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Thai (SET) Market Analysis & Valuation
UpdatedSep 11, 2025
DataAggregated Company Financials
Companies896
- 7D1.4%
- 3M12.4%
- 1Y-10.7%
- YTD-6.8%
The market is up 1.4% over the last week, with the Industrials sector leading the way, up 6.8%. Over the past year the market is down 11%. Earnings are forecast to grow by 11% 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, 12 Sep 2025 | ฿16.2t | ฿17.3t | ฿962.8b | 12.5x | 16.8x | 0.9x |
| Sun, 10 Aug 2025 | ฿15.6t | ฿17.4t | ฿965.4b | 12.1x | 16.1x | 0.9x |
| Tue, 08 Jul 2025 | ฿14.0t | ฿17.5t | ฿908.7b | 11.4x | 15.4x | 0.8x |
| Thu, 05 Jun 2025 | ฿14.1t | ฿17.5t | ฿909.3b | 11.3x | 15.5x | 0.8x |
| Sat, 03 May 2025 | ฿14.9t | ฿17.6t | ฿904.7b | 12x | 16.5x | 0.8x |
| Mon, 31 Mar 2025 | ฿14.8t | ฿17.7t | ฿911.9b | 12x | 16.2x | 0.8x |
| Wed, 26 Feb 2025 | ฿15.1t | ฿17.6t | ฿927.3b | 12.5x | 16.3x | 0.9x |
| Fri, 24 Jan 2025 | ฿16.9t | ฿17.7t | ฿932.4b | 13.1x | 18.1x | 1x |
| Sun, 22 Dec 2024 | ฿17.1t | ฿17.7t | ฿923.5b | 13.8x | 18.5x | 1x |
| Tue, 19 Nov 2024 | ฿18.2t | ฿17.8t | ฿930.0b | 14.5x | 19.6x | 1x |
| Thu, 17 Oct 2024 | ฿18.6t | ฿17.7t | ฿1.0t | 15.3x | 18.4x | 1.1x |
| Sat, 14 Sep 2024 | ฿17.8t | ฿17.7t | ฿1.0t | 15x | 17.7x | 1x |
| Mon, 12 Aug 2024 | ฿16.2t | ฿17.6t | ฿986.8b | 13.9x | 16.5x | 0.9x |
| Wed, 10 Jul 2024 | ฿16.6t | ฿17.4t | ฿971.8b | 15.2x | 17x | 1x |
| Fri, 07 Jun 2024 | ฿16.7t | ฿17.4t | ฿973.4b | 15.3x | 17.1x | 1x |
| Sun, 05 May 2024 | ฿17.2t | ฿17.3t | ฿962.0b | 16.2x | 17.9x | 1x |
| Tue, 02 Apr 2024 | ฿17.3t | ฿17.2t | ฿971.6b | 16.6x | 17.8x | 1x |
| Thu, 29 Feb 2024 | ฿17.3t | ฿17.2t | ฿984.2b | 16.6x | 17.6x | 1x |
| Sat, 27 Jan 2024 | ฿17.0t | ฿17.2t | ฿942.5b | 16.1x | 18.1x | 1x |
| Mon, 25 Dec 2023 | ฿17.5t | ฿17.1t | ฿929.5b | 16.2x | 18.9x | 1x |
| Wed, 22 Nov 2023 | ฿17.7t | ฿17.1t | ฿929.8b | 15.8x | 19x | 1x |
| Fri, 20 Oct 2023 | ฿17.7t | ฿17.4t | ฿873.5b | 16.8x | 20.2x | 1x |
| Sun, 17 Sep 2023 | ฿19.1t | ฿17.3t | ฿870.6b | 18x | 22x | 1.1x |
| Tue, 15 Aug 2023 | ฿19.0t | ฿17.3t | ฿885.7b | 16.9x | 21.5x | 1.1x |
| Thu, 13 Jul 2023 | ฿18.4t | ฿17.7t | ฿1.0t | 16x | 18.4x | 1x |
| Sat, 10 Jun 2023 | ฿19.2t | ฿17.7t | ฿1.0t | 17.4x | 19.2x | 1.1x |
| Mon, 08 May 2023 | ฿19.0t | ฿17.6t | ฿1.0t | 16.1x | 18.6x | 1.1x |
| Wed, 05 Apr 2023 | ฿19.7t | ฿17.6t | ฿994.3b | 17.4x | 19.8x | 1.1x |
| Fri, 03 Mar 2023 | ฿19.8t | ฿17.5t | ฿1.0t | 17.6x | 19.1x | 1.1x |
| Sun, 29 Jan 2023 | ฿20.8t | ฿17.1t | ฿1.1t | 18.2x | 19.2x | 1.2x |
| Tue, 27 Dec 2022 | ฿19.9t | ฿17.1t | ฿1.1t | 17.5x | 18x | 1.2x |
| Thu, 24 Nov 2022 | ฿19.9t | ฿17.1t | ฿1.1t | 17.5x | 18x | 1.2x |
| Sat, 22 Oct 2022 | ฿19.5t | ฿15.7t | ฿1.1t | 17x | 18.1x | 1.2x |
| Mon, 19 Sep 2022 | ฿19.9t | ฿15.7t | ฿1.1t | 17.6x | 18.6x | 1.3x |
Price to Earnings Ratio
18.6x
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 3.4% per year over the last three years.
- Meanwhile revenues for these companies have grown 3.3% 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 | 1.44% | |
| Industrials | 6.82% | |
| Consumer Staples | 4.33% | |
| Materials | 4.21% | |
| Real Estate | 3.26% | |
| Consumer Discretionary | 2.70% | |
| Healthcare | 1.86% | |
| Utilities | 0.50% | |
| Financials | 0.49% | |
| Energy | -0.33% | |
| Tech | -1.44% | |
| Telecom | -1.86% | |
Sector PE
- Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 27.5x.
- The market's confidence is likely because analysts are expecting annual earnings growth of 32.2% which is higher than its past year's earnings decline of 9.3% per year.
- The Financials sector is the least preferred by investors for future growth, which is trading below its 3-year average of 10.2x.
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 9.3% 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?
| Company | Last Price | 7D | 1Y | Valuation | Sector | |
|---|---|---|---|---|---|---|
| DELTA Delta Electronics (Thailand) | ฿154.50 | 6.2% +฿112.3b | 48.6% | PE106x | Tech | |
| PTT PTT | ฿33.25 | 4.7% +฿42.5b | 0.8% | PE13.4x | Energy | |
| CPAXT CP Axtra | ฿22.40 | 16.7% +฿33.4b | -31.1% | PE21.5x | Consumer Staples | |
| THAI Thai Airways International | ฿14.50 | 5.1% +฿19.8b | n/a | PS2.2x | Industrials | |
| SCC Siam Cement | ฿227.00 | 6.6% +฿16.8b | -4.2% | PE14.6x | Materials |