Narrative Update • Jul 21
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Thai (SET) Financials Sector Analysis
UpdatedAug 02, 2026
DataAggregated Company Financials
Companies81
- 7D0.3%
- 3M24.7%
- 1Y44.2%
- YTD26.4%
In the last week, Financials has been flat. As for the the longer term, the industry is up 44% over the past 12 months. Looking forward, earnings are forecast to grow by 4.0% annually.
Sector Valuation and Performance
Has the Thai Financials Sector valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Sun, 02 Aug 2026 | ฿3.9t | ฿1.1t | ฿342.4b | 11.4x | 11.3x | 3.4x |
| Tue, 30 Jun 2026 | ฿3.5t | ฿1.1t | ฿342.7b | 10.4x | 10.3x | 3.1x |
| Thu, 28 May 2026 | ฿3.3t | ฿1.1t | ฿342.7b | 10x | 9.6x | 2.9x |
| Sat, 25 Apr 2026 | ฿3.1t | ฿1.1t | ฿337.4b | 9.5x | 9.2x | 2.7x |
| Mon, 23 Mar 2026 | ฿3.2t | ฿1.1t | ฿336.6b | 10x | 9.4x | 2.8x |
| Wed, 18 Feb 2026 | ฿3.3t | ฿1.2t | ฿331.9b | 10.7x | 9.8x | 2.7x |
| Fri, 16 Jan 2026 | ฿3.0t | ฿1.2t | ฿331.3b | 9.6x | 9.2x | 2.5x |
| Sun, 14 Dec 2025 | ฿3.0t | ฿1.2t | ฿331.3b | 9.8x | 9.1x | 2.5x |
| Tue, 11 Nov 2025 | ฿3.0t | ฿1.2t | ฿328.0b | 10.1x | 9x | 2.5x |
| Thu, 09 Oct 2025 | ฿2.9t | ฿1.2t | ฿320.2b | 11.8x | 9x | 2.4x |
| Sat, 06 Sep 2025 | ฿2.9t | ฿1.2t | ฿319.2b | 11x | 8.9x | 2.4x |
| Mon, 04 Aug 2025 | ฿2.7t | ฿1.2t | ฿312.1b | 10.7x | 8.7x | 2.3x |
| Wed, 02 Jul 2025 | ฿2.6t | ฿1.2t | ฿310.5b | 9.1x | 8.3x | 2.1x |
| Fri, 30 May 2025 | ฿2.7t | ฿1.2t | ฿311.3b | 10.7x | 8.7x | 2.3x |
| Sun, 27 Apr 2025 | ฿2.7t | ฿1.2t | ฿314.1b | 10.9x | 8.6x | 2.3x |
| Tue, 25 Mar 2025 | ฿2.9t | ฿1.2t | ฿310.8b | 10.5x | 9.2x | 2.4x |
| Thu, 20 Feb 2025 | ฿2.9t | ฿1.2t | ฿306.8b | 11.5x | 9.5x | 2.4x |
| Sat, 18 Jan 2025 | ฿2.8t | ฿1.2t | ฿299.0b | 11.2x | 9.4x | 2.4x |
| Mon, 16 Dec 2024 | ฿2.9t | ฿1.2t | ฿298.7b | 12.1x | 9.6x | 2.4x |
| Wed, 13 Nov 2024 | ฿2.8t | ฿1.2t | ฿301.3b | 12.9x | 9.3x | 2.3x |
| Fri, 11 Oct 2024 | ฿2.9t | ฿1.2t | ฿296.9b | 13x | 9.8x | 2.5x |
| Sun, 08 Sep 2024 | ฿2.9t | ฿1.2t | ฿296.9b | 13x | 9.6x | 2.4x |
| Tue, 06 Aug 2024 | ฿2.4t | ฿1.2t | ฿298.3b | 10.2x | 8.2x | 2.1x |
| Thu, 04 Jul 2024 | ฿2.6t | ฿1.2t | ฿297.4b | 11.2x | 8.6x | 2.2x |
| Sat, 01 Jun 2024 | ฿2.7t | ฿1.2t | ฿299.6b | 12x | 9x | 2.3x |
| Mon, 29 Apr 2024 | ฿2.7t | ฿1.2t | ฿299.3b | 13.2x | 9x | 2.3x |
| Wed, 27 Mar 2024 | ฿2.7t | ฿1.1t | ฿292.7b | 13.6x | 9.3x | 2.4x |
| Fri, 23 Feb 2024 | ฿2.7t | ฿1.1t | ฿294.6b | 12.8x | 9.3x | 2.4x |
| Sun, 21 Jan 2024 | ฿2.6t | ฿1.1t | ฿280.0b | 12.3x | 9.3x | 2.3x |
| Tue, 19 Dec 2023 | ฿2.7t | ฿1.1t | ฿282.0b | 11.8x | 9.5x | 2.4x |
| Thu, 16 Nov 2023 | ฿2.7t | ฿1.1t | ฿282.2b | 12.8x | 9.6x | 2.4x |
| Sat, 14 Oct 2023 | ฿2.8t | ฿1.1t | ฿277.0b | 13.1x | 10.2x | 2.6x |
| Mon, 11 Sep 2023 | ฿3.0t | ฿1.1t | ฿277.0b | 13.8x | 10.7x | 2.7x |
| Wed, 09 Aug 2023 | ฿2.9t | ฿1.1t | ฿278.9b | 12.5x | 10.3x | 2.6x |
Price to Earnings Ratio
10.3x
Current Industry PE
- Investors are optimistic on the Thai Financials industry, and appear confident in long term growth rates.
- The industry is trading at a PE ratio of 11.3x which is higher than its 3-year average PE of 9.3x.
- The 3-year average PS ratio of 2.5x is lower than the industry's current PS ratio of 3.4x.
Past Earnings Growth
- The earnings for companies in the Financials industry have grown 7.1% 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 Market | -1.27% | |
| Financials | 0.32% | |
| Diversified Financial | 1.81% | |
| Capital Markets | 1.25% | |
| Consumer Finance | 1.15% | |
| Banks | 0.24% | |
| Insurance | -0.41% | |
Industry PE
- Investors are most optimistic about the Capital Markets industry which is trading above its 3-year average PE ratio of 47.2x.
- 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 12.3x.
Forecasted Growth
- Analysts are most optimistic on the Diversified Financial industry, expecting annual earnings growth of 11% over the next 5 years.
- However this is lower than its past earnings growth rate of 27% per year.
- In contrast, the Banks industry is expected to see its earnings grow by 3.6% 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 | |
|---|---|---|---|---|---|
| KTB Krung Thai Bank | ฿44.25 | 1.7% +฿10.5b | 100.2% | PB1.4x | |
| KBANK Kasikornbank | ฿244.00 | 1.7% +฿9.4b | 52.0% | PB1x | |
| TCAP Thanachart Capital | ฿78.25 | 5.4% +฿4.2b | 62.2% | PB1x | |
| TTB TMBThanachart Bank | ฿3.06 | 1.3% +฿3.5b | 60.2% | PB1.1x | |
| MTC Muangthai Capital | ฿34.25 | 3.0% +฿2.1b | -4.9% | PE10.4x |
