Has the Thai Utilities Sector valuation changed over the past few years?

Investors are relatively neutral on the Thai Utilities industry at the moment, indicating that they anticipate long term growth rates to remain steady. The industry is trading close to its 3-year average PE ratio of 21.8x. The 3-year average PS ratio of 2.6x is lower than the industry's current PS ratio of 3.4x.

Which industries have driven the changes within the Thai Utilities sector?

Investors are most optimistic about the Renewable Energy industry, which is trading close to its 3-year average PE ratio of 23.6x. Analysts are expecting annual earnings growth of 10.1%, which is higher than its past year's earnings growth of 0.8% per year.

Thai (SET) Utilities Sector Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Thu, 17 Sep 2026	฿1.5t	฿443.3b	฿65.9b	14.8x	22.6x	3.4x
Sat, 15 Aug 2026	฿1.6t	฿440.0b	฿64.0b	13x	24.3x	3.5x
Mon, 13 Jul 2026	฿1.6t	฿461.0b	฿124.3b	12.4x	12.7x	3.4x
Wed, 10 Jun 2026	฿1.5t	฿461.0b	฿124.3b	11.4x	12x	3.2x
Fri, 08 May 2026	฿1.4t	฿459.0b	฿113.5b	14.2x	12.6x	3.1x
Sun, 05 Apr 2026	฿1.4t	฿459.0b	฿113.5b	12.7x	12.1x	3x
Tue, 03 Mar 2026	฿1.5t	฿462.2b	฿118.1b	14.4x	12.5x	3.2x
Thu, 29 Jan 2026	฿1.2t	฿428.6b	฿98.8b	14.3x	12.2x	2.8x
Sat, 27 Dec 2025	฿1.1t	฿428.6b	฿98.8b	14.2x	11.4x	2.6x
Mon, 24 Nov 2025	฿1.1t	฿432.7b	฿98.9b	13.3x	11.2x	2.6x
Wed, 22 Oct 2025	฿1.2t	฿472.8b	฿107.0b	11.4x	11.3x	2.6x
Fri, 19 Sep 2025	฿1.2t	฿473.8b	฿106.0b	11.5x	11.3x	2.5x
Sun, 17 Aug 2025	฿1.2t	฿474.7b	฿107.4b	10.9x	11.1x	2.5x
Tue, 15 Jul 2025	฿1.1t	฿474.2b	฿51.0b	12.8x	20.9x	2.2x
Thu, 12 Jun 2025	฿1.1t	฿474.2b	฿51.0b	11.8x	21.6x	2.3x
Sat, 10 May 2025	฿1.2t	฿483.2b	฿48.5b	12.7x	25.3x	2.5x
Mon, 07 Apr 2025	฿410.9b	฿365.7b	฿30.1b	11.3x	13.7x	1.1x
Wed, 05 Mar 2025	฿1.0t	฿487.6b	฿47.4b	12.4x	21.1x	2.1x
Fri, 31 Jan 2025	฿1.2t	฿492.5b	฿39.9b	13x	30.1x	2.4x
Sun, 29 Dec 2024	฿1.3t	฿492.5b	฿39.9b	13.7x	31.5x	2.6x
Tue, 26 Nov 2024	฿1.3t	฿492.4b	฿40.1b	14.4x	33.6x	2.7x
Thu, 24 Oct 2024	฿1.4t	฿501.8b	฿38.0b	14x	37.4x	2.8x
Sat, 21 Sep 2024	฿1.3t	฿501.8b	฿38.0b	13x	34.7x	2.6x
Mon, 19 Aug 2024	฿1.1t	฿502.4b	฿38.2b	13x	28.8x	2.2x
Wed, 17 Jul 2024	฿1.1t	฿509.0b	฿37.3b	12.7x	29.3x	2.1x
Fri, 14 Jun 2024	฿1.1t	฿509.0b	฿37.3b	12.8x	30x	2.2x
Sun, 12 May 2024	฿1.2t	฿526.6b	฿41.0b	14.4x	29.8x	2.3x
Tue, 09 Apr 2024	฿1.3t	฿520.9b	฿42.7b	15.2x	29.6x	2.4x
Thu, 07 Mar 2024	฿1.3t	฿520.9b	฿42.8b	14.8x	29.7x	2.4x
Sat, 03 Feb 2024	฿1.3t	฿564.3b	฿60.2b	14.2x	22.1x	2.4x
Mon, 01 Jan 2024	฿1.3t	฿564.2b	฿60.3b	14x	22.2x	2.4x
Wed, 29 Nov 2023	฿1.4t	฿564.2b	฿60.3b	14.2x	22.5x	2.4x
Fri, 27 Oct 2023	฿1.3t	฿586.3b	฿57.1b	13x	22.1x	2.2x
Sun, 24 Sep 2023	฿1.4t	฿586.3b	฿57.1b	14.7x	25.1x	2.4x


TH Market	-3.43%
Utilities	-4.11%
Gas Utilities	32.13%
Electric Utilities	-1.74%
Water Utilities	-2.44%
Renewable Energy	-4.24%

Company	Last Price	7D	1Y	Valuation
SSP Sermsang Power Corporation	฿7.15	13.5% +฿1.1b	81.5%	PE13.5x
RATCH Ratch Group	฿38.00	0.7% +฿543.7m	44.8%	PE14.8x
SPCG SPCG	฿10.90	1.9% +฿211.2m	28.2%	PE31x
AE All Energy & Utilities	฿0.15	114.3% +฿205.7m	-37.5%	PS0.3x
TSE Thai Solar Energy	฿1.02	3.0% +฿63.5m	70.0%	PE44.2x

Announcement • Sep 09

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) Utilities Sector Analysis

Sector Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

Investor sentiment improves as stock rises 16%

New minor risk - Share price stability

J-power Holdings (thailand) Co., Ltd. completed the acquisition of 49% stake in Banpong Utilities Company Limited from Electricity Generating Public Company Limited (SET: EGCO).

SPCG Public Company Limited Approves Appointment of Snitha Asawachinda as Acting Senior Executive Vice President, Operations, Effective September 8, 2026

Price target increased by 8.1% to ฿8.82

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

Now 23% overvalued after recent price rise

First half dividend increased to ฿0.15

Ratch Group Public Company Limited Appoints Wetang Phuangsup as Member of the Audit Committee, Effective from 25 August 2026

B.Grimm Power Public Company Limited to Report Q2, 2026 Results on Aug 21, 2026

Price target increased by 8.6% to ฿5.50

New major risk - Financial position

Consensus EPS estimates fall by 11%

Upcoming dividend of ฿0.55 per share

Prime Road Power Public Company Limited, Annual General Meeting, Apr 29, 2026