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Thai (SET) Market Analysis & Valuation

UpdatedMay 13, 2026
DataAggregated Company Financials
Companies901
  • 7D-0.4%
  • 3M5.1%
  • 1Y23.2%
  • YTD15.7%

In the last week, the market has been flat, with a notable exception in the Information Technology sector dropping 3.1%. As for the longer term, the market has risen 24% in the past 12 months. As for the next few years, earnings are expected to grow by 11% per annum.

Trending IndustriesOil and GasRenewable Energy

Market Valuation and Performance

Has the Thai Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 13 May 2026฿18.8t฿16.5t฿1.1t11.4x16.6x1.1x
Fri, 10 Apr 2026฿18.9t฿16.4t฿1.1t11.3x17.1x1.1x
Sun, 08 Mar 2026฿17.9t฿16.5t฿1.1t11.6x16x1.1x
Tue, 03 Feb 2026฿16.8t฿16.8t฿1.0t11.4x16.4x1x
Thu, 01 Jan 2026฿16.0t฿16.8t฿1.0t11.5x15.7x1x
Sat, 29 Nov 2025฿16.0t฿16.8t฿1.0t11.5x15.6x1x
Mon, 27 Oct 2025฿16.7t฿17.4t฿981.0b11.9x17x1x
Wed, 24 Sep 2025฿16.2t฿17.3t฿962.9b12.3x16.8x0.9x
Fri, 22 Aug 2025฿15.8t฿17.3t฿966.9b12.1x16.3x0.9x
Sun, 20 Jul 2025฿15.0t฿17.5t฿908.6b11.6x16.5x0.9x
Tue, 17 Jun 2025฿13.9t฿17.5t฿908.4b11.2x15.3x0.8x
Thu, 15 May 2025฿15.2t฿17.6t฿902.4b12x16.8x0.9x
Sat, 12 Apr 2025฿14.1t฿17.6t฿903.2b11.3x15.6x0.8x
Mon, 10 Mar 2025฿15.1t฿17.7t฿914.1b12.4x16.5x0.9x
Wed, 05 Feb 2025฿16.3t฿17.7t฿931.0b12.8x17.5x0.9x
Fri, 03 Jan 2025฿17.3t฿17.7t฿922.9b14x18.7x1x
Sun, 01 Dec 2024฿17.9t฿17.7t฿922.0b14.8x19.4x1x
Tue, 29 Oct 2024฿18.2t฿17.7t฿1.0t14.9x17.9x1x
Thu, 26 Sep 2024฿18.3t฿17.6t฿1.0t15.5x18.2x1x
Sat, 24 Aug 2024฿17.0t฿17.7t฿1.0t14.4x16.9x1x
Mon, 22 Jul 2024฿16.5t฿17.4t฿969.6b14.8x17x0.9x
Wed, 19 Jun 2024฿16.3t฿17.4t฿973.1b15x16.7x0.9x
Fri, 17 May 2024฿17.3t฿17.4t฿981.7b15.9x17.6x1x
Sun, 14 Apr 2024฿17.5t฿17.2t฿970.0b16.3x18.1x1x
Tue, 12 Mar 2024฿17.3t฿17.2t฿965.9b16.5x17.9x1x
Thu, 08 Feb 2024฿17.4t฿17.1t฿951.2b16.5x18.3x1x
Sat, 06 Jan 2024฿17.8t฿17.1t฿930.6b17x19.1x1x
Mon, 04 Dec 2023฿17.2t฿17.1t฿930.1b15.6x18.5x1x
Wed, 01 Nov 2023฿17.2t฿17.4t฿875.4b16.1x19.6x1x
Fri, 29 Sep 2023฿18.4t฿17.4t฿874.3b17.4x21x1.1x
Sun, 27 Aug 2023฿19.3t฿17.3t฿868.0b17.9x22.3x1.1x
Tue, 25 Jul 2023฿18.9t฿17.7t฿1.0t16.5x18.7x1.1x
Thu, 22 Jun 2023฿18.8t฿17.7t฿1.0t16.8x18.7x1.1x
Sat, 20 May 2023฿18.7t฿17.8t฿1.0t16.6x18.3x1.1x
Price to Earnings Ratio

18.3x


Total Market Cap: ฿18.7tTotal Earnings: ฿1.0tTotal Revenue: ฿17.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Thai Market Price to Earnings3Y Average 17.6x202420252026
Current Market PE
  • Investors are relatively neutral on the Thai market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
  • The market is trading close to its 3-year average PE ratio of 17.6x.
Past Earnings Growth
  • The earnings for Thai listed companies have grown 3.4% per year over the last three years.
  • Meanwhile revenues for these companies have declined 2.6% per year.
  • This means that less sales are being generated overall, but since the cost of doing business is lower, profits are increasing.

