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Thai (SET) Financials Sector Analysis

UpdatedJan 30, 2026
DataAggregated Company Financials
Companies81
  • 7D-0.7%
  • 3M1.6%
  • 1Y3.6%
  • YTD-1.8%

The Financials is pretty flat in the last 7 days, but Thai Life Insurance has stood out, gaining 3.5%. The past year has been better, since the industry has gained 4.5% in that time. As for the next few years, earnings are expected to grow by 1.8% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 30 Jan 2026฿3.0t฿1.2t฿332.0b9.8x9.1x2.5x
Sun, 28 Dec 2025฿3.0t฿1.2t฿331.3b9.9x9.2x2.5x
Tue, 25 Nov 2025฿2.9t฿1.2t฿331.3b9.8x8.9x2.4x
Thu, 23 Oct 2025฿3.0t฿1.2t฿327.3b10.7x9.2x2.5x
Sat, 20 Sep 2025฿2.9t฿1.2t฿319.4b11.9x9x2.4x
Mon, 18 Aug 2025฿2.9t฿1.2t฿316.3b11.3x9x2.4x
Wed, 16 Jul 2025฿2.7t฿1.2t฿310.5b10.2x8.5x2.2x
Fri, 13 Jun 2025฿2.6t฿1.2t฿310.5b10.3x8.5x2.2x
Sun, 11 May 2025฿2.8t฿1.2t฿313.9b11x8.8x2.3x
Tue, 08 Apr 2025฿2.8t฿1.2t฿310.8b10.6x9x2.3x
Thu, 06 Mar 2025฿2.8t฿1.2t฿310.4b10.7x9.2x2.4x
Sat, 01 Feb 2025฿2.9t฿1.2t฿306.9b11.2x9.4x2.4x
Mon, 30 Dec 2024฿2.8t฿1.2t฿298.7b12.2x9.5x2.4x
Wed, 27 Nov 2024฿2.8t฿1.2t฿299.2b12.9x9.4x2.4x
Fri, 25 Oct 2024฿2.9t฿1.2t฿299.6b12.8x9.6x2.4x
Sun, 22 Sep 2024฿2.9t฿1.2t฿296.9b13.4x9.8x2.5x
Tue, 20 Aug 2024฿2.6t฿1.2t฿296.9b11.7x8.7x2.2x
Thu, 18 Jul 2024฿2.5t฿1.2t฿297.2b11.1x8.5x2.2x
Sat, 15 Jun 2024฿2.6t฿1.2t฿297.4b11.8x8.8x2.2x
Mon, 13 May 2024฿2.7t฿1.2t฿299.8b13x9.1x2.3x
Wed, 10 Apr 2024฿2.8t฿1.1t฿296.2b13.7x9.3x2.4x
Fri, 08 Mar 2024฿2.7t฿1.1t฿293.0b12.6x9.2x2.4x
Sun, 04 Feb 2024฿2.6t฿1.1t฿290.2b12x8.8x2.2x
Tue, 02 Jan 2024฿2.7t฿1.1t฿282.0b11.9x9.6x2.4x
Thu, 30 Nov 2023฿2.7t฿1.1t฿282.0b12.5x9.5x2.4x
Sat, 28 Oct 2023฿2.7t฿1.1t฿282.6b13x9.5x2.4x
Mon, 25 Sep 2023฿2.9t฿1.1t฿277.0b13.7x10.4x2.6x
Wed, 23 Aug 2023฿2.9t฿1.1t฿277.0b13.6x10.6x2.7x
Fri, 21 Jul 2023฿2.9t฿1.1t฿271.1b12.8x10.7x2.7x
Sun, 18 Jun 2023฿3.0t฿1.1t฿270.5b13.2x10.9x2.7x
Tue, 16 May 2023฿2.9t฿1.1t฿269.5b12.8x10.9x2.7x
Thu, 13 Apr 2023฿2.9t฿1.1t฿233.3b13x12.5x2.8x
Sat, 11 Mar 2023฿2.9t฿1.0t฿231.2b12.7x12.4x2.7x
Mon, 06 Feb 2023฿3.1t฿1.0t฿225.2b14.3x13.7x3x
Price to Earnings Ratio

