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Thai (SET) Financials Sector Analysis

UpdatedMay 03, 2026
DataAggregated Company Financials
Companies81
  • 7D1.3%
  • 3M3.5%
  • 1Y13.9%
  • YTD2.0%

Krung Thai Bank is up 2.3%, leading the way for the Financials industry, which has gained 1.3%. In the last 12 months, the industry was up 14%. As for the next few years, earnings are expected to grow by 2.1% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 03 May 2026฿3.1t฿1.1t฿337.4b9.7x9.3x2.8x
Tue, 31 Mar 2026฿3.2t฿1.1t฿336.6b9.9x9.4x2.8x
Thu, 26 Feb 2026฿3.3t฿1.2t฿334.0b11x9.9x2.8x
Sat, 24 Jan 2026฿3.0t฿1.2t฿332.1b9.7x9.1x2.5x
Mon, 22 Dec 2025฿3.0t฿1.2t฿331.3b9.9x9.2x2.5x
Wed, 19 Nov 2025฿2.9t฿1.2t฿332.5b9.4x8.8x2.4x
Fri, 17 Oct 2025฿2.9t฿1.2t฿320.9b11.2x9.1x2.5x
Sun, 14 Sep 2025฿2.9t฿1.2t฿319.4b11.5x9.1x2.4x
Tue, 12 Aug 2025฿2.8t฿1.2t฿312.9b11x9.1x2.4x
Thu, 10 Jul 2025฿2.6t฿1.2t฿310.5b9.7x8.4x2.2x
Sat, 07 Jun 2025฿2.7t฿1.2t฿310.5b10.7x8.6x2.2x
Mon, 05 May 2025฿2.8t฿1.2t฿314.1b10.8x8.8x2.3x
Wed, 02 Apr 2025฿2.8t฿1.2t฿310.8b10.2x9.1x2.4x
Fri, 28 Feb 2025฿2.8t฿1.2t฿307.8b11.1x9.2x2.4x
Sun, 26 Jan 2025฿2.9t฿1.2t฿307.9b11.5x9.3x2.4x
Tue, 24 Dec 2024฿2.8t฿1.2t฿298.7b11.8x9.4x2.4x
Thu, 21 Nov 2024฿2.8t฿1.2t฿300.8b12.9x9.3x2.3x
Sat, 19 Oct 2024฿2.9t฿1.2t฿296.8b13.3x9.8x2.5x
Mon, 16 Sep 2024฿2.9t฿1.2t฿297.7b12.9x9.7x2.5x
Wed, 14 Aug 2024฿2.5t฿1.2t฿300.6b10.3x8.2x2.1x
Fri, 12 Jul 2024฿2.6t฿1.2t฿297.3b11.2x8.7x2.2x
Sun, 09 Jun 2024฿2.6t฿1.2t฿297.5b11.9x8.9x2.3x
Tue, 07 May 2024฿2.7t฿1.2t฿299.3b13.4x9x2.3x
Thu, 04 Apr 2024฿2.7t฿1.1t฿296.2b13.8x9.2x2.4x
Sat, 02 Mar 2024฿2.7t฿1.1t฿293.9b12.8x9.1x2.4x
Mon, 29 Jan 2024฿2.5t฿1.1t฿290.2b11.9x8.8x2.2x
Wed, 27 Dec 2023฿2.7t฿1.1t฿282.0b12x9.5x2.4x
Fri, 24 Nov 2023฿2.7t฿1.1t฿282.0b12.4x9.5x2.4x
Sun, 22 Oct 2023฿2.8t฿1.1t฿282.7b12.8x9.7x2.5x
Tue, 19 Sep 2023฿2.9t฿1.1t฿277.0b13.6x10.5x2.6x
Thu, 17 Aug 2023฿2.9t฿1.1t฿279.5b13.2x10.3x2.6x
Sat, 15 Jul 2023฿2.9t฿1.1t฿270.0b13.1x10.6x2.6x
Mon, 12 Jun 2023฿3.0t฿1.1t฿270.5b13.4x11.1x2.8x
Wed, 10 May 2023฿2.9t฿1.1t฿240.2b12.7x12.1x2.7x
Price to Earnings Ratio

