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Thai (SET) Banks Industry Analysis

UpdatedSep 26, 2025
DataAggregated Company Financials
Companies12
  • 7D1.0%
  • 3M9.0%
  • 1Y5.9%
  • YTD6.1%

In the last week, Banks has been flat. As for the the longer term, the industry is up 4.4% over the past 12 months. As for the next few years, earnings are expected to grow by 1.5% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 26 Sep 2025฿2.1t฿781.2b฿261.5b8.1x7.9x2.6x
Sun, 24 Aug 2025฿2.1t฿792.6b฿264.1b7.7x7.9x2.6x
Tue, 22 Jul 2025฿2.0t฿790.8b฿261.9b7.3x7.5x2.5x
Thu, 19 Jun 2025฿1.9t฿790.7b฿262.3b7.4x7.3x2.4x
Sat, 17 May 2025฿2.0t฿790.8b฿262.4b7.4x7.5x2.5x
Mon, 14 Apr 2025฿2.0t฿787.3b฿258.7b7.4x7.6x2.5x
Wed, 12 Mar 2025฿2.0t฿787.3b฿258.7b7.9x7.7x2.5x
Fri, 07 Feb 2025฿2.1t฿788.9b฿258.4b7.7x8x2.6x
Sun, 05 Jan 2025฿2.0t฿775.7b฿250.6b8.1x7.9x2.5x
Tue, 03 Dec 2024฿1.9t฿775.7b฿250.6b8x7.7x2.5x
Thu, 31 Oct 2024฿1.9t฿776.1b฿250.7b8.5x7.7x2.5x
Sat, 28 Sep 2024฿2.0t฿767.2b฿246.4b8.6x7.9x2.5x
Mon, 26 Aug 2024฿1.9t฿767.2b฿246.4b8.1x7.5x2.4x
Wed, 24 Jul 2024฿1.7t฿767.0b฿246.4b7.4x7x2.3x
Fri, 21 Jun 2024฿1.7t฿759.9b฿245.1b7.6x7.1x2.3x
Sun, 19 May 2024฿1.8t฿759.8b฿245.1b8.5x7.4x2.4x
Tue, 16 Apr 2024฿1.9t฿744.9b฿242.2b8.6x7.7x2.5x
Thu, 14 Mar 2024฿1.8t฿735.5b฿238.6b8.3x7.5x2.4x
Sat, 10 Feb 2024฿1.7t฿736.1b฿238.3b8x7.2x2.3x
Mon, 08 Jan 2024฿1.8t฿716.6b฿228.6b8.9x8x2.6x
Wed, 06 Dec 2023฿1.8t฿716.6b฿228.6b8.4x7.7x2.4x
Fri, 03 Nov 2023฿1.8t฿716.3b฿228.1b8.7x7.9x2.5x
Sun, 01 Oct 2023฿1.8t฿698.0b฿222.4b8.7x8.3x2.6x
Tue, 29 Aug 2023฿1.9t฿698.0b฿222.4b9.2x8.8x2.8x
Thu, 27 Jul 2023฿1.9t฿698.2b฿222.4b9.2x8.5x2.7x
Sat, 24 Jun 2023฿1.9t฿674.2b฿213.4b9.4x8.7x2.8x
Mon, 22 May 2023฿1.8t฿674.2b฿213.4b9x8.5x2.7x
Wed, 19 Apr 2023฿1.8t฿653.7b฿205.8b9.1x8.7x2.7x
Fri, 17 Mar 2023฿1.7t฿653.7b฿205.8b8.9x8.4x2.6x
Sun, 12 Feb 2023฿1.8t฿645.5b฿205.1b8.9x9x2.8x
Tue, 10 Jan 2023฿1.9t฿645.4b฿207.9b8.7x9.3x3x
Thu, 08 Dec 2022฿1.8t฿651.3b฿215.2b8x8.4x2.8x
Sat, 05 Nov 2022฿1.8t฿643.1b฿207.2b8.3x8.8x2.9x
Mon, 03 Oct 2022฿1.8t฿622.4b฿196.7b8.6x9x2.8x
Price to Earnings Ratio

9x


Total Market Cap: ฿1.8tTotal Earnings: ฿196.7bTotal Revenue: ฿622.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Thai Banks Industry Price to Earnings3Y Average 8x202320242025
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 8.0x.
  • The industry is trading close to its 3-year average PS ratio of 2.6x.
Past Earnings Growth
  • The earnings for companies in the Banks industry have grown 10.0% per year over the last three years.
  • Revenues for these companies have grown 7.9% 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-0.70%
Financials0.87%
Banks1.01%
Diversified Banks1.01%
Industry PE
  • Investors are most optimistic about the Diversified Banks industry, which is trading close to its 3-year average PE ratio of 8.0x.
    • Analysts are expecting annual earnings growth of 1.5%, which is lower than the prior year's growth of 8.4% per year.
  • Investors are most pessimistic about the Diversified Banks industry, which is trading close to its 3-year average of 8.0x.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Banks industry, expecting annual earnings growth of 1.5% over the next 5 years.
  • However this is lower than its past earnings growth rate of 8.4% 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
KBANK Kasikornbank฿166.000.9%
+฿3.6b		11.0%PB0.7x
SCB SCB X฿127.000.8%
+฿3.4b		15.5%PB0.9x
TTB TMBThanachart Bank฿1.901.6%
+฿2.8b		-2.1%PB0.8x
KKP Kiatnakin Phatra Bank฿59.752.6%
+฿1.2b		18.3%PB0.8x
BBL Bangkok Bank฿148.000.3%
+฿954.4m		-1.3%PB0.5x

Latest News

TTB
฿1.90
TMBThanachart Bank
7D
1.6%
1Y
-2.1%
KTB
฿25.00
Krung Thai Bank
7D
-1.0%
1Y
21.4%
SCB
฿127.00
SCB X
7D
0.8%
1Y
15.5%

Data X And Typhoon AI Will Improve Future Cost Management And Asset Quality

The consensus analyst price target for SCB X has remained largely unchanged as a lower discount rate offset a slight decline in net profit margin, resulting in only a marginal increase in fair value. What's in the News SCB X terminated Mr. Manop Sangiambut as Chief Finance & Strategy Officer and appointed Mr. Arak Sutivong as Chief Financial Officer effective September 16, 2025.
BBL
฿148.00
Bangkok Bank
7D
0.3%
1Y
-1.3%
KKP
฿59.75
Kiatnakin Phatra Bank
7D
2.6%
1Y
18.3%
KBANK
฿166.00
Kasikornbank
7D
0.9%
1Y
11.0%
BAY
฿23.40
Bank of Ayudhya
7D
-0.8%
1Y
-11.7%
LHFG
฿0.75
LH Financial Group
7D
-1.3%
1Y
-9.6%
CREDIT
฿17.10
Thai Credit Bank
7D
-0.6%
1Y
-16.6%