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Thai (SET) Banks Industry Analysis

UpdatedFeb 07, 2026
DataAggregated Company Financials
Companies12
  • 7D-0.03%
  • 3M4.9%
  • 1Y11.5%
  • YTD-3.3%

The Banks industry has stayed flat over the last week. As for the the longer term, the industry is up 11% over the past 12 months. In the next few years earnings are forecast to be pretty stable.

Industry Valuation and Performance

Has the Thai Banks Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 07 Feb 2026฿2.3t฿793.4b฿270.5b8.3x8.3x2.8x
Mon, 05 Jan 2026฿2.3t฿793.1b฿269.8b8.6x8.5x2.9x
Wed, 03 Dec 2025฿2.2t฿793.1b฿269.8b8.7x8.3x2.8x
Fri, 31 Oct 2025฿2.2t฿792.1b฿268.0b8.3x8.1x2.8x
Sun, 28 Sep 2025฿2.1t฿781.2b฿261.5b8.1x7.9x2.6x
Tue, 26 Aug 2025฿2.1t฿792.6b฿264.1b7.8x7.9x2.6x
Thu, 24 Jul 2025฿2.0t฿792.9b฿264.4b7.4x7.5x2.5x
Sat, 21 Jun 2025฿1.9t฿790.7b฿262.3b7.2x7.2x2.4x
Mon, 19 May 2025฿2.0t฿790.8b฿262.4b7.4x7.5x2.5x
Wed, 16 Apr 2025฿2.0t฿787.3b฿258.7b7.4x7.6x2.5x
Fri, 14 Mar 2025฿2.0t฿787.3b฿258.7b7.8x7.7x2.5x
Sun, 09 Feb 2025฿2.1t฿788.9b฿258.4b7.7x8x2.6x
Tue, 07 Jan 2025฿2.0t฿775.7b฿250.6b8.1x7.9x2.6x
Thu, 05 Dec 2024฿2.0t฿775.7b฿250.6b8.1x7.8x2.5x
Sat, 02 Nov 2024฿1.9t฿776.1b฿250.7b8.5x7.7x2.5x
Mon, 30 Sep 2024฿2.0t฿767.2b฿246.4b8.6x7.9x2.5x
Wed, 28 Aug 2024฿1.9t฿767.2b฿246.4b8.1x7.5x2.4x
Fri, 26 Jul 2024฿1.7t฿767.1b฿246.3b7.3x7x2.2x
Sun, 23 Jun 2024฿1.7t฿759.9b฿245.1b7.6x7.1x2.3x
Tue, 21 May 2024฿1.8t฿759.8b฿245.1b8.5x7.4x2.4x
Thu, 18 Apr 2024฿1.8t฿744.9b฿242.2b8.1x7.5x2.4x
Sat, 16 Mar 2024฿1.8t฿735.5b฿238.6b8.1x7.5x2.4x
Mon, 12 Feb 2024฿1.7t฿736.1b฿238.3b8x7.2x2.3x
Wed, 10 Jan 2024฿1.8t฿716.6b฿228.6b8.7x7.9x2.5x
Fri, 08 Dec 2023฿1.7t฿716.6b฿228.6b8.3x7.6x2.4x
Sun, 05 Nov 2023฿1.8t฿716.3b฿228.1b8.7x8x2.5x
Tue, 03 Oct 2023฿1.8t฿698.0b฿222.4b8.7x8.2x2.6x
Thu, 31 Aug 2023฿2.0t฿698.0b฿222.4b9.3x8.8x2.8x
Sat, 29 Jul 2023฿1.9t฿698.2b฿222.4b9.1x8.6x2.7x
Mon, 26 Jun 2023฿1.9t฿674.2b฿213.4b9.4x8.7x2.8x
Wed, 24 May 2023฿1.8t฿674.2b฿213.4b9.2x8.6x2.7x
Fri, 21 Apr 2023฿1.8t฿653.9b฿205.8b8.9x8.6x2.7x
Sun, 19 Mar 2023฿1.8t฿653.7b฿205.8b9.1x8.5x2.7x
Tue, 14 Feb 2023฿1.8t฿645.5b฿205.1b9x9x2.9x
Price to Earnings Ratio

9x


Total Market Cap: ฿1.8tTotal Earnings: ฿205.1bTotal Revenue: ฿645.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Thai Banks Industry Price to Earnings3Y Average 7.9x202420252026
Current Industry PE
  • Investors are relatively neutral on the Thai Banks 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 7.9x.
  • The 3-year average PS ratio of 2.6x is lower than the industry's current PS ratio of 2.8x.
Past Earnings Growth
  • The earnings for companies in the Banks industry have grown 9.7% per year over the last three years.
  • Revenues for these companies have grown 7.1% 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 industry?

TH Market2.12%
Financials0.10%
Banks-0.032%
Diversified Banks-0.032%
Industry PE
  • Investors are most optimistic about the Diversified Banks industry, which is trading close to its 3-year average PE ratio of 7.9x.
    • Analysts are expecting annual earnings growth of 0.08%, which is lower than the prior year's growth of 6.9% per year.
  • Investors are most pessimistic about the Diversified Banks industry, which is trading close to its 3-year average of 7.9x.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Banks industry, expecting annual earnings growth of 0.08% over the next 5 years.
  • In contrast, the Diversified 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
SCB SCB X฿137.001.1%
+฿5.1b		8.7%PB0.9x
KTB Krung Thai Bank฿28.500.9%
+฿3.5b		19.7%PB0.9x
KBANK Kasikornbank฿188.500.3%
+฿1.2b		17.8%PB0.8x
KKP Kiatnakin Phatra Bank฿72.500.7%
+฿405.9m		38.8%PB0.9x

Latest News

SCB
฿137.00
SCB X
7D
1.1%
1Y
8.7%

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

Analysts now see fair value for SCB X at approximately ฿140.94 per share, up from about ฿140.17, reflecting updated assumptions for discount rate, revenue growth, profit margin, and future P/E that together nudge their price targets higher. Valuation Changes Fair Value: Updated fair value per share is now ฿140.94, compared with the earlier ฿140.17, reflecting a small upward adjustment.
TISCO
฿111.00
TISCO Financial Group
7D
-1.3%
1Y
12.4%
TTB
฿1.98
TMBThanachart Bank
7D
-2.0%
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).
KBANK
฿188.50
Kasikornbank
7D
0.3%
1Y
17.8%
KTB
฿28.50
Krung Thai Bank
7D
0.9%
1Y
19.7%
BBL
฿157.00
Bangkok Bank
7D
-0.6%
1Y
1.9%
KKP
฿72.50
Kiatnakin Phatra Bank
7D
0.7%
1Y
38.8%
LHFG
฿0.93
LH Financial Group
7D
-5.1%
1Y
24.0%
TCAP
฿56.75
Thanachart Capital
7D
-3.8%
1Y
14.6%