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Thai (SET) Software Industry Analysis

UpdatedMar 31, 2026
DataAggregated Company Financials
Companies4
  • 7D-0.6%
  • 3M-14.4%
  • 1Y-10.8%
  • YTD-14.3%

Over the last 7 days, the Software industry has dropped 2.9%, driven by a pullback from Netbay of 1.1%. The industry has fallen 11% in the last year. Looking forward, earnings are forecast to grow by 9.6% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 31 Mar 2026฿4.8b฿1.9b฿113.9m13.3x41.8x2.5x
Thu, 26 Feb 2026฿6.2b฿1.8b฿162.0m17.7x38x3.3x
Sat, 24 Jan 2026฿5.6b฿1.8b฿161.4m15.9x34.8x3.1x
Mon, 22 Dec 2025฿5.6b฿1.8b฿161.4m15.7x34.5x3x
Wed, 19 Nov 2025฿5.4b฿1.8b฿148.2m15.4x36.5x3x
Fri, 17 Oct 2025฿5.5b฿1.8b฿373.5m14.8x14.7x3.1x
Sun, 14 Sep 2025฿6.0b฿1.8b฿373.5m15.9x16.2x3.4x
Tue, 12 Aug 2025฿6.1b฿1.7b฿358.7m17.9x17.1x3.6x
Thu, 10 Jul 2025฿7.3b฿2.0b฿63.4m19.5x114.5x3.6x
Sat, 07 Jun 2025฿7.1b฿2.0b฿63.4m20.5x112.2x3.6x
Mon, 05 May 2025฿7.5b฿1.9b฿46.9m23.2x159.8x4x
Wed, 02 Apr 2025฿7.1b฿1.9b฿46.9m22.9x152.2x3.9x
Fri, 28 Feb 2025฿6.6b฿1.9b฿32.3m15.7x205x3.6x
Sun, 26 Jan 2025฿6.8b฿1.8b-฿33,600,519.0015.4x-201.3x3.7x
Tue, 24 Dec 2024฿7.2b฿1.8b-฿33,600,519.0017.1x-214x3.9x
Thu, 21 Nov 2024฿7.0b฿1.8b-฿28,901,326.0016.4x-241.5x3.8x
Sat, 19 Oct 2024฿7.5b฿1.8b-฿74,817,742.0018.1x-99.7x4.2x
Mon, 16 Sep 2024฿7.9b฿1.8b-฿74,817,742.0019.5x-105.8x4.4x
Wed, 14 Aug 2024฿6.4b฿1.8b-฿81,766,542.0014.6x-78.4x3.6x
Fri, 12 Jul 2024฿8.0b฿1.7b-฿194,104,900.0019.6x-41.1x4.6x
Sun, 09 Jun 2024฿7.5b฿1.8b-฿160,700,700.0020.6x-46.5x4.1x
Tue, 07 May 2024฿9.7b฿1.8b-฿208,335,090.0026.6x-46.5x5.4x
Thu, 04 Apr 2024฿10.3b฿1.8b-฿208,335,090.0028.7x-49.2x5.7x
Sat, 02 Mar 2024฿10.1b฿1.8b-฿215,940,854.0026x-46.6x5.6x
Mon, 29 Jan 2024฿8.5b฿1.7b฿312.5m24.9x27.3x5x
Wed, 27 Dec 2023฿8.6b฿1.7b฿312.5m24x27.5x5x
Fri, 24 Nov 2023฿7.6b฿1.7b฿312.5m23.6x24.4x4.4x
Sun, 22 Oct 2023฿8.0b฿1.6b฿272.5m26.6x29.3x4.9x
Tue, 19 Sep 2023฿9.2b฿1.6b฿272.5m34.2x33.8x5.7x
Thu, 17 Aug 2023฿9.1b฿1.6b฿276.1m32.9x33.1x5.6x
Sat, 15 Jul 2023฿10.3b฿1.5b฿281.3m39.7x36.8x6.9x
Mon, 12 Jun 2023฿9.3b฿1.1b฿225.8m47x41.1x8.4x
Wed, 10 May 2023฿11.2b฿972.8m฿232.9m58.3x48x11.5x
Fri, 07 Apr 2023฿22.3b฿2.0b฿413.8m55.6x54x11x
Price to Earnings Ratio

54x


Total Market Cap: ฿22.3bTotal Earnings: ฿413.8mTotal Revenue: ฿2.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Thai Software Industry Price to Earnings3Y Average -1x202420252026
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 41.8x which is higher than its 3-year average PE of -0.96x.
  • The 3-year average PS ratio of 4.7x is higher than the industry's current PS ratio of 2.5x.
Past Earnings Growth
  • The earnings for companies in the Software industry have declined 35% per year over the last three years,
  • Revenues have also declined 2.6% 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 Tech industry?

TH Market3.74%
Tech3.89%
Software-0.59%
Systems Software1.02%
Application Software-0.73%
Industry PE
  • Investors are most optimistic about the Application Software industry which is trading above its 3-year average PE ratio of 26.6x.
    • Analysts are expecting annual earnings growth of 9.6%, which is lower than the prior year's growth of 21.6% per year.
  • Investors are most pessimistic about the Systems Software industry, which is trading below its 3-year average of 48.3x.
Forecasted Growth
  • Analysts are most optimistic on the Application Software industry, expecting annual earnings growth of 9.6% over the next 5 years.
  • However this is lower than its past earnings growth rate of 22% per year.
  • In contrast, the Application Software industry is expected to see its earnings grow by 9.6% per year over the next few years.

Top Stock Gainers and Losers

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

CompanyLast Price7D1YValuation
NETBAY Netbay฿18.101.1%
+฿40.0m
-2.7%PE13.6x
TBN TBN Corporation฿3.980.5%
+฿2.0m
-36.8%PE20.1x

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