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Thai (SET) Market Analysis & Valuation
UpdatedMay 09, 2025
DataAggregated Company Financials
Companies902
- 7D0.8%
- 3M-5.4%
- 1Y-14.5%
- YTD-12.2%
The market has climbed 1.9% in the last 7 days, lead by the Information Technology sector with a gain of 5.8%. In contrast, the market has seen a decline of 14% over the last 12 months. 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 |
|---|---|---|---|---|---|---|
| Fri, 09 May 2025 | ฿15.0t | ฿17.6t | ฿903.8b | 12.1x | 16.6x | 0.9x |
| Sun, 06 Apr 2025 | ฿13.3t | ฿17.5t | ฿887.5b | 11.6x | 15x | 0.8x |
| Tue, 04 Mar 2025 | ฿14.9t | ฿17.7t | ฿920.0b | 12.2x | 16.2x | 0.8x |
| Thu, 30 Jan 2025 | ฿16.8t | ฿17.7t | ฿929.2b | 13.3x | 18.1x | 1x |
| Sat, 28 Dec 2024 | ฿17.5t | ฿17.7t | ฿922.4b | 14x | 19x | 1x |
| Mon, 25 Nov 2024 | ฿18.1t | ฿17.7t | ฿914.7b | 15x | 19.8x | 1x |
| Wed, 23 Oct 2024 | ฿18.4t | ฿17.7t | ฿1.0t | 15x | 18.2x | 1x |
| Fri, 20 Sep 2024 | ฿18.2t | ฿17.7t | ฿1.0t | 15.3x | 18.1x | 1x |
| Sun, 18 Aug 2024 | ฿16.3t | ฿42.2t | ฿999.3b | 13.9x | 16.3x | 0.4x |
| Tue, 16 Jul 2024 | ฿16.7t | ฿17.4t | ฿971.4b | 15.3x | 17.1x | 1x |
| Thu, 13 Jun 2024 | ฿16.5t | ฿17.4t | ฿973.4b | 15.4x | 17x | 1x |
| Sat, 11 May 2024 | ฿17.2t | ฿17.3t | ฿971.6b | 16.3x | 17.7x | 1x |
| Mon, 08 Apr 2024 | ฿17.2t | ฿17.2t | ฿969.2b | 16.1x | 17.8x | 1x |
| Wed, 06 Mar 2024 | ฿17.0t | ฿17.4t | ฿825.7b | 16.4x | 20.6x | 1x |
| Fri, 02 Feb 2024 | ฿17.0t | ฿17.2t | ฿947.7b | 16x | 18x | 1x |
| Sun, 31 Dec 2023 | ฿17.7t | ฿17.1t | ฿930.6b | 16.3x | 19x | 1x |
| Tue, 28 Nov 2023 | ฿17.3t | ฿17.1t | ฿928.9b | 15.9x | 18.7x | 1x |
| Thu, 26 Oct 2023 | ฿17.4t | ฿17.4t | ฿878.4b | 16.6x | 19.8x | 1x |
| Sat, 23 Sep 2023 | ฿18.9t | ฿17.4t | ฿872.4b | 17.7x | 21.7x | 1.1x |
| Mon, 21 Aug 2023 | ฿18.8t | ฿17.3t | ฿869.0b | 17.1x | 21.6x | 1.1x |
| Wed, 19 Jul 2023 | ฿19.0t | ฿17.7t | ฿998.3b | 16.5x | 19x | 1.1x |
| Fri, 16 Jun 2023 | ฿19.2t | ฿17.7t | ฿1.0t | 17.2x | 19.2x | 1.1x |
| Sun, 14 May 2023 | ฿19.3t | ฿17.7t | ฿1.0t | 16.5x | 19.1x | 1.1x |
| Tue, 11 Apr 2023 | ฿19.5t | ฿17.6t | ฿994.7b | 17.2x | 19.6x | 1.1x |
| Thu, 09 Mar 2023 | ฿19.8t | ฿18.3t | ฿926.5b | 17.5x | 21.4x | 1.1x |
| Sat, 04 Feb 2023 | ฿20.9t | ฿17.1t | ฿1.1t | 18.4x | 19.3x | 1.2x |
| Mon, 02 Jan 2023 | ฿20.6t | ฿17.1t | ฿1.1t | 17.7x | 18.6x | 1.2x |
| Wed, 30 Nov 2022 | ฿19.9t | ฿17.1t | ฿1.1t | 17.6x | 18x | 1.2x |
| Fri, 28 Oct 2022 | ฿19.6t | ฿15.8t | ฿1.1t | 17x | 17.9x | 1.2x |
| Sun, 25 Sep 2022 | ฿19.9t | ฿15.7t | ฿1.1t | 17.7x | 18.6x | 1.3x |
| Tue, 23 Aug 2022 | ฿19.6t | ฿15.7t | ฿1.1t | 17.3x | 18.4x | 1.3x |
| Thu, 21 Jul 2022 | ฿18.5t | ฿14.2t | ฿977.3b | 16.9x | 18.9x | 1.3x |
| Sat, 18 Jun 2022 | ฿18.7t | ฿14.2t | ฿976.6b | 17.6x | 19.1x | 1.3x |
| Mon, 16 May 2022 | ฿18.9t | ฿13.7t | ฿994.1b | 17.9x | 19x | 1.4x |
Price to Earnings Ratio
19x
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 18.5x.
Past Earnings Growth
- The earnings for Thai listed companies have declined 3.1% per year over the last three years.
- Meanwhile revenues for these companies have grown 8.7% 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 | 0.77% | |
| Materials | 3.42% | |
| Telecom | 3.19% | |
| Tech | 3.11% | |
| Utilities | 1.71% | |
| Financials | 0.83% | |
| Energy | 0.50% | |
| Real Estate | 0.26% | |
| Consumer Staples | 0.12% | |
| Healthcare | -0.031% | |
| Industrials | -0.19% | |
| Consumer Discretionary | -4.89% | |
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 82.4x.
- The market's confidence is likely because analysts are expecting annual earnings growth of 28.7% which is higher than its past year's earnings decline of 2.1% per year.
Forecasted Growth
- Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 49% over the next 5 years.
- This is better than its past earnings growth rate of 5.2% per year.
- In contrast, the Financials sector is expected to see its earnings grow by 4.8% 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 | |
|---|---|---|---|---|---|---|
| DELTA Delta Electronics (Thailand) | ฿101.00 | 3.1% +฿37.4b | 41.3% | PE62.6x | Tech | |
| ADVANC Advanced Info Service | ฿305.00 | 3.4% +฿29.7b | 48.1% | PE24.4x | Telecom | |
| TRUE True Corporation | ฿12.50 | 3.3% +฿13.8b | 45.3% | PS2.1x | Telecom | |
| KBANK Kasikornbank | ฿165.00 | 3.4% +฿13.0b | 24.1% | PB0.7x | Financials | |
| CPALL CP ALL | ฿52.75 | 2.4% +฿11.2b | -9.4% | PE19x | Consumer Staples |
