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Thai (SET) Financials Sector Analysis

UpdatedJun 17, 2026
DataAggregated Company Financials
Companies81
  • 7D3.2%
  • 3M8.3%
  • 1Y29.9%
  • YTD11.1%

Over the last 7 days, the Financials industry has risen 3.2%, driven by gains in Kasikornbank and SCB X of 4.6% and 4.0%, respectively. This takes the industry's 12 month performance to a gain of 30%. Earnings are forecast to grow by 2.6% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 17 Jun 2026฿3.4t฿1.1t฿342.5b10.2x10x3x
Fri, 15 May 2026฿3.2t฿1.1t฿339.3b9.7x9.3x2.8x
Sun, 12 Apr 2026฿3.2t฿1.1t฿336.6b10.1x9.4x2.8x
Tue, 10 Mar 2026฿3.1t฿1.1t฿336.8b9.7x9.2x2.7x
Thu, 05 Feb 2026฿3.0t฿1.2t฿332.0b9.9x9.2x2.5x
Sat, 03 Jan 2026฿3.1t฿1.2t฿331.3b9.9x9.2x2.5x
Mon, 01 Dec 2025฿2.9t฿1.2t฿331.3b9.9x8.9x2.4x
Wed, 29 Oct 2025฿3.0t฿1.2t฿327.3b10.4x9x2.5x
Fri, 26 Sep 2025฿2.9t฿1.2t฿319.4b11.8x9.1x2.4x
Sun, 24 Aug 2025฿2.8t฿1.2t฿321.5b10.9x8.8x2.4x
Tue, 22 Jul 2025฿2.7t฿1.2t฿310.2b10.6x8.6x2.2x
Thu, 19 Jun 2025฿2.6t฿1.2t฿310.5b9.4x8.4x2.2x
Sat, 17 May 2025฿2.7t฿1.2t฿308.1b11x8.7x2.3x
Mon, 14 Apr 2025฿2.7t฿1.2t฿310.4b9.7x8.8x2.3x
Wed, 12 Mar 2025฿2.8t฿1.2t฿310.5b10.5x9.1x2.4x
Fri, 07 Feb 2025฿2.9t฿1.2t฿306.9b11.4x9.4x2.4x
Sun, 05 Jan 2025฿2.8t฿1.2t฿298.7b12x9.5x2.4x
Tue, 03 Dec 2024฿2.8t฿1.2t฿298.3b12.7x9.5x2.4x
Thu, 31 Oct 2024฿2.8t฿1.2t฿301.7b12.6x9.4x2.4x
Sat, 28 Sep 2024฿2.9t฿1.2t฿296.9b13.3x9.7x2.4x
Mon, 26 Aug 2024฿2.7t฿1.2t฿296.7b12.4x9.1x2.3x
Wed, 24 Jul 2024฿2.5t฿1.2t฿298.6b10.3x8.4x2.1x
Fri, 21 Jun 2024฿2.5t฿1.2t฿297.4b11.3x8.6x2.2x
Sun, 19 May 2024฿2.7t฿1.2t฿297.4b12.4x9.2x2.3x
Tue, 16 Apr 2024฿2.8t฿1.1t฿296.6b13.2x9.4x2.4x
Thu, 14 Mar 2024฿2.7t฿1.1t฿292.7b12.8x9.3x2.4x
Sat, 10 Feb 2024฿2.6t฿1.1t฿294.5b12x8.9x2.3x
Mon, 08 Jan 2024฿2.8t฿1.1t฿282.0b12.4x9.8x2.4x
Wed, 06 Dec 2023฿2.7t฿1.1t฿282.0b12.2x9.5x2.4x
Fri, 03 Nov 2023฿2.7t฿1.1t฿282.6b12.9x9.6x2.4x
Sun, 01 Oct 2023฿2.9t฿1.1t฿277.0b13.5x10.3x2.6x
Tue, 29 Aug 2023฿3.0t฿1.1t฿277.0b13.8x10.8x2.7x
Thu, 27 Jul 2023฿2.9t฿1.1t฿278.9b12.7x10.3x2.6x
Sat, 24 Jun 2023฿2.9t฿1.1t฿270.5b12.9x10.7x2.7x
Price to Earnings Ratio

