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Thai (SET) Utilities Sector Analysis
UpdatedNov 14, 2025
DataAggregated Company Financials
Companies32
- 7D-4.5%
- 3M-4.4%
- 1Y-15.1%
- YTD-12.7%
Over the last 7 days, the Utilities industry has dropped 4.5%, driven by Gulf Development declining 3.4%. Meanwhile, SPCG actually outperformed within the industry, gaining 16% in the last week. The industry has fallen 15% in the last year. Looking forward, earnings are forecast to decline by 18% per year.
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 |
|---|---|---|---|---|---|---|
| Mon, 17 Nov 2025 | ฿1.1t | ฿440.4b | ฿104.1b | 14.4x | 10.9x | 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 |
| Wed, 05 Apr 2023 | ฿1.7t | ฿575.0b | ฿55.7b | 13.8x | 31x | 3x |
| Fri, 03 Mar 2023 | ฿1.7t | ฿560.3b | ฿59.1b | 15.5x | 28.5x | 3x |
| Sun, 29 Jan 2023 | ฿1.8t | ฿520.1b | ฿61.8b | 17.5x | 29.8x | 3.5x |
| Tue, 27 Dec 2022 | ฿1.8t | ฿515.7b | ฿61.5b | 18x | 30x | 3.6x |
| Thu, 24 Nov 2022 | ฿1.8t | ฿514.9b | ฿61.4b | 18.1x | 29.5x | 3.5x |
Price to Earnings Ratio
29.5x
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 10.9x which is lower than its 3-year average PE of 26.1x.
- 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.
- Meanwhile revenues for these companies have declined 5.1% 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 | -2.59% | |
| Utilities | -4.46% | |
| Water Utilities | -1.30% | |
| Electric Utilities | -2.68% | |
| Renewable Energy | -4.64% | |
| Gas Utilities | -5.79% | |
Industry PE
- Investors are most optimistic about the Water Utilities industry, which is trading close to its 3-year average PE ratio of 13.3x.
- Analysts are expecting annual earnings decline of 0.1%, which is less than its past year's earnings decline of 1.2%.
Forecasted Growth
- Analysts are most optimistic on the Electric Utilities industry, expecting annual earnings growth of 23% over the next 5 years.
- This is better than its past earnings decline of 79% per year.
- In contrast, the Renewable Energy industry is expected to see its earnings decline by 20% 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 | |
|---|---|---|---|---|---|
| SPCG SPCG | ฿9.80 | 16.0% +฿1.4b | 20.2% | PE25.8x | |
| RATCH Ratch Group | ฿29.25 | 0.9% +฿543.7m | -4.1% | PE11.4x | |
| WHAUP WHA Utilities and Power | ฿4.22 | 1.4% +฿229.5m | -12.1% | PE14.8x | |
| TTW TTW | ฿9.05 | 0.6% +฿199.5m | 1.1% | PE11.3x | |
| EP Eastern Power Group | ฿1.20 | 2.6% +฿28.0m | -32.6% | PS1.3x |