Thailand Stock Market PE Ratio

The Thailand Stock Market currently trades at a current P/E ratio of 14.58 as of October 24, 2025.

Over the past five years, the median P/E has been 17.44, putting today's valuation in the 18.3th percentile of that range. Looking at the longer 10-year period, where the median sits at 17.12, the current reading ranks in the 11.7th percentile - a level historically associated with Attractive pricing. The 20-year median of 15.46 provides additional context, with the current ratio close to the median of that extended timeframe.

This analysis is based on the iShares MSCI Thailand ETF (THD) which serves as the benchmark for the Thailand market.

Since June 1996, the iShares MSCI Thailand ETF has recorded a median P/E ratio of 14.23 over 29 years. Against this full historical backdrop, the current valuation sits close to the median of all recorded readings, indicating that the market is trading in line with its long-term median.

Historical P/E Comparison

The table below compares the current P/E Ratio (14.58) with its historical median and percentile rankings.

Time Period	Median PE Ratio	Percentile Rank	Valuation
1 Year	14.46	58.3	Fair Value
5 Year	17.44	18.3	Attractive
10 Year	17.12	11.7	Attractive
20 Year	15.46	40.4	Fair Value
Since Jun 1996	14.23	53.3	Fair Value

Returns vs P/E Ratio

Over the past decade, the PE fell from 21.2 (98.3th percentile) to 14.58 (11.7th percentile). Annualized total return over this period was -1.0%. Percentile rank indicates position within the historical distribution. Lower valuations do not guarantee near-term gains; markets can stay discounted for long, though starting points are generally more supportive for long-horizon outcomes.

Time Period	Starting PE Ratio	Starting Percentile	Total Return	Annualized Return
1 Year	17.32	74.8	-8.4%	-8.4%
3 Year	18.35	80.1	-7%	-2.4%
5 Year	20.37	94.5	-2.2%	-0.4%
10 Year	21.22	98.3	-9.5%	-1%

Historical Data (1996-2025)

