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Thai (SET) Capital Markets Industry Analysis
UpdatedDec 23, 2025
DataAggregated Company Financials
Companies20
- 7D1.4%
- 3M-7.4%
- 1Y-10.3%
- YTD-7.7%
Over the last 7 days, the Capital Markets industry has risen 1.4%, driven by gains from AIRA Capital of 14%. In the same time, Beyond Securities was down 8.2%. In the past year, the industry is down 10%. Looking forward, earnings are forecast to grow by 19% annually.
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 |
|---|---|---|---|---|---|---|
| Wed, 24 Dec 2025 | ฿151.4b | ฿23.1b | ฿2.6b | 14.9x | 58.8x | 6.5x |
| Fri, 21 Nov 2025 | ฿151.7b | ฿23.1b | ฿2.6b | 15.8x | 58.9x | 6.6x |
| Sun, 19 Oct 2025 | ฿153.8b | ฿23.3b | ฿2.7b | 24x | 57.4x | 6.6x |
| Tue, 16 Sep 2025 | ฿155.7b | ฿23.3b | ฿2.7b | 28.4x | 58.1x | 6.7x |
| Thu, 14 Aug 2025 | ฿125.3b | ฿22.4b | ฿2.5b | 13.5x | 49.9x | 5.6x |
| Sat, 12 Jul 2025 | ฿121.2b | ฿22.2b | ฿2.8b | 13.2x | 43.1x | 5.5x |
| Mon, 09 Jun 2025 | ฿124.9b | ฿22.2b | ฿2.8b | 13.3x | 44.4x | 5.6x |
| Wed, 07 May 2025 | ฿125.3b | ฿22.4b | ฿3.2b | 13.3x | 38.6x | 5.6x |
| Fri, 04 Apr 2025 | ฿127.4b | ฿22.4b | ฿3.3b | 12.8x | 38.8x | 5.7x |
| Sun, 02 Mar 2025 | ฿124.0b | ฿21.3b | ฿3.1b | 13.8x | 39.4x | 5.8x |
| Tue, 28 Jan 2025 | ฿129.0b | ฿21.7b | ฿1.9b | 15.4x | 67.5x | 5.9x |
| Thu, 26 Dec 2024 | ฿129.6b | ฿21.7b | ฿1.9b | 15.3x | 67.8x | 6x |
| Sat, 23 Nov 2024 | ฿129.8b | ฿21.7b | ฿2.0b | 15.3x | 64.3x | 6x |
| Mon, 21 Oct 2024 | ฿135.2b | ฿21.4b | ฿2.7b | 18x | 49.8x | 6.3x |
| Wed, 18 Sep 2024 | ฿167.5b | ฿22.2b | ฿4.1b | 18.2x | 41x | 7.5x |
| Fri, 16 Aug 2024 | ฿148.4b | ฿25.0b | ฿4.6b | 13.4x | 31.9x | 5.9x |
| Sun, 14 Jul 2024 | ฿162.2b | ฿24.0b | ฿4.5b | 14.1x | 36x | 6.8x |
| Tue, 11 Jun 2024 | ฿167.0b | ฿24.2b | ฿4.5b | 15x | 37x | 6.9x |
| Thu, 09 May 2024 | ฿159.7b | ฿23.0b | ฿4.5b | 15.6x | 35.5x | 6.9x |
| Sat, 06 Apr 2024 | ฿162.6b | ฿23.1b | ฿4.5b | 15.6x | 36.1x | 7x |
| Mon, 04 Mar 2024 | ฿158.5b | ฿21.6b | ฿5.0b | 16.8x | 31.4x | 7.4x |
| Wed, 31 Jan 2024 | ฿82.7b | ฿19.6b | ฿4.3b | 13.3x | 19x | 4.2x |
| Fri, 29 Dec 2023 | ฿127.4b | ฿23.7b | ฿5.6b | 13x | 22.7x | 5.4x |
| Sun, 26 Nov 2023 | ฿121.9b | ฿23.7b | ฿5.6b | 12.8x | 21.7x | 5.1x |
| Tue, 24 Oct 2023 | ฿126.4b | ฿23.5b | ฿5.5b | 13.2x | 23.1x | 5.4x |
| Thu, 21 Sep 2023 | ฿139.9b | ฿23.5b | ฿5.5b | 14.4x | 25.5x | 6x |
| Sat, 19 Aug 2023 | ฿131.0b | ฿23.5b | ฿5.5b | 13.9x | 23.6x | 5.6x |
| Mon, 17 Jul 2023 | ฿128.2b | ฿23.8b | ฿6.3b | 12.7x | 20.5x | 5.4x |
| Wed, 14 Jun 2023 | ฿131.3b | ฿23.8b | ฿6.3b | 13x | 21x | 5.5x |
| Fri, 12 May 2023 | ฿131.8b | ฿24.5b | ฿6.7b | 12.6x | 19.7x | 5.4x |
| Sun, 09 Apr 2023 | ฿137.7b | ฿24.7b | ฿6.8b | 12.2x | 20.3x | 5.6x |
| Tue, 07 Mar 2023 | ฿123.3b | ฿26.0b | ฿7.9b | 11.1x | 15.6x | 4.7x |
| Thu, 02 Feb 2023 | ฿190.3b | ฿26.8b | ฿8.2b | 11.9x | 23.1x | 7.1x |
| Sat, 31 Dec 2022 | ฿189.5b | ฿26.8b | ฿8.2b | 10.4x | 23x | 7.1x |
Price to Earnings Ratio
23x
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 58.8x which is higher than its 3-year average PE of 37.3x.
- The industry is trading close to its 3-year average PS ratio of 6.0x.
Past Earnings Growth
- The earnings for companies in the Capital Markets industry have declined 32% per year over the last three years,
- Revenues have also declined 4.8% per year.
- This means overall sales from these companies are declining and profits are subsequently falling as well.
Industry Trends
Which industries have driven the changes within the Thai Financials industry?
| TH Market | -0.29% | |
| Financials | 0.58% | |
| Capital Markets | 1.41% | |
| Asset Management | 6.53% | |
| Investment Banking and Brokerage | 0.57% | |
Industry PE
- Investors are most optimistic about the Investment Banking and Brokerage industry which is trading above its 3-year average PE ratio of 38.4x.
- Analysts are expecting annual earnings growth of 18.7%, which is higher than its past year's earnings decline of 22.0% per year.
- 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 Growth
- Analysts are most optimistic on the Investment Banking and Brokerage industry, expecting annual earnings growth of 19% over the next 5 years.
- This is better than its past earnings decline of 22% per year.
- In contrast, the Investment Banking and Brokerage industry is expected to see its earnings grow by 19% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| AIRA AIRA Capital | ฿1.17 | 13.6% +฿884.1m | -8.6% | PS10.1x | |
| KGI KGI Securities (Thailand) | ฿3.94 | 1.5% +฿119.5m | -6.2% | PE8x | |
| XPG XSpring Capital | ฿0.46 | 2.2% +฿107.0m | -48.9% | PE24.3x | |
| FSX Finansia X | ฿0.74 | 2.8% +฿22.8m | -63.4% | PS0.6x | |
| ASP Asia Plus Group Holdings | ฿2.00 | 0.5% +฿20.3m | -14.5% | PE16.8x |