Have your own idea? Try our Stock Screener
Thai (SET) Industrials Sector Analysis
UpdatedDec 10, 2025
DataAggregated Company Financials
Companies168
- 7D7.1%
- 3M-1.2%
- 1Y-21.3%
- YTD-19.5%
Over the last 7 days, the Industrials industry has risen 7.5%, driven by gains from Airports of Thailand of 19%. Meanwhile, Thai Airways International actually underperformed within the industry, shrinking 6.7% in the last week. However, the industry is down 22% over the past year. As for the next few years, earnings are expected to grow by 19% per annum.
Sector Valuation and Performance
Has the Thai Industrials Sector valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Wed, 10 Dec 2025 | ฿1.5t | ฿933.8b | ฿45.1b | 9.6x | 32.6x | 1.6x |
| Fri, 07 Nov 2025 | ฿1.3t | ฿962.1b | ฿50.6b | 9.7x | 26.3x | 1.4x |
| Sun, 05 Oct 2025 | ฿1.5t | ฿968.8b | ฿45.6b | 10.5x | 33.2x | 1.6x |
| Tue, 02 Sep 2025 | ฿1.4t | ฿968.8b | ฿45.6b | 10.3x | 30.3x | 1.4x |
| Thu, 31 Jul 2025 | ฿1.1t | ฿793.5b | ฿50.1b | 10.4x | 22.4x | 1.4x |
| Sat, 28 Jun 2025 | ฿895.5b | ฿792.3b | ฿49.5b | 9.8x | 18.1x | 1.1x |
| Mon, 26 May 2025 | ฿1.0t | ฿818.6b | ฿50.2b | 11.1x | 20.4x | 1.3x |
| Wed, 23 Apr 2025 | ฿1.1t | ฿836.3b | ฿42.7b | 11.9x | 25.6x | 1.3x |
| Fri, 21 Mar 2025 | ฿1.1t | ฿836.3b | ฿42.7b | 12.1x | 26.8x | 1.4x |
| Sun, 16 Feb 2025 | ฿1.3t | ฿800.0b | ฿38.4b | 11.2x | 33.1x | 1.6x |
| Tue, 14 Jan 2025 | ฿1.4t | ฿798.4b | ฿37.8b | 12.6x | 38.2x | 1.8x |
| Thu, 12 Dec 2024 | ฿1.6t | ฿796.0b | ฿37.3b | 14.8x | 42.3x | 2x |
| Sat, 09 Nov 2024 | ฿1.6t | ฿808.7b | ฿37.4b | 14.8x | 42.4x | 2x |
| Mon, 07 Oct 2024 | ฿1.6t | ฿781.3b | ฿36.7b | 15.6x | 44.4x | 2.1x |
| Wed, 04 Sep 2024 | ฿1.5t | ฿781.4b | ฿36.7b | 15.1x | 42.1x | 2x |
| Fri, 02 Aug 2024 | ฿1.5t | ฿772.4b | ฿32.6b | 13.8x | 45.7x | 1.9x |
| Sun, 30 Jun 2024 | ฿1.5t | ฿775.2b | ฿32.3b | 14.7x | 47.3x | 2x |
| Tue, 28 May 2024 | ฿1.7t | ฿777.0b | ฿34.8b | 15.3x | 48.8x | 2.2x |
| Thu, 25 Apr 2024 | ฿1.7t | ฿755.7b | ฿26.1b | 16.5x | 64.1x | 2.2x |
| Sat, 23 Mar 2024 | ฿1.7t | ฿762.8b | ฿25.5b | 17.3x | 66.3x | 2.2x |
| Mon, 19 Feb 2024 | ฿1.7t | ฿750.4b | ฿30.0b | 17.4x | 55.8x | 2.2x |
| Wed, 17 Jan 2024 | ฿1.7t | ฿762.1b | ฿31.2b | 16.6x | 54x | 2.2x |
| Fri, 15 Dec 2023 | ฿1.6t | ฿726.9b | ฿30.5b | 14.6x | 51.7x | 2.2x |
| Sun, 12 Nov 2023 | ฿1.7t | ฿708.2b | ฿22.4b | 15x | 75.5x | 2.4x |
| Tue, 10 Oct 2023 | ฿1.7t | ฿717.6b | ฿29.1b | 15.5x | 60x | 2.4x |
| Thu, 07 Sep 2023 | ฿1.9t | ฿713.5b | ฿28.7b | 16.7x | 64.7x | 2.6x |
| Sat, 05 Aug 2023 | ฿1.8t | ฿707.5b | ฿26.7b | 16.3x | 69.1x | 2.6x |
