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Thai (SET) Market Analysis & Valuation

UpdatedAug 24, 2026
DataAggregated Company Financials
Companies898
  • 7D0.3%
  • 3M4.1%
  • 1Y28.4%
  • YTD25.9%

In the last week, the market has been flat, with a notable exception in the Information Technology sector dropping 3.6%. Meanwhile, the market is actually up 28% over the past year. 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
Mon, 24 Aug 2026฿20.4t฿17.0t฿1.2t12x16.7x1.2x
Wed, 22 Jul 2026฿20.9t฿16.5t฿1.2t12.1x17.7x1.3x
Fri, 19 Jun 2026฿20.1t฿16.5t฿1.2t11.5x17x1.2x
Sun, 17 May 2026฿19.2t฿16.5t฿1.2t11.4x16.4x1.2x
Tue, 14 Apr 2026฿19.1t฿16.4t฿1.1t11.3x17.3x1.2x
Thu, 12 Mar 2026฿17.8t฿16.4t฿1.1t11.6x16x1.1x
Sat, 07 Feb 2026฿17.2t฿16.8t฿1.0t11.5x16.8x1x
Mon, 05 Jan 2026฿16.0t฿16.8t฿1.0t11.5x15.7x1x
Wed, 03 Dec 2025฿16.2t฿16.8t฿1.0t11.6x15.9x1x
Fri, 31 Oct 2025฿16.7t฿17.3t฿978.0b11.8x17x1x
Sun, 28 Sep 2025฿16.2t฿17.3t฿963.6b12.5x16.8x0.9x
Tue, 26 Aug 2025฿16.0t฿17.3t฿966.7b12.3x16.6x0.9x
Thu, 24 Jul 2025฿15.2t฿17.5t฿910.7b11.6x16.7x0.9x
Sat, 21 Jun 2025฿13.3t฿17.5t฿909.0b11x14.6x0.8x
Mon, 19 May 2025฿14.9t฿17.5t฿907.9b11.7x16.4x0.8x
Wed, 16 Apr 2025฿14.1t฿17.6t฿903.3b11.3x15.6x0.8x
Fri, 14 Mar 2025฿14.6t฿17.7t฿912.8b12.1x15.9x0.8x
Sun, 09 Feb 2025฿16.1t฿17.7t฿933.7b12.4x17.2x0.9x
Tue, 07 Jan 2025฿17.2t฿17.7t฿923.3b14x18.6x1x
Thu, 05 Dec 2024฿18.2t฿17.7t฿921.6b14.9x19.7x1x
Sat, 02 Nov 2024฿18.3t฿17.7t฿1.0t14.8x18.1x1x
Mon, 30 Sep 2024฿18.2t฿17.6t฿1.0t15.5x18.1x1x
Wed, 28 Aug 2024฿17.1t฿17.7t฿1.0t14.4x17x1x
Fri, 26 Jul 2024฿16.2t฿17.4t฿968.9b14.2x16.7x0.9x
Sun, 23 Jun 2024฿16.4t฿17.4t฿972.9b15x16.9x0.9x
Tue, 21 May 2024฿17.3t฿17.4t฿979.0b16.1x17.7x1x
Thu, 18 Apr 2024฿17.1t฿17.2t฿971.0b16.2x17.7x1x
Sat, 16 Mar 2024฿17.3t฿17.2t฿966.7b16.7x17.9x1x
Mon, 12 Feb 2024฿17.3t฿17.1t฿954.9b16.2x18.1x1x
Wed, 10 Jan 2024฿17.6t฿17.1t฿929.9b16.7x18.9x1x
Fri, 08 Dec 2023฿17.2t฿17.1t฿930.8b16x18.4x1x
Sun, 05 Nov 2023฿17.7t฿17.3t฿874.2b16.6x20.2x1x
Tue, 03 Oct 2023฿18.2t฿17.4t฿875.2b17.1x20.8x1.1x
Thu, 31 Aug 2023฿19.5t฿17.3t฿868.8b18.1x22.5x1.1x
Price to Earnings Ratio

22.5x


Total Market Cap: ฿19.5tTotal Earnings: ฿868.8bTotal Revenue: ฿17.3tTotal Market Cap vs Earnings and Revenue0%0%0%
Thai Market Price to Earnings3Y Average 17.4x202420252026
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 17.4x.
Past Earnings Growth
  • The earnings for Thai listed companies have grown 12% per year over the last three years, while revenues have remained steady.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Sector Trends

Which sectors have driven the changes within the Thai Market?

