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Thai (SET) Market Analysis & Valuation
UpdatedJun 19, 2025
DataAggregated Company Financials
Companies901
- 7D-4.1%
- 3M-6.8%
- 1Y-17.6%
- YTD-20.3%
Over the last 7 days, the market has dropped 2.3%, driven by declines in the Consumer Staples and Industrials sectors of 4.6% and 7.2%, respectively. The market has dropped 16% in the last year. Looking forward, earnings are forecast to grow by 12% annually.
Market Valuation and Performance
Has the Thai Market valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Thu, 19 Jun 2025 | ฿13.6t | ฿17.5t | ฿908.7b | 11.1x | 15x | 0.8x |
| Sat, 17 May 2025 | ฿14.9t | ฿17.5t | ฿898.9b | 11.7x | 16.5x | 0.8x |
| Mon, 14 Apr 2025 | ฿14.1t | ฿17.6t | ฿903.1b | 11.3x | 15.6x | 0.8x |
| Wed, 12 Mar 2025 | ฿14.9t | ฿17.7t | ฿913.6b | 12.3x | 16.3x | 0.8x |
| Fri, 07 Feb 2025 | ฿15.8t | ฿17.7t | ฿931.0b | 12.3x | 17x | 0.9x |
| Sun, 05 Jan 2025 | ฿17.3t | ฿17.7t | ฿923.6b | 14.1x | 18.8x | 1x |
| Tue, 03 Dec 2024 | ฿18.0t | ฿17.7t | ฿922.3b | 14.8x | 19.5x | 1x |
| Thu, 31 Oct 2024 | ฿18.1t | ฿17.7t | ฿1.0t | 14.7x | 17.9x | 1x |
| Sat, 28 Sep 2024 | ฿18.2t | ฿17.6t | ฿1.0t | 15.5x | 18x | 1x |
| Mon, 26 Aug 2024 | ฿17.0t | ฿17.7t | ฿1.0t | 14.4x | 16.9x | 1x |
| Wed, 24 Jul 2024 | ฿16.3t | ฿17.4t | ฿972.8b | 14.6x | 16.8x | 0.9x |
| Fri, 21 Jun 2024 | ฿16.3t | ฿17.4t | ฿972.8b | 14.9x | 16.7x | 0.9x |
| Sun, 19 May 2024 | ฿17.4t | ฿17.4t | ฿976.3b | 16.1x | 17.8x | 1x |
| Tue, 16 Apr 2024 | ฿17.5t | ฿17.2t | ฿970.8b | 16.3x | 18x | 1x |
| Thu, 14 Mar 2024 | ฿17.3t | ฿17.2t | ฿966.4b | 16.5x | 17.9x | 1x |
| Sat, 10 Feb 2024 | ฿17.3t | ฿17.1t | ฿954.1b | 16.4x | 18.2x | 1x |
| Mon, 08 Jan 2024 | ฿17.8t | ฿17.1t | ฿930.4b | 17x | 19.1x | 1x |
| Wed, 06 Dec 2023 | ฿17.2t | ฿17.1t | ฿931.0b | 15.7x | 18.5x | 1x |
| Fri, 03 Nov 2023 | ฿17.5t | ฿17.4t | ฿875.7b | 16.4x | 19.9x | 1x |
| Sun, 01 Oct 2023 | ฿18.3t | ฿17.4t | ฿873.8b | 17.2x | 20.9x | 1.1x |
| Tue, 29 Aug 2023 | ฿19.4t | ฿17.3t | ฿868.4b | 17.9x | 22.3x | 1.1x |
| Thu, 27 Jul 2023 | ฿18.9t | ฿17.7t | ฿1.0t | 16.2x | 18.8x | 1.1x |
| Sat, 24 Jun 2023 | ฿18.6t | ฿17.7t | ฿1.0t | 16.6x | 18.6x | 1.1x |
| Mon, 22 May 2023 | ฿18.7t | ฿17.7t | ฿1.0t | 16.6x | 18.7x | 1.1x |
| Wed, 19 Apr 2023 | ฿19.7t | ฿17.6t | ฿994.2b | 17.2x | 19.8x | 1.1x |
| Fri, 17 Mar 2023 | ฿19.2t | ฿17.6t | ฿995.2b | 16.9x | 19.3x | 1.1x |
| Sun, 12 Feb 2023 | ฿20.6t | ฿17.1t | ฿1.1t | 18.1x | 19.1x | 1.2x |
| Tue, 10 Jan 2023 | ฿20.9t | ฿17.1t | ฿1.1t | 17.9x | 19x | 1.2x |
| Thu, 08 Dec 2022 | ฿19.9t | ฿17.1t | ฿1.1t | 17.6x | 18x | 1.2x |
| Sat, 05 Nov 2022 | ฿20.0t | ฿15.9t | ฿1.1t | 17.3x | 18.2x | 1.3x |
| Mon, 03 Oct 2022 | ฿19.4t | ฿15.7t | ฿1.1t | 16.7x | 18.1x | 1.2x |
| Wed, 31 Aug 2022 | ฿19.9t | ฿15.7t | ฿1.1t | 17.5x | 18.7x | 1.3x |
| Fri, 29 Jul 2022 | ฿19.2t | ฿14.3t | ฿989.6b | 17.3x | 19.4x | 1.3x |
| Sun, 26 Jun 2022 | ฿18.9t | ฿14.2t | ฿977.4b | 17.5x | 19.3x | 1.3x |
Price to Earnings Ratio
19.3x
Current Market PE
- Investors are pessimistic on the Thai market, indicating that they anticipate earnings will not grow as fast as they have historically.
- The market is trading at a PE ratio of 15.2x which is lower than its 3-year average PE of 18.3x.
Past Earnings Growth
- The earnings for Thai listed companies have declined 2.4% per year over the last three years.
- Meanwhile revenues for these companies have grown 7.3% per year.
- This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.
Sector Trends
Which sectors have driven the changes within the Thai Market?
| TH Market | -4.15% | |
| Energy | 1.52% | |
| Healthcare | -2.83% | |
| Materials | -2.92% | |
| Financials | -2.94% | |
| Tech | -3.09% | |
| Real Estate | -3.30% | |
| Telecom | -5.82% | |
| Utilities | -5.99% | |
| Consumer Discretionary | -6.30% | |
| Consumer Staples | -6.49% | |
| Industrials | -9.96% | |
Sector PE
- Investors favour the Telecom sector the most for future growth even though it's trading below its 3-year average PE ratio of 83.0x.
- The market's confidence is likely because analysts are expecting annual earnings growth of 27.9% which is higher than its past year's earnings decline of 17.0% per year.
Forecasted Growth
- Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 50% over the next 5 years.
- This is better than its past earnings decline of 3.3% per year.
- In contrast, the Industrials sector is expected to see its earnings grow by 2.3% 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 | Sector | |
|---|---|---|---|---|---|---|
| PTTEP PTT Exploration and Production | ฿110.00 | 9.5% +฿37.7b | -27.4% | PE6.1x | Energy | |
| KCE KCE Electronics | ฿17.20 | 6.2% +฿1.2b | -60.7% | PE14.9x | Tech | |
| TFMAMA Thai President Foods | ฿197.50 | 1.8% +฿1.2b | -3.2% | PE15.1x | Consumer Staples | |
| PB President Bakery | ฿52.00 | 4.5% +฿1.0b | -19.1% | PE15.4x | Consumer Staples | |
| AURA Aurora Design | ฿14.80 | 4.2% +฿800.4m | 22.3% | PE15.7x | Consumer Discretionary |
