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Thai (SET) Market Analysis & Valuation

UpdatedFeb 24, 2026
DataAggregated Company Financials
Companies902
  • 7D2.9%
  • 3M16.7%
  • 1Y20.8%
  • YTD15.6%

Over the last 7 days, the market has risen 2.9%, driven by gains of 11% in the Information Technology sector. The market is up 21% over the last 12 months. Earnings are forecast to grow by 11% annually.

Trending IndustriesOil and GasRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 24 Feb 2026฿18.8t฿16.6t฿1.1t12x17.8x1.1x
Thu, 22 Jan 2026฿16.7t฿16.8t฿1.0t11.5x16.4x1x
Sat, 20 Dec 2025฿15.9t฿16.8t฿1.0t11.5x15.6x0.9x
Mon, 17 Nov 2025฿16.2t฿17.0t฿1.0t11.5x15.7x0.9x
Wed, 15 Oct 2025฿16.1t฿17.3t฿966.2b12x16.6x0.9x
Fri, 12 Sep 2025฿16.3t฿17.3t฿963.0b12.4x17x0.9x
Sun, 10 Aug 2025฿15.6t฿17.4t฿965.4b12.1x16.1x0.9x
Tue, 08 Jul 2025฿14.0t฿17.5t฿908.7b11.4x15.4x0.8x
Thu, 05 Jun 2025฿14.1t฿17.5t฿909.3b11.3x15.5x0.8x
Sat, 03 May 2025฿14.9t฿17.6t฿904.7b12x16.5x0.8x
Mon, 31 Mar 2025฿14.8t฿17.7t฿911.9b12x16.2x0.8x
Wed, 26 Feb 2025฿15.1t฿17.6t฿927.3b12.5x16.3x0.9x
Fri, 24 Jan 2025฿16.9t฿17.7t฿932.4b13.1x18.1x1x
Sun, 22 Dec 2024฿17.1t฿17.7t฿923.5b13.8x18.5x1x
Tue, 19 Nov 2024฿18.2t฿17.8t฿930.0b14.5x19.6x1x
Thu, 17 Oct 2024฿18.6t฿17.7t฿1.0t15.3x18.4x1.1x
Sat, 14 Sep 2024฿17.8t฿17.7t฿1.0t15x17.7x1x
Mon, 12 Aug 2024฿16.2t฿17.6t฿986.8b13.9x16.5x0.9x
Wed, 10 Jul 2024฿16.6t฿17.4t฿971.8b15.2x17x1x
Fri, 07 Jun 2024฿16.7t฿17.4t฿973.4b15.3x17.1x1x
Sun, 05 May 2024฿17.2t฿17.3t฿962.0b16.2x17.9x1x
Tue, 02 Apr 2024฿17.3t฿17.2t฿971.6b16.6x17.8x1x
Thu, 29 Feb 2024฿17.3t฿17.2t฿984.2b16.6x17.6x1x
Sat, 27 Jan 2024฿17.0t฿17.2t฿942.5b16.1x18.1x1x
Mon, 25 Dec 2023฿17.5t฿17.1t฿929.5b16.2x18.9x1x
Wed, 22 Nov 2023฿17.7t฿17.1t฿929.8b15.8x19x1x
Fri, 20 Oct 2023฿17.7t฿17.4t฿873.5b16.8x20.2x1x
Sun, 17 Sep 2023฿19.1t฿17.3t฿870.6b18x22x1.1x
Tue, 15 Aug 2023฿19.0t฿17.3t฿885.7b16.9x21.5x1.1x
Thu, 13 Jul 2023฿18.4t฿17.7t฿1.0t16x18.4x1x
Sat, 10 Jun 2023฿19.2t฿17.7t฿1.0t17.4x19.2x1.1x
Mon, 08 May 2023฿19.0t฿17.6t฿1.0t16.1x18.6x1.1x
Wed, 05 Apr 2023฿19.7t฿17.6t฿994.3b17.4x19.8x1.1x
Fri, 03 Mar 2023฿19.8t฿17.5t฿1.0t17.6x19.1x1.1x
Price to Earnings Ratio

19.1x


Total Market Cap: ฿19.8tTotal Earnings: ฿1.0tTotal Revenue: ฿17.5tTotal Market Cap vs Earnings and Revenue0%0%0%
Thai Market Price to Earnings3Y Average 17.8x202420252026
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 17.8x.
Past Earnings Growth
  • Both revenue and earnings for Thai listed companies have remained mostly flat over the last three years.
  • This means sales and the cost of doing business have remained relatively consistent over this period and subsequently, so have profits.

