Thai (SET) Asset Management Industry Analysis

Industry Valuation and Performance

Has the Thai Asset Management Industry valuation changed over the past few years?

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Thu, 16 Jul 2026	฿10.4b	฿2.7b	฿213.5m	15.7x	48.9x	3.9x
Sat, 13 Jun 2026	฿10.6b	฿2.7b	฿213.5m	15x	49.8x	4x
Mon, 11 May 2026	฿10.6b	฿2.6b	฿188.0m	8.8x	56.5x	4.1x
Wed, 08 Apr 2026	฿11.0b	฿2.6b	฿188.0m	9.8x	58.5x	4.2x
Fri, 06 Mar 2026	฿11.3b	฿2.6b	฿188.0m	10.1x	60.3x	4.4x
Sun, 01 Feb 2026	฿10.4b	฿2.6b	฿248.0m	7.6x	42.1x	4x
Tue, 30 Dec 2025	฿12.7b	฿2.6b	฿248.0m	8.5x	51x	4.9x
Thu, 27 Nov 2025	฿10.6b	฿2.6b	฿248.0m	7.7x	42.9x	4.1x
Sat, 25 Oct 2025	฿12.0b	฿2.6b	฿244.4m	8.1x	49x	4.6x
Mon, 22 Sep 2025	฿11.3b	฿2.6b	฿244.4m	8.6x	46.3x	4.4x
Wed, 20 Aug 2025	฿11.8b	฿2.6b	฿221.8m	9.2x	53.2x	4.6x
Fri, 18 Jul 2025	฿13.4b	฿2.5b	฿268.6m	8.9x	49.9x	5.3x
Sun, 15 Jun 2025	฿12.7b	฿2.5b	฿268.6m	9.3x	47.3x	5x
Tue, 13 May 2025	฿12.5b	฿2.2b	฿90.9m	15.1x	137.8x	5.7x
Thu, 10 Apr 2025	฿11.8b	฿2.2b	฿90.9m	13.2x	130.3x	5.4x
Sat, 08 Mar 2025	฿9.9b	฿2.2b	฿90.9m	14x	109.3x	4.5x
Mon, 03 Feb 2025	฿14.0b	฿2.1b	-฿31,456,060.00	16.9x	-445x	6.7x
Wed, 01 Jan 2025	฿14.0b	฿2.1b	-฿31,456,060.00	16.6x	-444.6x	6.7x
Fri, 29 Nov 2024	฿10.7b	฿2.1b	-฿31,456,060.00	16.9x	-339.7x	5.1x
Sun, 27 Oct 2024	฿11.8b	฿1.9b	-฿40,941,135.00	18.2x	-288.7x	6.1x
Tue, 24 Sep 2024	฿43.4b	฿4.9b	฿1.7b	16.2x	25.8x	8.9x
Thu, 22 Aug 2024	฿36.2b	฿4.9b	฿1.7b	13.2x	21.5x	7.4x
Sat, 20 Jul 2024	฿36.7b	฿4.8b	฿1.7b	13.5x	21.7x	7.6x
Mon, 17 Jun 2024	฿39.4b	฿4.8b	฿1.7b	14.4x	23.3x	8.1x
Wed, 15 May 2024	฿40.9b	฿4.5b	฿1.5b	15.7x	26.7x	9x
Fri, 12 Apr 2024	฿44.7b	฿4.5b	฿1.5b	17.4x	29.2x	9.9x
Sun, 10 Mar 2024	฿42.8b	฿4.8b	฿1.5b	16.4x	28x	8.9x
Tue, 06 Feb 2024	฿39.8b	฿4.9b	฿2.0b	13.4x	19.5x	8.2x
Thu, 04 Jan 2024	฿41.7b	฿4.9b	฿2.0b	13.6x	20.5x	8.6x
Sat, 02 Dec 2023	฿40.9b	฿4.9b	฿2.0b	13.3x	20.1x	8.4x
Mon, 30 Oct 2023	฿43.6b	฿5.1b	฿2.4b	13.1x	18.2x	8.5x
Wed, 27 Sep 2023	฿47.8b	฿5.1b	฿2.4b	14.3x	19.9x	9.3x
Fri, 25 Aug 2023	฿51.6b	฿5.1b	฿2.4b	14.9x	21.5x	10.1x
Sun, 23 Jul 2023	฿49.5b	฿5.4b	฿2.8b	12.8x	17.5x	9.2x

Current Industry PE

Investors are optimistic on the Thai Asset Management and Custody Banks industry, and appear confident in long term growth rates.

The industry is trading at a PE ratio of 49.0x which is higher than its 3-year average PE of -14.2x.

The 3-year average PS ratio of 6.5x is higher than the industry's current PS ratio of 3.9x.

Past Earnings Growth

The earnings for companies in the Asset Management and Custody Banks industry have declined 58% per year over the last three years,
Revenues have also declined 21% per year.
This means overall sales from these companies are declining and profits are subsequently falling as well.

Industry Comparison

How does Thai Asset Management compare with similar industries?


TH Market	3.44%
Financials	2.68%
Capital Markets	2.37%
Asset Management	-0.27%
Investment Banking and Brokerage	2.77%

Industry PEThere are no additional sub-industries under this industry.

Forecasted GrowthThere are no additional sub-industries under 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	฿1.03	1.0% +฿63.1m	-23.1%	PS8.8x
MII MFC Industrial Investment Property and Leasehold Fund	฿6.30	5.0% +฿51.6m	27.0%	n/a
TH Tong Hua Holding	฿0.51	6.3% +฿29.6m	-13.6%	PE22x
MFC MFC Asset Management	฿19.90	0.5% +฿12.6m	-28.3%	PE9.8x

Company

Last Price

Valuation

AIRA AIRA Capital

฿1.03

1.0%
+฿63.1m

-23.1%

PS8.8x

MII MFC Industrial Investment Property and Leasehold Fund

฿6.30

5.0%
+฿51.6m

27.0%

n/a

TH Tong Hua Holding

฿0.51

6.3%
+฿29.6m

-13.6%

PE22x

MFC MFC Asset Management

฿19.90

0.5%
+฿12.6m

-28.3%

PE9.8x

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) Asset Management Industry Analysis

Industry Valuation and Performance

Industry Comparison

Top Stock Gainers and Losers

Latest News

MFC Asset Management Public Company Limited Announces Election of Supachai Somcharoen as Independent Director, Chairman of the Risk Management Committee, Member of the Corporate Governance and Sustainability Committee, Effective July 10, 2026

New major risk - Revenue and earnings growth

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

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