13.7x


Total Market Cap: ฿3.1tTotal Earnings: ฿225.2bTotal Revenue: ฿1.0tTotal Market Cap vs Earnings and Revenue0%0%0%
Thai Financials Sector Price to Earnings3Y Average 9.6x202420252026
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 9.6x.
  • The industry is trading close to its 3-year average PS ratio of 2.4x.
Past Earnings Growth
  • The earnings for companies in the Financials industry have grown 14% per year over the last three years.
  • Revenues for these companies have grown 5.3% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

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

TH Market1.47%
Financials-0.71%
Insurance1.99%
Consumer Finance1.61%
Capital Markets0.083%
Diversified Financial-0.82%
Banks-1.40%
Industry PE
  • Investors are most optimistic about the Capital Markets industry which is trading above its 3-year average PE ratio of 38.6x.
    • Analysts are expecting annual earnings growth of 18.7%, which is higher than its past year's earnings decline of 20.5% per year.
  • Investors are most pessimistic about the Banks industry, which is trading close to its 3-year average of 7.9x.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Financial industry, expecting annual earnings growth of 30% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • 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
TLI Thai Life Insurance฿11.703.5%
+฿4.6b		6.4%PE13.6x
MTC Muangthai Capital฿34.003.8%
+฿2.7b		-23.2%PE11.1x
SAWAD Srisawad Corporation฿25.502.8%
+฿1.2b		-24.7%PE8.6x
KKP Kiatnakin Phatra Bank฿71.001.8%
+฿1.0b		34.6%PB0.9x
KTC Krungthai Card฿28.000.9%
+฿644.6m		-44.8%PE9.3x

Latest News

CREDIT
฿16.20
Thai Credit Bank
7D
-17.8%
1Y
-19.4%
TTB
฿1.99
TMBThanachart Bank
7D
-1.5%
1Y
1.5%

TTB: Share Repurchase Plan Will Support Balanced Outlook On Returns

Analysts have raised their fair value estimate for TMBThanachart Bank from ฿1.97 to ฿2.04, citing updated assumptions for the discount rate, revenue growth, profit margin, and future P/E, which they state better reflect the bank's current outlook. What's in the News A board meeting is scheduled for November 25, 2025 to approve the 2026 Employee Joint Investment Program (EJIP2026), with further details provided in an enclosure (Key Developments).
SCB
฿135.50
SCB X
7D
-1.8%
1Y
8.0%

SCB: Future Profitability And Lower Discount Rate Will Support Stable Risk Outlook

Analysts have nudged their fair value estimate for SCB X slightly higher from ฿139.39 to ฿140.17. This reflects updated views on a lower discount rate, a modest adjustment to expected revenue growth, a higher projected profit margin, and a slightly lower future P/E assumption.
KBANK
฿187.00
Kasikornbank
7D
-1.1%
1Y
15.8%
KTB
฿28.50
Krung Thai Bank
7D
-0.9%
1Y
21.8%
BBL
฿155.50
Bangkok Bank
7D
-2.8%
1Y
-0.3%
KKP
฿71.00
Kiatnakin Phatra Bank
7D
1.8%
1Y
34.6%
MTC
฿34.00
Muangthai Capital
7D
3.8%
1Y
-23.2%
TIDLOR
฿17.10
Tidlor Holdings
7D
1.2%
1Y
n/a
SAWAD
฿25.50
Srisawad Corporation
7D
2.8%
1Y
-24.7%
TISCO
฿111.00
TISCO Financial Group
7D
0.5%
1Y
11.3%
KTC
฿28.00
Krungthai Card
7D
0.9%
1Y
-44.8%
TLI
฿11.70
Thai Life Insurance
7D
3.5%
1Y
6.4%
AIRA
฿0.98
AIRA Capital
7D
-11.7%
1Y
-33.8%
TCAP
฿58.25
Thanachart Capital
7D
-0.4%
1Y
15.9%
TQM
฿12.00
TQM Alpha
7D
5.3%
1Y
-37.8%