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Thai (SET) Market Analysis & Valuation
UpdatedAug 26, 2025
DataAggregated Company Financials
Companies903
- 7D1.6%
- 3M8.1%
- 1Y-8.6%
- YTD-7.9%
The market has climbed 1.6% in the last 7 days, lead by the Information Technology sector with a gain of 3.7%. Over the past year the market is down 8.6%. As for the next few years, earnings are expected to grow by 11% per annum.
Market Valuation and Performance
Has the Thai Market valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Tue, 26 Aug 2025 | ฿16.0t | ฿17.3t | ฿966.7b | 12.3x | 16.6x | 0.9x |
| Thu, 24 Jul 2025 | ฿15.2t | ฿17.5t | ฿910.7b | 11.6x | 16.7x | 0.9x |
| Sat, 21 Jun 2025 | ฿13.3t | ฿17.5t | ฿909.0b | 11x | 14.6x | 0.8x |
| Mon, 19 May 2025 | ฿14.9t | ฿17.5t | ฿907.9b | 11.7x | 16.4x | 0.8x |
| Wed, 16 Apr 2025 | ฿14.1t | ฿17.6t | ฿903.3b | 11.3x | 15.6x | 0.8x |
| Fri, 14 Mar 2025 | ฿14.6t | ฿17.7t | ฿912.8b | 12.1x | 15.9x | 0.8x |
| Sun, 09 Feb 2025 | ฿16.1t | ฿17.7t | ฿933.7b | 12.4x | 17.2x | 0.9x |
| Tue, 07 Jan 2025 | ฿17.2t | ฿17.7t | ฿923.3b | 14x | 18.6x | 1x |
| Thu, 05 Dec 2024 | ฿18.2t | ฿17.7t | ฿921.6b | 14.9x | 19.7x | 1x |
| Sat, 02 Nov 2024 | ฿18.3t | ฿17.7t | ฿1.0t | 14.8x | 18.1x | 1x |
| Mon, 30 Sep 2024 | ฿18.2t | ฿17.6t | ฿1.0t | 15.5x | 18.1x | 1x |
| Wed, 28 Aug 2024 | ฿17.1t | ฿17.7t | ฿1.0t | 14.4x | 17x | 1x |
| Fri, 26 Jul 2024 | ฿16.2t | ฿17.4t | ฿968.9b | 14.2x | 16.7x | 0.9x |
| Sun, 23 Jun 2024 | ฿16.4t | ฿17.4t | ฿972.9b | 15x | 16.9x | 0.9x |
| Tue, 21 May 2024 | ฿17.3t | ฿17.4t | ฿979.0b | 16.1x | 17.7x | 1x |
| Thu, 18 Apr 2024 | ฿17.1t | ฿17.2t | ฿971.0b | 16.2x | 17.7x | 1x |
| Sat, 16 Mar 2024 | ฿17.3t | ฿17.2t | ฿966.7b | 16.7x | 17.9x | 1x |
| Mon, 12 Feb 2024 | ฿17.3t | ฿17.1t | ฿954.9b | 16.2x | 18.1x | 1x |
| Wed, 10 Jan 2024 | ฿17.6t | ฿17.1t | ฿929.9b | 16.7x | 18.9x | 1x |
| Fri, 08 Dec 2023 | ฿17.2t | ฿17.1t | ฿930.8b | 16x | 18.4x | 1x |
| Sun, 05 Nov 2023 | ฿17.7t | ฿17.3t | ฿874.2b | 16.6x | 20.2x | 1x |
| Tue, 03 Oct 2023 | ฿18.2t | ฿17.4t | ฿875.2b | 17.1x | 20.8x | 1.1x |
| Thu, 31 Aug 2023 | ฿19.5t | ฿17.3t | ฿868.8b | 18.1x | 22.5x | 1.1x |
| Sat, 29 Jul 2023 | ฿19.1t | ฿17.7t | ฿1.0t | 16.4x | 19.1x | 1.1x |
| Mon, 26 Jun 2023 | ฿18.6t | ฿17.7t | ฿1.0t | 16.6x | 18.6x | 1.1x |
| Wed, 24 May 2023 | ฿19.0t | ฿17.7t | ฿1.0t | 16.7x | 18.9x | 1.1x |
| Fri, 21 Apr 2023 | ฿19.4t | ฿17.6t | ฿994.4b | 17.1x | 19.5x | 1.1x |
| Sun, 19 Mar 2023 | ฿17.7t | ฿16.9t | ฿904.9b | 17.9x | 19.5x | 1x |
| Tue, 14 Feb 2023 | ฿20.6t | ฿17.1t | ฿1.1t | 18.3x | 19.2x | 1.2x |
| Thu, 12 Jan 2023 | ฿20.8t | ฿17.1t | ฿1.1t | 18.1x | 19x | 1.2x |
| Sat, 10 Dec 2022 | ฿19.9t | ฿17.1t | ฿1.1t | 17.4x | 18x | 1.2x |
| Mon, 07 Nov 2022 | ฿20.0t | ฿15.9t | ฿1.1t | 17.3x | 18.2x | 1.3x |
| Wed, 05 Oct 2022 | ฿19.3t | ฿15.7t | ฿1.1t | 16.9x | 18x | 1.2x |
| Fri, 02 Sep 2022 | ฿19.7t | ฿15.7t | ฿1.1t | 17.3x | 18.5x | 1.3x |
Price to Earnings Ratio
18.5x
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 18.1x.
Past Earnings Growth
- The earnings for Thai listed companies have declined 3.2% per year over the last three years.
- Meanwhile revenues for these companies have grown 3.4% 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 | 1.64% | |
| Materials | 7.23% | |
| Utilities | 4.42% | |
| Tech | 3.66% | |
| Consumer Discretionary | 2.68% | |
| Telecom | 1.92% | |
| Real Estate | 1.84% | |
| Consumer Staples | 1.39% | |
| Energy | 0.63% | |
| Financials | 0.17% | |
| Healthcare | -0.32% | |
| Industrials | -2.62% | |
Sector PE
- Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 23.5x.
- The market's confidence is likely because analysts are expecting annual earnings growth of 31.6% which is higher than its past year's earnings decline of 10.1% per year.
- The Financials sector is the least preferred by investors for future growth, which is trading below its 3-year average of 10.3x.
Forecasted Growth
- Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 32% over the next 5 years.
- This is better than its past earnings decline of 10% 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 | |
|---|---|---|---|---|---|---|
| DELTA Delta Electronics (Thailand) | ฿150.00 | 2.7% +฿49.9b | 46.3% | PE102.9x | Tech | |
| TRUE True Corporation | ฿12.00 | 9.1% +฿34.6b | 16.5% | PS2x | Telecom | |
| ADVANC Advanced Info Service | ฿298.00 | 2.8% +฿23.8b | 20.6% | PE22.4x | Telecom | |
| GULF Gulf Development | ฿48.00 | 3.2% +฿22.4b | n/a | PE9.1x | Utilities | |
| PTTGC PTT Global Chemical | ฿27.00 | 22.2% +฿22.1b | 6.9% | PS0.2x | Materials |
