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Thai (SET) Market Analysis & Valuation

UpdatedJun 27, 2026
DataAggregated Company Financials
Companies900
  • 7D-1.9%
  • 3M6.6%
  • 1Y43.7%
  • YTD20.4%

Over the last 7 days, the market has dropped 1.9%, driven by a decline of 8.5% in the Information Technology sector. In the last year, the market is actually up 44%. As for the next few years, earnings are expected to grow by 10% 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
Sat, 27 Jun 2026฿19.5t฿16.5t฿1.2t11.4x16.5x1.2x
Mon, 25 May 2026฿19.5t฿16.5t฿1.2t11.1x16.5x1.2x
Wed, 22 Apr 2026฿18.8t฿16.4t฿1.1t11.3x17x1.1x
Fri, 20 Mar 2026฿18.0t฿16.4t฿1.1t11.3x16.1x1.1x
Sun, 15 Feb 2026฿18.1t฿16.7t฿1.0t11.9x17.7x1.1x
Tue, 13 Jan 2026฿15.8t฿16.8t฿1.0t11.2x15.5x0.9x
Thu, 11 Dec 2025฿16.1t฿16.8t฿1.0t11.5x15.8x1x
Sat, 08 Nov 2025฿16.6t฿17.3t฿991.6b11.7x16.7x1x
Mon, 06 Oct 2025฿16.4t฿17.3t฿965.6b12.3x17x0.9x
Wed, 03 Sep 2025฿15.8t฿17.3t฿962.6b12.2x16.4x0.9x
Fri, 01 Aug 2025฿15.5t฿17.5t฿914.3b11.8x16.9x0.9x
Sun, 29 Jun 2025฿13.5t฿17.5t฿908.7b11x14.8x0.8x
Tue, 27 May 2025฿14.7t฿17.5t฿907.7b11.5x16.2x0.8x
Thu, 24 Apr 2025฿14.4t฿17.6t฿906.5b11.8x15.9x0.8x
Sat, 22 Mar 2025฿14.9t฿17.7t฿912.5b12.2x16.3x0.8x
Mon, 17 Feb 2025฿16.0t฿17.7t฿953.0b12.4x16.7x0.9x
Wed, 15 Jan 2025฿16.8t฿17.7t฿924.0b13.3x18.2x0.9x
Fri, 13 Dec 2024฿18.1t฿17.7t฿920.6b14.6x19.6x1x
Sun, 10 Nov 2024฿18.4t฿17.8t฿941.9b14.8x19.5x1x
Tue, 08 Oct 2024฿18.2t฿17.7t฿1.0t15.4x18x1x
Thu, 05 Sep 2024฿17.1t฿17.7t฿1.0t14.5x17x1x
Sat, 03 Aug 2024฿16.5t฿17.4t฿972.2b14.5x16.9x0.9x
Mon, 01 Jul 2024฿16.3t฿17.4t฿972.7b15x16.8x0.9x
Wed, 29 May 2024฿17.1t฿17.4t฿981.4b16x17.4x1x
Fri, 26 Apr 2024฿17.1t฿17.2t฿961.3b16x17.8x1x
Sun, 24 Mar 2024฿17.3t฿17.2t฿967.4b16.6x17.9x1x
Tue, 20 Feb 2024฿17.3t฿17.0t฿970.1b16.5x17.9x1x
Thu, 18 Jan 2024฿17.2t฿17.1t฿932.0b16.4x18.5x1x
Sat, 16 Dec 2023฿17.3t฿17.1t฿930.1b15.7x18.6x1x
Mon, 13 Nov 2023฿17.3t฿17.3t฿932.3b16.1x18.5x1x
Wed, 11 Oct 2023฿17.8t฿17.4t฿874.6b16.8x20.4x1x
Fri, 08 Sep 2023฿19.2t฿17.3t฿871.0b18x22.1x1.1x
Sun, 06 Aug 2023฿19.0t฿17.7t฿1.0t16.3x19x1.1x
Tue, 04 Jul 2023฿18.6t฿17.7t฿1.0t16.3x18.6x1.1x
Price to Earnings Ratio

18.6x


Total Market Cap: ฿18.6tTotal Earnings: ฿1.0tTotal Revenue: ฿17.7tTotal Market Cap vs Earnings and Revenue0%0%0%
Thai Market Price to Earnings3Y Average 17.5x202420252026
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 17.5x.
Past Earnings Growth
  • The earnings for Thai listed companies have grown 5.7% per year over the last three years.
  • Meanwhile revenues for these companies have declined 2.3% 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-1.92%
Industrials2.14%
Healthcare2.07%
Financials2.05%
Consumer Discretionary1.08%
Real Estate0.90%
Consumer Staples0.49%
Energy-0.97%
Materials-1.58%
Telecom-3.01%
Utilities-4.12%
Tech-8.47%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 62.5x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 25.9% which is higher than its past year's earnings decline of 2.3% per year.
  • The Energy sector is the least preferred by investors for future growth, which is trading close to its 3-year average of 9.8x.
Forecasted Growth
  • Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 26% over the next 5 years.
  • This is better than its past earnings decline of 0.2% 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
AOT Airports of Thailand฿62.254.2%
+฿35.7b		104.1%PE49.1xIndustrials
KBANK Kasikornbank฿215.003.9%
+฿18.8b		39.6%PB0.9xFinancials
SCB SCB X฿145.002.8%
+฿13.5b		23.4%PB1xFinancials
BDMS Bangkok Dusit Medical Services฿18.903.3%
+฿9.5b		-7.4%PE19.3xHealthcare
CPN Central Pattana฿66.752.7%
+฿7.9b		45.1%PE15.3xReal Estate
See more