10.7x


Total Market Cap: ฿2.9tTotal Earnings: ฿270.5bTotal Revenue: ฿1.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Thai Financials Sector Price to Earnings3Y Average 9.3x202420252026
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 9.3x.
  • The 3-year average PS ratio of 2.4x is lower than the industry's current PS ratio of 3.0x.
Past Earnings Growth
  • The earnings for companies in the Financials industry have grown 8.2% 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 Market0.24%
Financials3.19%
Consumer Finance4.48%
Banks3.54%
Capital Markets0.95%
Insurance-0.81%
Diversified Financial-1.16%
Industry PE
  • Investors are most optimistic about the Capital Markets industry which is trading above its 3-year average PE ratio of 45.3x.
    • It looks like they are confident that earnings will grow faster in the future than they have historically.
  • Investors are most pessimistic about the Insurance industry, which is trading below its 3-year average of 12.7x.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Financial industry, expecting annual earnings growth of 9.5% over the next 5 years.
  • However this is lower than its past earnings growth rate of 12% 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
KBANK Kasikornbank฿206.004.6%
+฿21.2b		34.2%PB0.8x
SCB SCB X฿142.504.0%
+฿18.5b		20.8%PB1x
KTB Krung Thai Bank฿36.002.9%
+฿14.0b		63.6%PB1.1x
BBL Bangkok Bank฿175.503.2%
+฿10.5b		26.3%PB0.6x
BAY Bank of Ayudhya฿38.503.4%
+฿9.2b		80.8%PB0.7x

Latest News

TNL
฿20.20
Thanulux
7D
-2.9%
1Y
n/a
MTC
฿29.50
Muangthai Capital
7D
7.3%
1Y
-24.4%
KBANK
฿206.00
Kasikornbank
7D
4.6%
1Y
34.2%
TTB
฿2.40
TMBThanachart Bank
7D
4.3%
1Y
23.1%
Narrative Update • Jun 04

TTB: Buyback And Dividend Actions Will Shape Future Return Expectations

Analysts now set a slightly higher fair value price target for TMBThanachart Bank at THB2.28 from THB2.25, reflecting updated assumptions on revenue growth, profit margins and a lower forward P/E multiple. What's in the News TMBThanachart Bank has launched a share repurchase program covering up to 4,091,000,000 shares, or 4.91% of issued share capital, with a budget of THB 9,245 million and a repurchase price of THB 2.26 per share, subject to a cap of 15% above the average closing price over the five business days before each buyback date.
SCB
฿142.50
SCB X
7D
4.0%
1Y
20.8%
Narrative Update • Jun 04

SCB: Dividend And New Card Unit Leadership Will Support Fair Value

Analysts have trimmed their price target on SCB X slightly, with fair value moving from THB141.56 to THB140.53 as they fine tune assumptions on revenue growth, profit margin, discount rate and future P/E in their models. What's in the News The AGM on 8 April 2026 approved a dividend from 2025 operational results of THB 11.28 per share, totaling THB 37,981m, representing 80% of the company’s 2025 consolidated net profit.
BAY
฿38.50
Bank of Ayudhya
7D
3.4%
1Y
80.8%
AYUD
฿39.50
Allianz Ayudhya Capital
7D
-0.6%
1Y
21.5%
ASP
฿2.12
Asia Plus Group Holdings
7D
-1.9%
1Y
7.6%
JMT
฿10.70
JMT Network Services
7D
-2.7%
1Y
32.1%
TQM
฿13.50
TQM Alpha
7D
-1.5%
1Y
-1.5%
TLI
฿11.20
Thai Life Insurance
7D
-0.9%
1Y
13.1%
BLA
฿23.90
Bangkok Life Assurance
7D
-4.4%
1Y
56.2%
CREDIT
฿18.80
Thai Credit Bank
7D
-1.1%
1Y
8.7%
KKP
฿92.50
Kiatnakin Phatra Bank
7D
5.7%
1Y
96.8%
KTB
฿36.00
Krung Thai Bank
7D
2.9%
1Y
63.6%
BBL
฿175.50
Bangkok Bank
7D
3.2%
1Y
26.3%