Thai (SET) Software Industry Analysis

Industry Valuation and Performance

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

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Thu, 23 Jul 2026	฿4.0b	฿1.8b	฿62.4m	12.4x	64x	2.2x
Sat, 20 Jun 2026	฿3.2b	฿1.8b	฿62.4m	11.8x	50.5x	1.7x
Mon, 18 May 2026	฿3.2b	฿1.8b	฿99.6m	11.9x	32.5x	1.8x
Wed, 15 Apr 2026	฿4.8b	฿1.9b	฿113.9m	13.6x	42.3x	2.6x
Fri, 13 Mar 2026	฿5.0b	฿1.9b	฿113.9m	14.3x	44.2x	2.7x
Sun, 08 Feb 2026	฿5.6b	฿1.8b	฿161.4m	15.8x	34.5x	3x
Tue, 06 Jan 2026	฿5.6b	฿1.8b	฿161.4m	15.5x	34.4x	3x
Thu, 04 Dec 2025	฿5.3b	฿1.8b	฿161.4m	14.5x	32.7x	2.9x
Sat, 01 Nov 2025	฿5.4b	฿1.8b	฿373.5m	15.1x	14.6x	3x
Mon, 29 Sep 2025	฿6.1b	฿1.8b	฿373.5m	16x	16.4x	3.4x
Wed, 27 Aug 2025	฿6.1b	฿1.8b	฿373.5m	15.7x	16.2x	3.4x
Fri, 25 Jul 2025	฿5.9b	฿1.7b	฿317.1m	20.5x	18.5x	3.4x
Sun, 22 Jun 2025	฿6.8b	฿2.0b	฿63.4m	19.8x	107.5x	3.4x
Tue, 20 May 2025	฿7.2b	฿2.0b	฿63.4m	21x	113.6x	3.6x
Thu, 17 Apr 2025	฿7.1b	฿1.9b	฿46.9m	22.9x	150.5x	3.8x
Sat, 15 Mar 2025	฿7.0b	฿1.9b	฿46.9m	22.6x	148.1x	3.8x
Mon, 10 Feb 2025	฿6.3b	฿1.8b	-฿33,600,519.00	14.4x	-187.4x	3.4x
Wed, 08 Jan 2025	฿7.0b	฿1.8b	-฿33,600,519.00	16.2x	-207.3x	3.8x
Fri, 06 Dec 2024	฿7.6b	฿1.8b	-฿33,600,519.00	18.8x	-226.7x	4.2x
Sun, 03 Nov 2024	฿7.2b	฿1.8b	-฿74,817,742.00	17.3x	-95.7x	4x
Tue, 01 Oct 2024	฿7.5b	฿1.8b	-฿74,817,742.00	17.3x	-100.2x	4.2x
Thu, 29 Aug 2024	฿7.5b	฿1.8b	-฿74,817,742.00	18.6x	-99.7x	4.2x
Sat, 27 Jul 2024	฿6.8b	฿1.7b	-฿194,104,900.00	15.6x	-34.8x	3.9x
Mon, 24 Jun 2024	฿8.4b	฿1.7b	-฿194,104,900.00	19.7x	-43.1x	4.8x
Wed, 22 May 2024	฿8.2b	฿1.8b	-฿173,514,290.00	23.9x	-47.4x	4.6x
Fri, 19 Apr 2024	฿9.8b	฿1.8b	-฿208,335,090.00	26.8x	-47x	5.5x
Sun, 17 Mar 2024	฿10.0b	฿1.8b	-฿208,335,090.00	26.8x	-48.2x	5.6x
Tue, 13 Feb 2024	฿8.4b	฿1.7b	฿312.5m	24.3x	27x	4.9x
Thu, 11 Jan 2024	฿8.7b	฿1.7b	฿312.5m	24.2x	27.7x	5x
Sat, 09 Dec 2023	฿7.4b	฿1.7b	฿312.5m	21.9x	23.8x	4.3x
Mon, 06 Nov 2023	฿8.0b	฿1.6b	฿272.5m	26.4x	29.4x	4.9x
Wed, 04 Oct 2023	฿8.5b	฿1.6b	฿272.5m	28.2x	31.1x	5.2x
Fri, 01 Sep 2023	฿9.7b	฿1.6b	฿272.5m	37.9x	35.8x	6x
Sun, 30 Jul 2023	฿10.1b	฿1.5b	฿281.3m	38.8x	35.7x	6.7x

Current Industry PE

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

The industry is trading at a PE ratio of 64.9x which is higher than its 3-year average PE of -0.60x.