Market Insights

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Latest News

KKP
฿100.00
Kiatnakin Phatra Bank
7D
7.8%
1Y
122.2%
TTB
฿2.44
TMBThanachart Bank
7D
2.5%
1Y
29.1%
Narrative Update • Jun 25

TTB: Dividend Payout And Completed Buyback Will Shape Future Returns

Analysts have made a modest upward adjustment to their TMBThanachart Bank price target to THB2.30 from THB2.28, citing updated assumptions that keep the discount rate unchanged while reflecting slightly different views on revenue growth, profit margins and future P/E. What's in the News TMBThanachart Bank approved a dividend from 2025 results at THB 0.134 per share, totaling THB 12,503,587,820.74, with a remaining dividend of THB 0.068 per share to be paid on May 20, 2026, to shareholders of record on April 28, 2026.
TRUE
฿12.70
True Corporation
7D
-7.3%
1Y
16.5%
Narrative Update • Jun 24

TRUE: Steady Outlook Will Rely On Dividend Policy And Margin Resilience

Analysts have kept their average price target for True Corporation steady at THB13.80. This reflects slightly lower assumed discount rates, a small improvement in projected profit margins, and a modestly reduced forward P/E multiple in their updated models.
SCC
฿240.00
Siam Cement
7D
-3.2%
1Y
44.1%
Narrative Update • Jun 22

SCC: AI Partnership And Business Restructuring Will Support Long Term Upside

Analysts have maintained their Siam Cement fair value estimate at THB 290.00, making only modest adjustments to underlying assumptions on discount rate, revenue growth, profit margin and future P/E, which feed into the updated price target view. What's in the News Siam Cement and FPT Corporation signed a Memorandum of Understanding to explore next generation AI and digital transformation initiatives across Siam Cement’s business ecosystems, focusing on AI driven operations, intelligent enterprise platforms and advanced ERP transformation.
SCB
฿145.00
SCB X
7D
2.8%
1Y
23.4%
Narrative Update • Jun 19

SCB: Dividend Payout And New Card Unit CEO Will Support Fair Value

Analysts have nudged their fair value estimate for SCB X slightly lower, trimming the price target from THB140.53 to THB140.41 as small adjustments to the discount rate and forward P/E feed into the valuation model. What’s in the News for SCB X SCB X approved a dividend from 2025 operational results of THB 11.28 per share, totaling THB 37,981 million, representing 80% of the company’s 2025 consolidated net profit (AGM, April 8, 2026).
ADVANC
฿352.00
Advanced Info Service
7D
-1.4%
1Y
30.4%
Narrative Update • Jun 17

ADVANC: Special Dividend Windfall And Stable Assumptions Will Support A Balanced Outlook

Analysts have nudged their fair value estimate for Advanced Info Service higher from THB 391.89 to THB 394.56, citing updated assumptions around revenue growth, profit margin, and future P/E that slightly adjust the valuation framework rather than signal a major shift in the stock outlook. What’s in the News for Advanced Info Service Advanced Info Service approved a special dividend from retained earnings of THB 19.00 per share at the AGM on April 7, 2026, with a record date of March 2, 2026 and payment scheduled for April 30, 2026.
PTT
฿35.00
PTT
7D
-0.7%
1Y
16.7%
Narrative Update • Jun 16

PTT: Dividend And Special Payouts Will Support Stock Price Upside

Analysts have nudged their price target for PTT stock higher to THB39.52 from THB38.99, reflecting updated assumptions around the discount rate, revenue growth, profit margin, and future P/E multiples in their valuation work. What’s in the News for PTT PTT held a Board meeting on April 10, 2026, with an agenda to appoint specific committee members, indicating upcoming changes in board-level responsibilities.
KBANK
฿215.00
Kasikornbank
7D
3.9%
1Y
39.6%
GULF
฿59.75
Gulf Development
7D
-6.6%
1Y
51.3%
BDMS
฿18.90
Bangkok Dusit Medical Services
7D
3.3%
1Y
-7.4%
DELTA
฿304.00
Delta Electronics (Thailand)
7D
-9.0%
1Y
216.7%
CPN
฿66.75
Central Pattana
7D
2.7%
1Y
45.1%
PTTEP
฿130.00
PTT Exploration and Production
7D
-3.0%
1Y
20.9%
CPALL
฿45.25
CP ALL
7D
-2.7%
1Y
4.0%
AOT
฿62.25
Airports of Thailand
7D
4.2%
1Y
104.1%
KTB
฿36.50
Krung Thai Bank
7D
1.4%
1Y
69.8%