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Thai (SET) Utilities Sector Analysis
UpdatedOct 02, 2025
DataAggregated Company Financials
Companies32
- 7D-1.2%
- 3M9.4%
- 1Y-26.9%
- YTD-11.4%
Over the last 7 days, the Utilities industry has dropped 1.2%, driven by a pullback from Gulf Development of 1.2%. The industry has fallen 27% in the last year. As for the next few years, earnings are forecast to decline by 20% per annum.
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, 03 Oct 2025 | ฿1.1t | ฿473.2b | ฿107.0b | 11.5x | 10.7x | 2.4x |
| Sun, 31 Aug 2025 | ฿1.2t | ฿473.8b | ฿106.0b | 11.6x | 11.4x | 2.6x |
| Tue, 29 Jul 2025 | ฿1.2t | ฿474.2b | ฿51.0b | 12.9x | 22.6x | 2.4x |
| Thu, 26 Jun 2025 | ฿1.0t | ฿474.2b | ฿51.0b | 11.6x | 20.5x | 2.2x |
| Sat, 24 May 2025 | ฿1.2t | ฿474.2b | ฿51.3b | 13.1x | 23.1x | 2.5x |
| Mon, 21 Apr 2025 | ฿1.1t | ฿486.5b | ฿48.3b | 12.2x | 23.6x | 2.3x |
| Wed, 19 Mar 2025 | ฿1.0t | ฿486.5b | ฿48.3b | 12.6x | 21.3x | 2.1x |
| Fri, 14 Feb 2025 | ฿1.1t | ฿492.0b | ฿39.0b | 12.4x | 29x | 2.3x |
| Sun, 12 Jan 2025 | ฿1.2t | ฿492.5b | ฿39.9b | 12.8x | 30x | 2.4x |
| Tue, 10 Dec 2024 | ฿1.4t | ฿492.5b | ฿39.9b | 14.8x | 33.9x | 2.7x |
| Thu, 07 Nov 2024 | ฿1.4t | ฿501.8b | ฿38.0b | 13.8x | 35.8x | 2.7x |
| Sat, 05 Oct 2024 | ฿1.3t | ฿501.8b | ฿38.0b | 13.1x | 35.2x | 2.7x |
| Mon, 02 Sep 2024 | ฿1.2t | ฿501.8b | ฿38.0b | 12.9x | 30.9x | 2.3x |
| Wed, 31 Jul 2024 | ฿1.1t | ฿509.0b | ฿37.3b | 12.4x | 29.8x | 2.2x |
| Fri, 28 Jun 2024 | ฿1.1t | ฿509.0b | ฿37.3b | 13x | 29.3x | 2.1x |
| Sun, 26 May 2024 | ฿1.2t | ฿506.0b | ฿38.8b | 14.2x | 30.2x | 2.3x |
| Tue, 23 Apr 2024 | ฿1.2t | ฿520.9b | ฿42.7b | 14.2x | 27.5x | 2.3x |
| Thu, 21 Mar 2024 | ฿1.3t | ฿520.9b | ฿42.7b | 15.3x | 30.5x | 2.5x |
| Sat, 17 Feb 2024 | ฿1.3t | ฿549.2b | ฿60.5b | 14.1x | 21.8x | 2.4x |
| Mon, 15 Jan 2024 | ฿1.4t | ฿564.3b | ฿60.2b | 14.8x | 22.5x | 2.4x |
| Wed, 13 Dec 2023 | ฿1.3t | ฿564.2b | ฿60.3b | 13.2x | 21.7x | 2.3x |
| Fri, 10 Nov 2023 | ฿1.3t | ฿568.3b | ฿57.4b | 14.8x | 23x | 2.3x |
| Sun, 08 Oct 2023 | ฿1.3t | ฿586.3b | ฿57.1b | 14.2x | 23x | 2.2x |
| Tue, 05 Sep 2023 | ฿1.5t | ฿586.3b | ฿57.1b | 14.1x | 25.9x | 2.5x |
| Thu, 03 Aug 2023 | ฿1.5t | ฿582.9b | ฿53.2b | 12.8x | 29x | 2.6x |
| Sat, 01 Jul 2023 | ฿1.5t | ฿588.0b | ฿53.4b | 13.7x | 27.6x | 2.5x |
| Mon, 29 May 2023 | ฿1.6t | ฿588.0b | ฿53.4b | 14x | 29.4x | 2.7x |
| Wed, 26 Apr 2023 | ฿1.6t | ฿575.0b | ฿55.7b | 13.2x | 29.4x | 2.8x |
| Fri, 24 Mar 2023 | ฿1.7t | ฿575.0b | ฿55.7b | 13.8x | 31.1x | 3x |
| Sun, 19 Feb 2023 | ฿1.8t | ฿519.3b | ฿61.7b | 16.2x | 29.3x | 3.5x |
| Tue, 17 Jan 2023 | ฿1.9t | ฿515.7b | ฿61.5b | 17.7x | 30.4x | 3.6x |
| Thu, 15 Dec 2022 | ฿1.9t | ฿514.9b | ฿61.4b | 18.1x | 30.3x | 3.6x |
| Sat, 12 Nov 2022 | ฿1.8t | ฿352.5b | ฿61.2b | 17.1x | 30.1x | 5.2x |
| Mon, 10 Oct 2022 | ฿1.7t | ฿451.2b | ฿63.4b | 17.3x | 27x | 3.8x |
Price to Earnings Ratio
27x
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 10.8x which is lower than its 3-year average PE of 26.8x.
- The industry is trading close to its 3-year average PS ratio of 2.6x.
Past Earnings Growth
- The earnings for companies in the Utilities industry have grown 19% per year over the last three years, while revenues have remained mostly flat.
- This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.
Industry Trends
Which industries have driven the changes within the Thai Utilities sector?
| TH Market | -0.26% | |
| Utilities | -1.19% | |
| Water Utilities | -0.98% | |
| Renewable Energy | -1.18% | |
| Electric Utilities | -2.05% | |
| Gas Utilities | -8.53% | |
Industry PE
- Investors are most optimistic about the Water Utilities industry which is trading above its 3-year average PE ratio of 13.3x.
- Analysts are expecting annual earnings growth of 6.8%, which is higher than its past year's earnings decline of 59.8% per year.
Forecasted Growth
- Analysts are most optimistic on the Water Utilities industry, expecting annual earnings growth of 6.8% over the next 5 years.
- This is better than its past earnings decline of 60% per year.
- In contrast, the Renewable Energy industry is expected to see its earnings decline by 22% 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 | |
|---|---|---|---|---|---|
| BCPG BCPG | ฿8.45 | 5.0% +฿1.2b | 19.9% | PS7.1x | |
| BGRIM B.Grimm Power | ฿14.10 | 2.2% +฿782.1m | -39.7% | PE51.7x | |
| CKP CK Power | ฿2.78 | 0.7% +฿162.6m | -24.5% | PE9.4x | |
| BPP Banpu Power | ฿8.25 | 0.6% +฿152.4m | -36.5% | PE13x | |
| ETC Earth Tech Environment | ฿0.75 | 7.1% +฿112.0m | -68.2% | PE21.5x |