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Thai (SET) Market Analysis & Valuation

UpdatedMar 15, 2026
DataAggregated Company Financials
Companies899
  • 7D-0.07%
  • 3M12.4%
  • 1Y21.1%
  • YTD10.1%

The market has been flat over the last week. Meanwhile, the market is actually up 21% over the past year. Looking forward, earnings are forecast to grow by 9.3% annually.

Trending IndustriesOil and GasRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 15 Mar 2026฿17.9t฿16.4t฿1.1t11.6x16.1x1.1x
Tue, 10 Feb 2026฿17.8t฿16.8t฿1.0t11.5x17.3x1.1x
Thu, 08 Jan 2026฿16.3t฿16.8t฿1.0t11.6x15.9x1x
Sat, 06 Dec 2025฿16.2t฿16.8t฿1.0t11.5x15.8x1x
Mon, 03 Nov 2025฿16.6t฿17.3t฿973.8b11.8x17x1x
Wed, 01 Oct 2025฿16.2t฿17.3t฿965.8b12.4x16.7x0.9x
Fri, 29 Aug 2025฿15.9t฿17.3t฿966.5b12.2x16.4x0.9x
Sun, 27 Jul 2025฿15.2t฿17.5t฿900.8b11.6x16.8x0.9x
Tue, 24 Jun 2025฿13.2t฿17.5t฿909.5b10.9x14.5x0.8x
Thu, 22 May 2025฿14.7t฿17.5t฿907.3b11.5x16.2x0.8x
Sat, 19 Apr 2025฿14.3t฿17.6t฿905.3b11.9x15.8x0.8x
Mon, 17 Mar 2025฿14.7t฿17.7t฿912.4b12.3x16.1x0.8x
Wed, 12 Feb 2025฿16.1t฿17.8t฿935.2b12.5x17.2x0.9x
Fri, 10 Jan 2025฿17.1t฿17.7t฿923.8b13.6x18.5x1x
Sun, 08 Dec 2024฿18.2t฿17.7t฿921.1b14.8x19.8x1x
Tue, 05 Nov 2024฿18.3t฿17.7t฿1.0t14.8x18.1x1x
Thu, 03 Oct 2024฿18.3t฿17.6t฿1.0t15.7x18.2x1x
Sat, 31 Aug 2024฿17.0t฿17.7t฿1.0t14.4x16.9x1x
Mon, 29 Jul 2024฿16.4t฿17.4t฿970.0b14.4x16.9x0.9x
Wed, 26 Jun 2024฿16.6t฿17.4t฿972.4b15.5x17x1x
Fri, 24 May 2024฿17.2t฿17.4t฿979.9b15.9x17.5x1x
Sun, 21 Apr 2024฿16.7t฿17.2t฿971.8b15.7x17.2x1x
Tue, 19 Mar 2024฿17.3t฿17.2t฿966.4b16.7x17.9x1x
Thu, 15 Feb 2024฿17.3t฿17.1t฿963.7b16.4x18x1x
Sat, 13 Jan 2024฿17.6t฿17.1t฿929.8b16.6x18.9x1x
Mon, 11 Dec 2023฿17.2t฿17.1t฿931.6b15.9x18.5x1x
Wed, 08 Nov 2023฿17.5t฿17.3t฿880.4b16.3x19.9x1x
Fri, 06 Oct 2023฿18.2t฿17.4t฿875.1b17.1x20.8x1.1x
Sun, 03 Sep 2023฿19.3t฿17.3t฿869.2b18.3x22.3x1.1x
Tue, 01 Aug 2023฿19.3t฿17.7t฿1.0t16.6x19.2x1.1x
Thu, 29 Jun 2023฿18.3t฿17.7t฿1.0t15.9x18.2x1x
Sat, 27 May 2023฿18.9t฿17.7t฿1.0t16.9x18.9x1.1x
Mon, 24 Apr 2023฿19.3t฿17.6t฿1.0t16.7x19.2x1.1x
Wed, 22 Mar 2023฿18.9t฿17.3t฿969.7b17.8x19.5x1.1x
Price to Earnings Ratio

