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Thai (SET) Market Analysis & Valuation
UpdatedNov 11, 2025
DataAggregated Company Financials
Companies905
- 7D-0.2%
- 3M3.5%
- 1Y-9.5%
- YTD-4.9%
Over the last 7 days, the market has remained flat, although notably the Communication Services sector gained 3.4% in that time. As for last year, the market is down 9.5%. Earnings are forecast to grow by 13% 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 |
|---|---|---|---|---|---|---|
| Wed, 12 Nov 2025 | ฿16.6t | ฿17.2t | ฿996.1b | 11.8x | 16.7x | 1x |
| Fri, 10 Oct 2025 | ฿16.7t | ฿17.3t | ฿965.4b | 12.1x | 17.3x | 1x |
| Sun, 07 Sep 2025 | ฿16.0t | ฿17.3t | ฿962.0b | 12.3x | 16.7x | 0.9x |
| Tue, 05 Aug 2025 | ฿15.3t | ฿17.5t | ฿913.0b | 11.7x | 16.8x | 0.9x |
| Thu, 03 Jul 2025 | ฿13.9t | ฿17.5t | ฿908.3b | 11.3x | 15.3x | 0.8x |
| Sat, 31 May 2025 | ฿14.3t | ฿17.5t | ฿912.4b | 11.5x | 15.7x | 0.8x |
| Mon, 28 Apr 2025 | ฿14.4t | ฿17.7t | ฿906.8b | 12x | 15.9x | 0.8x |
| Wed, 26 Mar 2025 | ฿14.9t | ฿17.7t | ฿912.6b | 12.2x | 16.3x | 0.8x |
| Fri, 21 Feb 2025 | ฿15.6t | ฿17.7t | ฿941.4b | 12.6x | 16.6x | 0.9x |
| Sun, 19 Jan 2025 | ฿16.8t | ฿17.7t | ฿924.7b | 13.1x | 18.1x | 0.9x |
| Tue, 17 Dec 2024 | ฿17.8t | ฿17.6t | ฿918.8b | 14.4x | 19.4x | 1x |
| Thu, 14 Nov 2024 | ฿18.2t | ฿17.8t | ฿946.5b | 14.6x | 19.2x | 1x |
| Sat, 12 Oct 2024 | ฿18.4t | ฿17.7t | ฿1.0t | 15.1x | 18.2x | 1x |
| Mon, 09 Sep 2024 | ฿17.9t | ฿17.7t | ฿1.0t | 14.7x | 17.7x | 1x |
| Wed, 07 Aug 2024 | ฿16.0t | ฿17.4t | ฿973.9b | 14x | 16.4x | 0.9x |
| Fri, 05 Jul 2024 | ฿16.3t | ฿17.4t | ฿972.4b | 15x | 16.8x | 0.9x |
| Sun, 02 Jun 2024 | ฿16.9t | ฿17.4t | ฿978.6b | 15.9x | 17.3x | 1x |
| Tue, 30 Apr 2024 | ฿17.1t | ฿17.2t | ฿961.0b | 16.1x | 17.8x | 1x |
| Thu, 28 Mar 2024 | ฿17.3t | ฿17.2t | ฿967.6b | 16.5x | 17.9x | 1x |
| Sat, 24 Feb 2024 | ฿17.5t | ฿17.5t | ฿1.0t | 16.5x | 17.4x | 1x |
| Mon, 22 Jan 2024 | ฿17.2t | ฿17.1t | ฿936.4b | 16.5x | 18.4x | 1x |
| Wed, 20 Dec 2023 | ฿17.4t | ฿17.1t | ฿930.4b | 15.8x | 18.7x | 1x |
| Fri, 17 Nov 2023 | ฿17.6t | ฿17.1t | ฿928.4b | 15.5x | 19x | 1x |
| Sun, 15 Oct 2023 | ฿18.0t | ฿17.4t | ฿873.4b | 17.1x | 20.6x | 1x |
| Tue, 12 Sep 2023 | ฿19.1t | ฿17.3t | ฿870.0b | 18x | 22x | 1.1x |
| Thu, 10 Aug 2023 | ฿18.9t | ฿17.7t | ฿989.9b | 16.4x | 19.1x | 1.1x |
| Sat, 08 Jul 2023 | ฿18.4t | ฿17.7t | ฿1.0t | 16.3x | 18.4x | 1x |
| Mon, 05 Jun 2023 | ฿18.9t | ฿26.5t | ฿1.2t | 17.1x | 16.3x | 0.7x |
| Wed, 03 May 2023 | ฿18.9t | ฿17.6t | ฿1.0t | 16.1x | 18.6x | 1.1x |
| Fri, 31 Mar 2023 | ฿19.9t | ฿17.6t | ฿994.2b | 17.2x | 20x | 1.1x |
| Sun, 26 Feb 2023 | ฿20.2t | ฿18.4t | ฿1.4t | 18.2x | 14.5x | 1.1x |
| Tue, 24 Jan 2023 | ฿20.8t | ฿17.1t | ฿1.1t | 18.3x | 19.1x | 1.2x |
| Thu, 22 Dec 2022 | ฿19.8t | ฿17.1t | ฿1.1t | 17.4x | 17.9x | 1.2x |
| Sat, 19 Nov 2022 | ฿19.8t | ฿17.0t | ฿1.1t | 17.2x | 18x | 1.2x |
Price to Earnings Ratio
18x
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 18.0x.
Past Earnings Growth
- The earnings for Thai listed companies have declined 3.3% per year over the last three years.
- Meanwhile revenues have been flat.
- This means that either the cost of doing business or the level of investment back into businesses is increasing since sales have remained steady while profits have fallen.
Sector Trends
Which sectors have driven the changes within the Thai Market?
| TH Market | -0.17% | |
| Telecom | 3.40% | |
| Tech | 0.55% | |
| Industrials | 0.44% | |
| Real Estate | 0.19% | |
| Healthcare | -0.037% | |
| Consumer Staples | -0.28% | |
| Utilities | -0.79% | |
| Energy | -0.89% | |
| Financials | -1.11% | |
| Consumer Discretionary | -1.25% | |
| Materials | -3.55% | |
Sector PE
- Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 46.5x.
- The market's confidence is likely because analysts are expecting annual earnings growth of 31.3% which is higher than its past year's earnings decline of 6.4% per year.
- The Financials sector is the least preferred by investors for future growth, which is trading close to its 3-year average of 9.9x.
Forecasted Growth
- Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 31% over the next 5 years.
- This is better than its past earnings decline of 6.4% per year.
- In contrast, the Utilities sector 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 | Sector | |
|---|---|---|---|---|---|---|
| ADVANC Advanced Info Service | ฿316.00 | 4.3% +฿38.7b | 10.5% | PE21.9x | Telecom | |
| AOT Airports of Thailand | ฿42.50 | 6.3% +฿35.7b | -29.2% | PE32.8x | Industrials | |
| TRUE True Corporation | ฿11.80 | 5.4% +฿20.7b | -1.7% | PS2x | Telecom | |
| GULF Gulf Development | ฿43.25 | 1.2% +฿7.5b | n/a | PE8.6x | Utilities | |
| THAI Thai Airways International | ฿9.40 | 2.7% +฿7.1b | n/a | PS1.4x | Industrials |