Date	Current PE Ratio
Oct 2025	14.58
Sep 2025	13.53
Aug 2025	14.02
Jul 2025	15.18
Jun 2025	13.58
May 2025	13.89
Apr 2025	16.29
Mar 2025	14.14
Feb 2025	14.35
Jan 2025	15.47
Dec 2024	15.53
Nov 2024	17.35
Oct 2024	17.32
Sep 2024	18.58
Aug 2024	19.56
Jul 2024	18.11
Jun 2024	16.77
May 2024	17.02
Apr 2024	17.31
Mar 2024	16.98
Feb 2024	17.16
Jan 2024	16.39
Dec 2023	17.52
Nov 2023	16.73
Oct 2023	17.17
Sep 2023	16.53
Aug 2023	14.74
Jul 2023	15.45
Jun 2023	14.32
May 2023	13.58
Apr 2023	13.96
Mar 2023	14.65
Feb 2023	12.84
Jan 2023	15.51
Dec 2022	19.13
Nov 2022	18.80
Oct 2022	18.35
Sep 2022	18.10
Aug 2022	19.59
Jul 2022	18.87
Jun 2022	18.48
May 2022	20.35
Apr 2022	19.90
Mar 2022	20.70
Feb 2022	21.25
Jan 2022	20.26
Dec 2021	20.28
Nov 2021	20.81
Oct 2021	21.80
Sep 2021	21.60
Aug 2021	22
Jul 2021	20.21
Jun 2021	21.18
May 2021	24.93
Apr 2021	23.02
Mar 2021	23.42
Feb 2021	27.25
Jan 2021	26.50
Dec 2020	26.51
Nov 2020	24.69
Oct 2020	20.37
Sep 2020	21.20
Aug 2020	20.44
Jul 2020	21.01
Jun 2020	21.45
May 2020	18.52
Apr 2020	18.06
Mar 2020	15.93
Feb 2020	15.13
Jan 2020	17.13
Dec 2019	17.87
Nov 2019	18.61
Oct 2019	18.28
Sep 2019	18.84
Aug 2019	17.88
Jul 2019	18.54
Jun 2019	17.93
May 2019	16.90
Apr 2019	16.85
Mar 2019	15.65
Feb 2019	15.89
Jan 2019	15.86
Dec 2018	15.07
Nov 2018	14.15
Oct 2018	14.31
Sep 2018	15.84
Aug 2018	15.58
Jul 2018	15.57
Jun 2018	14.92
May 2018	16.07
Apr 2018	16.69
Mar 2018	16.65
Feb 2018	17.11
Jan 2018	16.73
Dec 2017	16.90
Nov 2017	16.39
Oct 2017	16.38
Sep 2017	15.85
Aug 2017	15.35
Jul 2017	14.84
Jun 2017	14.74
May 2017	14.58
Apr 2017	14.66
Mar 2017	14.67
Feb 2017	15.50
Jan 2017	15.58
Dec 2016	16.95
Nov 2016	16.46
Oct 2016	16.39
Sep 2016	16.60
Aug 2016	22.66
Jul 2016	22.14
Jun 2016	20.83
May 2016	20.47
Apr 2016	20
Mar 2016	20.10
Feb 2016	18.75
Jan 2016	18.05
Dec 2015	17.51
Nov 2015	20.63
Oct 2015	21.22
Sep 2015	20.56
Aug 2015	16.30
Jul 2015	17.10
Jun 2015	17.76
May 2015	17.77
Apr 2015	18.12
Mar 2015	18.01
Feb 2015	18.23
Jan 2015	18.36
Dec 2014	17.86
Nov 2014	16.08
Oct 2014	15.72
Sep 2014	15.73
Aug 2014	14.85
Jul 2014	14.23
Jun 2014	14.05
May 2014	13.71
Apr 2014	13.98
Mar 2014	13.59
Feb 2014	12.73
Jan 2014	12.36
Dec 2013	12.56
Nov 2013	13.30
Oct 2013	14.17
Sep 2013	13.38
Aug 2013	12.50
Jul 2013	13.96
Jun 2013	14.98
May 2013	14.77
Apr 2013	15.37
Mar 2013	14.89
Feb 2013	14.95
Jan 2013	14.67
Dec 2012	14.22
Nov 2012	14.80
Oct 2012	14.52
Sep 2012	16.12
Aug 2012	15.30
Jul 2012	15.42
Jun 2012	13.99
May 2012	13.48
Apr 2012	14.77
Mar 2012	14.55
Feb 2012	14.36
Jan 2012	13.11
Dec 2011	11.17
Nov 2011	10.88
Oct 2011	11.08
Sep 2011	9.69
Aug 2011	11.30
Jul 2011	12.22
Jun 2011	11.28
May 2011	12.24
Apr 2011	12.59
Mar 2011	12.08
Feb 2011	12.69
Jan 2011	12.14
Dec 2010	13
Nov 2010	14.14
Oct 2010	14.02
Sep 2010	13.94
Aug 2010	13.90
Jul 2010	13.18
Jun 2010	12.47
May 2010	12.08
Apr 2010	12.41
Mar 2010	12.94
Feb 2010	12.64
Jan 2010	12.18
Dec 2009	12.91
Nov 2009	19.02
Oct 2009	19.01
Sep 2009	20.30
Aug 2009	20.07
Jul 2009	19.70
Jun 2009	18.98
May 2009	14.54
Apr 2009	12.79
Mar 2009	11
Feb 2009	9.45