Sector Trends

Which sectors have driven the changes within the Thai Market?

TH Market-0.43%
Telecom2.79%
Utilities2.41%
Consumer Discretionary1.63%
Industrials0.78%
Financials0.23%
Real Estate0.15%
Consumer Staples-0.18%
Healthcare-0.79%
Energy-1.87%
Materials-1.89%
Tech-3.15%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 59.7x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 25.2%, which is higher than its past year's earnings growth of 13.2% per year.
  • The Financials sector is the least preferred by investors for future growth, which is trading close to its 3-year average of 9.3x.
Forecasted Growth
  • Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 29% over the next 5 years.
  • This is better than its past earnings decline of 3.8% per year.
  • In contrast, the Utilities sector 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?

CompanyLast Price7D1YValuationSector
ADVANC Advanced Info Service฿352.003.5%
+฿35.7b		16.2%PE20.6xTelecom
GULF Gulf Development฿59.002.6%
+฿22.4b		19.2%PE9.9xUtilities
PTT PTT฿37.001.4%
+฿14.2b		19.4%PE11.7xEnergy
TRUE True Corporation฿14.102.2%
+฿10.4b		16.5%PE34.3xTelecom
GPSC Global Power Synergy฿38.259.3%
+฿9.2b		11.7%PE15.5xUtilities
See more

Market Insights

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Latest News

TOP
฿44.75
Thai Oil
7D
-6.3%
1Y
61.3%
GPSC
฿38.25
Global Power Synergy
7D
9.3%
1Y
11.7%
MINT
฿21.70
Minor International
7D
6.9%
1Y
-14.1%
Narrative Update • May 11

MINT: Planned Singapore REIT Launch Will Support Future Share Returns

Analysts have trimmed their price target for Minor International to THB32.67 from THB33.72, reflecting slightly softer assumptions on fair value, discount rate, revenue growth, profit margin and future P/E multiples. What's in the News Minor International is preparing to launch a real estate investment trust on the Singapore Exchange valued at about US$1b, backed by around 14 hotels, mainly 12 in Europe and 2 in Thailand, with the company planning to keep a significant but sub‑50% stake (Key Developments).
IVL
฿24.10
Indorama Ventures
7D
-6.4%
1Y
16.4%
Narrative Update • May 09

IVL: Lower Discount Rate And Higher Future P/E Will Support Upside

Analysts have raised their price target on Indorama Ventures from THB 28.0 to THB 31.1 as they update their views on fair value, discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News Board meeting scheduled for February 27, 2026 to consider convening the Annual General Meeting of Shareholders, which can shape upcoming decisions on dividends, capital allocation, and governance (Key Developments).
ADVANC
฿352.00
Advanced Info Service
7D
3.5%
1Y
16.2%
GULF
฿59.00
Gulf Development
7D
2.6%
1Y
19.2%
TRUE
฿14.10
True Corporation
7D
2.2%
1Y
16.5%
SCC
฿227.00
Siam Cement
7D
-1.7%
1Y
29.7%
Narrative Update • May 07

SCC: Temporary Petrochemical Suspension And Asset Sale Will Support Balanced Outlook

Analysts have slightly reduced their price target for Siam Cement from THB218.78 to THB217.78 to reflect updated assumptions on discount rates, revenue growth, profit margins and future P/E. What's in the News Operations at Long Son Petrochemicals Co. Ltd.
DELTA
฿300.00
Delta Electronics (Thailand)
7D
-3.2%
1Y
180.4%
PTTEP
฿150.50
PTT Exploration and Production
7D
-4.1%
1Y
46.1%
IRPC
฿1.92
IRPC
7D
-15.0%
1Y
100.0%
BAY
฿27.25
Bank of Ayudhya
7D
-2.7%
1Y
21.1%
PTT
฿37.00
PTT
7D
1.4%
1Y
19.4%
Narrative Update • Apr 23

PTT: One Off Dividend Payout Will Likely Fail To Support Shares

The analyst price target for PTT has been adjusted slightly higher to THB30.18 from THB29.92. Analysts point to updated assumptions for revenue growth, profit margins and future P/E as the key drivers of this modest change.
KBANK
฿196.00
Kasikornbank
7D
1.3%
1Y
19.5%
AOT
฿51.75
Airports of Thailand
7D
1.0%
1Y
38.0%
TLI
฿10.10
Thai Life Insurance
7D
-3.8%
1Y
-12.2%