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Thai (SET) Utilities Sector Analysis
UpdatedDec 12, 2025
DataAggregated Company Financials
Companies32
- 7D0.8%
- 3M-8.3%
- 1Y-17.9%
- YTD-13.7%
In the last week, the Utilities industry is up 1.3%, with Gulf Development up 1.2%. However, the industry is down 19% over the past year. Looking forward, earnings are forecast to decline by 17% 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 |
|---|---|---|---|---|---|---|
| Fri, 12 Dec 2025 | ฿1.1t | ฿428.6b | ฿98.8b | 13.6x | 11.2x | 2.6x |
| Sun, 09 Nov 2025 | ฿1.2t | ฿440.8b | ฿104.1b | 13x | 11.3x | 2.7x |
| Tue, 07 Oct 2025 | ฿1.1t | ฿473.2b | ฿107.0b | 11.4x | 10.7x | 2.4x |
| Thu, 04 Sep 2025 | ฿1.2t | ฿473.8b | ฿106.0b | 11.7x | 11.5x | 2.6x |
| Sat, 02 Aug 2025 | ฿1.1t | ฿474.2b | ฿51.0b | 12.7x | 22.3x | 2.4x |
| Mon, 30 Jun 2025 | ฿1.0t | ฿474.2b | ฿51.0b | 11.6x | 20x | 2.1x |
| Wed, 28 May 2025 | ฿1.1t | ฿474.2b | ฿51.3b | 13x | 22.4x | 2.4x |
| Fri, 25 Apr 2025 | ฿1.1t | ฿486.5b | ฿48.3b | 11.9x | 23.2x | 2.3x |
| Sun, 23 Mar 2025 | ฿1.0t | ฿486.5b | ฿48.3b | 12.6x | 21.4x | 2.1x |
| Tue, 18 Feb 2025 | ฿1.1t | ฿492.2b | ฿39.1b | 12.5x | 29.4x | 2.3x |
| Thu, 16 Jan 2025 | ฿1.2t | ฿492.5b | ฿39.9b | 12.4x | 30.1x | 2.4x |
| Sat, 14 Dec 2024 | ฿1.3t | ฿492.5b | ฿39.9b | 14.5x | 32.5x | 2.6x |
| Mon, 11 Nov 2024 | ฿1.4t | ฿503.6b | ฿36.4b | 13.5x | 37.3x | 2.7x |
| Wed, 09 Oct 2024 | ฿1.3t | ฿501.8b | ฿38.0b | 13.3x | 35x | 2.6x |
| Fri, 06 Sep 2024 | ฿1.2t | ฿501.8b | ฿38.0b | 13x | 32.5x | 2.5x |
| Sun, 04 Aug 2024 | ฿1.1t | ฿509.0b | ฿37.3b | 12.4x | 30.1x | 2.2x |
| Tue, 02 Jul 2024 | ฿1.1t | ฿509.0b | ฿37.3b | 12.8x | 28.7x | 2.1x |
| Thu, 30 May 2024 | ฿1.2t | ฿506.0b | ฿39.1b | 13.7x | 30x | 2.3x |
| Sat, 27 Apr 2024 | ฿1.2t | ฿520.9b | ฿42.7b | 14.7x | 28x | 2.3x |
| Mon, 25 Mar 2024 | ฿1.3t | ฿520.9b | ฿42.7b | 15.5x | 30.7x | 2.5x |
| Wed, 21 Feb 2024 | ฿1.3t | ฿549.3b | ฿60.8b | 14.2x | 21.9x | 2.4x |
| Fri, 19 Jan 2024 | ฿1.3t | ฿564.3b | ฿60.2b | 14x | 22x | 2.3x |
| Sun, 17 Dec 2023 | ฿1.4t | ฿564.2b | ฿60.3b | 13.4x | 22.5x | 2.4x |
| Tue, 14 Nov 2023 | ฿1.3t | ฿573.8b | ฿59.5b | 13x | 22.1x | 2.3x |
| Thu, 12 Oct 2023 | ฿1.3t | ฿586.3b | ฿57.1b | 14.6x | 23.4x | 2.3x |
| Sat, 09 Sep 2023 | ฿1.5t | ฿586.3b | ฿57.1b | 14.6x | 25.9x | 2.5x |
| Mon, 07 Aug 2023 | ฿1.5t | ฿582.9b | ฿53.2b | 12.7x | 28.3x | 2.6x |
| Wed, 05 Jul 2023 | ฿1.5t | ฿588.0b | ฿53.4b | 13.8x | 27.7x | 2.5x |
| Fri, 02 Jun 2023 | ฿1.5t | ฿588.0b | ฿53.4b | 13.9x | 28.2x | 2.6x |
| Sun, 30 Apr 2023 | ฿1.6t | ฿575.0b | ฿55.7b | 13.1x | 29.4x | 2.8x |
| Tue, 28 Mar 2023 | ฿1.7t | ฿575.0b | ฿55.7b | 13.7x | 31.1x | 3x |
| Thu, 23 Feb 2023 | ฿1.8t | ฿545.1b | ฿62.2b | 16.3x | 28.9x | 3.3x |
| Sat, 21 Jan 2023 | ฿1.9t | ฿520.1b | ฿61.8b | 17.6x | 30.2x | 3.6x |
| Mon, 19 Dec 2022 | ฿1.9t | ฿515.7b | ฿61.5b | 17.6x | 30.4x | 3.6x |
Price to Earnings Ratio
30.4x
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 11.2x which is lower than its 3-year average PE of 25.7x.
- The industry is trading close to its 3-year average PS ratio of 2.5x.
Past Earnings Growth
- The earnings for companies in the Utilities industry have grown 17% per year over the last three years.
- Meanwhile revenues for these companies have declined 6.0% 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 | -1.60% | |
| Utilities | 0.84% | |
| Renewable Energy | 0.95% | |
| Electric Utilities | -0.45% | |
| Water Utilities | -0.83% | |
| Gas Utilities | -6.21% | |
Industry PE
- Investors are most optimistic about the Electric Utilities industry which is trading above its 3-year average PE ratio of 10.1x.
- Analysts are expecting annual earnings growth of 26.7%, which is higher than its past year's earnings decline of 82.6% per year.
Forecasted Growth
- Analysts are most optimistic on the Electric Utilities industry, expecting annual earnings growth of 27% over the next 5 years.
- This is better than its past earnings decline of 83% per year.
- In contrast, the Renewable Energy industry is expected to see its earnings decline by 19% 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 | ฿41.00 | 1.2% +฿7.5b | n/a | PE8.2x | |
| BGRIM B.Grimm Power | ฿14.40 | 2.9% +฿1.0b | -30.8% | PE35.1x | |
| SPCG SPCG | ฿9.40 | 10.6% +฿950.2m | 10.6% | PE23.2x | |
| BCPG BCPG | ฿7.20 | 4.3% +฿898.7m | 28.6% | PE73.9x | |
| EA Energy Absolute | ฿2.68 | 3.1% +฿594.1m | -49.0% | PS1.4x |