Jan 2009	9.60
Dec 2008	9.94
Nov 2008	7.16
Oct 2008	7.30
Sep 2008	10.53
Aug 2008	11.87
Jul 2008	11.50
Jun 2008	13.25
May 2008	19.24
Apr 2008	19.36
Mar 2008	19.06
Feb 2008	21.43
Jan 2008	19.82
Dec 2007	12.72
Nov 2007	13.14
Oct 2007	14.13
Sep 2007	13.04
Aug 2007	12.43
Jul 2007	13.11
Jun 2007	11.83
May 2007	11.40
Apr 2007	10.79
Mar 2007	10
Feb 2007	10.17
Jan 2007	9.77
Dec 2006	8.07
Nov 2006	10.86
Oct 2006	10.61
Sep 2006	9.71
Aug 2006	9.77
Jul 2006	9.73
Jun 2006	9.45
May 2006	10.04
Apr 2006	10.88
Mar 2006	10.41
Feb 2006	11.07
Jan 2006	11.39
Dec 2005	10.08
Nov 2005	9.27
Oct 2005	9.23
Sep 2005	9.99
Aug 2005	9.88
Jul 2005	9.54
Jun 2005	9.32
May 2005	9.46
Apr 2005	9.27
Mar 2005	9.61
Feb 2005	10.95
Jan 2005	10.21
Dec 2004	9.86
Nov 2004	10.40
Oct 2004	9.85
Sep 2004	10
Aug 2004	10.37
Jul 2004	10.43
Jun 2004	10.56
May 2004	10.81
Apr 2004	10.45
Mar 2004	10.45
Feb 2004	11.88
Jan 2004	11.69
Dec 2003	12.88
Nov 2003	12.80
Oct 2003	12.53
Sep 2003	11.70
Aug 2003	12.81
Jul 2003	11.82
Jun 2003	11.55
May 2003	14.56
Apr 2003	13.32
Mar 2003	13.13
Feb 2003	19.64
Jan 2003	20.21
Dec 2002	19
Nov 2002	14.74
Oct 2002	13.83
Sep 2002	12.73
Aug 2002	14.77
Jul 2002	15.32
Jun 2002	17.18
May 2002	22.65
Apr 2002	20.51
Mar 2002	18.75
Feb 2002	18.91
Jan 2002	17.65
Dec 2001	14.08
Nov 2001	11.66
Oct 2001	9.33
Sep 2001	11.61
Aug 2001	13.33
Jul 2001	12.46
Jun 2001	14.63
May 2001	14.03
Apr 2001	13.80
Mar 2001	14.78
Feb 2001	46.31
Jan 2001	48.01
Dec 2000	12.57
Nov 2000	12.57
Oct 2000	12.57
Sep 2000	12.57
Aug 2000	12.57
Jul 2000	12.57
Jun 2000	12.57
May 2000	12.57
Apr 2000	12.57
Mar 2000	12.57
Feb 2000	12.57
Jan 2000	12.57
Dec 1999	12.57
Nov 1999	12.57
Oct 1999	12.57
Sep 1999	12.57
Aug 1999	12.57
Jul 1999	12.57
Jun 1999	12.57
May 1999	12.57
Apr 1999	12.57
Mar 1999	12.57
Feb 1999	12.57
Jan 1999	12.57
Dec 1998	12.57
Nov 1998	12.57
Oct 1998	12.57
Sep 1998	12.57
Aug 1998	12.57
Jul 1998	12.57
Jun 1998	12.57
May 1998	12.57
Apr 1998	12.57
Mar 1998	12.57
Feb 1998	12.57
Jan 1998	12.57
Dec 1997	12.57
Nov 1997	13
Oct 1997	14.67
Sep 1997	19.26
Aug 1997	10.27
Jul 1997	14.38
Jun 1997	10.71
May 1997	7.42
Apr 1997	8.93
Mar 1997	9.37
Feb 1997	9.19
Jan 1997	10.04
Dec 1996	10.54
Nov 1996	13.22
Oct 1996	12.92
Sep 1996	15.89
Aug 1996	15.84
Jul 1996	15.61
Jun 1996	18.31

Regional Peer Comparison

The table below shows a comparison of the current P/E Ratio (14.58) with regional peer markets.

Country	PE Ratio	Percentile Rank	Rating
China	14.52	92.50	Expensive
Japan	17.24	94.20	Expensive
India	22.67	39.20	Undervalued
South Korea	12.83	95	Expensive
Indonesia	13.01	28.30	Undervalued

Definition: Trailing P/E Ratio

The trailing P/E ratio for Thailand Stock Market shows how much investors are paying for one unit of the index's past earnings.
It is calculated as : P/E = Index level / Aggregated EPS
Aggregated EPS means the index's total earnings per share after weighting each stock in the index (usually by its market capitalization): Aggregated EPS = sum(weight_i * EPS_i). For trailing P/E, the EPS_i values are the actual earnings from the past 12 months.