Thai (SET) Capital Markets Industry Analysis

Industry Valuation and Performance

Has the Thai Capital Markets Industry valuation changed over the past few years?

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Fri, 26 Jun 2026	฿152.7b	฿23.2b	฿2.3b	15.5x	67.1x	6.6x
Sun, 24 May 2026	฿152.2b	฿23.2b	฿2.3b	15.2x	66.9x	6.6x
Tue, 21 Apr 2026	฿151.7b	฿22.5b	฿1.9b	20.6x	80.6x	6.7x
Thu, 19 Mar 2026	฿153.2b	฿22.5b	฿1.9b	21x	81.3x	6.8x
Sat, 14 Feb 2026	฿152.4b	฿23.0b	฿2.5b	17.7x	61x	6.6x
Mon, 12 Jan 2026	฿153.3b	฿23.1b	฿2.6b	15.1x	59.5x	6.6x
Wed, 10 Dec 2025	฿151.1b	฿23.1b	฿2.6b	14.9x	58.7x	6.5x
Fri, 07 Nov 2025	฿152.8b	฿23.1b	฿2.6b	24x	58.9x	6.6x
Sun, 05 Oct 2025	฿156.3b	฿23.3b	฿2.7b	26.4x	58.3x	6.7x
Tue, 02 Sep 2025	฿122.2b	฿21.4b	฿2.4b	20x	50.5x	5.7x
Thu, 31 Jul 2025	฿125.3b	฿22.5b	฿2.6b	13.8x	49x	5.6x
Sat, 28 Jun 2025	฿120.0b	฿22.2b	฿2.8b	12.7x	42.7x	5.4x
Mon, 26 May 2025	฿126.6b	฿22.2b	฿2.8b	13.8x	45x	5.7x
Wed, 23 Apr 2025	฿124.9b	฿22.4b	฿3.3b	12.7x	38x	5.6x
Fri, 21 Mar 2025	฿125.6b	฿22.4b	฿3.3b	13x	38.2x	5.6x
Sun, 16 Feb 2025	฿125.4b	฿21.9b	฿2.0b	14.6x	62.8x	5.7x
Tue, 14 Jan 2025	฿128.4b	฿21.7b	฿1.9b	15.7x	67.1x	5.9x
Thu, 12 Dec 2024	฿129.1b	฿21.7b	฿1.9b	16.2x	67.5x	5.9x
Sat, 09 Nov 2024	฿132.4b	฿21.5b	฿2.7b	16.7x	48.2x	6.2x
Mon, 07 Oct 2024	฿135.2b	฿21.4b	฿2.7b	18x	49.8x	6.3x
Wed, 04 Sep 2024	฿156.6b	฿24.4b	฿4.4b	16.1x	35.3x	6.4x
Fri, 02 Aug 2024	฿154.1b	฿23.9b	฿4.5b	14x	34.4x	6.4x
Sun, 30 Jun 2024	฿160.7b	฿24.0b	฿4.5b	14.1x	35.7x	6.7x
Tue, 28 May 2024	฿170.3b	฿24.0b	฿4.4b	16.3x	39.1x	7.1x
Thu, 25 Apr 2024	฿160.2b	฿23.1b	฿4.5b	15.3x	35.6x	6.9x
Sat, 23 Mar 2024	฿164.1b	฿23.1b	฿4.5b	16.1x	36.5x	7.1x
Mon, 19 Feb 2024	฿158.8b	฿21.2b	฿5.4b	15x	29.5x	7.5x
Wed, 17 Jan 2024	฿86.1b	฿19.6b	฿4.5b	13.3x	19.3x	4.4x
Fri, 15 Dec 2023	฿122.1b	฿23.7b	฿5.6b	12.7x	21.8x	5.2x
Sun, 12 Nov 2023	฿121.4b	฿23.3b	฿5.4b	13x	22.5x	5.2x
Tue, 10 Oct 2023	฿132.4b	฿23.5b	฿5.5b	13.6x	24.2x	5.6x
Thu, 07 Sep 2023	฿143.2b	฿23.4b	฿5.5b	15x	26.1x	6.1x
Sat, 05 Aug 2023	฿134.1b	฿23.7b	฿6.2b	12.7x	21.5x	5.7x
Mon, 03 Jul 2023	฿127.9b	฿23.8b	฿6.3b	12.7x	20.5x	5.4x

Current Industry PE

Investors are optimistic on the Thai Capital Markets industry, and appear confident in long term growth rates.

The industry is trading at a PE ratio of 67.1x which is higher than its 3-year average PE of 45.6x.

The industry is trading close to its 3-year average PS ratio of 6.1x.

Past Earnings Growth

The earnings for companies in the Capital Markets industry have declined 29% per year over the last three years.
Meanwhile revenues have remained mostly flat.
This means that although sales have remained flat, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Trends

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


TH Market	-2.44%
Financials	0.96%
Capital Markets	0.59%
Investment Banking and Brokerage	1.23%
Asset Management	-3.57%

Industry PE

Investors are most optimistic about the Investment Banking and Brokerage industry which is trading above its 3-year average PE ratio of 46.8x.

It looks like they are confident that earnings will grow faster in the future than they have historically.

Investors are most pessimistic about the Asset Management industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average.

Forecasted GrowthThere is insufficient data on the sub-industries of this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

Company	Last Price	7D	1Y	Valuation
KGI KGI Securities (Thailand)	฿4.38	1.4% +฿119.5m	21.7%	PE8.8x
BYD Beyond Securities	฿0.49	2.1% +฿52.1m	32.4%	PB0.5x
MST Maybank Securities (Thailand)	฿7.20	0.7% +฿28.5m	7.5%	PE15.5x
FNS FNS Holdings	฿0.55	5.8% +฿15.0m	-43.3%	PS0.8x

New major risk - Revenue and earnings growth

Earnings have declined by 2.0% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 2.0% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (9.4% net profit margin). Market cap is less than US$100m (฿449.3m market cap, or US$13.8m).

Thai (SET) Capital Markets Industry Analysis

Industry Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

MFC Asset Management Public Company Limited Announces Resignation of Miss Jenjit Sawekawatanopas from Director, Effective 19 June 2026

New major risk - Earnings quality

Maybank Securities Thailand Announces Appointment of Vasin Sukwatwibul to Head of Wealth Management

New major risk - Financial position

New major risk - Revenue and earnings growth

Beyond Securities Public Company Limited, Annual General Meeting, Apr 29, 2026

New major risk - Financial position

Upcoming dividend of ฿0.01 per share

Full year 2025 earnings released: ฿0.047 loss per share (vs ฿0.062 profit in FY 2024)

Full year 2025 earnings released: ฿0.017 loss per share (vs ฿0.022 loss in FY 2024)

Full year 2025 earnings released: ฿0.45 loss per share (vs ฿0.16 loss in FY 2024)