Thai (SET) Telecom Services and Carriers Industry Analysis

Industry Valuation and Performance

Has the Thai Telecom Services and Carriers Industry valuation changed over the past few years?

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Tue, 15 Sep 2026	฿490.8b	฿207.2b	฿17.2b	22.3x	28.6x	2.4x
Thu, 13 Aug 2026	฿511.1b	฿206.3b	฿17.8b	23x	28.7x	2.5x
Sat, 11 Jul 2026	฿520.9b	฿210.0b	฿13.2b	26.1x	39.6x	2.5x
Mon, 08 Jun 2026	฿533.4b	฿209.9b	฿13.2b	23.8x	40.4x	2.5x
Wed, 06 May 2026	฿534.4b	฿214.9b	฿8.8b	51.6x	60.5x	2.5x
Fri, 03 Apr 2026	฿557.2b	฿214.9b	฿8.8b	53.1x	63.1x	2.6x
Sun, 01 Mar 2026	฿590.6b	฿214.4b	฿11.7b	39.4x	50.5x	2.8x
Tue, 27 Jan 2026	฿448.0b	฿219.2b	฿558.5m	22.3x	802x	2x
Thu, 25 Dec 2025	฿461.8b	฿219.2b	฿558.5m	19.6x	826.8x	2.1x
Sat, 22 Nov 2025	฿440.3b	฿219.4b	฿558.5m	16.9x	788.2x	2x
Mon, 20 Oct 2025	฿421.0b	฿222.2b	-฿3,789,351,023.00	15.3x	-111.1x	1.9x
Wed, 17 Sep 2025	฿445.0b	฿222.2b	-฿3,789,351,023.00	17.4x	-117.4x	2x
Fri, 15 Aug 2025	฿423.4b	฿222.3b	-฿3,811,979,023.00	20.3x	-111.1x	1.9x
Sun, 13 Jul 2025	฿428.5b	฿223.8b	-฿6,986,301,387.00	17.6x	-61.3x	1.9x
Tue, 10 Jun 2025	฿480.9b	฿223.8b	-฿6,986,301,387.00	18.5x	-68.8x	2.1x
Thu, 08 May 2025	฿498.7b	฿223.4b	-฿9,276,041,204.00	27.4x	-53.8x	2.2x
Sat, 05 Apr 2025	฿444.3b	฿223.4b	-฿9,276,041,204.00	24.5x	-47.9x	2x
Mon, 03 Mar 2025	฿458.6b	฿224.0b	-฿9,276,041,204.00	27.5x	-49.4x	2x
Wed, 29 Jan 2025	฿488.4b	฿283.2b	฿5.6b	15.2x	87.9x	1.7x
Fri, 27 Dec 2024	฿464.1b	฿283.2b	฿5.6b	17x	83.5x	1.6x
Sun, 24 Nov 2024	฿488.9b	฿283.2b	฿5.6b	17.8x	88x	1.7x
Tue, 22 Oct 2024	฿502.4b	฿282.3b	฿4.5b	43.9x	110.5x	1.8x
Thu, 19 Sep 2024	฿471.0b	฿282.3b	฿4.5b	37.8x	103.6x	1.7x
Sat, 17 Aug 2024	฿441.3b	฿278.0b	฿4.7b	31.3x	93.9x	1.6x
Mon, 15 Jul 2024	฿407.9b	฿280.1b	฿3.7b	18.1x	109.8x	1.5x
Wed, 12 Jun 2024	฿339.9b	฿277.7b	฿3.6b	12.6x	95.2x	1.2x
Fri, 10 May 2024	฿346.8b	฿276.9b	฿3.0b	16x	117.5x	1.3x
Sun, 07 Apr 2024	฿323.4b	฿243.4b	฿4.1b	14.7x	78.1x	1.3x
Tue, 05 Mar 2024	฿280.5b	฿243.4b	฿4.1b	12x	67.8x	1.2x
Thu, 01 Feb 2024	฿417.7b	฿322.2b	-฿32,414,041,964.00	12.2x	-12.9x	1.3x
Sat, 30 Dec 2023	฿385.4b	฿322.2b	-฿32,414,041,964.00	12.9x	-11.9x	1.2x
Mon, 27 Nov 2023	฿411.6b	฿322.2b	-฿32,414,041,964.00	11.9x	-12.7x	1.3x
Wed, 25 Oct 2023	฿437.2b	฿299.9b	-฿38,504,965,451.00	13.8x	-11.4x	1.5x
Fri, 22 Sep 2023	฿479.3b	฿299.9b	-฿38,504,965,451.00	14.8x	-12.4x	1.6x

Current Industry PE

Investors are pessimistic on the Thai Telecom 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 28.6x which is lower than its 3-year average PE of 94.6x.

