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Thai (SET) Industrials Sector Analysis
UpdatedNov 10, 2025
DataAggregated Company Financials
Companies170
- 7D-1.6%
- 3M-11.2%
- 1Y-33.0%
- YTD-27.0%
Over the last 7 days, the Industrials industry has dropped 1.6%, driven by a pullback from Thai Airways International of 5.6%. On the other hand Bangkok Expressway and Metro is actually up 8.7%. The industry has fallen 33% in the last year. Earnings are forecast to grow by 14% 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 |
|---|---|---|---|---|---|---|
| Mon, 10 Nov 2025 | ฿1.3t | ฿960.6b | ฿48.8b | 9.7x | 27.4x | 1.4x |
| Wed, 08 Oct 2025 | ฿1.5t | ฿968.8b | ฿45.6b | 10.4x | 33.8x | 1.6x |
| Fri, 05 Sep 2025 | ฿1.4t | ฿968.8b | ฿45.6b | 10.3x | 31.5x | 1.5x |
| Sun, 03 Aug 2025 | ฿1.1t | ฿792.9b | ฿49.5b | 10.5x | 21.7x | 1.4x |
| Tue, 01 Jul 2025 | ฿897.6b | ฿792.3b | ฿49.5b | 9.9x | 18.1x | 1.1x |
| Thu, 29 May 2025 | ฿1.0t | ฿816.9b | ฿50.4b | 11.1x | 20.1x | 1.2x |
| Sat, 26 Apr 2025 | ฿1.1t | ฿835.5b | ฿42.7b | 12.2x | 25.5x | 1.3x |
| Mon, 24 Mar 2025 | ฿1.1t | ฿836.3b | ฿42.7b | 12x | 26.4x | 1.4x |
| Wed, 19 Feb 2025 | ฿1.2t | ฿800.8b | ฿46.2b | 11.5x | 26.7x | 1.5x |
| Fri, 17 Jan 2025 | ฿1.4t | ฿798.9b | ฿37.6b | 12.4x | 38x | 1.8x |
| Sun, 15 Dec 2024 | ฿1.6t | ฿796.0b | ฿37.3b | 14.5x | 42.2x | 2x |
| Tue, 12 Nov 2024 | ฿1.6t | ฿820.2b | ฿33.0b | 14.6x | 47.9x | 1.9x |
| Thu, 10 Oct 2024 | ฿1.6t | ฿781.3b | ฿36.7b | 16.2x | 44.4x | 2.1x |
| Sat, 07 Sep 2024 | ฿1.6t | ฿781.3b | ฿36.7b | 15.6x | 43.9x | 2.1x |
| Mon, 05 Aug 2024 | ฿1.5t | ฿772.2b | ฿32.3b | 14.1x | 45.6x | 1.9x |
| Wed, 03 Jul 2024 | ฿1.5t | ฿774.5b | ฿32.3b | 14.7x | 46.2x | 1.9x |
| Fri, 31 May 2024 | ฿1.7t | ฿777.1b | ฿34.8b | 15.9x | 48.2x | 2.2x |
| Sun, 28 Apr 2024 | ฿1.7t | ฿755.7b | ฿26.1b | 16.4x | 63.6x | 2.2x |
| Tue, 26 Mar 2024 | ฿1.7t | ฿762.8b | ฿25.5b | 17x | 66.2x | 2.2x |
| Thu, 22 Feb 2024 | ฿1.7t | ฿750.3b | ฿29.2b | 17.4x | 57.1x | 2.2x |
| Sat, 20 Jan 2024 | ฿1.6t | ฿762.1b | ฿31.2b | 16.7x | 52.3x | 2.1x |
| Mon, 18 Dec 2023 | ฿1.6t | ฿726.9b | ฿30.5b | 14.9x | 52.7x | 2.2x |
| Wed, 15 Nov 2023 | ฿1.7t | ฿710.2b | ฿26.1b | 14.7x | 65.2x | 2.4x |
| Fri, 13 Oct 2023 | ฿1.8t | ฿717.6b | ฿29.1b | 15.7x | 60.2x | 2.4x |
| Sun, 10 Sep 2023 | ฿1.8t | ฿713.5b | ฿28.7b | 16.8x | 64.3x | 2.6x |
| Tue, 08 Aug 2023 | ฿1.8t | ฿706.2b | ฿25.3b | 16.2x | 72.7x | 2.6x |
| Thu, 06 Jul 2023 | ฿1.8t | ฿702.4b | ฿26.4b | 16.5x | 69.9x | 2.6x |
| Sat, 03 Jun 2023 | ฿1.8t | ฿734.4b | ฿30.0b | 16.7x | 61.3x | 2.5x |
| Mon, 01 May 2023 | ฿2.0t | ฿724.0b | ฿30.9b | 19.4x | 63.4x | 2.7x |
| Wed, 29 Mar 2023 | ฿2.0t | ฿723.9b | ฿30.9b | 19.6x | 63.9x | 2.7x |
| Fri, 24 Feb 2023 | ฿2.0t | ฿699.8b | ฿38.7b | 19.5x | 52.4x | 2.9x |
| Sun, 22 Jan 2023 | ฿2.1t | ฿695.0b | ฿36.2b | 20.3x | 58x | 3x |
| Tue, 20 Dec 2022 | ฿2.0t | ฿694.7b | ฿36.1b | 18.7x | 56.1x | 2.9x |
| Thu, 17 Nov 2022 | ฿2.1t | ฿674.9b | ฿28.1b | 18.2x | 73.7x | 3.1x |
Price to Earnings Ratio
73.7x
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 27.4x which is lower than its 3-year average PE of 48.2x.
- The 3-year average PS ratio of 2.1x is higher than the industry's current PS ratio of 1.4x.
Past Earnings Growth
- The earnings for companies in the Industrials industry have grown 20% per year over the last three years.
- Revenues for these companies have grown 12% 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 | -0.49% | |
| Industrials | -1.64% | |
| Infrastructure | 0.30% | |
| Marine and Shipping | 0.081% | |
| Industrials | -0.0015% | |
| Building | -0.92% | |
| Logistics | -1.08% | |
| Machinery | -1.13% | |
| Professional Services | -1.35% | |
| Electrical | -1.40% | |
| Commercial Services | -1.69% | |
| Trade Distributors | -1.90% | |
| Construction | -3.84% | |
| Airlines | -4.81% | |
| Transportation | -6.46% | |
Industry PE
- Investors are most optimistic about the Airlines industry which is trading above its 3-year average PE ratio of 18.1x.
- Analysts are expecting annual earnings growth of 35.6%, 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 36% 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 32% 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 | |
|---|---|---|---|---|---|
| BEM Bangkok Expressway and Metro | ฿5.60 | 8.7% +฿6.7b | -27.3% | PE22.2x | |
| PSG PSG Corporation | ฿3.30 | 5.8% +฿801.3m | -57.4% | PE38x | |
| BA Bangkok Airways | ฿13.20 | 1.5% +฿419.5m | -48.2% | PE8.4x | |
| ANI Asia Network International | ฿3.18 | 4.6% +฿258.7m | -25.0% | PE10.2x | |
| RCL Regional Container Lines | ฿26.00 | 1.0% +฿207.2m | -9.6% | PE2.2x |