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Thai (SET) Market Analysis & Valuation

UpdatedJan 11, 2026
DataAggregated Company Financials
Companies902
  • 7D-0.5%
  • 3M-2.7%
  • 1Y-7.1%
  • YTD-2.0%

In the last week, the market has stayed flat, however the Materials sector stood out, gaining 5.2%. The past year hasn't been profitable, with the market dropping 7.1%. As for the next few years, earnings are expected to grow by 12% 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
Mon, 12 Jan 2026฿15.9t฿16.8t฿1.0t11.5x15.6x1x
Wed, 10 Dec 2025฿16.1t฿16.8t฿1.0t11.5x15.8x1x
Fri, 07 Nov 2025฿16.7t฿17.3t฿988.9b11.7x16.9x1x
Sun, 05 Oct 2025฿16.4t฿17.3t฿965.6b12.3x17x0.9x
Tue, 02 Sep 2025฿15.8t฿17.3t฿962.4b12.1x16.4x0.9x
Thu, 31 Jul 2025฿15.5t฿17.5t฿900.3b11.8x17.2x0.9x
Sat, 28 Jun 2025฿13.5t฿17.5t฿908.7b11x14.8x0.8x
Mon, 26 May 2025฿14.7t฿17.5t฿907.3b11.5x16.2x0.8x
Wed, 23 Apr 2025฿14.3t฿17.6t฿906.2b11.8x15.7x0.8x
Fri, 21 Mar 2025฿14.8t฿17.7t฿912.3b12.4x16.3x0.8x
Sun, 16 Feb 2025฿16.0t฿17.8t฿947.1b12.4x16.8x0.9x
Tue, 14 Jan 2025฿16.9t฿17.7t฿924.0b13.5x18.3x1x
Thu, 12 Dec 2024฿18.1t฿17.7t฿920.7b14.7x19.6x1x
Sat, 09 Nov 2024฿18.4t฿17.7t฿973.4b14.6x18.9x1x
Mon, 07 Oct 2024฿18.1t฿17.7t฿1.0t15.2x17.9x1x
Wed, 04 Sep 2024฿17.1t฿17.7t฿1.0t14.4x17x1x
Fri, 02 Aug 2024฿16.6t฿17.4t฿972.9b14.6x17x1x
Sun, 30 Jun 2024฿16.3t฿17.4t฿972.7b15x16.8x0.9x
Tue, 28 May 2024฿17.2t฿17.4t฿980.4b16.1x17.5x1x
Thu, 25 Apr 2024฿17.1t฿17.2t฿975.2b15.9x17.5x1x
Sat, 23 Mar 2024฿17.3t฿17.2t฿967.6b16.6x17.9x1x
Mon, 19 Feb 2024฿17.3t฿17.0t฿970.1b16.5x17.9x1x
Wed, 17 Jan 2024฿17.5t฿17.1t฿931.6b16.5x18.7x1x
Fri, 15 Dec 2023฿17.2t฿17.1t฿929.9b15.6x18.5x1x
Sun, 12 Nov 2023฿17.3t฿17.3t฿934.1b16.1x18.5x1x
Tue, 10 Oct 2023฿17.8t฿17.4t฿875.6b16.8x20.3x1x
Thu, 07 Sep 2023฿19.2t฿17.3t฿870.7b18x22.1x1.1x
Sat, 05 Aug 2023฿19.0t฿17.7t฿1.0t16.3x18.9x1.1x
Mon, 03 Jul 2023฿18.6t฿17.7t฿1.0t16.4x18.5x1x
Wed, 31 May 2023฿19.0t฿26.5t฿1.2t17.2x16.3x0.7x
Fri, 28 Apr 2023฿18.1t฿17.6t฿1.0t16.2x17.9x1x
Sun, 26 Mar 2023฿19.4t฿17.6t฿976.8b17.9x19.8x1.1x
Tue, 21 Feb 2023฿20.5t฿17.3t฿1.1t18.3x19.4x1.2x
Thu, 19 Jan 2023฿20.8t฿17.1t฿1.1t18x19x1.2x
Price to Earnings Ratio

19x


Total Market Cap: ฿20.8tTotal Earnings: ฿1.1tTotal Revenue: ฿17.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Thai Market Price to Earnings3Y Average 17.9x202420252026
Current Market PE
  • Investors are pessimistic on the Thai market, indicating that they anticipate earnings will not grow as fast as they have historically.
  • The market is trading at a PE ratio of 15.6x which is lower than its 3-year average PE of 17.9x.
Past Earnings Growth
  • The earnings for Thai listed companies have declined 2.4% per year over the last three years.
  • Meanwhile revenues have been flat.
  • This means that either the cost of doing business or the level of investment back into businesses is increasing since sales have remained steady while profits have fallen.

Sector Trends

Which sectors have driven the changes within the Thai Market?