12.1x


Total Market Cap: ฿2.9tTotal Earnings: ฿240.2bTotal Revenue: ฿1.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Thai Financials Sector Price to Earnings3Y Average 9.4x202420252026
Current Industry PE
  • Investors are relatively neutral on the Thai Financials 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 9.4x.
  • The 3-year average PS ratio of 2.4x is lower than the industry's current PS ratio of 2.8x.
Past Earnings Growth
  • The earnings for companies in the Financials industry have grown 12% per year over the last three years, while revenues have remained mostly flat.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Industry Trends

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

TH Market2.55%
Financials1.30%
Banks1.61%
Diversified Financial1.17%
Capital Markets0.38%
Insurance0.27%
Consumer Finance0.21%
Industry PE
  • Investors are most optimistic about the Capital Markets industry which is trading above its 3-year average PE ratio of 43.1x.
    • It looks like they are confident that earnings will grow faster in the future than they have historically.
  • Investors are most pessimistic about the Banks industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 7.9x.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Financial industry, expecting annual earnings growth of 9.8% over the next 5 years.
  • This is better than its past earnings growth rate of 3.7% per year.
  • In contrast, the Banks industry is expected to see its earnings growth to stay flat over the next few years.

Top Stock Gainers and Losers

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

CompanyLast Price7D1YValuation
KTB Krung Thai Bank฿33.002.3%
+฿10.5b		52.1%PB1x
KBANK Kasikornbank฿194.002.1%
+฿9.4b		22.0%PB0.8x
BBL Bangkok Bank฿162.502.5%
+฿7.6b		16.5%PB0.5x
BAY Bank of Ayudhya฿28.503.6%
+฿7.4b		26.1%PB0.5x
SCB SCB X฿131.001.2%
+฿5.1b		10.5%PB0.9x

Latest News

CREDIT
฿18.90
Thai Credit Bank
7D
6.2%
1Y
0%
BAM
฿7.40
Bangkok Commercial Asset Management
7D
3.5%
1Y
17.5%
BAY
฿28.50
Bank of Ayudhya
7D
3.6%
1Y
26.1%
KKP
฿79.00
Kiatnakin Phatra Bank
7D
-3.7%
1Y
67.2%
TIDLOR
฿17.00
Tidlor Holdings
7D
-2.3%
1Y
n/a
SCB
฿131.00
SCB X
7D
1.2%
1Y
10.5%

SCB: Future Dividend Payout And CEO Change Will Support Fair Value

Analysts have slightly reduced their price target for SCB X, with fair value moving from THB144.78 to THB143.72 as they factor in revised assumptions for revenue growth, profit margin and future P/E. What's in the News The AGM on April 8, 2026 approved a dividend from 2025 results of THB 11.28 per share, totaling THB 37,981m, which the company states represents 80% of its 2025 consolidated net profit (Key Developments).
TTB
฿2.26
TMBThanachart Bank
7D
0.9%
1Y
23.5%

TTB: Dividend Plans And Earnings Assumptions Will Guide Measured Return Expectations

Analysts have nudged their price target on TMBThanachart Bank higher to reflect updated assumptions around fair value, revenue growth, profit margins and future P/E, resulting in a modest uplift in their THB based valuation. What's in the News A board meeting is scheduled for February 17, 2026, with the agenda to set the timetable for the 2026 Annual General Meeting (Key Developments).
MTC
฿29.50
Muangthai Capital
7D
-1.7%
1Y
-32.2%
KBANK
฿194.00
Kasikornbank
7D
2.1%
1Y
22.0%
TISCO
฿109.50
TISCO Financial Group
7D
-3.5%
1Y
12.3%
KTB
฿33.00
Krung Thai Bank
7D
2.3%
1Y
52.1%
BBL
฿162.50
Bangkok Bank
7D
2.5%
1Y
16.5%
SAK
฿3.16
Saksiam Leasing
7D
-3.7%
1Y
-18.6%
LHFG
฿1.13
LH Financial Group
7D
-2.6%
1Y
46.8%
TCAP
฿56.00
Thanachart Capital
7D
2.3%
1Y
17.9%
AIRA
฿1.06
AIRA Capital
7D
-4.5%
1Y
-14.5%