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
Fri, 05 Jun 2026	฿22.8b	฿29.3b	฿1.3b	11.2x	17.9x	0.8x
Sun, 03 May 2026	฿17.8b	฿28.0b	฿969.3m	10.2x	18.4x	0.6x
Tue, 31 Mar 2026	฿17.5b	฿28.0b	฿969.3m	10.4x	18.1x	0.6x
Thu, 26 Feb 2026	฿17.4b	฿28.5b	฿1.5b	10.5x	11.7x	0.6x
Sat, 24 Jan 2026	฿16.2b	฿28.6b	฿1.6b	8.6x	10.3x	0.6x
Mon, 22 Dec 2025	฿16.3b	฿28.6b	฿1.6b	8.9x	10.4x	0.6x
Wed, 19 Nov 2025	฿16.4b	฿29.3b	฿1.6b	8.8x	10.1x	0.6x
Fri, 17 Oct 2025	฿17.3b	฿29.7b	฿1.8b	9.7x	9.4x	0.6x
Sun, 14 Sep 2025	฿17.6b	฿29.7b	฿1.8b	9.9x	9.5x	0.6x
Tue, 12 Aug 2025	฿17.5b	฿30.7b	฿1.6b	9.9x	11x	0.6x
Thu, 10 Jul 2025	฿17.0b	฿30.5b	฿1.6b	9.6x	10.5x	0.6x
Sat, 07 Jun 2025	฿16.9b	฿30.5b	฿1.6b	9.6x	10.5x	0.6x
Mon, 05 May 2025	฿17.6b	฿31.1b	฿1.7b	11x	10.1x	0.6x
Wed, 02 Apr 2025	฿17.4b	฿31.1b	฿1.7b	11.1x	10x	0.6x
Fri, 28 Feb 2025	฿18.0b	฿30.8b	฿1.8b	11.5x	10.2x	0.6x
Sun, 26 Jan 2025	฿19.5b	฿31.3b	฿1.7b	12.5x	11.5x	0.6x
Tue, 24 Dec 2024	฿20.6b	฿31.3b	฿1.7b	12.9x	12.2x	0.7x
Thu, 21 Nov 2024	฿20.8b	฿31.3b	฿1.7b	13.4x	12.3x	0.7x
Sat, 19 Oct 2024	฿20.9b	฿30.1b	฿1.5b	11.8x	13.6x	0.7x
Mon, 16 Sep 2024	฿21.1b	฿30.1b	฿1.5b	11.8x	13.8x	0.7x
Wed, 14 Aug 2024	฿19.4b	฿29.1b	฿1.5b	11.9x	12.6x	0.7x
Fri, 12 Jul 2024	฿21.7b	฿29.1b	฿1.5b	12.9x	14.3x	0.7x
Sun, 09 Jun 2024	฿21.3b	฿29.1b	฿1.5b	12.8x	14.1x	0.7x
Tue, 07 May 2024	฿19.6b	฿28.4b	฿1.4b	11.7x	14.1x	0.7x
Thu, 04 Apr 2024	฿19.8b	฿28.4b	฿1.4b	12.2x	14.3x	0.7x
Sat, 02 Mar 2024	฿19.3b	฿28.4b	฿1.3b	12x	14.5x	0.7x
Mon, 29 Jan 2024	฿19.5b	฿27.8b	฿1.1b	14.6x	17.1x	0.7x
Wed, 27 Dec 2023	฿18.8b	฿27.8b	฿1.1b	14x	16.5x	0.7x
Fri, 24 Nov 2023	฿18.9b	฿27.8b	฿1.1b	14.2x	16.6x	0.7x
Sun, 22 Oct 2023	฿18.8b	฿28.7b	฿842.3m	14.3x	22.3x	0.7x
Tue, 19 Sep 2023	฿20.9b	฿28.6b	฿840.4m	16.9x	24.9x	0.7x
Thu, 17 Aug 2023	฿20.0b	฿28.6b	฿839.2m	14.7x	23.8x	0.7x
Sat, 15 Jul 2023	฿16.3b	฿23.8b	฿641.3m	20.3x	25.5x	0.7x
Mon, 12 Jun 2023	฿19.1b	฿53.0b	฿3.8b	18.3x	5.1x	0.4x

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 17.3x 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 0.64x.

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	1.63%
Industrials	4.27%
Electrical	6.74%
Electrical Components	8.32%
Heavy Electrical Equipment	-0.65%

Industry PE

Investors are most optimistic about the Electrical Components industry which is trading above its 3-year average PE ratio of 16.1x.

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	฿10.20	31.6% +฿754.6m	216.8%	PE13.6x
ASEFA Asefa	฿6.00	11.1% +฿310.1m	77.5%	PE10.7x
ARROW Arrow Syndicate	฿5.75	11.7% +฿154.1m	18.3%	PE10.4x
QTC QTC Energy	฿4.72	8.8% +฿129.6m	31.1%	PE114.9x
CTW Charoong Thai Wire and Cable	฿6.10	2.5% +฿59.7m	111.8%	PE10.6x

New major risk - Revenue and earnings growth

Earnings have declined by 0.5% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings have declined by 0.5% per year over the past 5 years. Minor Risk Market cap is less than US$100m (฿877.2m market cap, or US$26.9m).

Thai (SET) Electrical Industry Analysis

Industry Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

Now 24% overvalued after recent price rise

Investor sentiment improves as stock rises 29%

New major risk - Revenue and earnings growth

Investor sentiment improves as stock rises 22%

Now 22% undervalued

New minor risk - Share price stability

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

First quarter 2026 earnings released: EPS: ฿0.085 (vs ฿0.084 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