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Thai (SET) Market Analysis & Valuation

UpdatedJul 10, 2026
DataAggregated Company Financials
Companies899
  • 7D0.9%
  • 3M6.7%
  • 1Y46.1%
  • YTD25.5%

The Energy sector gained 4.1% while the market remained flat over the last week. As for the longer term, the market has risen 46% in the past 12 months. As for the next few years, earnings are expected to grow by 11% per annum.

Trending IndustriesOil and GasRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 10 Jul 2026฿20.3t฿16.5t฿1.2t11.6x17.2x1.2x
Sun, 07 Jun 2026฿20.0t฿16.5t฿1.2t11.4x17x1.2x
Tue, 05 May 2026฿18.9t฿16.5t฿1.1t11.3x17x1.2x
Thu, 02 Apr 2026฿18.7t฿16.4t฿1.1t11.4x16.8x1.1x
Sat, 28 Feb 2026฿19.4t฿16.6t฿1.1t12.1x18x1.2x
Mon, 26 Jan 2026฿16.7t฿16.8t฿1.0t11.4x16.4x1x
Wed, 24 Dec 2025฿16.1t฿16.8t฿1.0t11.5x15.8x1x
Fri, 21 Nov 2025฿16.3t฿17.0t฿1.0t11.6x16x1x
Sun, 19 Oct 2025฿16.2t฿17.3t฿972.1b12x16.6x0.9x
Tue, 16 Sep 2025฿16.5t฿17.3t฿963.0b12.3x17.1x1x
Thu, 14 Aug 2025฿15.8t฿17.4t฿967.1b12.2x16.3x0.9x
Sat, 12 Jul 2025฿13.8t฿17.5t฿909.0b11.4x15.2x0.8x
Mon, 09 Jun 2025฿14.2t฿17.5t฿909.3b11.3x15.6x0.8x
Wed, 07 May 2025฿14.8t฿17.6t฿902.4b11.7x16.4x0.8x
Fri, 04 Apr 2025฿13.7t฿17.5t฿887.0b11.9x15.5x0.8x
Sun, 02 Mar 2025฿15.1t฿17.7t฿918.7b12.1x16.4x0.9x
Tue, 28 Jan 2025฿16.8t฿17.7t฿930.3b13.3x18.1x0.9x
Thu, 26 Dec 2024฿17.5t฿17.7t฿922.8b14x19x1x
Sat, 23 Nov 2024฿18.1t฿17.7t฿916.2b15x19.8x1x
Mon, 21 Oct 2024฿18.7t฿17.7t฿1.0t15.1x18.5x1.1x
Wed, 18 Sep 2024฿18.0t฿17.7t฿1.0t15.1x17.8x1x
Fri, 16 Aug 2024฿16.2t฿42.2t฿1.0t13.6x16.1x0.4x
Sun, 14 Jul 2024฿16.7t฿17.4t฿971.3b15.6x17.2x1x
Tue, 11 Jun 2024฿16.7t฿17.4t฿973.6b15.3x17.2x1x
Thu, 09 May 2024฿17.2t฿17.3t฿966.8b16.2x17.8x1x
Sat, 06 Apr 2024฿17.2t฿17.2t฿969.3b16.1x17.8x1x
Mon, 04 Mar 2024฿17.1t฿20.7t฿1.1t16.3x15.3x0.8x
Wed, 31 Jan 2024฿17.1t฿17.2t฿942.0b16.1x18.2x1x
Fri, 29 Dec 2023฿17.7t฿17.1t฿930.0b16.3x19x1x
Sun, 26 Nov 2023฿17.4t฿17.1t฿929.5b15.7x18.7x1x
Tue, 24 Oct 2023฿17.4t฿17.4t฿879.6b16.5x19.8x1x
Thu, 21 Sep 2023฿18.7t฿17.3t฿872.3b17.5x21.5x1.1x
Sat, 19 Aug 2023฿18.8t฿17.3t฿867.7b17.2x21.7x1.1x
Mon, 17 Jul 2023฿18.8t฿17.7t฿1.0t16.2x18.8x1.1x
Price to Earnings Ratio

18.8x


Total Market Cap: ฿18.8tTotal Earnings: ฿1.0tTotal Revenue: ฿17.7tTotal Market Cap vs Earnings and Revenue0%0%0%
Thai Market Price to Earnings3Y Average 17.5x202420252026
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 17.5x.
Past Earnings Growth
  • The earnings for Thai listed companies have grown 5.7% per year over the last three years.
  • Meanwhile revenues for these companies have declined 2.3% per year.
  • This means that less sales are being generated overall, but since the cost of doing business is lower, profits are increasing.

Sector Trends

Which sectors have driven the changes within the Thai Market?