19.5x


Total Market Cap: ฿18.9tTotal Earnings: ฿969.7bTotal Revenue: ฿17.3tTotal Market Cap vs Earnings and Revenue0%0%0%
Thai Market Price to Earnings3Y Average 17.8x202420252026
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 17.8x.
Past Earnings Growth
  • The earnings for Thai listed companies have grown 4.7% 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 Market-0.072%
Energy1.58%
Telecom0.44%
Financials0.35%
Tech0.15%
Consumer Discretionary-0.037%
Real Estate-0.41%
Utilities-0.71%
Consumer Staples-0.74%
Materials-0.85%
Healthcare-0.85%
Industrials-2.04%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 56.5x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 20.3%, which is higher than its past year's earnings growth of 9.1% per year.
  • The Financials sector is the least preferred by investors for future growth, which is trading close to its 3-year average of 9.5x.
Forecasted Growth
  • Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 35% over the next 5 years.
  • This is better than its past earnings decline of 3.9% per year.
  • In contrast, the Utilities sector is expected to see its earnings decline by 20% 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฿146.503.5%
+฿19.8b		33.2%PE9.8xEnergy
CPAXT CP Axtra฿15.906.0%
+฿9.4b		-42.2%PE17.7xConsumer Staples
PTTGC PTT Global Chemical฿28.257.6%
+฿9.0b		48.7%PS0.3xMaterials
PTT PTT฿34.250.7%
+฿7.1b		18.1%PE10.9xEnergy
KTB Krung Thai Bank฿34.251.5%
+฿7.0b		45.1%PB1xFinancials
See more

Market Insights

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Stella Ong
From Europe to Asia, global markets surged in 2025 while U.S. earnings growth became more concentrated. Early signs suggest this might continue.
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What the next 25 years will look like 🔮

Latest News

PTTGC
฿28.25
PTT Global Chemical
7D
7.6%
1Y
48.7%
AOT
฿49.00
Airports of Thailand
7D
-3.0%
1Y
22.5%
TOA
฿12.70
TOA Paint (Thailand)
7D
-12.4%
1Y
5.8%
TTB
฿2.26
TMBThanachart Bank
7D
2.7%
1Y
18.3%

TTB: Dividend And Share Buybacks Will Support Steady Future Return Profile

Analysts now place a slightly higher fair value on TMBThanachart Bank, with their price target edging up from THB2.12 to THB2.14. This reflects updated assumptions for revenue growth, profit margin and forward P/E that remain broadly consistent with prior views.
PTT
฿34.25
PTT
7D
0.7%
1Y
18.1%

PTT: Special Dividend And Investment Plan Will Support Future Upside Potential

Analysts have kept their average PTT price target broadly steady at THB 45.0, reflecting updated assumptions of slightly higher revenue growth and discount rate, along with a small adjustment to expected profit margins and future P/E levels. What's in the News PTT has proposed a non recurring special dividend of THB 0.20 per share for 2025, citing successful asset management and free cash flow, with the aim of keeping sufficient liquidity for operations and future investment plans, subject to approval at the AGM on April 10, 2026 (AGM agenda).
BH
฿177.00
Bumrungrad Hospital
7D
2.9%
1Y
0.6%
SCC
฿176.50
Siam Cement
7D
-5.1%
1Y
3.2%

SCC: Upcoming THB 5 Dividend And AGM Timeline Will Support Upside Potential

Analysts have trimmed their price target on Siam Cement from THB363.58 to THB351.12 as they factor in a higher discount rate and slightly adjusted assumptions for revenue, profit margins and future P/E. What's in the News The board plans to propose a 2025 annual dividend of THB 5.00 per share for shareholder approval at the upcoming Annual General Meeting (Key Developments).
ADVANC
฿363.00
Advanced Info Service
7D
0.6%
1Y
36.0%

ADVANC: Ordinary And Special Dividends Will Support A Steady Outlook

Analysts have nudged their fair value estimate for Advanced Info Service to THB379.42 from THB373.37, reflecting slightly adjusted assumptions around revenue growth, profit margin and future P/E. What's in the News The board meeting on 3 February 2026 considered dividends, financial assistance to a data center venture, and the upcoming annual general meeting agenda, highlighting several capital allocation decisions in one session (company board meeting minutes).
GPSC
฿33.00
Global Power Synergy
7D
-5.0%
1Y
6.5%
KTB
฿34.25
Krung Thai Bank
7D
1.5%
1Y
45.1%
CPALL
฿46.50
CP ALL
7D
-4.1%
1Y
-7.0%
BDMS
฿18.80
Bangkok Dusit Medical Services
7D
-2.1%
1Y
-21.7%
BEM
฿5.25
Bangkok Expressway and Metro
7D
-7.1%
1Y
-5.4%
CPAXT
฿15.90
CP Axtra
7D
6.0%
1Y
-42.2%
CPN
฿64.25
Central Pattana
7D
-1.5%
1Y
26.0%
PTTEP
฿146.50
PTT Exploration and Production
7D
3.5%
1Y
33.2%