Thai (SET) Steel Industry Analysis

Industry Valuation and Performance

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

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Tue, 21 Jul 2026	฿46.0b	฿126.1b	฿2.4b	11.4x	19.5x	0.4x
Thu, 18 Jun 2026	฿43.0b	฿126.6b	฿2.5b	11.1x	17.1x	0.3x
Sat, 16 May 2026	฿42.1b	฿127.0b	฿2.2b	16.6x	18.9x	0.3x
Mon, 13 Apr 2026	฿40.7b	฿124.6b	฿2.1b	15.4x	19.6x	0.3x
Wed, 11 Mar 2026	฿38.1b	฿124.6b	฿2.1b	14.2x	18.4x	0.3x
Fri, 06 Feb 2026	฿38.0b	฿129.5b	฿1.9b	17.1x	20.4x	0.3x
Sun, 04 Jan 2026	฿37.7b	฿129.4b	฿1.6b	17.7x	23.4x	0.3x
Tue, 02 Dec 2025	฿36.7b	฿129.4b	฿1.6b	17.1x	22.8x	0.3x
Thu, 30 Oct 2025	฿38.0b	฿130.7b	฿309.6m	17.7x	122.7x	0.3x
Sat, 27 Sep 2025	฿42.1b	฿129.2b	-฿705,292,730.00	18.8x	-59.7x	0.3x
Mon, 25 Aug 2025	฿39.4b	฿129.2b	-฿705,292,730.00	19.1x	-55.9x	0.3x
Wed, 23 Jul 2025	฿39.8b	฿131.3b	-฿429,553,365.00	16.9x	-92.7x	0.3x
Fri, 20 Jun 2025	฿36.2b	฿131.3b	-฿712,997,365.00	15.5x	-50.7x	0.3x
Sun, 18 May 2025	฿37.2b	฿131.3b	-฿712,755,646.00	16.7x	-52.2x	0.3x
Tue, 15 Apr 2025	฿33.7b	฿134.8b	-฿374,470,367.00	11.7x	-90.1x	0.3x
Thu, 13 Mar 2025	฿35.4b	฿141.3b	-฿6,397,897,064.00	12.1x	-5.5x	0.3x
Sat, 08 Feb 2025	฿35.6b	฿141.6b	-฿6,179,788,769.00	15.5x	-5.8x	0.3x
Mon, 06 Jan 2025	฿39.4b	฿141.4b	-฿6,524,410,769.00	20.8x	-6x	0.3x
Wed, 04 Dec 2024	฿43.1b	฿140.7b	-฿6,510,329,615.00	24x	-6.6x	0.3x
Fri, 01 Nov 2024	฿47.0b	฿148.0b	-฿2,425,338,199.00	15.3x	-19.4x	0.3x
Sun, 29 Sep 2024	฿49.4b	฿148.1b	-฿2,228,235,745.00	16x	-22.2x	0.3x
Tue, 27 Aug 2024	฿44.6b	฿148.1b	-฿2,228,235,745.00	14.4x	-20x	0.3x
Thu, 25 Jul 2024	฿44.0b	฿154.1b	-฿1,570,384,594.00	16.5x	-28x	0.3x
Sat, 22 Jun 2024	฿47.2b	฿153.5b	-฿1,610,802,594.00	16.7x	-29.3x	0.3x
Mon, 20 May 2024	฿50.1b	฿153.6b	-฿1,744,112,131.00	19.4x	-28.7x	0.3x
Wed, 17 Apr 2024	฿50.7b	฿158.5b	-฿555,219,190.00	14.3x	-91.4x	0.3x
Fri, 15 Mar 2024	฿50.0b	฿158.6b	฿136.7m	14.5x	366x	0.3x
Sun, 11 Feb 2024	฿52.2b	฿161.9b	-฿4,542,595,448.00	14.1x	-11.5x	0.3x
Tue, 09 Jan 2024	฿54.3b	฿163.4b	-฿4,821,463,017.00	12.9x	-11.3x	0.3x
Thu, 07 Dec 2023	฿52.3b	฿163.4b	-฿4,831,462,017.00	12.9x	-10.8x	0.3x
Sat, 04 Nov 2023	฿51.9b	฿164.4b	-฿6,574,344,362.00	21.1x	-7.9x	0.3x
Mon, 02 Oct 2023	฿55.8b	฿165.9b	-฿6,437,714,362.00	21.5x	-8.7x	0.3x
Wed, 30 Aug 2023	฿59.7b	฿165.9b	-฿6,435,843,600.00	22x	-9.3x	0.4x
Fri, 28 Jul 2023	฿56.5b	฿171.8b	-฿5,196,956,029.00	18.2x	-10.9x	0.3x

Current Industry PE

Investors are pessimistic on the Thai Steel 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 19.0x which is higher than its 3-year average PE of -26.2x.

The industry is trading close to its 3-year average PS ratio of 0.31x.

Past Earnings Growth

Total earnings for the Steel industry have gone up over the last three years and the industry is now profitable.
Revenues have declined 9.8% per year.
This means that less sales are being generated overall, but since the cost of doing business is lower, profits have been increasing.

Industry Comparison

How does Thai Steel compare with similar industries?


TH Market	1.08%
Materials	4.09%
Metals and Mining	7.56%
Steel	7.85%
Diversified Metals and Mining	0%	0
Aluminum	-4.73%

Industry PEThere are no additional sub-industries under this industry.

Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

Company	Last Price	7D	1Y	Valuation
STPI STP&I	฿6.95	35.0% +฿3.3b	81.0%	PE132.5x
TSTH Tata Steel (Thailand)	฿0.98	4.3% +฿336.9m	28.9%	PE4.3x
GJS G J Steel	฿0.14	7.7% +฿254.9m	0%	PS0.3x
TMT TMT Steel	฿3.46	5.5% +฿156.7m	8.1%	PE21.3x
BSBM Bangsaphan Barmill	฿0.65	12.1% +฿78.5m	-8.5%	PS2x

New minor risk - Earnings quality

The company has large one-off items impacting its financial results. One-off items were 22% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 15% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.3% net profit margin). Market cap is less than US$100m (฿648.8m market cap, or US$19.9m).

Thai (SET) Steel Industry Analysis

Industry Valuation and Performance

Industry Comparison

Top Stock Gainers and Losers

Latest News

First quarter 2027 earnings released: EPS: ฿0.05 (vs ฿0.044 in 1Q 2026)

New minor risk - Share price stability

Now 21% overvalued

New minor risk - Market cap size

Third quarter 2026 earnings released: ฿0.008 loss per share (vs ฿0.03 loss in 3Q 2025)

Full year 2026 earnings released: EPS: ฿0.31 (vs ฿0.28 in FY 2025)

First quarter 2026 earnings released: EPS: ฿0.014 (vs ฿0.069 in 1Q 2025)

New minor risk - Earnings quality

First quarter 2026 earnings released: EPS: ฿0.12 (vs ฿0.069 in 1Q 2025)

First quarter 2026 earnings released: EPS: ฿0.26 (vs ฿0.12 in 1Q 2025)

Upcoming dividend of ฿0.70 per share

Rayong Wire Industries Public Company Limited (SET:RWI) signed a letter of intent to acquire Imperial Land Co., Ltd. from EMC Public Company Limited (SET:EMC) and Nirund Hengboriboonpong for THB 90 million.

Full year 2025 earnings released: ฿0.025 loss per share (vs ฿0.032 loss in FY 2024)