Analysts have nudged their fair value estimate for SCB X slightly higher from ฿139.39 to ฿140.17. This reflects updated views on a lower discount rate, a modest adjustment to expected revenue growth, a higher projected profit margin, and a slightly lower future P/E assumption.
KTB
฿28.50
Krung Thai Bank
7D
-1.7%
1Y
23.4%
BBL
฿158.00
Bangkok Bank
7D
-6.8%
1Y
2.6%
BH
฿167.50
Bumrungrad Hospital
7D
11.7%
1Y
-5.1%
BDMS
฿20.20
Bangkok Dusit Medical Services
7D
3.6%
1Y
-13.7%
THAI
฿6.85
Thai Airways International
7D
-4.9%
1Y
n/a
DELTA
฿193.00
Delta Electronics (Thailand)
7D
14.9%
1Y
39.9%
GULF
฿46.50
Gulf Development
7D
2.2%
1Y
n/a
TLI
฿11.60
Thai Life Insurance
7D
7.4%
1Y
6.4%
CPALL
฿42.75
CP ALL
7D
-1.7%
1Y
-23.3%