Narrative Update • Jul 31
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Thai (SET) Hospitality Industry Analysis
UpdatedAug 08, 2026
DataAggregated Company Financials
Companies22
- 7D-0.1%
- 3M18.5%
- 1Y6.4%
- YTD10.6%
The Hospitality is pretty flat in the last 7 days, but Erawan Group has stood out, gaining 4.6%. The past year has been better, since the industry has gained 4.9% in that time. As for the next few years, earnings are expected to grow by 8.8% per annum.
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 |
|---|---|---|---|---|---|---|
| Sat, 08 Aug 2026 | ฿363.0b | ฿282.4b | ฿15.4b | 18.5x | 23.5x | 1.3x |
| Mon, 06 Jul 2026 | ฿355.5b | ฿282.4b | ฿15.4b | 17.9x | 23.1x | 1.3x |
| Wed, 03 Jun 2026 | ฿323.7b | ฿281.5b | ฿15.2b | 16.8x | 21.3x | 1.1x |
| Fri, 01 May 2026 | ฿300.3b | ฿278.9b | ฿13.9b | 16.7x | 21.7x | 1.1x |
| Sun, 29 Mar 2026 | ฿307.4b | ฿279.0b | ฿14.5b | 17x | 21.2x | 1.1x |
| Tue, 24 Feb 2026 | ฿361.3b | ฿280.8b | ฿16.7b | 19.1x | 21.7x | 1.3x |
| Thu, 22 Jan 2026 | ฿324.1b | ฿278.7b | ฿17.3b | 16.6x | 18.7x | 1.2x |
| Sat, 20 Dec 2025 | ฿322.2b | ฿278.7b | ฿17.3b | 17.1x | 18.6x | 1.2x |
| Mon, 17 Nov 2025 | ฿302.5b | ฿278.5b | ฿17.3b | 17.3x | 17.5x | 1.1x |
| Wed, 15 Oct 2025 | ฿324.3b | ฿279.0b | ฿15.4b | 21.8x | 21.1x | 1.2x |
| Fri, 12 Sep 2025 | ฿342.1b | ฿279.0b | ฿15.4b | 21x | 22.3x | 1.2x |
| Sun, 10 Aug 2025 | ฿336.8b | ฿288.4b | ฿17.6b | 19.8x | 19.1x | 1.2x |
| Tue, 08 Jul 2025 | ฿310.6b | ฿289.4b | ฿17.4b | 18.3x | 17.8x | 1.1x |
| Thu, 05 Jun 2025 | ฿308.3b | ฿289.4b | ฿17.4b | 18.1x | 17.7x | 1.1x |
| Sat, 03 May 2025 | ฿344.4b | ฿288.4b | ฿17.9b | 17.4x | 19.2x | 1.2x |
| Mon, 31 Mar 2025 | ฿364.3b | ฿288.4b | ฿17.9b | 19.8x | 20.3x | 1.3x |
| Wed, 26 Feb 2025 | ฿387.8b | ฿283.1b | ฿16.6b | 18.3x | 23.3x | 1.4x |
| Fri, 24 Jan 2025 | ฿370.3b | ฿281.0b | ฿13.4b | 26.4x | 27.7x | 1.3x |
| Sun, 22 Dec 2024 | ฿404.1b | ฿281.0b | ฿13.4b | 27.4x | 30.3x | 1.4x |
| Tue, 19 Nov 2024 | ฿422.1b | ฿281.4b | ฿13.2b | 27.9x | 32.1x | 1.5x |
| Thu, 17 Oct 2024 | ฿456.1b | ฿278.8b | ฿15.4b | 23.5x | 29.5x | 1.6x |
| Sat, 14 Sep 2024 | ฿437.9b | ฿278.8b | ฿15.4b | 23x | 28.4x | 1.6x |
| Mon, 12 Aug 2024 | ฿396.0b | ฿277.3b | ฿15.3b | 20.3x | 25.9x | 1.4x |
| Wed, 10 Jul 2024 | ฿451.8b | ฿273.3b | ฿15.8b | 22.4x | 28.6x | 1.7x |
| Fri, 07 Jun 2024 | ฿464.6b | ฿272.2b | ฿15.7b | 22x | 29.5x | 1.7x |
| Sun, 05 May 2024 | ฿506.8b | ฿264.0b | ฿12.5b | 25.4x | 40.6x | 1.9x |
| Tue, 02 Apr 2024 | ฿502.7b | ฿264.0b | ฿12.5b | 26x | 40.3x | 1.9x |
| Thu, 29 Feb 2024 | ฿489.6b | ฿263.3b | ฿12.9b | 25.9x | 37.8x | 1.9x |
| Sat, 27 Jan 2024 | ฿490.1b | ฿268.7b | ฿15.4b | 24.8x | 31.8x | 1.8x |
| Mon, 25 Dec 2023 | ฿468.5b | ฿268.7b | ฿15.4b | 24.2x | 30.4x | 1.7x |
| Wed, 22 Nov 2023 | ฿492.1b | ฿268.6b | ฿15.5b | 25x | 31.8x | 1.8x |
| Fri, 20 Oct 2023 | ฿495.3b | ฿260.1b | ฿17.9b | 27.3x | 27.7x | 1.9x |
| Sun, 17 Sep 2023 | ฿539.0b | ฿260.1b | ฿17.9b | 28.6x | 30.2x | 2.1x |
| Tue, 15 Aug 2023 | ฿542.7b | ฿259.3b | ฿17.2b | 29.8x | 31.5x | 2.1x |
Price to Earnings Ratio
31.5x
Current Industry PE
- Investors are relatively neutral on the Thai Hospitality industry at the moment, indicating that they anticipate long term growth rates to remain steady.
- The industry is trading close to its 3-year average PE ratio of 26.0x.
- The 3-year average PS ratio of 1.5x 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 3.6% per year over the last three years.
- Meanwhile revenues for these companies have grown 2.9% 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 | -0.73% | |
| Consumer Discretionary | -0.45% | |
| Hospitality | -0.12% | |
| Leisure Facilities | 1.05% | |
| Hotels, Resorts and Cruise Lines | -0.013% | |
| Restaurants | -0.48% | |
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 0.8%, which is less than its past year's earnings decline of 19.9%.
- Investors are most pessimistic about the Leisure Facilities industry, which is trading below its 3-year average of 31.6x.
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 16% per year.
- In contrast, the Restaurants industry is expected to see its earnings growth to stay flat 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 | |
|---|---|---|---|---|---|
| ERW Erawan Group | ฿3.64 | 4.6% +฿781.9m | 50.4% | PE20.5x | |
| AWC Asset World Corp | ฿2.98 | 0.7% +฿640.5m | 31.9% | PE14.9x | |
| DUSIT Dusit Thani | ฿11.60 | 0.9% +฿84.5m | 35.7% | PS1x | |
| MUD Mud & Hound | ฿0.90 | 7.1% +฿63.2m | -9.1% | PS0.4x | |
| VRANDA Veranda Resort | ฿4.68 | 1.3% +฿19.2m | -0.8% | PE11.1x |