Thai (SET) Electrical Industry Analysis

Industry Valuation and Performance

Has the Thai Electrical Industry valuation changed over the past few years?

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Tue, 16 Jun 2026	฿23.0b	฿29.3b	฿1.3b	11.5x	18.1x	0.8x
Thu, 14 May 2026	฿18.0b	฿28.1b	฿870.5m	11.5x	20.7x	0.6x
Sat, 11 Apr 2026	฿18.0b	฿28.0b	฿969.3m	10.3x	18.6x	0.6x
Mon, 09 Mar 2026	฿16.7b	฿28.0b	฿969.3m	10.4x	17.2x	0.6x
Wed, 04 Feb 2026	฿16.3b	฿28.6b	฿1.6b	8.9x	10.4x	0.6x
Fri, 02 Jan 2026	฿16.4b	฿28.6b	฿1.6b	8.9x	10.4x	0.6x
Sun, 30 Nov 2025	฿16.2b	฿28.6b	฿1.6b	8.9x	10.1x	0.6x
Tue, 28 Oct 2025	฿17.1b	฿29.7b	฿1.8b	9.5x	9.3x	0.6x
Thu, 25 Sep 2025	฿17.7b	฿29.7b	฿1.8b	9.8x	9.6x	0.6x
Sat, 23 Aug 2025	฿17.1b	฿29.7b	฿1.8b	9.5x	9.3x	0.6x
Mon, 21 Jul 2025	฿17.2b	฿30.5b	฿1.6b	9.8x	10.7x	0.6x
Wed, 18 Jun 2025	฿16.6b	฿30.5b	฿1.6b	9.4x	10.3x	0.5x
Fri, 16 May 2025	฿17.2b	฿30.5b	฿1.7b	9.7x	10.3x	0.6x
Sun, 13 Apr 2025	฿16.7b	฿31.1b	฿1.7b	10.3x	9.6x	0.5x
Tue, 11 Mar 2025	฿17.9b	฿31.1b	฿1.7b	11.5x	10.2x	0.6x
Thu, 06 Feb 2025	฿18.4b	฿31.3b	฿1.7b	11.5x	10.9x	0.6x
Sat, 04 Jan 2025	฿20.9b	฿31.3b	฿1.7b	13x	12.3x	0.7x
Mon, 02 Dec 2024	฿20.9b	฿31.3b	฿1.7b	13.2x	12.3x	0.7x
Wed, 30 Oct 2024	฿20.9b	฿30.1b	฿1.5b	11.9x	13.6x	0.7x
Fri, 27 Sep 2024	฿21.4b	฿30.1b	฿1.5b	11.9x	13.9x	0.7x
Sun, 25 Aug 2024	฿19.7b	฿30.1b	฿1.5b	11.7x	12.9x	0.7x
Tue, 23 Jul 2024	฿20.8b	฿29.1b	฿1.5b	12.9x	13.7x	0.7x
Thu, 20 Jun 2024	฿20.3b	฿29.1b	฿1.5b	12.4x	13.3x	0.7x
Sat, 18 May 2024	฿19.8b	฿29.1b	฿1.5b	13.1x	13.5x	0.7x
Mon, 15 Apr 2024	฿19.9b	฿28.4b	฿1.4b	12.2x	14.3x	0.7x
Wed, 13 Mar 2024	฿19.5b	฿28.4b	฿1.4b	12.1x	14.1x	0.7x
Fri, 09 Feb 2024	฿19.5b	฿27.8b	฿1.1b	14.6x	17.1x	0.7x
Sun, 07 Jan 2024	฿19.6b	฿27.8b	฿1.1b	14.9x	17.2x	0.7x
Tue, 05 Dec 2023	฿18.5b	฿27.8b	฿1.1b	14.1x	16.2x	0.7x
Thu, 02 Nov 2023	฿18.4b	฿28.7b	฿842.3m	13.3x	21.9x	0.6x
Sat, 30 Sep 2023	฿20.1b	฿28.7b	฿842.3m	15.1x	23.8x	0.7x
Mon, 28 Aug 2023	฿20.9b	฿28.6b	฿840.4m	15.9x	24.8x	0.7x
Wed, 26 Jul 2023	฿20.4b	฿28.9b	฿936.1m	16.6x	21.8x	0.7x
Fri, 23 Jun 2023	฿17.3b	฿53.0b	฿3.8b	16.1x	4.6x	0.3x

Current Industry PE

Investors are optimistic on the Thai Electrical industry, and appear confident in long term growth rates.

The industry is trading at a PE ratio of 18.1x which is higher than its 3-year average PE of 14.3x.

The industry is trading close to its 3-year average PS ratio of 0.64x.

Past Earnings Growth

The earnings for companies in the Electrical industry have declined 30% per year over the last three years,
Revenues have also declined 18% per year.
This means overall sales from these companies are declining and profits are subsequently falling as well.

Industry Trends

Which industries have driven the changes within the Thai Industrials industry?


TH Market	1.93%
Industrials	3.94%
Electrical	3.00%
Electrical Components	4.38%
Heavy Electrical Equipment	-3.97%

Industry PE

Investors are most optimistic about the Electrical Components industry which is trading above its 3-year average PE ratio of 16.3x.

Analysts are expecting annual earnings growth of 34.2%, which is higher than its past year's earnings growth of 12.5% per year.

Investors are most pessimistic about the Heavy Electrical Equipment industry, which is trading close to its 3-year average of 9.7x.

Forecasted Growth

Analysts are most optimistic on the Electrical Components industry, expecting annual earnings growth of 34% over the next 5 years.
This is better than its past earnings growth rate of 12% per year.

In contrast, the Electrical Components industry is expected to see its earnings grow by 34% 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
TRT Tirathai	฿11.80	14.6% +฿462.0m	264.2%	PE15.7x
CTW Charoong Thai Wire and Cable	฿6.65	11.8% +฿278.5m	121.7%	PE11.5x
ARROW Arrow Syndicate	฿5.80	4.5% +฿64.2m	20.3%	PE10.5x
L&E Lighting and Equipment	฿1.20	5.3% +฿29.5m	1.7%	PS0.2x
ASEFA Asefa	฿5.80	0.9% +฿25.8m	70.6%	PE10.3x

New minor risk - Profit margin trend

The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 10% Last year net profit margin: 15% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks High level of debt (63% net debt to equity). Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (10% net profit margin). Market cap is less than US$100m (฿1.35b market cap, or US$41.5m).

Thai (SET) Electrical Industry Analysis

Industry Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

Less than half of directors are independent

Now 21% undervalued

Now 24% overvalued after recent price rise

Investor sentiment improves as stock rises 29%

Investor sentiment improves as stock rises 22%

New minor risk - Share price stability

First quarter 2026 earnings released: EPS: ฿0.046 (vs ฿0.09 in 1Q 2025)

First quarter 2026 earnings released: EPS: ฿0.17 (vs ฿0.15 in 1Q 2025)

Now 20% overvalued

New minor risk - Profit margin trend

First quarter 2026 earnings released: ฿0.031 loss per share (vs ฿0.013 profit in 1Q 2025)

Upcoming dividend of ฿0.026 per share

Solartron Public Company Limited, Annual General Meeting, Apr 30, 2026