Narrative Update • Aug 18
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Thai (SET) Hospitality Industry Analysis
UpdatedSep 22, 2026
DataAggregated Company Financials
Companies22
- 7D0.3%
- 3M4.4%
- 1Y-5.0%
- YTD9.7%
Over the last 7 days, the Hospitality industry has dropped 1.3%, driven by Erawan Group declining 1.6%. However, the industry is down 6.2% over the past year. Looking forward, earnings are forecast to grow by 8.1% annually.
Industry Valuation and Performance
Has the Thai Hospitality Industry valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Tue, 22 Sep 2026 | ฿360.1b | ฿284.7b | ฿16.5b | 17.7x | 21.8x | 1.3x |
| Thu, 20 Aug 2026 | ฿362.2b | ฿284.9b | ฿16.7b | 18.2x | 21.7x | 1.3x |
| Sat, 18 Jul 2026 | ฿356.1b | ฿282.4b | ฿15.4b | 17.4x | 23.1x | 1.3x |
| Mon, 15 Jun 2026 | ฿328.1b | ฿282.4b | ฿15.4b | 16.8x | 21.3x | 1.2x |
| Wed, 13 May 2026 | ฿308.7b | ฿278.9b | ฿13.9b | 16.9x | 22.3x | 1.1x |
| Fri, 10 Apr 2026 | ฿321.1b | ฿278.9b | ฿13.9b | 17.2x | 23.2x | 1.2x |
| Sun, 08 Mar 2026 | ฿311.0b | ฿278.8b | ฿14.7b | 17.7x | 21.1x | 1.1x |
| Tue, 03 Feb 2026 | ฿331.8b | ฿278.7b | ฿17.3b | 17x | 19.2x | 1.2x |
| Thu, 01 Jan 2026 | ฿328.6b | ฿278.7b | ฿17.3b | 17.2x | 19x | 1.2x |
| Sat, 29 Nov 2025 | ฿304.7b | ฿278.7b | ฿17.3b | 17.2x | 17.6x | 1.1x |
| Mon, 27 Oct 2025 | ฿332.8b | ฿279.0b | ฿15.4b | 22.2x | 21.7x | 1.2x |
| Wed, 24 Sep 2025 | ฿344.2b | ฿279.0b | ฿15.4b | 21.7x | 22.4x | 1.2x |
| Fri, 22 Aug 2025 | ฿340.8b | ฿287.2b | ฿16.9b | 18.3x | 20.1x | 1.2x |
| Sun, 20 Jul 2025 | ฿326.8b | ฿289.4b | ฿17.4b | 20x | 18.8x | 1.1x |
| Tue, 17 Jun 2025 | ฿285.5b | ฿289.4b | ฿17.4b | 17.6x | 16.4x | 1x |
| Thu, 15 May 2025 | ฿328.2b | ฿289.1b | ฿17.9b | 17.5x | 18.3x | 1.1x |
| Sat, 12 Apr 2025 | ฿334.8b | ฿288.4b | ฿17.9b | 18.1x | 18.7x | 1.2x |
| Mon, 10 Mar 2025 | ฿402.3b | ฿288.4b | ฿17.9b | 20.3x | 22.5x | 1.4x |
| Wed, 05 Feb 2025 | ฿372.8b | ฿281.0b | ฿13.4b | 25.7x | 27.9x | 1.3x |
| Fri, 03 Jan 2025 | ฿414.0b | ฿281.0b | ฿13.4b | 27.9x | 31x | 1.5x |
| Sun, 01 Dec 2024 | ฿426.7b | ฿281.0b | ฿13.4b | 27.2x | 32x | 1.5x |
| Tue, 29 Oct 2024 | ฿430.4b | ฿278.8b | ฿15.4b | 24.3x | 27.9x | 1.5x |
| Thu, 26 Sep 2024 | ฿456.0b | ฿278.8b | ฿15.4b | 24.4x | 29.5x | 1.6x |
| Sat, 24 Aug 2024 | ฿412.0b | ฿278.8b | ฿15.4b | 20x | 26.7x | 1.5x |
| Mon, 22 Jul 2024 | ฿464.8b | ฿273.3b | ฿15.8b | 22.8x | 29.4x | 1.7x |
| Wed, 19 Jun 2024 | ฿445.8b | ฿273.3b | ฿15.8b | 21.6x | 28.2x | 1.6x |
| Fri, 17 May 2024 | ฿499.7b | ฿271.7b | ฿15.6b | 23.8x | 32x | 1.8x |
| Sun, 14 Apr 2024 | ฿515.5b | ฿264.0b | ฿12.5b | 25.2x | 41.3x | 2x |
