Thai (SET) Energy Sector Analysis

Sector Valuation and Performance

Has the Thai Energy Sector valuation changed over the past few years?

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Tue, 21 Jul 2026	฿2.1t	฿4.8t	฿202.3b	12x	10.4x	0.4x
Thu, 18 Jun 2026	฿1.9t	฿4.7t	฿200.6b	11.1x	9.3x	0.4x
Sat, 16 May 2026	฿2.0t	฿4.7t	฿188.2b	12.1x	10.5x	0.4x
Mon, 13 Apr 2026	฿1.9t	฿4.7t	฿162.5b	14.3x	11.9x	0.4x
Wed, 11 Mar 2026	฿1.8t	฿4.7t	฿161.8b	14.7x	11.4x	0.4x
Fri, 06 Feb 2026	฿1.8t	฿4.8t	฿145.3b	10.2x	12.5x	0.4x
Sun, 04 Jan 2026	฿1.6t	฿4.8t	฿144.8b	10.1x	11.3x	0.3x
Tue, 02 Dec 2025	฿1.6t	฿4.8t	฿145.7b	10.2x	10.9x	0.3x
Thu, 30 Oct 2025	฿1.6t	฿5.2t	฿122.6b	9.7x	12.9x	0.3x
Sat, 27 Sep 2025	฿1.7t	฿5.2t	฿122.5b	10.2x	13.9x	0.3x
Mon, 25 Aug 2025	฿1.6t	฿5.2t	฿122.7b	9.9x	13.3x	0.3x
Wed, 23 Jul 2025	฿1.7t	฿5.5t	฿156.2b	9.9x	10.6x	0.3x
Fri, 20 Jun 2025	฿1.5t	฿5.5t	฿157.2b	9.1x	9.8x	0.3x
Sun, 18 May 2025	฿1.6t	฿5.5t	฿158.6b	10x	9.8x	0.3x
Tue, 15 Apr 2025	฿1.5t	฿5.6t	฿177.8b	9x	8.7x	0.3x
Thu, 13 Mar 2025	฿1.5t	฿5.6t	฿178.5b	9.2x	8.3x	0.3x
Sat, 08 Feb 2025	฿1.7t	฿5.7t	฿204.0b	7.6x	8.1x	0.3x
Mon, 06 Jan 2025	฿1.7t	฿5.7t	฿205.3b	9x	8.4x	0.3x
Wed, 04 Dec 2024	฿1.8t	฿5.7t	฿205.1b	9.4x	8.7x	0.3x
Fri, 01 Nov 2024	฿1.8t	฿5.7t	฿269.0b	8.9x	6.7x	0.3x
Sun, 29 Sep 2024	฿1.9t	฿5.7t	฿265.6b	8.6x	7.1x	0.3x
Tue, 27 Aug 2024	฿1.9t	฿5.7t	฿267.2b	8.6x	7.3x	0.3x
Thu, 25 Jul 2024	฿1.9t	฿5.6t	฿242.8b	9.2x	7.6x	0.3x
Sat, 22 Jun 2024	฿1.9t	฿5.6t	฿244.0b	9.3x	7.8x	0.3x
Mon, 20 May 2024	฿2.0t	฿5.6t	฿242.7b	9.7x	8.2x	0.4x
Wed, 17 Apr 2024	฿2.1t	฿5.5t	฿241.9b	14.3x	8.5x	0.4x
Fri, 15 Mar 2024	฿2.0t	฿5.5t	฿239.1b	14.3x	8.5x	0.4x
Sun, 11 Feb 2024	฿2.0t	฿5.4t	฿220.2b	10.9x	9.3x	0.4x
Tue, 09 Jan 2024	฿2.0t	฿5.4t	฿213.0b	11.5x	9.5x	0.4x
Thu, 07 Dec 2023	฿2.0t	฿5.4t	฿213.3b	11.1x	9.4x	0.4x
Sat, 04 Nov 2023	฿2.0t	฿5.6t	฿165.9b	9.9x	12.3x	0.4x
Mon, 02 Oct 2023	฿2.1t	฿5.6t	฿173.6b	10.2x	11.9x	0.4x
Wed, 30 Aug 2023	฿2.1t	฿5.6t	฿169.7b	11.1x	12.4x	0.4x
Fri, 28 Jul 2023	฿2.1t	฿5.9t	฿255.7b	9.9x	8.1x	0.3x

Current Industry PE

Investors are relatively neutral on the Thai Energy industry at the moment, indicating that they anticipate long term growth rates to remain steady.

The industry is trading close to its 3-year average PE ratio of 9.8x.

The industry is trading close to its 3-year average PS ratio of 0.34x.

Past Earnings Growth

The earnings for companies in the Energy industry have declined 7.5% per year over the last three years,
Revenues have also declined 6.9% per year.
This means overall sales from these companies are declining and profits are subsequently falling as well.

Industry Trends

Which industries have driven the changes within the Thai Energy sector?


TH Market	1.08%
Energy	5.66%
Oil and Gas	5.66%
Energy Services	1.45%

Industry PE

Investors are most optimistic about the Oil and Gas industry, which is trading close to its 3-year average PE ratio of 9.8x.

Analysts are expecting annual earnings growth of 3.3%, which is higher than its past year's earnings decline of 10.3% per year.

Forecasted Growth

Analysts are most optimistic on the Oil and Gas industry, expecting annual earnings growth of 3.3% over the next 5 years.
This is better than its past earnings decline of 10% per year.

In contrast, the Oil and Gas industry is expected to see its earnings grow by 3.3% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

Company	Last Price	7D	1Y	Valuation
PTT PTT	฿39.25	4.0% +฿42.5b	20.8%	PE12.1x
TOP Thai Oil	฿62.75	24.9% +฿27.9b	99.2%	PE4.6x
PTTEP PTT Exploration and Production	฿146.50	3.9% +฿21.8b	23.6%	PE10.1x
BCP Bangchak Corporation	฿43.50	16.0% +฿8.8b	31.8%	PE9.2x
SPRC Star Petroleum Refining	฿9.25	14.9% +฿5.2b	74.5%	PE4.3x

New major risk - Dividend sustainability

The dividend is not well covered by earnings and cash flows. Payout ratio: 101% Cash payout ratio: 177% Dividend yield: 10% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 101% Cash payout ratio: 177% Earnings have declined by 28% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (0.5% net profit margin). Market cap is less than US$100m (฿2.00b market cap, or US$60.0m).

Thai (SET) Energy Sector Analysis

Sector Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

Investor sentiment improves as stock rises 15%

Investor sentiment improves as stock rises 18%

Investor sentiment improves as stock rises 22%

SPRC: Higher Fair Value And Board Changes Will Shape Balanced Outlook

PTT Exploration and Production Public Company Limited to Report Q2, 2026 Results on Aug 04, 2026

WP Energy Public Company Limited (SET:WP) announces an Equity Buyback for 15,000,000 shares, representing 2.94% for THB 63 million.

New major risk - Dividend sustainability

PTT: Dividend And Special Payouts Will Support Stock Price Upside

Mitsuuroko Group Holdings Co.,Ltd. (TSE:8131) completed the acquisition of an unknown minority stake in Siamgas and Petrochemicals Public Company Limited (SET:SGP).

First quarter 2026 earnings released: EPS: ฿0.28 (vs ฿0.32 in 1Q 2025)

First quarter 2026 earnings released: EPS: ฿0.005 (vs ฿0.013 in 1Q 2025)

First quarter 2026 earnings released: EPS: ฿0.18 (vs ฿0.09 in 1Q 2025)