Sector Trends

Which sectors have driven the changes within the Thai Market?

TH Market2.94%
Tech11.37%
Financials3.97%
Real Estate2.03%
Energy1.86%
Consumer Staples1.17%
Materials1.17%
Utilities0.94%
Telecom0.40%
Healthcare-0.11%
Consumer Discretionary-0.44%
Industrials-1.92%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 55.7x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 21.0%, which is higher than its past year's earnings growth of 8.9% per year.
  • The Financials sector is the least preferred by investors for future growth, which is trading close to its 3-year average of 9.5x.
Forecasted Growth
  • Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 38% over the next 5 years.
  • This is better than its past earnings growth rate of 1.9% 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?

CompanyLast Price7D1YValuationSector
DELTA Delta Electronics (Thailand)฿248.0012.2%
+฿336.8b		226.3%PE124.7xTech
KTB Krung Thai Bank฿33.257.3%
+฿31.4b		40.9%PB1xFinancials
TTB TMBThanachart Bank฿2.3212.6%
+฿23.9b		18.4%PB0.9xFinancials
BBL Bangkok Bank฿174.506.4%
+฿20.0b		13.7%PB0.6xFinancials
CPALL CP ALL฿51.253.5%
+฿15.6b		-1.0%PE16.5xConsumer Staples
See more

Market Insights

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Latest News

CPAXT
฿16.20
CP Axtra
7D
-3.6%
1Y
-42.1%
KTB
฿33.25
Krung Thai Bank
7D
7.3%
1Y
40.9%
SCB
฿146.50
SCB X
7D
3.2%
1Y
16.7%
TTB
฿2.32
TMBThanachart Bank
7D
12.6%
1Y
18.4%

TTB: Share Repurchases And EJIP Will Support Steady Future Return Profile

Analysts have nudged their fair value estimate for TMBThanachart Bank up from THB2.04 to THB2.12, reflecting updated assumptions around revenue growth, profit margins and the bank's future P/E multiple. What's in the News TMBThanachart Bank announced a share repurchase program of up to 4,684,000,000 shares, equal to 4.80% of issued share capital, with a total budget of THB 8,900 million and a price cap set at no more than 15% above the average closing price over the five business days before each buyback date (Key Developments).
ADVANC
฿388.00
Advanced Info Service
7D
-0.5%
1Y
35.7%

ADVANC: Ordinary And Special Dividends Plus Sports Content Will Support Steady Outlook

Analysts keep their THB fair value estimate for Advanced Info Service broadly steady at THB 373.37, reflecting only small tweaks to revenue growth, profit margin and future P/E assumptions rather than any major shift in their overall view. What's in the News The board approved and proposed a total dividend for the 2025 financial year of THB 34.30 per share, including an interim dividend of THB 6.89 per share already paid.
MINT
฿26.00
Minor International
7D
-1.9%
1Y
-9.6%

MINT: Share Buyback Plan Will Support Future Returns And Earnings Per Share

Analysts have nudged their price target for Minor International slightly higher to THB34.58 from THB34.42, reflecting updated views on fair value, discount rate, revenue growth, profit margin, and future P/E assumptions. What's in the News A board meeting is scheduled for November 28, 2025 to consider approval of a share repurchase project for financial management purposes (company filing).
TRUE
฿14.00
True Corporation
7D
2.9%
1Y
16.7%
DELTA
฿248.00
Delta Electronics (Thailand)
7D
12.2%
1Y
226.3%
AOT
฿53.50
Airports of Thailand
7D
-4.9%
1Y
27.4%
OR
฿13.90
PTT Oil and Retail Business
7D
-2.1%
1Y
16.8%
BBL
฿174.50
Bangkok Bank
7D
6.4%
1Y
13.7%
BAY
฿27.25
Bank of Ayudhya
7D
6.9%
1Y
16.5%
BDMS
฿21.40
Bangkok Dusit Medical Services
7D
-1.4%
1Y
-8.5%
THAI
฿6.60
Thai Airways International
7D
-2.2%
1Y
n/a
CENTEL
฿36.00
Central Plaza Hotel
7D
-5.9%
1Y
26.3%
CPALL
฿51.25
CP ALL
7D
3.5%
1Y
-1.0%