Thai (SET) Property and Casualty Insurance Industry Analysis

Industry Valuation and Performance

Has the Thai Property and Casualty Insurance Industry valuation changed over the past few years?

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Wed, 26 Aug 2026	฿88.6b	฿121.0b	฿9.6b	5.9x	9.2x	0.7x
Fri, 24 Jul 2026	฿85.3b	฿120.9b	฿9.0b	8.5x	9.5x	0.7x
Sun, 21 Jun 2026	฿81.8b	฿120.9b	฿9.0b	8x	9.1x	0.7x
Tue, 19 May 2026	฿78.7b	฿121.0b	฿8.6b	8.7x	9.1x	0.6x
Thu, 16 Apr 2026	฿74.0b	฿120.1b	฿7.6b	9.5x	9.7x	0.6x
Sat, 14 Mar 2026	฿72.9b	฿120.1b	฿7.6b	9.5x	9.6x	0.6x
Mon, 09 Feb 2026	฿72.1b	฿80.0b	฿5.6b	11.5x	12.9x	0.9x
Wed, 07 Jan 2026	฿71.1b	฿80.0b	฿5.6b	11.5x	12.8x	0.9x
Fri, 05 Dec 2025	฿71.1b	฿80.0b	฿5.6b	11.6x	12.8x	0.9x
Sun, 02 Nov 2025	฿73.1b	฿78.4b	฿5.4b	9.5x	13.6x	0.9x
Tue, 30 Sep 2025	฿73.6b	฿78.4b	฿5.4b	9.4x	13.7x	0.9x
Thu, 28 Aug 2025	฿69.5b	฿78.4b	฿5.4b	8.8x	12.9x	0.9x
Sat, 26 Jul 2025	฿67.7b	฿77.7b	฿5.4b	8.4x	12.6x	0.9x
Mon, 23 Jun 2025	฿65.7b	฿77.7b	฿5.4b	8.4x	12.2x	0.8x
Wed, 21 May 2025	฿65.1b	฿82.3b	฿5.3b	10.9x	12.2x	0.8x
Fri, 18 Apr 2025	฿64.3b	฿77.8b	฿6.7b	7.7x	9.6x	0.8x
Sun, 16 Mar 2025	฿66.7b	฿77.8b	฿6.7b	8.2x	10x	0.9x
Tue, 11 Feb 2025	฿66.3b	฿76.4b	฿6.5b	8.5x	10.2x	0.9x
Thu, 09 Jan 2025	฿65.8b	฿76.4b	฿6.5b	8.4x	10.1x	0.9x
Sat, 07 Dec 2024	฿69.0b	฿76.4b	฿6.5b	9x	10.6x	0.9x
Mon, 04 Nov 2024	฿71.6b	฿81.5b	฿7.1b	9.5x	10.1x	0.9x
Wed, 02 Oct 2024	฿74.0b	฿75.4b	฿6.7b	9.8x	11x	1x
Fri, 30 Aug 2024	฿70.8b	฿75.4b	฿6.7b	9.7x	10.6x	0.9x
Sun, 28 Jul 2024	฿70.5b	฿74.3b	฿6.7b	9.6x	10.6x	0.9x
Tue, 25 Jun 2024	฿71.1b	฿74.3b	฿6.7b	9.6x	10.7x	1x
Thu, 23 May 2024	฿74.1b	฿74.1b	฿6.7b	10x	11.1x	1x
Sat, 20 Apr 2024	฿75.5b	฿73.0b	฿7.0b	9.7x	10.8x	1x
Mon, 18 Mar 2024	฿78.0b	฿73.0b	฿7.0b	10x	11.2x	1.1x
Wed, 14 Feb 2024	฿76.6b	฿73.9b	฿7.7b	9.9x	10x	1x
Fri, 12 Jan 2024	฿79.9b	฿83.9b	฿4.4b	10.5x	18.1x	1x
Sun, 10 Dec 2023	฿78.5b	฿83.9b	฿4.4b	9.8x	17.8x	0.9x
Tue, 07 Nov 2023	฿82.4b	฿83.2b	฿4.7b	10.6x	17.5x	1x
Thu, 05 Oct 2023	฿85.7b	฿83.2b	฿4.7b	10.8x	18.2x	1x
Sat, 02 Sep 2023	฿89.8b	฿83.2b	฿4.7b	11.1x	19.1x	1.1x

Current Industry PE

Investors are pessimistic on the Thai Property and Casualty Insurance industry, indicating that they anticipate long term growth rates will be lower than they have historically.

The industry is trading at a PE ratio of 9.2x which is lower than its 3-year average PE of 12.1x.

The industry is trading close to its 3-year average PS ratio of 0.89x.

Past Earnings Growth

The earnings for companies in the Property and Casualty Insurance industry have grown 27% per year over the last three years.
Revenues for these companies have grown 13% per year.
This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Comparison

How does Thai Property and Casualty Insurance compare with similar industries?


TH Market	-1.56%
Financials	0.09%
Insurance	-0.45%
Property and Casualty Insurance	1.07%
General Insurance	6.36%
Insurance Brokers	2.42%
Reinsurance	-1.20%
Life and Health Insurance	-1.71%

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
BKIH BKI Holdings	฿392.00	2.1% +฿832.4m	36.6%	PE10.4x
TIPH Dhipaya Group Holdings	฿23.80	3.5% +฿475.4m	19.0%	PE12.8x
AYUD Allianz Ayudhya Capital	฿45.25	0.6% +฿97.3m	34.1%	PE6x
NKI Navakij Insurance	฿19.70	3.7% +฿35.0m	-0.5%	PS0.3x
BUI Bangkok Union Insurance	฿12.20	1.7% +฿11.3m	8.2%	PE5.8x

New major risk - Shareholder dilution

The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 32% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (14% average weekly change). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 71% per year over the past 5 years. Shareholders have been substantially diluted in the past year (32% increase in shares outstanding). Minor Risk Market cap is less than US$100m (฿750.0m market cap, or US$22.6m).

Thai (SET) Property and Casualty Insurance Industry Analysis

Industry Valuation and Performance

Industry Comparison

Top Stock Gainers and Losers

Latest News

New major risk - Earnings quality

New major risk - Dividend sustainability

Second quarter 2026 earnings released: EPS: ฿0.66 (vs ฿0.66 in 2Q 2025)

Second quarter 2026 earnings released: EPS: ฿0.49 (vs ฿0.44 in 2Q 2025)

Second quarter 2026 earnings released: EPS: ฿2.43 (vs ฿2.02 in 2Q 2025)

Second quarter 2026 earnings released: EPS: ฿1.49 (vs ฿0.80 in 2Q 2025)

Second quarter dividend of ฿4.50 announced

New major risk - Shareholder dilution