TH Market0.31%
Industrials2.93%
Energy2.32%
Materials1.83%
Healthcare1.74%
Consumer Staples1.68%
Financials1.50%
Consumer Discretionary1.31%
Utilities0.14%
Real Estate-0.26%
Telecom-1.95%
Tech-3.55%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 65.1x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 24.6%, which is higher than its past year's earnings growth of 14.0% per year.
  • The Energy sector is the least preferred by investors for future growth, which is trading below its 3-year average of 9.8x.
Forecasted Growth
  • Analysts are most optimistic on the Tech sector, expecting annual earnings growth of 25% over the next 5 years.
  • This is better than its past earnings growth rate of 14% per year.
  • In contrast, the Energy sector is expected to see its earnings decline by 7.9% 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
AOT Airports of Thailand฿67.003.1%
+฿28.6b		78.7%PE51.3xIndustrials
PTT PTT฿40.752.5%
+฿28.3b		27.3%PE9.4xEnergy
KBANK Kasikornbank฿257.003.6%
+฿21.2b		53.9%PB1xFinancials
PTTEP PTT Exploration and Production฿149.502.7%
+฿15.9b		32.9%PE8.5xEnergy
PTTGC PTT Global Chemical฿41.759.2%
+฿15.8b		54.6%PE48xMaterials
See more

Market Insights

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Latest News

PTT
฿40.75
PTT
7D
2.5%
1Y
27.3%
Narrative Update • Aug 22

PTT: Dividends And Special Payouts Will Support Fairly Valued Shares

Analysts now set a higher fair value estimate for PTT at THB41.86, up from THB39.52. This is based on revised assumptions that include a lower discount rate and higher future P/E, together with more moderate revenue growth and profit margin expectations.
CRC
฿27.50
Central Retail Corporation
7D
6.8%
1Y
30.3%
New Narrative • Aug 22

Slower Revenue Momentum And Integration Risks Will Limit Benefits Of Margin Expansion

Catalysts About Central Retail Corporation Central Retail Corporation operates multi format retail businesses in Thailand, Vietnam and previously Italy across food, fashion, hardline and property. What are the underlying business or industry changes driving this perspective?
CPF
฿23.40
Charoen Pokphand Foods
7D
7.3%
1Y
-3.7%
TOP
฿64.00
Thai Oil
7D
-3.4%
1Y
100.0%
AOT
฿67.00
Airports of Thailand
7D
3.1%
1Y
78.7%
PTTGC
฿41.75
PTT Global Chemical
7D
9.2%
1Y
54.6%
SCGP
฿29.00
SCG Packaging
7D
-4.9%
1Y
59.3%
Narrative Update • Aug 12

SCGP: Vietnam Expansion And Leadership Changes Will Support Rich Future P/E Profile

Analysts have raised their fair value estimate for SCG Packaging from THB26.00 to about THB33.57, citing updated assumptions on revenue growth, profit margin, and a slightly lower discount rate, along with a broadly similar forward P/E profile. What's in the News for SCG Packaging The board of directors will meet on July 21, 2026 to consider appointments of several SCG Packaging executives and changes to position titles, with effective dates on August 1, 2026 and January 1, 2027.
CPN
฿65.75
Central Pattana
7D
-1.1%
1Y
22.9%
DELTA
฿258.00
Delta Electronics (Thailand)
7D
-4.4%
1Y
70.9%
Narrative Update • Aug 10

DELTA: New Manufacturing Plant Plan Will Sustain Excessive P/E Risk

Analysts have trimmed their price target for Delta Electronics (Thailand) from THB253 to THB244, reflecting updated assumptions on the discount rate, revenue growth, profit margin and future P/E expectations. What's in the News Delta Electronics (Thailand) received Board approval on 24 July 2026 to construct a new BP1 manufacturing plant in Bangpoo Industrial Estate, Samut Prakan Province, to replace the existing plant that faces capacity limitations.
ADVANC
฿360.00
Advanced Info Service
7D
-3.0%
1Y
23.7%
GULF
฿64.00
Gulf Development
7D
-0.8%
1Y
34.7%
TRUE
฿13.30
True Corporation
7D
-2.2%
1Y
12.7%
Narrative Update • Aug 05

TRUE: Future Dividend Policy Review Will Support Further Upside

Analysts have raised their price target for True Corporation from THB19.30 to about THB21.10. They cite updated assumptions around fair value, discount rate, revenue growth, profit margins, and future P/E levels as key drivers of the change.
TTB
฿2.92
TMBThanachart Bank
7D
-2.0%
1Y
52.1%
New Narrative • Aug 04

Rising Unsecured Lending And Credit Risk Will Pressure Returns Over The Long Term

Catalysts About TMBThanachart Bank TMBThanachart Bank focuses on retail and commercial banking in Thailand, with an emphasis on risk adjusted lending, deposits and fee based wealth products. What are the underlying business or industry changes driving this perspective?
PTTEP
฿149.50
PTT Exploration and Production
7D
2.7%
1Y
32.9%
BAY
฿41.25
Bank of Ayudhya
7D
3.8%
1Y
76.3%
KBANK
฿257.00
Kasikornbank
7D
3.6%
1Y
53.9%