Narrative Update • Jun 07
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Thai (SET) Industrials Sector Analysis
UpdatedJun 20, 2026
DataAggregated Company Financials
Companies168
- 7D1.5%
- 3M15.3%
- 1Y60.6%
- YTD8.2%
The Industrials industry is up 4.9% in the last week, with Airports of Thailand up 3.0%. Meanwhile, Thai Airways International actually underperformed within the industry, shrinking 8.0% in the last week. This means that the industry has gained 61% over the past year. As for the next few years, earnings are expected to grow by 16% 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 |
|---|---|---|---|---|---|---|
| Sat, 20 Jun 2026 | ฿1.6t | ฿887.6b | ฿86.6b | 10.4x | 18x | 1.8x |
| Mon, 18 May 2026 | ฿1.4t | ฿883.5b | ฿85.5b | 10.4x | 16.5x | 1.6x |
| Wed, 15 Apr 2026 | ฿1.4t | ฿883.9b | ฿84.7b | 10.4x | 16.9x | 1.6x |
| Fri, 13 Mar 2026 | ฿1.4t | ฿884.2b | ฿85.1b | 10.7x | 16.2x | 1.6x |
| Sun, 08 Feb 2026 | ฿1.4t | ฿933.2b | ฿45.2b | 9.6x | 31.1x | 1.5x |
| Tue, 06 Jan 2026 | ฿1.4t | ฿933.8b | ฿45.1b | 9.8x | 32x | 1.5x |
| Thu, 04 Dec 2025 | ฿1.4t | ฿934.0b | ฿45.1b | 9.7x | 31x | 1.5x |
| Sat, 01 Nov 2025 | ฿1.4t | ฿963.0b | ฿50.7b | 9.8x | 26.8x | 1.4x |
| Mon, 29 Sep 2025 | ฿1.5t | ฿968.8b | ฿45.6b | 10.7x | 32x | 1.5x |
| Wed, 27 Aug 2025 | ฿1.4t | ฿969.6b | ฿45.1b | 10.6x | 30.8x | 1.4x |
| Fri, 25 Jul 2025 | ฿1.1t | ฿792.4b | ฿49.7b | 10.4x | 21.4x | 1.3x |
| Sun, 22 Jun 2025 | ฿861.3b | ฿792.3b | ฿49.5b | 9.7x | 17.4x | 1.1x |
| Tue, 20 May 2025 | ฿1.0t | ฿820.2b | ฿49.9b | 11.1x | 20.9x | 1.3x |
| Thu, 17 Apr 2025 | ฿1.1t | ฿836.3b | ฿42.7b | 11.6x | 25.2x | 1.3x |
| Sat, 15 Mar 2025 | ฿1.1t | ฿836.5b | ฿43.2b | 11.8x | 26.3x | 1.4x |
| Mon, 10 Feb 2025 | ฿1.4t | ฿798.1b | ฿37.6b | 11.9x | 37.3x | 1.8x |
| Wed, 08 Jan 2025 | ฿1.5t | ฿796.1b | ฿37.1b | 14x | 41.1x | 1.9x |
| Fri, 06 Dec 2024 | ฿1.6t | ฿796.0b | ฿37.3b | 14.9x | 42.5x | 2x |
| Sun, 03 Nov 2024 | ฿1.6t | ฿776.1b | ฿37.0b | 15.1x | 43.4x | 2.1x |
| Tue, 01 Oct 2024 | ฿1.6t | ฿781.3b | ฿36.7b | 16.8x | 44.9x | 2.1x |
| Thu, 29 Aug 2024 | ฿1.5t | ฿781.4b | ฿36.7b | 15x | 42x | 2x |
| Sat, 27 Jul 2024 | ฿1.5t | ฿774.0b | ฿32.5b | 13.7x | 46.3x | 1.9x |
| Mon, 24 Jun 2024 | ฿1.6t | ฿775.2b | ฿32.3b | 14.6x | 48.6x | 2x |
| Wed, 22 May 2024 | ฿1.7t | ฿775.3b | ฿35.6b | 14.9x | 47.9x | 2.2x |
| Fri, 19 Apr 2024 | ฿1.7t | ฿756.2b | ฿25.6b | 16.8x | 65.8x | 2.2x |
| Sun, 17 Mar 2024 | ฿1.7t | ฿762.8b | ฿25.5b | 17.7x | 67.6x | 2.3x |
| Tue, 13 Feb 2024 | ฿1.7t | ฿745.6b | ฿32.2b | 16.8x | 52.5x | 2.3x |
| Thu, 11 Jan 2024 | ฿1.7t | ฿762.1b | ฿31.2b | 16.2x | 54.3x | 2.2x |
| Sat, 09 Dec 2023 | ฿1.6t | ฿726.9b | ฿30.5b | 14.8x | 52.3x | 2.2x |
| Mon, 06 Nov 2023 | ฿1.7t | ฿717.8b | ฿29.2b | 14.5x | 59.2x | 2.4x |
| Wed, 04 Oct 2023 | ฿1.8t | ฿717.6b | ฿29.1b | 15.4x | 61.7x | 2.5x |
| Fri, 01 Sep 2023 | ฿1.9t | ฿713.5b | ฿28.7b | 16.9x | 65.6x | 2.6x |
| Sun, 30 Jul 2023 | ฿1.9t | ฿707.5b | ฿26.7b | 16.1x | 69.6x | 2.6x |
| Tue, 27 Jun 2023 | ฿1.8t | ฿701.9b | ฿26.4b | 15.9x | 69x | 2.6x |
Price to Earnings Ratio
69x
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 18.0x which is lower than its 3-year average PE of 40.9x.
- The industry is trading close to its 3-year average PS ratio of 1.9x.
Past Earnings Growth
- The earnings for companies in the Industrials industry have grown 49% per year over the last three years.
- Revenues for these companies have grown 8.1% 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 | -1.25% | |
| Industrials | 1.51% | |
| Construction | 5.97% | |
| Transportation | 3.28% | |
| Infrastructure | 3.20% | |
| Machinery | 1.57% | |
| Electrical | 1.55% | |
| Building | 1.46% | |
| Logistics | 1.32% | |
| Professional Services | 0.67% | |
| Trade Distributors | 0.33% | |
| Commercial Services | -0.00087% | |
| Industrials | -1.49% | |
| Marine and Shipping | -4.47% | |
| Airlines | -5.74% | |
Industry PE
- Investors are most optimistic about the Infrastructure industry even though it's trading below its 3-year average PE ratio of 78.8x.
- Analysts are expecting annual earnings growth of 22.8%, which is higher than its past year's earnings growth of 13.7% per year.
Forecasted Growth
- Analysts are most optimistic on the Commercial Services industry, expecting annual earnings growth of 76% over the next 5 years.
- This is better than its past earnings growth rate of 35% per year.
- In contrast, the Construction industry is expected to see its earnings decline by 10% 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 | ฿59.75 | 3.0% +฿25.0b | 111.5% | PE47.2x | |
| BEM Bangkok Expressway and Metro | ฿5.75 | 5.5% +฿4.5b | 22.9% | PE22.8x | |
| STECON Stecon Group | ฿18.70 | 10.0% +฿2.6b | 219.7% | PE14.5x | |
| CK CH. Karnchang | ฿20.20 | 7.4% +฿2.4b | 83.6% | PE10.1x | |
| BTS BTS Group Holdings | ฿2.12 | 3.9% +฿1.3b | -38.4% | PS1.5x |