The 3-year average PS ratio of 4.0x is higher than the industry's current PS ratio of 2.3x.

Past Earnings Growth

The earnings for companies in the Software industry have declined 39% per year over the last three years.
Meanwhile revenues for these companies have grown 6.1% per year.
This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Trends

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


TH Market	0.55%
Tech	-2.39%
Software	-2.00%
Systems Software	1.74%
Application Software	-2.35%

Industry PE

Investors are most optimistic about the Systems Software industry which is trading above its 3-year average PE ratio of 48.6x.

It looks like they are confident that earnings will grow faster in the future than they have historically.

Investors are most pessimistic about the Application Software industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 27.1x.

Forecasted Growth

Analysts are most optimistic on the Application Software industry, expecting annual earnings growth of 12% over the next 5 years.
This is better than its past earnings growth rate of 4.4% per year.

In contrast, the Application Software industry is expected to see its earnings grow by 12% per year over the next few years.

Company	Last Price	7D	1Y	Valuation
BVG BlueVenture Group	฿1.60	1.3% +฿9.0m	-17.5%	PE11.9x
TBN TBN Corporation	฿3.50	1.7% +฿6.0m	-31.4%	PE69.6x
COMAN Comanche International	฿0.51	4.1% +฿3.3m	-13.6%	PS0.5x

Company

Last Price

Valuation

BVG BlueVenture Group

฿1.60

1.3%
+฿9.0m

-17.5%

PE11.9x

TBN TBN Corporation

฿3.50

1.7%
+฿6.0m

-31.4%

PE69.6x

COMAN Comanche International

฿0.51

4.1%
+฿3.3m

-13.6%

PS0.5x

Netbay Public Company Limited Announces Progress of Litigation

Netbay Public Company Limited provided an update regarding the legal dispute in which National Telecom Public Company Limited (the "Plaintiff") filed a lawsuit demanding that the Company pay service fees for the National Single Window (NSW) system in the amount of THB 424,875,408.84. This includes interest at the rate of 5% per annum, or at a new rate to be adjusted by the Ministry of Finance and enacted by a Royal Decree pursuant to the Civil and Commercial Code (as amended), plus an additional rate of 2% per annum on the principal amount of THB 404,164,343.08, calculated from the date of filing the plaint until full payment is made. The plaint was filed with the Central Administrative Court as Black Case No. 2636/2568. The Company hereby announces that on July 17, 2026, the Central Administrative Court rendered a judgment dismissing the case. The Court’s ruling established that the Company and the Customs Department had been bound by a legal relationship under the Collaboration Protocol Agreement (CPA) since 2007, which was terminated on April 25, 2025. The Company’s utilization of the NSW system was exercised pursuant to such rights and occurred prior to February 24, 2026, which was the earliest date the Plaintiff became lawfully entitled to the operating rights and could demand service fees for the new NSW system from the Company. Furthermore, no legal transactions were executed between the Company and the Plaintiff, nor did any contractual legal relationship exist between the parties. Therefore, the Plaintiff’s demand for the Company to pay the service fees as alleged in the plaint for the period from April 1, 2024, to April 30, 2025 (calculated up to April 25, 2025) is without legal basis. Consequently, the Company has no obligation to pay the claimed principal and interest. However, the said judgment of the Central Administrative Court has not yet become final. The Plaintiff retains the statutory right to appeal the judgment in accordance with the procedures and timeframes prescribed by law. Should there be any further progress, the Company will report accordingly in due course. The Company would like to express its sincere gratitude to its shareholders, investors, government agencies, business partners, customers, and all service users for their continuous trust, confidence, and support in the Company's operations. The Company reaffirms its commitment to conducting business with integrity and transparency under robust corporate governance, adhering to facts and ethical standards as the benchmark for driving its business forward, as the Company has always maintained. Finally, the Company remains committed to protecting the legitimate rights and interests of the organization and all stakeholders to the fullest extent of its capabilities.

Thai (SET) Software Industry Analysis

Industry Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

Netbay Public Company Limited Announces Progress of Litigation

New minor risk - Earnings quality

New minor risk - Share price stability

First quarter 2026 earnings released: EPS: ฿0.027 (vs ฿0.032 in 1Q 2025)