Narrative Update • Jun 16
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Thai (SET) Energy Sector Analysis
UpdatedJul 21, 2026
DataAggregated Company Financials
Companies28
- 7D5.7%
- 3M12.8%
- 1Y27.5%
- YTD30.2%
The Energy industry is up 5.7% in the last week, with PTT up 4.0%. This means that the industry has gained 27% over the past year. As for the next few years, earnings are expected to grow by 3.5% per annum.
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 |
Price to Earnings Ratio
8.1x
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 3.5%, 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 3.5% 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 3.5% 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 | ฿39.75 | 3.9% +฿42.5b | 23.3% | PE12.3x | |
| TOP Thai Oil | ฿65.75 | 28.3% +฿32.4b | 107.1% | PE4.8x | |
| PTTEP PTT Exploration and Production | ฿147.00 | 2.1% +฿11.9b | 26.7% | PE10.1x | |
| BCP Bangchak Corporation | ฿45.00 | 20.0% +฿11.0b | 34.3% | PE9.5x | |
| SPRC Star Petroleum Refining | ฿9.75 | 19.6% +฿6.9b | 82.2% | PE4.6x |