The 3-year average PS ratio of 1.9x is lower than the industry's current PS ratio of 2.4x.

Past Earnings Growth

Total earnings for the Telecom industry have gone up over the last three years and the industry is now profitable.
Revenues have declined 12% 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 Trends

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


TH Market	0.57%
Telecom	1.36%
Telecom Services and Carriers	-0.39%
Integrated Telecom Services	-0.30%
Alternative Carriers	-3.04%

Industry PE

Investors are most optimistic about the Integrated Telecom Services industry even though it's trading below its 3-year average PE ratio of 261x.

Analysts are expecting annual earnings growth of 17.1%, which is higher than its past year's earnings decline of 60.4% per year.

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

Forecasted Growth

Analysts are most optimistic on the Integrated Telecom Services industry, expecting annual earnings growth of 17% over the next 5 years.
This is better than its past earnings decline of 60% per year.

In contrast, the Alternative Carriers industry is expected to see its earnings decline by 6.6% per year over the next few years.

	Company	Last Price	7D	1Y	Valuation
	ITEL Interlink Telecom	฿1.66	9.9% +฿302.5m	4.4%	PS1.2x
	SAMTEL Samart Telcoms	฿3.00	0.7% +฿12.4m	-39.5%	PE26.7x

Company

Last Price

Valuation

ITEL Interlink Telecom

฿1.66

9.9%
+฿302.5m

4.4%

PS1.2x

SAMTEL Samart Telcoms

฿3.00

0.7%
+฿12.4m

-39.5%

PE26.7x

The Cabinet Approves the Ministry of Digital Economy and Society to Pursue Legal Action Against Thaicom Public Company Limited and Gulf Development Public Company Limited

Thaicom Public Company Limited referenced news stating that the Cabinet has approved the Ministry of Digital Economy and Society to pursue legal action against Thaicom Public Company Limited and Gulf Development Public Company Limited in connection with compliance with the Agreement for Operation of Domestic Communication Satellite. According to the news, it was reported that Thaicom Public Company Limited had failed to transfer all required assets upon the expiration of the Concession Agreement and could be subject to claims of approximately THB 1,250 million. Thaicom Public Company Limited clarified that Intouch Holdings Public Company Limited and Thaicom Public Company Limited jointly entered into a concession agreement with the Ministry for the operation of domestic communications satellite services. Under the concession agreement, Thaicom Public Company Limited served as the operator of the satellite business. Subsequently, the concession agreement expired on September 10, 2021. Thaicom Public Company Limited clarified that, following the expiration of the concession agreement, Thaicom Public Company Limited duly completed the transfer of all assets required under the concession agreement to the Ministry on September 11, 2021, in full compliance with the terms and conditions of the concession agreement. With respect to the assets that the Ministry has reportedly claimed, as referenced in the news, Thaicom Public Company Limited further informed that it has previously provided explanations to the Ministry regarding such assets and has consistently confirmed through its written communications with the Ministry that the assets in question do not fall within the scope of assets required to be transferred under the concession agreement. Accordingly, should arbitration proceedings be commenced, Thaicom Public Company Limited will exercise its legal rights and defend its position in accordance with the applicable legal process in order to protect the rights and interests of Thaicom Public Company Limited, its shareholders and other relevant stakeholders. As of the date of this letter, Thaicom Public Company Limited is not subject to any legal obligation or requirement in connection with the matters referred to in the news and is under no obligation to make any payment of approximately THB 1,250 million to the Ministry.

Thai (SET) Telecom Services and Carriers Industry Analysis

Industry Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

Less than half of directors are independent

The Cabinet Approves the Ministry of Digital Economy and Society to Pursue Legal Action Against Thaicom Public Company Limited and Gulf Development Public Company Limited

Investor sentiment improves as stock rises 16%

Price target increased by 7.7% to ฿1.40

Second quarter 2026 earnings released: ฿0.096 loss per share (vs ฿0.018 loss in 2Q 2025)

Dividend of ฿0.07 announced

Jasmine Technology Solution Public Company Limited, Annual General Meeting, Apr 28, 2026