TH Market0.93%
Energy4.08%
Telecom2.56%
Utilities2.23%
Financials2.06%
Materials0.70%
Consumer Staples0.46%
Real Estate-0.15%
Consumer Discretionary-0.25%
Tech-0.48%
Healthcare-1.14%
Industrials-1.37%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 63.3x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 26.6% which is higher than its past year's earnings decline of 2.3% per year.
  • The Energy sector is the least preferred by investors for future growth, which is trading close to its 3-year average of 9.8x.
Forecasted Growth
  • Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 27% over the next 5 years.
  • This is better than its past earnings decline of 0.2% per year.
  • In contrast, the Utilities sector is expected to see its earnings decline by 17% 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
PTTEP PTT Exploration and Production฿139.506.1%
+฿31.8b		28.0%PE9.7xEnergy
PTT PTT฿37.501.4%
+฿14.2b		23.0%PE11.6xEnergy
TRUE True Corporation฿13.603.0%
+฿13.8b		24.8%PE33.1xTelecom
BAY Bank of Ayudhya฿46.753.9%
+฿12.9b		114.4%PB0.8xFinancials
CPF Charoen Pokphand Foods฿22.206.7%
+฿11.4b		2.8%PE8.9xConsumer Staples
See more

Market Insights

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Latest News

AOT
฿63.50
Airports of Thailand
7D
-1.2%
1Y
100.0%
TRUE
฿13.60
True Corporation
7D
3.0%
1Y
24.8%
Narrative Update • Jul 08

TRUE: Rising Margins And Policy Review Will Support Future Upside

Analysts have raised their price target for True Corporation from THB15.96 to THB17.06, citing updated assumptions for revenue growth, profit margins, the discount rate, and a slightly lower future P/E multiple as the key drivers of the change. What’s in the News for True Corporation True Corporation reported that its 100% owned subsidiary, Gold Palace Investments Limited in the British Virgin Islands, which had already ceased operations, has been formally dissolved.
PTTEP
฿139.50
PTT Exploration and Production
7D
6.1%
1Y
28.0%
BAY
฿46.75
Bank of Ayudhya
7D
3.9%
1Y
114.4%
SCB
฿156.50
SCB X
7D
2.0%
1Y
32.6%
Narrative Update • Jul 03

SCB: Dividend Payout And Margins Will Support Fair Value Outlook

Analysts have adjusted their price target for SCB X to THB145.05 from THB140.41. This reflects updated views on its fair value, discount rate, revenue growth, profit margin, and forward P/E assumptions.
THAI
฿6.15
Thai Airways International
7D
-3.1%
1Y
n/a
ADVANC
฿373.00
Advanced Info Service
7D
-0.5%
1Y
30.4%
Narrative Update • Jun 17

ADVANC: Special Dividend Windfall And Stable Assumptions Will Support A Balanced Outlook

Analysts have nudged their fair value estimate for Advanced Info Service higher from THB 391.89 to THB 394.56, citing updated assumptions around revenue growth, profit margin, and future P/E that slightly adjust the valuation framework rather than signal a major shift in the stock outlook. What’s in the News for Advanced Info Service Advanced Info Service approved a special dividend from retained earnings of THB 19.00 per share at the AGM on April 7, 2026, with a record date of March 2, 2026 and payment scheduled for April 30, 2026.
PTT
฿37.50
PTT
7D
1.4%
1Y
23.0%
Narrative Update • Jun 16

PTT: Dividend And Special Payouts Will Support Stock Price Upside

Analysts have nudged their price target for PTT stock higher to THB39.52 from THB38.99, reflecting updated assumptions around the discount rate, revenue growth, profit margin, and future P/E multiples in their valuation work. What’s in the News for PTT PTT held a Board meeting on April 10, 2026, with an agenda to appoint specific committee members, indicating upcoming changes in board-level responsibilities.
MINT
฿23.50
Minor International
7D
-4.9%
1Y
-2.9%
Narrative Update • Jun 07

MINT: Share Buyback And Investor Day Will Support Future Returns

Analysts have slightly adjusted their price target for Minor International, trimming fair value from THB32.67 to THB32.26 as they factor in revised assumptions for discount rate, revenue growth, profit margin and forward P/E. What's in the News The company completed a share buyback program, repurchasing 45,402,400 shares, representing 0.8% of its shares, for THB 1,047.83 million under the buyback announced on November 28, 2025 (Key Developments).
BDMS
฿19.60
Bangkok Dusit Medical Services
7D
-2.5%
1Y
-2.0%
DELTA
฿313.00
Delta Electronics (Thailand)
7D
-0.6%
1Y
188.5%
CPN
฿67.00
Central Pattana
7D
-1.8%
1Y
36.7%
CPALL
฿46.75
CP ALL
7D
-4.6%
1Y
5.1%
CPF
฿22.20
Charoen Pokphand Foods
7D
6.7%
1Y
2.8%
KTB
฿40.75
Krung Thai Bank
7D
1.9%
1Y
88.7%
BBL
฿196.50
Bangkok Bank
7D
2.1%
1Y
36.5%