TH Market-0.47%
Materials5.17%
Utilities1.46%
Telecom1.20%
Energy0.34%
Real Estate0.16%
Financials-0.27%
Consumer Discretionary-0.69%
Consumer Staples-0.84%
Industrials-1.00%
Healthcare-1.58%
Tech-4.30%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 54.4x.
    • 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 growth of 7.1% per year.
  • The Financials sector is the least preferred by investors for future growth, which is trading close to its 3-year average of 9.7x.
Forecasted Growth
  • Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 33% over the next 5 years.
  • This is better than its past earnings growth rate of 3.9% per year.
  • In contrast, the Utilities sector is expected to see its earnings decline by 18% 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
ADVANC Advanced Info Service฿320.002.2%
+฿20.8b		13.1%PE22.2xTelecom
GULF Gulf Development฿43.003.0%
+฿18.7b		n/aPE8.6xUtilities
SCC Siam Cement฿199.008.4%
+฿18.6b		29.2%PE13.8xMaterials
TOP Thai Oil฿39.509.7%
+฿7.8b		58.0%PE5.9xEnergy
TRUE True Corporation฿11.101.8%
+฿6.9b		-0.9%PS1.9xTelecom
See more

Market Insights

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What research teams agree on – and where they don’t – heading into 2026.
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Last Week

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Latest News

TRUE
฿11.10
True Corporation
7D
1.8%
1Y
-0.9%

TRUE: Board Changes And Dividend Policy Review Will Shape Balanced Outlook

Analysts have raised their fair value estimate for True Corporation from ฿10.97 to ฿11.99, citing updated assumptions for discount rates, revenue growth, profit margins, and future P/E levels as key drivers of the change. What's in the News Board meeting scheduled for December 18, 2025 to consider the resignation of Mr. Natwut Amornvivat from the Board, Corporate Governance and Sustainability Committee, and Executive Committee, and the appointment of Mr. Vichaow Rakphongphairoj to those roles effective the same day (Key Developments).
SCC
฿199.00
Siam Cement
7D
8.4%
1Y
29.2%

SCC: Audit Committee Review And Modest Assumption Tweaks Will Support Balanced Outlook

Analysts have nudged their fair value estimate for Siam Cement slightly lower from ฿219.03 to ฿218.78 per share, reflecting modest tweaks to assumptions on the discount rate, revenue growth, profit margin and future P/E multiples. What's in the News Siam Cement has scheduled a Board Meeting for Oct 29, 2025, to review the composition of its audit committee and to consider appointments and term renewals (Key Developments).
PTT
฿31.75
PTT
7D
-0.8%
1Y
1.6%

PTT: Five Year Investment Plan Will Support Future Upside Potential

Analysts have modestly adjusted their price target on PTT, citing slightly lower revenue growth and profit margin assumptions, along with a small change in the discount rate and a revised future P/E. Together, these factors support a refreshed fair value view near $35.19.
ADVANC
฿320.00
Advanced Info Service
7D
2.2%
1Y
13.1%

ADVANC: Sports Rights Partnership And CEO Succession Will Support Steady Outlook

Analysts have nudged their fair value estimate for Advanced Info Service from ฿343.37 to ฿346.05, reflecting slightly adjusted expectations for revenue growth, profit margin, and future P/E assumptions. What's in the News AIS entered a partnership with the PGA TOUR, securing exclusive rights to broadcast all PGA TOUR tournaments in Thailand through its AIS PLAY streaming platform, including the FedExCup Playoffs and the Presidents Cup (Key Developments).
DELTA
฿165.00
Delta Electronics (Thailand)
7D
-4.6%
1Y
5.4%
GULF
฿43.00
Gulf Development
7D
3.0%
1Y
n/a
THAI
฿7.15
Thai Airways International
7D
2.9%
1Y
n/a
SCGP
฿18.60
SCG Packaging
7D
8.8%
1Y
5.1%

SCGP: Higher Fair Value Will Likely Mask Ongoing Earnings Quality Risk

Analysts have raised their fair value estimate for SCG Packaging from $12.00 to $13.00, citing updated assumptions for revenue growth, profit margins, and a slightly lower future P/E multiple. What's in the News A board meeting is scheduled for November 25, 2025, to consider electing Mrs.
BH
฿147.50
Bumrungrad Hospital
7D
-6.3%
1Y
-22.0%
TOP
฿39.50
Thai Oil
7D
9.7%
1Y
58.0%
AOT
฿51.75
Airports of Thailand
7D
-2.4%
1Y
-11.2%
CPAXT
฿14.80
CP Axtra
7D
-5.7%
1Y
-44.2%
BDMS
฿18.90
Bangkok Dusit Medical Services
7D
-2.1%
1Y
-20.3%
CPALL
฿42.75
CP ALL
7D
-1.7%
1Y
-23.0%
OR
฿13.80
PTT Oil and Retail Business
7D
3.8%
1Y
17.9%
KBANK
฿191.50
Kasikornbank
7D
-1.5%
1Y
20.1%