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
Sat, 18 Jul 2026	฿25.0b	฿29.3b	฿1.3b	12x	19.6x	0.9x
Mon, 15 Jun 2026	฿23.1b	฿29.3b	฿1.3b	11.6x	18.1x	0.8x
Wed, 13 May 2026	฿17.7b	฿28.1b	฿870.5m	11.5x	20.4x	0.6x
Fri, 10 Apr 2026	฿18.0b	฿28.0b	฿969.3m	10.1x	18.6x	0.6x
Sun, 08 Mar 2026	฿16.7b	฿28.0b	฿969.3m	10.4x	17.2x	0.6x
Tue, 03 Feb 2026	฿16.2b	฿28.6b	฿1.6b	8.8x	10.3x	0.6x
Thu, 01 Jan 2026	฿16.4b	฿28.6b	฿1.6b	8.9x	10.4x	0.6x
Sat, 29 Nov 2025	฿16.2b	฿28.6b	฿1.6b	8.9x	10.1x	0.6x
Mon, 27 Oct 2025	฿17.2b	฿29.7b	฿1.8b	9.6x	9.3x	0.6x
Wed, 24 Sep 2025	฿17.7b	฿29.7b	฿1.8b	9.6x	9.6x	0.6x
Fri, 22 Aug 2025	฿17.1b	฿29.7b	฿1.8b	9.6x	9.3x	0.6x
Sun, 20 Jul 2025	฿17.2b	฿30.5b	฿1.6b	9.8x	10.7x	0.6x
Tue, 17 Jun 2025	฿16.6b	฿30.5b	฿1.6b	9.5x	10.3x	0.5x
Thu, 15 May 2025	฿17.6b	฿30.8b	฿1.8b	10.4x	10x	0.6x
Sat, 12 Apr 2025	฿16.7b	฿31.1b	฿1.7b	10.3x	9.6x	0.5x
Mon, 10 Mar 2025	฿17.9b	฿31.1b	฿1.7b	11.5x	10.3x	0.6x
Wed, 05 Feb 2025	฿18.7b	฿31.3b	฿1.7b	12x	11x	0.6x
Fri, 03 Jan 2025	฿20.7b	฿31.3b	฿1.7b	13x	12.2x	0.7x
Sun, 01 Dec 2024	฿20.9b	฿31.3b	฿1.7b	13.2x	12.3x	0.7x
Tue, 29 Oct 2024	฿20.9b	฿30.1b	฿1.5b	11.8x	13.6x	0.7x
Thu, 26 Sep 2024	฿21.4b	฿30.1b	฿1.5b	12.1x	13.9x	0.7x
Sat, 24 Aug 2024	฿19.7b	฿30.1b	฿1.5b	11.7x	12.9x	0.7x
Mon, 22 Jul 2024	฿20.8b	฿29.1b	฿1.5b	12.9x	13.7x	0.7x
Wed, 19 Jun 2024	฿20.6b	฿29.1b	฿1.5b	12.5x	13.5x	0.7x
Fri, 17 May 2024	฿19.7b	฿28.7b	฿1.5b	11.8x	12.8x	0.7x
Sun, 14 Apr 2024	฿19.9b	฿28.4b	฿1.4b	12.2x	14.3x	0.7x
Tue, 12 Mar 2024	฿19.5b	฿28.4b	฿1.4b	12x	14x	0.7x
Thu, 08 Feb 2024	฿19.4b	฿27.8b	฿1.1b	14.5x	17x	0.7x
Sat, 06 Jan 2024	฿19.6b	฿27.8b	฿1.1b	14.9x	17.2x	0.7x
Mon, 04 Dec 2023	฿18.5b	฿27.8b	฿1.1b	14.1x	16.2x	0.7x
Wed, 01 Nov 2023	฿18.7b	฿28.7b	฿842.3m	13.4x	22.1x	0.7x
Fri, 29 Sep 2023	฿20.0b	฿28.7b	฿842.3m	15.1x	23.7x	0.7x
Sun, 27 Aug 2023	฿20.9b	฿28.6b	฿840.4m	15.9x	24.8x	0.7x
Tue, 25 Jul 2023	฿20.4b	฿28.9b	฿936.1m	16.4x	21.8x	0.7x

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 19.8x which is higher than its 3-year average PE of 14.2x.

The industry is trading close to its 3-year average PS ratio of 0.65x.

Past Earnings Growth

The earnings for companies in the Electrical industry have grown 11% per year over the last three years, while revenues have remained mostly flat.
This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Industry Trends

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


TH Market	1.08%
Industrials	0.74%
Electrical	2.87%
Electrical Components	3.51%
Heavy Electrical Equipment	-0.66%

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 9.6x.

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
ASEFA Asefa	฿6.10	9.9% +฿284.3m	77.3%	PE10.8x
KJL Kijcharoen Engineering Electric	฿7.20	15.2% +฿220.4m	9.1%	PE13.7x
LTS Light Up Total Solution	฿2.84	12.7% +฿76.4m	-40.6%	PS1x
KUMWEL Kumwell Corporation	฿2.66	6.4% +฿68.8m	141.8%	PE13.9x
QTC QTC Energy	฿4.66	3.1% +฿47.8m	22.6%	PE113.5x

New major risk - Market cap size

The company's market capitalization is less than US$10m. Market cap: ฿313.7m (US$9.66m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-฿16m free cash flow). Share price has been highly volatile over the past 3 months (17% average weekly change). Market cap is less than US$10m (฿313.7m market cap, or US$9.66m).

Thai (SET) Electrical Industry Analysis

Industry Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

Investor sentiment improves as stock rises 15%

Investor sentiment improves as stock rises 16%

Investor sentiment improves as stock rises 16%

New major risk - Market cap size

Less than half of directors are independent

Now 21% undervalued

Investor sentiment improves as stock rises 29%

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

First quarter 2026 earnings released: EPS: ฿0.022 (vs ฿0.017 in 1Q 2025)

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

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