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Thai (SET) Software Industry Analysis

UpdatedMar 11, 2026
DataAggregated Company Financials
Companies4
  • 7D-4.9%
  • 3M-7.6%
  • 1Y-3.1%
  • YTD-10.2%

Over the last 7 days, the Software industry has dropped 6.3%, driven by a pullback from Netbay of 7.0%. In contrast, Comanche International has gained 11%. Over the last year, the industry has been flat overall. As for the next few years, earnings are expected to grow by 9.6% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 11 Mar 2026฿5.0b฿1.9b฿113.9m14.2x43.8x2.7x
Fri, 06 Feb 2026฿5.5b฿1.8b฿161.4m15.7x34.2x3x
Sun, 04 Jan 2026฿5.6b฿1.8b฿161.4m15.5x34.5x3x
Tue, 02 Dec 2025฿5.4b฿1.8b฿161.4m14.7x33.2x2.9x
Thu, 30 Oct 2025฿5.3b฿1.8b฿373.5m14.4x14.3x3x
Sat, 27 Sep 2025฿6.1b฿1.8b฿373.5m16x16.4x3.4x
Mon, 25 Aug 2025฿6.2b฿1.8b฿373.5m15.9x16.5x3.5x
Wed, 23 Jul 2025฿5.9b฿1.7b฿317.1m20x18.5x3.4x
Fri, 20 Jun 2025฿6.8b฿2.0b฿63.4m19.8x107.4x3.4x
Sun, 18 May 2025฿7.3b฿2.0b฿63.4m20.8x115.9x3.7x
Tue, 15 Apr 2025฿7.0b฿1.9b฿46.9m22.4x148.3x3.8x
Thu, 13 Mar 2025฿6.9b฿1.9b฿46.9m22x147.4x3.7x
Sat, 08 Feb 2025฿6.3b฿1.8b-฿33,600,519.0014.4x-187.4x3.4x
Mon, 06 Jan 2025฿7.3b฿1.8b-฿33,600,519.0017.4x-216.9x4x
Wed, 04 Dec 2024฿7.4b฿1.8b-฿33,600,519.0017.9x-220.3x4x
Fri, 01 Nov 2024฿7.0b฿1.8b-฿74,817,742.0016.8x-94x3.9x
Sun, 29 Sep 2024฿7.6b฿1.8b-฿74,817,742.0017.9x-101.2x4.3x
Tue, 27 Aug 2024฿7.2b฿1.8b-฿74,817,742.0017.5x-96.6x4.1x
Thu, 25 Jul 2024฿6.8b฿1.7b-฿194,104,900.0015.6x-35x3.9x
Sat, 22 Jun 2024฿8.4b฿1.7b-฿194,104,900.0019.7x-43.1x4.8x
Mon, 20 May 2024฿9.5b฿1.8b-฿173,514,290.0024.7x-54.7x5.3x
Wed, 17 Apr 2024฿10.1b฿1.8b-฿208,335,090.0028.4x-48.6x5.7x
Fri, 15 Mar 2024฿10.1b฿1.8b-฿208,335,090.0027x-48.5x5.7x
Sun, 11 Feb 2024฿8.5b฿1.7b฿312.5m24.7x27.2x4.9x
Tue, 09 Jan 2024฿8.7b฿1.7b฿312.5m24.5x27.9x5.1x
Thu, 07 Dec 2023฿7.6b฿1.7b฿312.5m22.2x24.3x4.4x
Sat, 04 Nov 2023฿8.0b฿1.6b฿272.5m26.4x29.4x4.9x
Mon, 02 Oct 2023฿8.7b฿1.6b฿272.5m30.1x32x5.4x
Wed, 30 Aug 2023฿9.4b฿1.6b฿272.5m33.7x34.3x5.8x
Fri, 28 Jul 2023฿10.1b฿1.5b฿281.3m38.8x35.7x6.7x
Sun, 25 Jun 2023฿10.3b฿1.5b฿281.3m31.4x36.7x6.9x
Tue, 23 May 2023฿8.1b฿1.1b฿225.8m37.8x36x7.4x
Thu, 20 Apr 2023฿21.6b฿2.0b฿413.8m58x52.2x10.6x
Sat, 18 Mar 2023฿23.2b฿2.0b฿413.8m58x56x11.4x
Price to Earnings Ratio

56x


Total Market Cap: ฿23.2bTotal Earnings: ฿413.8mTotal Revenue: ฿2.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Thai Software Industry Price to Earnings3Y Average -0.8x202420252026
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 44.2x which is higher than its 3-year average PE of -0.73x.
  • The 3-year average PS ratio of 4.8x is higher than the industry's current PS ratio of 2.7x.
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 Market-4.15%
Tech-3.85%
Software-4.94%
Systems Software0.52%
Application Software-5.37%
Industry PE
  • Investors are most optimistic about the Application Software industry which is trading above its 3-year average PE ratio of 26.7x.
    • 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 48.9x.
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
COMAN Comanche International฿0.5522.2%
+฿16.7m
0%PS0.5x
TBN TBN Corporation฿3.840.5%
+฿2.0m
-36.5%PE19.4x

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