Narrative Update • Aug 20
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Thai (SET) Industrials Sector Analysis
UpdatedSep 20, 2026
DataAggregated Company Financials
Companies168
- 7D0.5%
- 3M3.5%
- 1Y9.3%
- YTD12.0%
Last week, the Industrials industry hasn't moved much but Thai Airways International is up 3.4% in that time. As for the the longer term, the industry is up 9.3% over the past 12 months. Looking forward, earnings are forecast to grow by 19% annually.
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 |
|---|---|---|---|---|---|---|
| Sun, 20 Sep 2026 | ฿1.6t | ฿903.3b | ฿73.5b | 11.4x | 22x | 1.8x |
| Tue, 18 Aug 2026 | ฿1.7t | ฿900.5b | ฿73.5b | 11.1x | 23x | 1.9x |
| Thu, 16 Jul 2026 | ฿1.6t | ฿886.9b | ฿86.4b | 11x | 18.9x | 1.8x |
| Sat, 13 Jun 2026 | ฿1.5t | ฿887.4b | ฿86.6b | 10.5x | 17.8x | 1.7x |
| Mon, 11 May 2026 | ฿1.4t | ฿882.6b | ฿84.2b | 10.7x | 16.5x | 1.6x |
| Wed, 08 Apr 2026 | ฿1.4t | ฿883.9b | ฿84.7b | 10.4x | 16.5x | 1.6x |
| Fri, 06 Mar 2026 | ฿1.4t | ฿923.4b | ฿86.0b | 10.3x | 16.2x | 1.5x |
| Sun, 01 Feb 2026 | ฿1.4t | ฿933.2b | ฿45.2b | 9.5x | 30.7x | 1.5x |
| Tue, 30 Dec 2025 | ฿1.4t | ฿933.8b | ฿45.1b | 9.5x | 31.7x | 1.5x |
| Thu, 27 Nov 2025 | ฿1.3t | ฿940.8b | ฿45.1b | 9.6x | 29.7x | 1.4x |
| Sat, 25 Oct 2025 | ฿1.3t | ฿962.6b | ฿50.6b | 10x | 26.3x | 1.4x |
| Mon, 22 Sep 2025 | ฿1.5t | ฿968.8b | ฿45.6b | 10.8x | 32.6x | 1.5x |
| Wed, 20 Aug 2025 | ฿1.4t | ฿970.5b | ฿44.8b | 10.4x | 32.3x | 1.5x |
| Fri, 18 Jul 2025 | ฿1.1t | ฿792.3b | ฿49.5b | 10.5x | 21.8x | 1.4x |
| Sun, 15 Jun 2025 | ฿928.4b | ฿791.5b | ฿49.7b | 10.2x | 18.7x | 1.2x |
| Tue, 13 May 2025 | ฿1.1t | ฿838.1b | ฿44.0b | 12.1x | 25.2x | 1.3x |
| Thu, 10 Apr 2025 | ฿1.0t | ฿836.3b | ฿42.7b | 11.2x | 23.7x | 1.2x |
| Sat, 08 Mar 2025 | ฿1.2t | ฿837.1b | ฿42.8b | 12x | 27.2x | 1.4x |
| Mon, 03 Feb 2025 | ฿1.4t | ฿798.1b | ฿37.6b | 12.4x | 37.7x | 1.8x |
| Wed, 01 Jan 2025 | ฿1.5t | ฿796.1b | ฿37.1b | 14.1x | 41.2x | 1.9x |
| Fri, 29 Nov 2024 | ฿1.6t | ฿796.0b | ฿37.3b | 14.6x | 42x | 2x |
| Sun, 27 Oct 2024 | ฿1.6t | ฿808.0b | ฿37.3b | 15.6x | 42.5x | 2x |
| Tue, 24 Sep 2024 | ฿1.6t | ฿781.3b | ฿36.7b | 16.2x | 44.9x | 2.1x |
| Thu, 22 Aug 2024 | ฿1.5t | ฿771.5b | ฿26.6b | 14.7x | 57x | 2x |
| Sat, 20 Jul 2024 | ฿1.5t | ฿774.5b | ฿32.3b | 14.2x | 47.2x | 2x |
| Mon, 17 Jun 2024 | ฿1.6t | ฿775.2b | ฿32.3b | 14.6x | 48.6x | 2x |
| Wed, 15 May 2024 | ฿1.7t | ฿765.7b | ฿28.8b | 16.4x | 59.6x | 2.2x |
| Fri, 12 Apr 2024 | ฿1.7t | ฿756.2b | ฿25.6b | 17.3x | 67x | 2.3x |
| Sun, 10 Mar 2024 | ฿1.7t | ฿763.2b | ฿25.2b | 17.5x | 67.8x | 2.2x |
| Tue, 06 Feb 2024 | ฿1.7t | ฿747.1b | ฿32.4b | 16.7x | 51.3x | 2.2x |
| Thu, 04 Jan 2024 | ฿1.7t | ฿761.6b | ฿31.1b | 15.9x | 54.1x | 2.2x |
| Sat, 02 Dec 2023 | ฿1.6t | ฿726.9b | ฿30.5b | 14.7x | 51.3x | 2.2x |
| Mon, 30 Oct 2023 | ฿1.7t | ฿717.8b | ฿29.2b | 14.7x | 58.1x | 2.4x |
| Wed, 27 Sep 2023 | ฿1.8t | ฿716.2b | ฿28.9b | 16.2x | 61.9x | 2.5x |
Price to Earnings Ratio
61.9x
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 22.0x which is lower than its 3-year average PE of 36.9x.
- The industry is trading close to its 3-year average PS ratio of 1.8x.
Past Earnings Growth
- The earnings for companies in the Industrials industry have grown 37% per year over the last three years.
- Revenues for these companies have grown 8.0% 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 | -1.30% | |
| Industrials | 0.52% | |
| Marine and Shipping | 8.87% | |
| Airlines | 2.43% | |
| Logistics | 1.80% | |
| Commercial Services | 1.30% | |
| Industrials | 0.50% | |
| Construction | 0.44% | |
| Infrastructure | -0.13% | |
| Building | -0.33% | |
| Professional Services | -0.43% | |
| Electrical | -0.64% | |
| Machinery | -1.16% | |
| Transportation | -1.67% | |
| Trade Distributors | -1.92% | |
Industry PE
- Investors are most optimistic about the Commercial Services industry which is trading above its 3-year average PE ratio.
- Analysts are expecting annual earnings growth of 69.0%, which is higher than its past year's earnings growth of 50.0% per year.
Forecasted Growth
- Analysts are most optimistic on the Machinery industry, expecting annual earnings growth of 76% over the next 5 years.
- This is better than its past earnings decline of 18% per year.
- In contrast, the Marine and Shipping industry is expected to see its earnings decline by 31% 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 | |
|---|---|---|---|---|---|
| THAI Thai Airways International | ฿6.05 | 3.4% +฿5.7b | -57.1% | PE8.3x | |
| RCL Regional Container Lines | ฿46.75 | 10.7% +฿3.7b | 70.0% | PE5x | |
| BEM Bangkok Expressway and Metro | ฿6.80 | 2.3% +฿2.2b | 32.0% | PE26.8x | |
| BA Bangkok Airways | ฿19.10 | 4.4% +฿1.7b | 40.4% | PE10.2x | |
| STECON Stecon Group | ฿18.50 | 3.9% +฿1.1b | 103.3% | PE11.9x |