| Tue, 12 Mar 2024 | ฿485.8b | ฿264.0b | ฿12.5b | 25x | 38.9x | 1.8x |
| Thu, 08 Feb 2024 | ฿488.6b | ฿255.3b | ฿14.2b | 26.7x | 34.3x | 1.9x |
| Sat, 06 Jan 2024 | ฿509.3b | ฿268.7b | ฿15.4b | 25.4x | 33x | 1.9x |
| Mon, 04 Dec 2023 | ฿476.3b | ฿268.6b | ฿15.5b | 24x | 30.8x | 1.8x |
| Wed, 01 Nov 2023 | ฿477.3b | ฿260.1b | ฿17.9b | 25.5x | 26.7x | 1.8x |
| Fri, 29 Sep 2023 | ฿516.6b | ฿260.1b | ฿17.9b | 28.7x | 28.9x | 2x |
Price to Earnings Ratio
28.9x
Current Industry PE
- Investors are pessimistic on the Thai Hospitality industry, indicating that they anticipate long term growth rates will be lower than they have historically.
- The industry is trading at a PE ratio of 21.7x which is lower than its 3-year average PE of 25.6x.
- The 3-year average PS ratio of 1.4x is higher than the industry's current PS ratio of 1.3x.
Past Earnings Growth
- The earnings for companies in the Hospitality industry have declined 2.7% per year over the last three years.
- Meanwhile revenues for these companies have grown 3.1% 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.
Industry Trends
Which industries have driven the changes within the Thai Consumer Discretionary industry?
| TH Market | 0.42% | |
| Consumer Discretionary | 1.81% | |
| Hospitality | 0.26% | |
| Leisure Facilities | 5.15% | |
| Hotels, Resorts and Cruise Lines | 0.34% | |
| Restaurants | -0.037% | |
Industry PE
- Investors are most optimistic about the Restaurants industry, which is trading close to its 3-year average PE ratio of 26.6x.
- Analysts are expecting annual earnings decline of 3.9%, which is less than its past year's earnings decline of 25.8%.
- Investors are most pessimistic about the Leisure Facilities industry, which is trading below its 3-year average of 31.2x.
Forecasted Growth
- Analysts are most optimistic on the Hotels, Resorts and Cruise Lines industry, expecting annual earnings growth of 12% over the next 5 years.
- This is better than its past earnings decline of 3.7% per year.
- In contrast, the Restaurants industry is expected to see its earnings decline by 3.9% 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 | |
|---|---|---|---|---|---|
| MINT Minor International | ฿22.00 | 1.4% +฿1.7b | -6.0% | PE15.8x | |
| CENTEL Central Plaza Hotel | ฿44.50 | 1.1% +฿675.0m | 40.2% | PE17.4x | |
| AWC Asset World Corp | ฿3.08 | 0.7% +฿640.5m | 32.8% | PE15.2x | |
| CSR City Sports and Recreation | ฿79.75 | 9.2% +฿138.4m | 10.0% | PE21.7x | |
| M MK Restaurant Group | ฿21.10 | 0.5% +฿90.4m | -30.8% | PE17.5x |