Narrative Update • May 19
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Thai (SET) Market Analysis & Valuation
UpdatedMay 21, 2026
DataAggregated Company Financials
Companies900
- 7D0.7%
- 3M2.2%
- 1Y30.6%
- YTD19.2%
The Financials sector gained 3.3% while the market remained flat over the last week. More promisingly, the market is up 31% over the past year. Looking forward, earnings are forecast to grow by 10% 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 |
|---|---|---|---|---|---|---|
| Thu, 21 May 2026 | ฿19.4t | ฿16.5t | ฿1.2t | 11.3x | 16.4x | 1.2x |
| Sat, 18 Apr 2026 | ฿18.8t | ฿16.4t | ฿1.1t | 11.3x | 17x | 1.1x |
| Mon, 16 Mar 2026 | ฿17.9t | ฿16.4t | ฿1.1t | 11.6x | 16.1x | 1.1x |
| Wed, 11 Feb 2026 | ฿17.9t | ฿16.8t | ฿1.0t | 11.6x | 17.5x | 1.1x |
| Fri, 09 Jan 2026 | ฿15.9t | ฿16.8t | ฿1.0t | 11.5x | 15.6x | 1x |
| Sun, 07 Dec 2025 | ฿16.2t | ฿16.8t | ฿1.0t | 11.5x | 15.8x | 1x |
| Tue, 04 Nov 2025 | ฿16.6t | ฿17.3t | ฿974.0b | 11.8x | 17x | 1x |
| Thu, 02 Oct 2025 | ฿16.2t | ฿17.3t | ฿965.7b | 12.3x | 16.8x | 0.9x |
| Sat, 30 Aug 2025 | ฿15.7t | ฿17.3t | ฿966.6b | 12.2x | 16.2x | 0.9x |
| Mon, 28 Jul 2025 | ฿15.2t | ฿17.5t | ฿900.8b | 11.6x | 16.8x | 0.9x |
| Wed, 25 Jun 2025 | ฿13.7t | ฿17.5t | ฿908.8b | 11x | 15.1x | 0.8x |
| Fri, 23 May 2025 | ฿14.6t | ฿17.5t | ฿907.9b | 11.5x | 16.1x | 0.8x |
| Sun, 20 Apr 2025 | ฿14.3t | ฿17.6t | ฿905.2b | 11.9x | 15.8x | 0.8x |
| Tue, 18 Mar 2025 | ฿14.7t | ฿17.7t | ฿912.4b | 12.1x | 16.1x | 0.8x |
| Thu, 13 Feb 2025 | ฿16.1t | ฿17.7t | ฿937.9b | 12.6x | 17.2x | 0.9x |
| Sat, 11 Jan 2025 | ฿17.1t | ฿17.7t | ฿924.0b | 13.5x | 18.5x | 1x |
| Mon, 09 Dec 2024 | ฿18.2t | ฿17.7t | ฿921.1b | 14.8x | 19.8x | 1x |
| Wed, 06 Nov 2024 | ฿18.6t | ฿17.7t | ฿1.0t | 14.8x | 18.3x | 1x |
| Fri, 04 Oct 2024 | ฿17.7t | ฿17.2t | ฿997.8b | 15.3x | 17.8x | 1x |
| Sun, 01 Sep 2024 | ฿17.0t | ฿17.7t | ฿1.0t | 14.4x | 16.9x | 1x |
| Tue, 30 Jul 2024 | ฿16.4t | ฿17.4t | ฿969.9b | 14.4x | 16.9x | 0.9x |
| Thu, 27 Jun 2024 | ฿16.6t | ฿17.4t | ฿972.9b | 15.4x | 17x | 1x |
| Sat, 25 May 2024 | ฿17.1t | ฿17.4t | ฿980.1b | 16.1x | 17.5x | 1x |
| Mon, 22 Apr 2024 | ฿16.7t | ฿17.2t | ฿971.6b | 15.7x | 17.2x | 1x |
| Wed, 20 Mar 2024 | ฿17.3t | ฿17.2t | ฿966.7b | 16.6x | 17.9x | 1x |
| Fri, 16 Feb 2024 | ฿17.4t | ฿17.1t | ฿960.7b | 16.4x | 18.1x | 1x |
| Sun, 14 Jan 2024 | ฿17.6t | ฿17.1t | ฿929.4b | 16.6x | 18.9x | 1x |
| Tue, 12 Dec 2023 | ฿17.2t | ฿17.1t | ฿932.0b | 15.9x | 18.5x | 1x |
| Thu, 09 Nov 2023 | ฿17.6t | ฿17.3t | ฿882.5b | 16.4x | 19.9x | 1x |
| Sat, 07 Oct 2023 | ฿17.9t | ฿17.4t | ฿875.3b | 17x | 20.4x | 1x |
| Mon, 04 Sep 2023 | ฿19.3t | ฿17.3t | ฿869.2b | 18.3x | 22.3x | 1.1x |
| Wed, 02 Aug 2023 | ฿19.3t | ฿17.7t | ฿1.0t | 16.6x | 19.2x | 1.1x |
| Fri, 30 Jun 2023 | ฿18.3t | ฿17.7t | ฿1.0t | 16.3x | 18.2x | 1x |
| Sun, 28 May 2023 | ฿18.9t | ฿17.7t | ฿1.0t | 16.9x | 18.9x | 1.1x |
Price to Earnings Ratio
18.9x
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 17.6x.
Past Earnings Growth
- The earnings for Thai listed companies have grown 5.5% per year over the last three years.
- Meanwhile revenues for these companies have declined 2.4% 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 Market | 0.74% | |
| Financials | 3.28% | |
| Consumer Staples | 2.18% | |
| Telecom | 2.00% | |
| Real Estate | 1.69% | |
| Utilities | 1.62% | |
| Consumer Discretionary | 1.57% | |
| Energy | 1.07% | |
| Industrials | 0.96% | |
| Healthcare | -1.10% | |
| Materials | -1.24% | |
| Tech | -2.15% | |
Sector PE
- Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 60.2x.
- The market's confidence is likely because analysts are expecting annual earnings growth of 25.2%, which is higher than its past year's earnings growth of 9.8% per year.
- The Financials sector is the least preferred by investors for future growth, which is trading close to its 3-year average of 9.3x.
Forecasted Growth
- Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 30% over the next 5 years.
- This is better than its past earnings decline of 1.5% 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 | |
|---|---|---|---|---|---|---|
| BAY Bank of Ayudhya | ฿29.25 | 8.3% +฿16.6b | 32.4% | PB0.5x | Financials | |
| TLI Thai Life Insurance | ฿11.30 | 9.7% +฿11.5b | -5.8% | PE10.4x | Financials | |
| KTB Krung Thai Bank | ฿34.50 | 2.2% +฿10.5b | 54.7% | PB1x | Financials | |
| BBL Bangkok Bank | ฿169.00 | 2.7% +฿8.6b | 14.2% | PB0.6x | Financials | |
| GULF Gulf Development | ฿60.75 | 0.8% +฿7.5b | 29.3% | PE10.2x | Utilities |