| Mon, 03 Jul 2023 | ฿1.8t | ฿702.4b | ฿26.4b | 16x | 69.7x | 2.6x |
| Wed, 31 May 2023 | ฿1.9t | ฿740.2b | ฿30.0b | 16.6x | 62.3x | 2.5x |
| Fri, 28 Apr 2023 | ฿2.0t | ฿723.8b | ฿30.9b | 19.4x | 63.5x | 2.7x |
| Sun, 26 Mar 2023 | ฿2.0t | ฿723.9b | ฿30.9b | 19.5x | 63.7x | 2.7x |
| Tue, 21 Feb 2023 | ฿2.0t | ฿691.9b | ฿34.2b | 20.6x | 59x | 2.9x |
| Thu, 19 Jan 2023 | ฿2.1t | ฿695.0b | ฿36.2b | 19.8x | 57.9x | 3x |
| Sat, 17 Dec 2022 | ฿2.0t | ฿694.7b | ฿36.1b | 18.8x | 56.1x | 2.9x |
Price to Earnings Ratio
56.1x
Current Industry PE
- Investors are pessimistic on the Thai Industrials 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 32.3x which is lower than its 3-year average PE of 47.3x.
- The 3-year average PS ratio of 2.1x is higher than the industry's current PS ratio of 1.6x.
Past Earnings Growth
- The earnings for companies in the Industrials industry have grown 7.7% per year over the last three years.
- Revenues for these companies have grown 10% per year.
- This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.
Industry Trends
Which industries have driven the changes within the Thai Industrials sector?
| TH Market | -0.61% | |
| Industrials | 7.10% | |
| Infrastructure | 15.90% | |
| Transportation | 0.45% | |
| Electrical | 0.09% | |
| Building | -0.40% | |
| Professional Services | -0.50% | |
| Machinery | -0.60% | |
| Industrials | -0.68% | |
| Trade Distributors | -0.76% | |
| Commercial Services | -2.00% | |
| Marine and Shipping | -2.34% | |
| Logistics | -2.52% | |
| Construction | -3.62% | |
| Airlines | -6.15% | |
Industry PE
- Investors are most optimistic about the Machinery industry which is trading above its 3-year average PE ratio of 10.5x.
- It looks like they are confident that earnings will grow faster in the future than they have historically.
Forecasted Growth
- Analysts are most optimistic on the Airlines industry, expecting annual earnings growth of 43% over the next 5 years.
- This is better than its past earnings decline of 28% per year.
- In contrast, the Transportation industry is expected to see its earnings decline by 66% 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 | |
|---|---|---|---|---|---|
| AOT Airports of Thailand | ฿54.00 | 19.3% +฿125.0b | -10.7% | PE42.6x | |
| KGEN King Gen | ฿1.39 | 43.3% +฿867.6m | -7.9% | PS3.8x | |
| HYDRO Hydrotek | ฿6.70 | 22.9% +฿367.3m | 458.3% | PS4.7x | |
| TRC TRC Construction | ฿0.55 | 41.0% +฿223.6m | -53.8% | PS0.7x | |
| TPL Thai Parcels | ฿0.57 | -14.9% ฿195.2m | -43.6% | PS2.2x |