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Thai (SET) Capital Markets Industry Analysis
UpdatedSep 26, 2025
DataAggregated Company Financials
Companies20
- 7D3.2%
- 3M6.2%
- 1Y-12.5%
- YTD-3.7%
In the last week, the Capital Markets industry is up 3.2%, with AIRA Capital up 18%. Meanwhile, XSpring Capital actually underperformed within the industry, shrinking 11% in the last week. In contrast, the industry has lost 13% in the last 12 months. As for the next few years, earnings are expected to grow by 18% per annum.
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 Sep 2025 | ฿155.8b | ฿23.3b | ฿2.7b | 26.8x | 58.2x | 6.7x |
| Sun, 24 Aug 2025 | ฿125.0b | ฿22.3b | ฿2.3b | 20.5x | 55.5x | 5.6x |
| Tue, 22 Jul 2025 | ฿125.0b | ฿22.5b | ฿2.6b | 13.6x | 48.9x | 5.6x |
| Thu, 19 Jun 2025 | ฿123.6b | ฿22.2b | ฿2.8b | 13.3x | 43.9x | 5.6x |
| Sat, 17 May 2025 | ฿125.8b | ฿21.9b | ฿2.9b | 15.4x | 43.6x | 5.7x |
| Mon, 14 Apr 2025 | ฿124.8b | ฿22.4b | ฿3.3b | 12.5x | 38x | 5.6x |
| Wed, 12 Mar 2025 | ฿120.3b | ฿20.5b | ฿3.0b | 13.5x | 40.7x | 5.9x |
| Fri, 07 Feb 2025 | ฿126.2b | ฿21.9b | ฿2.0b | 14.4x | 63.2x | 5.8x |
| Sun, 05 Jan 2025 | ฿131.0b | ฿21.7b | ฿1.9b | 16.1x | 68.5x | 6x |
| Tue, 03 Dec 2024 | ฿129.8b | ฿21.7b | ฿1.9b | 15.6x | 67.9x | 6x |
| Thu, 31 Oct 2024 | ฿133.4b | ฿21.4b | ฿2.7b | 18.2x | 48.6x | 6.2x |
| Sat, 28 Sep 2024 | ฿168.4b | ฿24.4b | ฿4.4b | 18.5x | 37.9x | 6.9x |
| Mon, 26 Aug 2024 | ฿157.9b | ฿24.2b | ฿4.2b | 15.2x | 37.5x | 6.5x |
| Wed, 24 Jul 2024 | ฿152.5b | ฿24.0b | ฿4.5b | 13.5x | 33.9x | 6.4x |
| Fri, 21 Jun 2024 | ฿160.2b | ฿24.0b | ฿4.5b | 14.2x | 35.6x | 6.7x |
| Sun, 19 May 2024 | ฿172.7b | ฿24.0b | ฿4.4b | 16.5x | 39.6x | 7.2x |
| Tue, 16 Apr 2024 | ฿163.6b | ฿23.1b | ฿4.5b | 15.8x | 36.4x | 7.1x |
| Thu, 14 Mar 2024 | ฿162.6b | ฿23.1b | ฿4.5b | 16.1x | 36.1x | 7x |
| Sat, 10 Feb 2024 | ฿159.4b | ฿21.2b | ฿5.4b | 15.5x | 29.6x | 7.5x |
| Mon, 08 Jan 2024 | ฿129.4b | ฿23.5b | ฿5.6b | 13.7x | 23.1x | 5.5x |
| Wed, 06 Dec 2023 | ฿123.2b | ฿23.7b | ฿5.6b | 12.9x | 22x | 5.2x |
| Fri, 03 Nov 2023 | ฿124.4b | ฿23.4b | ฿5.5b | 13.3x | 22.8x | 5.3x |
| Sun, 01 Oct 2023 | ฿137.2b | ฿23.5b | ฿5.5b | 14.3x | 25x | 5.9x |
| Tue, 29 Aug 2023 | ฿141.0b | ฿23.4b | ฿5.5b | 14.9x | 25.7x | 6x |
| Thu, 27 Jul 2023 | ฿131.9b | ฿23.8b | ฿6.3b | 12.7x | 21.1x | 5.5x |
| Sat, 24 Jun 2023 | ฿127.3b | ฿23.8b | ฿6.3b | 12.9x | 20.4x | 5.3x |
| Mon, 22 May 2023 | ฿127.4b | ฿23.9b | ฿6.3b | 13.2x | 20.4x | 5.3x |
| Wed, 19 Apr 2023 | ฿138.7b | ฿24.7b | ฿6.8b | 12.4x | 20.4x | 5.6x |
| Fri, 17 Mar 2023 | ฿115.8b | ฿24.7b | ฿6.8b | 12.4x | 17x | 4.7x |
| Sun, 12 Feb 2023 | ฿184.3b | ฿26.8b | ฿8.2b | 11.4x | 22.4x | 6.9x |
| Tue, 10 Jan 2023 | ฿188.7b | ฿26.8b | ฿8.2b | 10.8x | 22.9x | 7x |
| Thu, 08 Dec 2022 | ฿184.0b | ฿26.8b | ฿8.2b | 10.5x | 22.4x | 6.9x |
| Sat, 05 Nov 2022 | ฿191.3b | ฿27.4b | ฿8.8b | 9.3x | 21.8x | 7x |
| Mon, 03 Oct 2022 | ฿193.3b | ฿27.6b | ฿8.9b | 9.6x | 21.8x | 7x |
Price to Earnings Ratio
21.8x
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 58.2x which is higher than its 3-year average PE of 34.4x.
- The 3-year average PS ratio of 6.0x is lower than the industry's current PS ratio of 6.7x.
Past Earnings Growth
- The earnings for companies in the Capital Markets industry have declined 33% per year over the last three years,
- Revenues have also declined 5.5% 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 | -0.70% | |
| Financials | 0.87% | |
| Capital Markets | 3.17% | |
| Asset Management | 7.63% | |
| Investment Banking and Brokerage | 2.47% | |
Industry PE
- Investors are most optimistic about the Investment Banking and Brokerage industry which is trading above its 3-year average PE ratio of 35.4x.
- Analysts are expecting annual earnings growth of 17.6%, which is higher than its past year's earnings decline of 20.5% 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 18% over the next 5 years.
- This is better than its past earnings decline of 21% per year.
- In contrast, the Investment Banking and Brokerage industry is expected to see its earnings grow by 18% 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 | ฿1.25 | 17.9% +฿1.2b | -18.3% | PS10.1x | |
| BYD Beyond Securities | ฿0.86 | 4.9% +฿208.4m | -43.4% | PB0.9x | |
| ASP Asia Plus Group Holdings | ฿2.78 | 2.2% +฿122.6m | 7.8% | PE30.8x | |
| FNS FNS Holdings | ฿1.03 | 14.4% +฿65.1m | -62.4% | PS3x | |
| FSX Finansia X | ฿1.15 | 3.6% +฿45.6m | -58.9% | PS0.9x |