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Thai (SET) Renewable Energy Industry Analysis
UpdatedDec 18, 2025
DataAggregated Company Financials
Companies26
- 7D2.2%
- 3M-6.0%
- 1Y-12.7%
- YTD-12.4%
The Renewable Energy industry is up 1.9% in the last week, with Gulf Development up 2.5%. However, the industry is down 14% over the past year. As for the next few years, earnings are forecast to decline by 19% per annum.
Industry Valuation and Performance
Has the Thai Renewable Energy Industry valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Thu, 18 Dec 2025 | ฿1.1t | ฿396.8b | ฿94.0b | 13.2x | 11.3x | 2.7x |
| Sat, 15 Nov 2025 | ฿1.1t | ฿407.1b | ฿98.3b | 11.1x | 10.8x | 2.6x |
| Mon, 13 Oct 2025 | ฿1.1t | ฿440.1b | ฿101.2b | 10.9x | 11.3x | 2.6x |
| Wed, 10 Sep 2025 | ฿1.1t | ฿440.7b | ฿100.2b | 10.2x | 11.4x | 2.6x |
| Fri, 08 Aug 2025 | ฿1.1t | ฿435.8b | ฿42.9b | 12.9x | 26.7x | 2.6x |
| Sun, 06 Jul 2025 | ฿986.9b | ฿439.9b | ฿44.2b | 12.5x | 22.3x | 2.2x |
| Tue, 03 Jun 2025 | ฿1.1t | ฿439.3b | ฿45.2b | 12.1x | 23.6x | 2.4x |
| Thu, 01 May 2025 | ฿1.1t | ฿452.0b | ฿40.8b | 12.1x | 27.5x | 2.5x |
| Sat, 29 Mar 2025 | ฿952.4b | ฿452.0b | ฿40.8b | 12.1x | 23.3x | 2.1x |
| Mon, 24 Feb 2025 | ฿1.0t | ฿458.3b | ฿32.0b | 12.8x | 32.2x | 2.3x |
| Wed, 22 Jan 2025 | ฿1.1t | ฿458.2b | ฿32.4b | 14.2x | 35.1x | 2.5x |
| Fri, 20 Dec 2024 | ฿1.2t | ฿458.2b | ฿32.4b | 15.5x | 36.3x | 2.6x |
| Sun, 17 Nov 2024 | ฿1.2t | ฿458.2b | ฿31.0b | 14.4x | 39.1x | 2.6x |
| Tue, 15 Oct 2024 | ฿1.3t | ฿468.1b | ฿31.7b | 16.4x | 42.1x | 2.8x |
| Thu, 12 Sep 2024 | ฿1.2t | ฿468.1b | ฿31.7b | 15.9x | 38.1x | 2.6x |
| Sat, 10 Aug 2024 | ฿1.0t | ฿478.5b | ฿35.7b | 12.4x | 29.3x | 2.2x |
| Mon, 08 Jul 2024 | ฿1.0t | ฿475.4b | ฿31.7b | 16.6x | 32x | 2.1x |
| Wed, 05 Jun 2024 | ฿1.1t | ฿481.2b | ฿31.5b | 16.2x | 33.9x | 2.2x |
| Fri, 03 May 2024 | ฿1.1t | ฿485.7b | ฿36.8b | 15.2x | 30.9x | 2.3x |
| Sun, 31 Mar 2024 | ฿1.2t | ฿485.7b | ฿36.8b | 16.7x | 32.9x | 2.5x |
| Tue, 27 Feb 2024 | ฿1.3t | ฿509.7b | ฿55.0b | 17x | 23.1x | 2.5x |
| Thu, 25 Jan 2024 | ฿1.2t | ฿528.8b | ฿54.5b | 15.2x | 22.8x | 2.4x |
| Sat, 23 Dec 2023 | ฿1.3t | ฿528.6b | ฿54.6b | 15.2x | 23.1x | 2.4x |
| Mon, 20 Nov 2023 | ฿1.3t | ฿528.6b | ฿54.6b | 15.4x | 23.7x | 2.4x |
| Wed, 18 Oct 2023 | ฿1.2t | ฿551.6b | ฿52.0b | 14.5x | 24x | 2.3x |
| Fri, 15 Sep 2023 | ฿1.4t | ฿551.6b | ฿52.0b | 14.1x | 26.5x | 2.5x |
| Sun, 13 Aug 2023 | ฿1.4t | ฿555.7b | ฿49.7b | 14.6x | 28.8x | 2.6x |
| Tue, 11 Jul 2023 | ฿1.4t | ฿554.6b | ฿48.7b | 13.6x | 28x | 2.5x |
| Thu, 08 Jun 2023 | ฿1.4t | ฿554.6b | ฿48.7b | 14x | 29.5x | 2.6x |
| Sat, 06 May 2023 | ฿1.6t | ฿543.1b | ฿50.1b | 14.6x | 31.1x | 2.9x |
| Mon, 03 Apr 2023 | ฿1.7t | ฿543.1b | ฿50.1b | 15.2x | 33x | 3x |
| Wed, 01 Mar 2023 | ฿1.7t | ฿523.4b | ฿56.2b | 16x | 29.8x | 3.2x |
| Fri, 27 Jan 2023 | ฿1.7t | ฿489.1b | ฿56.3b | 17.7x | 31x | 3.6x |
| Sun, 25 Dec 2022 | ฿1.8t | ฿484.7b | ฿56.0b | 17.8x | 31.5x | 3.6x |
Price to Earnings Ratio
31.5x
Current Industry PE
- Investors are pessimistic on the Thai Renewable Energy 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 11.3x which is lower than its 3-year average PE of 27.7x.
- The industry is trading close to its 3-year average PS ratio of 2.6x.
Past Earnings Growth
- The earnings for companies in the Renewable Energy industry have grown 19% per year over the last three years.
- Meanwhile revenues for these companies have declined 6.5% 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 industry?
| TH Market | -1.04% | |
| Utilities | 2.03% | |
| Renewable Energy | 2.24% | |
| Renewable Energy | 3.57% | |
| Independent Power Producers and Energy Traders | 2.05% | |
Industry PE
- Investors are most optimistic about the Independent Power Producers and Energy Traders industry even though it's trading below its 3-year average PE ratio of 35.2x.
- Analysts are expecting annual earnings decline of 21.1%, which is lower than the prior year's growth of 66.7% per year.
Forecasted Growth
- Analysts are most optimistic on the Renewable Energy industry, expecting annual earnings growth of 20% over the next 5 years.
- This is better than its past earnings growth rate of 12% per year.
- In contrast, the Independent Power Producers and Energy Traders industry is expected to see its earnings decline by 21% 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 | ฿41.25 | 0.6% +฿3.7b | n/a | PE8.2x | |
| EGCO Electricity Generating | ฿114.00 | 0.9% +฿526.5m | -4.6% | PE12.1x | |
| CKP CK Power | ฿2.38 | 2.6% +฿487.8m | -23.2% | PE7.8x | |
| EA Energy Absolute | ฿2.74 | 2.2% +฿445.6m | -30.5% | PS1.5x | |
| SUPER Super Energy Corporation | ฿0.11 | 10.0% +฿273.5m | -57.7% | PS0.4x |