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Thai (SET) Banks Industry Analysis

UpdatedMar 24, 2026
DataAggregated Company Financials
Companies12
  • 7D-0.2%
  • 3M4.5%
  • 1Y17.5%
  • YTD2.0%

In the last week, Banks has been flat. As for the the longer term, the industry is up 17% over the past 12 months. Looking forward, earnings are expected to remain mostly flat in the next few years.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 24 Mar 2026฿2.4t฿791.7b฿270.1b9x8.8x3x
Thu, 19 Feb 2026฿2.5t฿793.4b฿270.5b9.5x9.1x3.1x
Sat, 17 Jan 2026฿2.3t฿793.5b฿270.0b8.7x8.6x2.9x
Mon, 15 Dec 2025฿2.3t฿793.1b฿269.8b8.6x8.3x2.8x
Wed, 12 Nov 2025฿2.2t฿792.1b฿268.0b8.3x8.1x2.7x
Fri, 10 Oct 2025฿2.1t฿781.2b฿261.5b8x7.9x2.6x
Sun, 07 Sep 2025฿2.1t฿781.2b฿261.5b8.2x8x2.7x
Tue, 05 Aug 2025฿2.0t฿792.3b฿263.8b7.4x7.6x2.5x
Thu, 03 Jul 2025฿1.9t฿790.7b฿262.3b7.3x7.4x2.5x
Sat, 31 May 2025฿1.9t฿790.7b฿262.3b7.4x7.4x2.5x
Mon, 28 Apr 2025฿1.9t฿790.9b฿262.4b7.4x7.2x2.4x
Wed, 26 Mar 2025฿2.1t฿787.3b฿258.7b8.1x8x2.6x
Fri, 21 Feb 2025฿2.1t฿788.9b฿258.4b7.9x8.1x2.7x
Sun, 19 Jan 2025฿2.0t฿775.9b฿250.7b7.9x8x2.6x
Tue, 17 Dec 2024฿2.0t฿775.7b฿250.6b8.3x7.9x2.6x
Thu, 14 Nov 2024฿1.9t฿775.7b฿250.5b8.5x7.7x2.5x
Sat, 12 Oct 2024฿2.0t฿767.2b฿246.4b8.4x8.1x2.6x
Mon, 09 Sep 2024฿2.0t฿767.2b฿246.4b8.5x8x2.6x
Wed, 07 Aug 2024฿1.7t฿767.2b฿246.4b7.3x6.9x2.2x
Fri, 05 Jul 2024฿1.7t฿753.5b฿243.3b7.1x7.2x2.3x
Sun, 02 Jun 2024฿1.8t฿759.9b฿245.1b8.3x7.3x2.4x
Tue, 30 Apr 2024฿1.8t฿759.7b฿244.9b8.6x7.4x2.4x
Thu, 28 Mar 2024฿1.8t฿735.5b฿238.6b8.2x7.6x2.5x
Sat, 24 Feb 2024฿1.8t฿735.8b฿238.6b7.9x7.6x2.5x
Mon, 22 Jan 2024฿1.8t฿726.0b฿232.8b8.2x7.6x2.4x
Wed, 20 Dec 2023฿1.8t฿716.6b฿228.6b8.5x7.8x2.5x
Fri, 17 Nov 2023฿1.8t฿716.6b฿228.6b8.4x7.8x2.5x
Sun, 15 Oct 2023฿1.9t฿698.3b฿222.5b8.8x8.4x2.7x
Tue, 12 Sep 2023฿1.9t฿698.0b฿222.4b9x8.6x2.7x
Thu, 10 Aug 2023฿1.9t฿698.2b฿222.4b9.4x8.7x2.8x
Sat, 08 Jul 2023฿1.8t฿674.2b฿213.4b9.2x8.6x2.7x
Mon, 05 Jun 2023฿1.9t฿674.2b฿213.4b9.3x8.8x2.8x
Wed, 03 May 2023฿1.8t฿673.7b฿212.9b9x8.3x2.6x
Fri, 31 Mar 2023฿1.8t฿653.7b฿205.8b9.2x8.6x2.7x
Price to Earnings Ratio

8.6x


Total Market Cap: ฿1.8tTotal Earnings: ฿205.8bTotal Revenue: ฿653.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Thai Banks Industry Price to Earnings3Y Average 7.9x202420252026
Current Industry PE
  • Investors are optimistic on the Thai Banks industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 8.8x which is higher than its 3-year average PE of 7.9x.
  • The 3-year average PS ratio of 2.6x is lower than the industry's current PS ratio of 3.0x.
Past Earnings Growth
  • The earnings for companies in the Banks industry have grown 9.5% per year over the last three years.
  • Revenues for these companies have grown 6.6% 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 Market-0.55%
Financials-1.18%
Banks-0.22%
Diversified Banks-0.22%
Industry PE
  • Investors are most optimistic about the Diversified Banks industry which is trading above its 3-year average PE ratio of 7.9x.
    • Analysts are expecting annual earnings growth of 0.7%, which is lower than the prior year's growth of 6.9% per year.
  • Investors are most pessimistic about the Diversified 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 Banks industry, expecting annual earnings growth of 0.7% over the next 5 years.
  • However this is lower than its past earnings growth rate of 6.9% per year.
  • 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
BBL Bangkok Bank฿167.501.2%
+฿3.8b		11.3%PB0.6x
KTB Krung Thai Bank฿34.750.7%
+฿3.5b		44.8%PB1x
SCB SCB X฿145.500.7%
+฿3.4b		16.4%PB1x
KKP Kiatnakin Phatra Bank฿72.751.0%
+฿2.3b		30.5%PB0.9x
KBANK Kasikornbank฿189.000.3%
+฿1.2b		16.7%PB0.8x

Latest News

SCB
฿145.50
SCB X
7D
0.7%
1Y
16.4%

SCB: Future Dividend And Stable Assumptions Will Support Fair Value

Analysts have nudged their fair value estimate for SCB X higher from THB142.22 to THB144.17 as small tweaks to long term revenue growth, profit margin assumptions and future P/E expectations filter through their models. What's in the News SCB X Public Company Limited has proposed a cash dividend of THB 9.28 per share for the year ended 31 December 2025, with a total payout of about THB 31,247m, subject to shareholder entitlement rules (company announcement).
CREDIT
฿16.90
Thai Credit Bank
7D
0.6%
1Y
-15.5%
TTB
฿2.20
TMBThanachart Bank
7D
-0.9%
1Y
13.4%

TTB: Dividend And Share Buybacks Will Support Steady Future Return Profile

Analysts now place a slightly higher fair value on TMBThanachart Bank, with their price target edging up from THB2.12 to THB2.14. This reflects updated assumptions for revenue growth, profit margin and forward P/E that remain broadly consistent with prior views.
BBL
฿167.50
Bangkok Bank
7D
1.2%
1Y
11.3%
KTB
฿34.75
Krung Thai Bank
7D
0.7%
1Y
44.8%
TISCO
฿112.50
TISCO Financial Group
7D
-0.4%
1Y
11.9%
KBANK
฿189.00
Kasikornbank
7D
0.3%
1Y
16.7%
LHFG
฿1.00
LH Financial Group
7D
-2.0%
1Y
26.6%
KKP
฿72.75
Kiatnakin Phatra Bank
7D
1.0%
1Y
30.5%
TCAP
฿55.50
Thanachart Capital
7D
-0.9%
1Y
9.4%