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Thai (SET) Industrials Sector Analysis
UpdatedSep 18, 2025
DataAggregated Company Financials
Companies169
- 7D1.1%
- 3M27.7%
- 1Y-34.3%
- YTD-17.7%
In the last week, the Industrials industry is up 3.6%, with Airports of Thailand up 3.9%. However, the industry is down 34% over the past year. As for the next few years, earnings are expected to grow by 15% 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 |
|---|---|---|---|---|---|---|
| Thu, 18 Sep 2025 | ฿1.5t | ฿968.8b | ฿45.6b | 10.9x | 33.1x | 1.6x |
| Sat, 16 Aug 2025 | ฿1.4t | ฿999.7b | ฿42.2b | 10.1x | 32.1x | 1.4x |
| Mon, 14 Jul 2025 | ฿936.2b | ฿792.3b | ฿49.5b | 10.5x | 18.9x | 1.2x |
| Wed, 11 Jun 2025 | ฿970.8b | ฿791.7b | ฿49.7b | 10.6x | 19.5x | 1.2x |
| Fri, 09 May 2025 | ฿1.1t | ฿835.0b | ฿42.6b | 12.6x | 25.8x | 1.3x |
| Sun, 06 Apr 2025 | ฿1.1t | ฿836.3b | ฿42.7b | 11.8x | 24.7x | 1.3x |
| Tue, 04 Mar 2025 | ฿1.2t | ฿839.0b | ฿43.7b | 11.7x | 27.1x | 1.4x |
| Thu, 30 Jan 2025 | ฿1.4t | ฿798.1b | ฿37.6b | 12.5x | 38.4x | 1.8x |
| Sat, 28 Dec 2024 | ฿1.5t | ฿796.0b | ฿37.3b | 14.1x | 40.9x | 1.9x |
| Mon, 25 Nov 2024 | ฿1.6t | ฿776.7b | ฿27.4b | 14.8x | 57.5x | 2x |
| Wed, 23 Oct 2024 | ฿1.6t | ฿808.0b | ฿37.3b | 14.9x | 42.9x | 2x |
| Fri, 20 Sep 2024 | ฿1.6t | ฿781.3b | ฿36.7b | 15.8x | 44.9x | 2.1x |
| Sun, 18 Aug 2024 | ฿1.5t | ฿771.8b | ฿27.2b | 13.2x | 53.7x | 1.9x |
| Tue, 16 Jul 2024 | ฿1.5t | ฿774.5b | ฿32.3b | 14.8x | 47.6x | 2x |
| Thu, 13 Jun 2024 | ฿1.6t | ฿775.3b | ฿32.4b | 14.8x | 49.3x | 2.1x |
| Sat, 11 May 2024 | ฿1.7t | ฿759.1b | ฿28.7b | 16.4x | 59.4x | 2.2x |
| Mon, 08 Apr 2024 | ฿1.7t | ฿756.2b | ฿25.6b | 17x | 65.9x | 2.2x |
| Wed, 06 Mar 2024 | ฿1.7t | ฿763.2b | ฿25.2b | 17.9x | 66.3x | 2.2x |
| Fri, 02 Feb 2024 | ฿1.6t | ฿760.9b | ฿32.3b | 16.6x | 50.5x | 2.1x |
| Sun, 31 Dec 2023 | ฿1.6t | ฿732.1b | ฿31.9b | 15.8x | 51x | 2.2x |
| Tue, 28 Nov 2023 | ฿1.6t | ฿726.9b | ฿30.5b | 14.9x | 52.6x | 2.2x |
| Thu, 26 Oct 2023 | ฿1.7t | ฿717.6b | ฿29.1b | 15.1x | 58.4x | 2.4x |
| Sat, 23 Sep 2023 | ฿1.8t | ฿722.2b | ฿29.6b | 16.5x | 62x | 2.5x |
| Mon, 21 Aug 2023 | ฿1.8t | ฿710.9b | ฿27.8b | 15.8x | 65.6x | 2.6x |
| Wed, 19 Jul 2023 | ฿1.8t | ฿702.4b | ฿26.4b | 16.4x | 69.9x | 2.6x |
| Fri, 16 Jun 2023 | ฿1.9t | ฿731.2b | ฿29.5b | 16.6x | 63.2x | 2.5x |
| Sun, 14 May 2023 | ฿2.0t | ฿724.1b | ฿29.7b | 19.1x | 66.2x | 2.7x |
| Tue, 11 Apr 2023 | ฿2.0t | ฿723.8b | ฿30.9b | 19.5x | 63.7x | 2.7x |
| Thu, 09 Mar 2023 | ฿2.0t | ฿708.5b | ฿38.3b | 20.9x | 51.6x | 2.8x |
| Sat, 04 Feb 2023 | ฿2.1t | ฿695.5b | ฿35.4b | 20.4x | 59x | 3x |
| Mon, 02 Jan 2023 | ฿2.1t | ฿694.7b | ฿36.1b | 18.9x | 57.3x | 3x |
| Wed, 30 Nov 2022 | ฿2.0t | ฿695.2b | ฿36.1b | 19.5x | 56.5x | 2.9x |
| Fri, 28 Oct 2022 | ฿2.1t | ฿659.2b | ฿25.7b | 18.3x | 80.4x | 3.1x |
| Sun, 25 Sep 2022 | ฿2.1t | ฿658.1b | ฿25.7b | 18.2x | 81.8x | 3.2x |
Price to Earnings Ratio
81.8x
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 33.6x which is lower than its 3-year average PE of 50.7x.
- The 3-year average PS ratio of 2.2x 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 21% per year over the last three years.
- Revenues for these companies have grown 14% 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 | 2.22% | |
| Industrials | 1.10% | |
| Industrials | 3.44% | |
| Infrastructure | 3.14% | |
| Construction | 2.42% | |
| Trade Distributors | 1.90% | |
| Electrical | 1.48% | |
| Professional Services | 1.38% | |
| Commercial Services | 1.34% | |
| Logistics | 0.52% | |
| Transportation | 0.35% | |
| Machinery | 0.21% | |
| Building | 0.021% | |
| Marine and Shipping | -1.36% | |
| Airlines | -1.77% | |
Industry PE
- Investors are most optimistic about the Airlines industry which is trading above its 3-year average PE ratio.
- Analysts are expecting annual earnings growth of 40.1%, which is lower than the prior year's growth of 279.9% per year.
Forecasted Growth
- Analysts are most optimistic on the Airlines industry, expecting annual earnings growth of 40% over the next 5 years.
- However this is lower than its past earnings growth rate of 280% per year.
- In contrast, the Transportation industry is expected to see its earnings decline by 30% 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 | ฿39.75 | 5.3% +฿28.6b | -37.9% | PE30.6x | |
| CK CH. Karnchang | ฿17.40 | 2.4% +฿672.1m | -16.7% | PE14.8x | |
| STECON Stecon Group | ฿9.25 | 3.9% +฿525.7m | -6.1% | PS0.5x | |
| BAFS Bangkok Aviation Fuel Services | ฿10.60 | 8.2% +฿510.0m | -34.6% | PE55.7x | |
| TTA Thoresen Thai Agencies | ฿4.86 | 6.1% +฿508.7m | -19.7% | PE12.4x |