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
Mon, 18 May 2026	฿152.5b	฿22.9b	฿2.0b	20.6x	74.5x	6.7x
Wed, 15 Apr 2026	฿152.9b	฿22.5b	฿1.9b	21x	81.2x	6.8x
Fri, 13 Mar 2026	฿153.8b	฿22.5b	฿1.9b	21.6x	81.7x	6.8x
Sun, 08 Feb 2026	฿150.9b	฿23.0b	฿2.5b	17.4x	60.3x	6.6x
Tue, 06 Jan 2026	฿153.3b	฿23.1b	฿2.6b	15x	59.5x	6.6x
Thu, 04 Dec 2025	฿150.8b	฿23.1b	฿2.6b	15.2x	58.5x	6.5x
Sat, 01 Nov 2025	฿153.3b	฿23.1b	฿2.6b	24.5x	59x	6.6x
Mon, 29 Sep 2025	฿156.2b	฿23.3b	฿2.7b	26.8x	58.3x	6.7x
Wed, 27 Aug 2025	฿125.1b	฿22.4b	฿2.3b	20.5x	55.5x	5.6x
Fri, 25 Jul 2025	฿126.9b	฿22.5b	฿2.6b	13.4x	49.6x	5.6x
Sun, 22 Jun 2025	฿123.0b	฿22.2b	฿2.8b	13.2x	43.7x	5.5x
Tue, 20 May 2025	฿126.2b	฿22.2b	฿2.8b	13.2x	44.9x	5.7x
Thu, 17 Apr 2025	฿125.5b	฿22.4b	฿3.3b	12.6x	38.2x	5.6x
Sat, 15 Mar 2025	฿125.7b	฿22.4b	฿3.3b	13.1x	38.3x	5.6x
Mon, 10 Feb 2025	฿126.2b	฿21.9b	฿2.0b	14.5x	63.2x	5.8x
Wed, 08 Jan 2025	฿129.3b	฿21.7b	฿1.9b	16.4x	67.6x	5.9x
Fri, 06 Dec 2024	฿129.7b	฿21.7b	฿1.9b	15.8x	67.8x	6x
Sun, 03 Nov 2024	฿133.2b	฿21.4b	฿2.7b	18x	48.5x	6.2x
Tue, 01 Oct 2024	฿168.6b	฿24.4b	฿4.4b	18.3x	38x	6.9x
Thu, 29 Aug 2024	฿155.9b	฿24.2b	฿4.2b	15.1x	37x	6.5x
Sat, 27 Jul 2024	฿154.1b	฿24.0b	฿4.5b	13.5x	34.2x	6.4x
Mon, 24 Jun 2024	฿164.2b	฿24.0b	฿4.5b	14.4x	36.5x	6.9x
Wed, 22 May 2024	฿170.7b	฿24.0b	฿4.4b	16.3x	39.2x	7.1x
Fri, 19 Apr 2024	฿163.3b	฿23.1b	฿4.5b	15.4x	36.3x	7.1x
Sun, 17 Mar 2024	฿160.6b	฿23.1b	฿4.5b	16.1x	35.7x	7x
Tue, 13 Feb 2024	฿159.4b	฿21.2b	฿5.4b	15.4x	29.6x	7.5x
Thu, 11 Jan 2024	฿87.3b	฿19.6b	฿4.5b	13.3x	19.5x	4.4x
Sat, 09 Dec 2023	฿123.7b	฿23.7b	฿5.6b	12.8x	22.1x	5.2x
Mon, 06 Nov 2023	฿124.3b	฿23.4b	฿5.5b	13.1x	22.7x	5.3x
Wed, 04 Oct 2023	฿136.3b	฿23.5b	฿5.5b	14x	24.9x	5.8x
Fri, 01 Sep 2023	฿143.7b	฿23.4b	฿5.5b	15.3x	26.2x	6.1x
Sun, 30 Jul 2023	฿132.9b	฿23.8b	฿6.3b	12.6x	21.2x	5.6x
Tue, 27 Jun 2023	฿125.0b	฿23.8b	฿6.3b	12.2x	20x	5.3x
Thu, 25 May 2023	฿128.3b	฿23.8b	฿6.3b	13.2x	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 79.1x which is higher than its 3-year average PE of 43.9x.

The 3-year average PS ratio of 6.1x 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 32% 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	1.16%
Financials	1.79%
Capital Markets	0.81%
Asset Management	1.53%
Investment Banking and Brokerage	0.70%

Industry PE

Investors are most optimistic about the Investment Banking and Brokerage industry which is trading above its 3-year average PE ratio of 45.2x.

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
AIRA AIRA Capital	฿1.11	1.8% +฿126.3m	-13.3%	PS9.6x
CGH Country Group Holdings	฿0.50	6.4% +฿124.6m	8.7%	PS1.6x
ASP Asia Plus Group Holdings	฿2.16	1.9% +฿81.3m	9.1%	PE22.4x
MST Maybank Securities (Thailand)	฿7.00	1.4% +฿57.1m	-9.7%	PE15.1x
MFC MFC Asset Management	฿19.00	1.6% +฿37.7m	-35.0%	PE10x

New major risk - Financial position

The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 41% per year over the past 5 years. Market cap is less than US$10m (฿290.4m market cap, or US$9.21m).

Thai (SET) Capital Markets Industry Analysis

Industry Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

First quarter 2026 earnings released: EPS: ฿0.16 (vs ฿0.10 in 1Q 2025)

Now 22% overvalued after recent price rise

Upcoming dividend of ฿1.25 per share

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

New minor risk - Profit margin trend

New major risk - Financial position

Upcoming dividend of ฿0.01 per share

Full year 2025 earnings released: ฿0.37 loss per share (vs ฿0.002 profit in FY 2024)

New major risk - Share price stability

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)

Full year 2025 earnings released: EPS: ฿0.026 (vs ฿0.05 loss in FY 2024)

MFC Industrial Investment Property and Leasehold Fund, Annual General Meeting, Dec 09, 2025