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Thai (SET) Utilities Sector Analysis
UpdatedMay 01, 2026
DataAggregated Company Financials
Companies32
- 7D2.0%
- 3M14.0%
- 1Y15.2%
- YTD22.1%
The Utilities industry is up 2.0% in the last week, with Gulf Development up 2.2%. This takes the industry's 12 month performance to a gain of 15%. In the next few years, earnings are forecast to decline by 16% annually.
Sector Valuation and Performance
Has the Thai Utilities Sector valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Fri, 01 May 2026 | ฿1.4t | ฿459.0b | ฿113.5b | 13.4x | 12x | 3x |
| Sun, 29 Mar 2026 | ฿1.4t | ฿459.0b | ฿113.5b | 12.7x | 12x | 3x |
| Tue, 24 Feb 2026 | ฿1.5t | ฿461.5b | ฿114.6b | 14.8x | 12.7x | 3.2x |
| Thu, 22 Jan 2026 | ฿1.2t | ฿428.6b | ฿98.8b | 14.7x | 12.3x | 2.8x |
| Sat, 20 Dec 2025 | ฿1.1t | ฿428.6b | ฿98.8b | 13.6x | 11.3x | 2.6x |
| Mon, 17 Nov 2025 | ฿1.1t | ฿432.5b | ฿101.3b | 12.5x | 11.1x | 2.6x |
| Wed, 15 Oct 2025 | ฿1.2t | ฿472.8b | ฿107.0b | 11.4x | 11.1x | 2.5x |
| Fri, 12 Sep 2025 | ฿1.2t | ฿473.8b | ฿106.0b | 11.5x | 11.4x | 2.6x |
| Sun, 10 Aug 2025 | ฿1.2t | ฿476.1b | ฿108.7b | 11.1x | 11.1x | 2.5x |
| Tue, 08 Jul 2025 | ฿1.0t | ฿474.2b | ฿51.0b | 12.4x | 20.3x | 2.2x |
| Thu, 05 Jun 2025 | ฿1.1t | ฿474.2b | ฿51.0b | 12x | 21.7x | 2.3x |
| Sat, 03 May 2025 | ฿1.2t | ฿486.5b | ฿48.3b | 12.1x | 24.3x | 2.4x |
| Mon, 31 Mar 2025 | ฿1.0t | ฿486.5b | ฿48.3b | 12.3x | 21.1x | 2.1x |
| Wed, 26 Feb 2025 | ฿1.0t | ฿492.6b | ฿39.3b | 12.6x | 26.7x | 2.1x |
| Fri, 24 Jan 2025 | ฿1.2t | ฿492.5b | ฿39.9b | 12.9x | 30.1x | 2.4x |
| Sun, 22 Dec 2024 | ฿1.2t | ฿492.5b | ฿39.9b | 13.7x | 31.1x | 2.5x |
| Tue, 19 Nov 2024 | ฿1.3t | ฿493.3b | ฿36.9b | 13.6x | 35.4x | 2.7x |
| Thu, 17 Oct 2024 | ฿1.4t | ฿501.8b | ฿38.0b | 14.2x | 37.6x | 2.8x |
| Sat, 14 Sep 2024 | ฿1.3t | ฿501.8b | ฿38.0b | 12.7x | 34.1x | 2.6x |
| Mon, 12 Aug 2024 | ฿1.1t | ฿511.8b | ฿41.3b | 12.4x | 27x | 2.2x |
| Wed, 10 Jul 2024 | ฿1.1t | ฿509.0b | ฿37.3b | 12.7x | 29x | 2.1x |
| Fri, 07 Jun 2024 | ฿1.1t | ฿509.0b | ฿37.5b | 13x | 30x | 2.2x |
| Sun, 05 May 2024 | ฿1.2t | ฿520.9b | ฿42.7b | 14.7x | 28.7x | 2.4x |
| Tue, 02 Apr 2024 | ฿1.3t | ฿520.9b | ฿42.7b | 15.8x | 30.2x | 2.5x |
| Thu, 29 Feb 2024 | ฿1.3t | ฿534.4b | ฿60.7b | 13.4x | 21.5x | 2.4x |
| Sat, 27 Jan 2024 | ฿1.3t | ฿564.3b | ฿60.2b | 14.4x | 21.9x | 2.3x |
| Mon, 25 Dec 2023 | ฿1.3t | ฿564.2b | ฿60.3b | 13.4x | 22.1x | 2.4x |
| Wed, 22 Nov 2023 | ฿1.4t | ฿564.2b | ฿60.3b | 14.5x | 22.8x | 2.4x |
| Fri, 20 Oct 2023 | ฿1.3t | ฿586.3b | ฿57.1b | 13.2x | 22.5x | 2.2x |
| Sun, 17 Sep 2023 | ฿1.5t | ฿586.3b | ฿57.1b | 14.8x | 25.6x | 2.5x |
| Tue, 15 Aug 2023 | ฿1.5t | ฿590.7b | ฿54.4b | 13.8x | 27.6x | 2.5x |
| Thu, 13 Jul 2023 | ฿1.5t | ฿588.0b | ฿53.4b | 13x | 27.3x | 2.5x |
| Sat, 10 Jun 2023 | ฿1.5t | ฿588.0b | ฿53.4b | 14.1x | 29x | 2.6x |
| Mon, 08 May 2023 | ฿1.6t | ฿575.0b | ฿55.7b | 13x | 29.4x | 2.8x |
Price to Earnings Ratio
29.4x
Current Industry PE
- Investors are pessimistic on the Thai Utilities 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 12.0x which is lower than its 3-year average PE of 23.4x.
- The 3-year average PS ratio of 2.5x is lower than the industry's current PS ratio of 3.0x.
Past Earnings Growth
- The earnings for companies in the Utilities industry have grown 27% per year over the last three years.
- Meanwhile revenues for these companies have declined 7.2% per year.
- This means that less sales are being generated overall, but since cost of doing business is lower, profits have been increasing.
Industry Trends
Which industries have driven the changes within the Thai Utilities sector?
| TH Market | 2.19% | |
| Utilities | 2.01% | |
| Renewable Energy | 2.12% | |
| Water Utilities | 2.03% | |
| Gas Utilities | 0% | 0 |
| Electric Utilities | -10.86% | |
Industry PE
- Investors are most optimistic about the Water Utilities industry, which is trading close to its 3-year average PE ratio of 13.2x.
- Analysts are expecting annual earnings growth of 5.3%, which is higher than its past year's earnings decline of 9.2% per year.
Forecasted Growth
- Analysts are most optimistic on the Electric Utilities industry, expecting annual earnings growth of 74% over the next 5 years.
- In contrast, the Renewable Energy industry is expected to see its earnings decline by 17% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| GULF Gulf Development | ฿57.50 | 2.7% +฿22.4b | 19.8% | PE10.1x | |
| GUNKUL Gunkul Engineering | ฿2.92 | 21.7% +฿4.5b | 78.0% | PE14.2x | |
| BPP Banpu Power | ฿11.90 | 4.4% +฿1.5b | 71.2% | PE12x | |
| EGCO Electricity Generating | ฿112.50 | 2.3% +฿1.3b | 7.7% | PE12.5x | |
| BGRIM B.Grimm Power | ฿12.90 | 4.0% +฿1.3b | 14.2% | PE44.5x |