Thai (SET) Application Software Industry Analysis

Industry Valuation and Performance

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

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Thu, 23 Jul 2026	฿3.6b	฿1.4b	฿57.4m	12.2x	63.5x	2.5x
Sat, 20 Jun 2026	฿2.8b	฿1.4b	฿57.4m	10.3x	48.7x	1.9x
Mon, 18 May 2026	฿2.9b	฿1.5b	฿94.6m	9.9x	30.5x	2x
Wed, 15 Apr 2026	฿4.4b	฿1.5b	฿94.1m	12.6x	47x	3x
Fri, 13 Mar 2026	฿4.6b	฿1.5b	฿94.1m	13.2x	49.4x	3.1x
Sun, 08 Feb 2026	฿5.2b	฿1.5b	฿159.9m	14.2x	32.4x	3.5x
Tue, 06 Jan 2026	฿5.1b	฿1.5b	฿159.9m	14x	31.9x	3.4x
Thu, 04 Dec 2025	฿4.9b	฿1.5b	฿159.9m	13.7x	30.4x	3.3x
Sat, 01 Nov 2025	฿5.0b	฿1.4b	฿363.1m	14.5x	13.8x	3.5x
Mon, 29 Sep 2025	฿5.7b	฿1.4b	฿363.1m	13.9x	15.6x	3.9x
Wed, 27 Aug 2025	฿5.6b	฿1.4b	฿363.1m	13.3x	15.4x	3.9x
Fri, 25 Jul 2025	฿5.4b	฿1.4b	฿294.2m	18.4x	18.2x	3.9x
Sun, 22 Jun 2025	฿6.3b	฿1.7b	฿40.4m	15.2x	154.7x	3.8x
Tue, 20 May 2025	฿6.6b	฿1.7b	฿40.4m	16x	163.4x	4x
Thu, 17 Apr 2025	฿6.4b	฿1.5b	฿24.9m	17.2x	258.1x	4.3x
Sat, 15 Mar 2025	฿6.3b	฿1.5b	฿24.9m	16.5x	253.5x	4.2x
Mon, 10 Feb 2025	฿5.6b	฿1.4b	-฿87,004,805.00	15x	-64.7x	3.9x
Wed, 08 Jan 2025	฿6.2b	฿1.4b	-฿87,004,805.00	17.5x	-71.1x	4.3x
Fri, 06 Dec 2024	฿6.9b	฿1.4b	-฿87,004,805.00	20.8x	-79.7x	4.8x
Sun, 03 Nov 2024	฿6.5b	฿1.4b	-฿132,921,221.00	19.4x	-49.1x	4.7x
Tue, 01 Oct 2024	฿6.8b	฿1.4b	-฿132,921,221.00	20.9x	-51.5x	5x
Thu, 29 Aug 2024	฿6.8b	฿1.4b	-฿132,921,221.00	18.7x	-51x	4.9x
Sat, 27 Jul 2024	฿6.2b	฿1.3b	-฿251,285,579.00	16.3x	-24.6x	4.7x
Mon, 24 Jun 2024	฿7.5b	฿1.3b	-฿251,285,579.00	20x	-29.7x	5.7x
Wed, 22 May 2024	฿7.3b	฿1.4b	-฿230,694,969.00	25.6x	-31.8x	5.3x
Fri, 19 Apr 2024	฿8.7b	฿1.3b	-฿282,556,969.00	32.3x	-30.7x	6.4x
Sun, 17 Mar 2024	฿8.8b	฿1.3b	-฿282,556,969.00	30.6x	-31.3x	6.6x
Tue, 13 Feb 2024	฿7.1b	฿1.3b	฿245.9m	27.7x	28.9x	5.6x
Thu, 11 Jan 2024	฿7.3b	฿1.3b	฿245.9m	29.1x	29.6x	5.7x
Sat, 09 Dec 2023	฿6.0b	฿1.3b	฿245.9m	24.7x	24.3x	4.7x
Mon, 06 Nov 2023	฿6.5b	฿1.2b	฿216.1m	27x	30.2x	5.4x
Wed, 04 Oct 2023	฿6.9b	฿1.2b	฿216.1m	28.6x	31.8x	5.7x
Fri, 01 Sep 2023	฿7.6b	฿1.2b	฿216.1m	33.5x	35.2x	6.3x
Sun, 30 Jul 2023	฿7.9b	฿1.1b	฿225.8m	37.1x	35x	7.2x

Current Industry PE

There are only 3 companies in the Thai Application Software industry, so there is insufficient data to make an industry-wide assessment of both the PE and PS ratio.

Past Earnings Growth

The earnings for companies in the Application Software industry have declined 37% per year over the last three years.
Meanwhile revenues for these companies have grown 9.3% 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 Comparison

How does Thai Application Software compare with similar industries?


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

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

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

	Company	Last Price	7D	1Y	Valuation
	BVG BlueVenture Group	฿1.60	1.3% +฿9.0m	-17.5%	PE11.9x
	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

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) Application Software Industry Analysis

Industry Valuation and Performance

Industry Comparison

Top Stock Gainers and Losers

Latest News

Netbay Public Company Limited Announces Progress of Litigation

New minor risk - Share price stability

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