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Thai (SET) Real Estate Sector Analysis
UpdatedJan 14, 2026
DataAggregated Company Financials
Companies124
- 7D-2.4%
- 3M-3.0%
- 1Y-11.3%
- YTD-2.3%
Over the last 7 days, the Real Estate industry has dropped 2.4%, driven by a pullback from Central Pattana of 2.3%. However, the industry is down 11% over the past year. Looking forward, earnings are forecast to grow by 7.1% annually.
Sector Valuation and Performance
Has the Thai Real Estate Sector valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Wed, 14 Jan 2026 | ฿933.2b | ฿470.2b | ฿75.1b | 9.3x | 12.4x | 2x |
| Fri, 12 Dec 2025 | ฿922.6b | ฿470.4b | ฿75.3b | 9.4x | 12.3x | 2x |
| Sun, 09 Nov 2025 | ฿930.4b | ฿484.9b | ฿76.9b | 9.6x | 12.1x | 1.9x |
| Tue, 07 Oct 2025 | ฿957.2b | ฿483.1b | ฿76.8b | 9.9x | 12.5x | 2x |
| Thu, 04 Sep 2025 | ฿932.2b | ฿482.5b | ฿75.7b | 9.9x | 12.3x | 1.9x |
| Sat, 02 Aug 2025 | ฿919.2b | ฿496.7b | ฿79.4b | 10.5x | 11.6x | 1.9x |
| Mon, 30 Jun 2025 | ฿841.1b | ฿496.7b | ฿79.3b | 10.2x | 10.6x | 1.7x |
| Wed, 28 May 2025 | ฿888.2b | ฿496.4b | ฿79.8b | 10.6x | 11.1x | 1.8x |
| Fri, 25 Apr 2025 | ฿921.6b | ฿509.6b | ฿77.6b | 10.6x | 11.9x | 1.8x |
| Sun, 23 Mar 2025 | ฿984.7b | ฿507.9b | ฿77.3b | 11x | 12.7x | 1.9x |
| Tue, 18 Feb 2025 | ฿1.0t | ฿522.1b | ฿87.0b | 11.4x | 11.6x | 1.9x |
| Thu, 16 Jan 2025 | ฿1.1t | ฿521.6b | ฿85.6b | 11.8x | 12.4x | 2x |
| Sat, 14 Dec 2024 | ฿1.1t | ฿518.3b | ฿83.5b | 12x | 13.1x | 2.1x |
| Mon, 11 Nov 2024 | ฿1.2t | ฿519.3b | ฿86.9b | 11.5x | 13.5x | 2.3x |
| Wed, 09 Oct 2024 | ฿1.2t | ฿520.5b | ฿87.4b | 12.1x | 14x | 2.3x |
| Fri, 06 Sep 2024 | ฿1.1t | ฿519.6b | ฿87.0b | 11.2x | 13.2x | 2.2x |
| Sun, 04 Aug 2024 | ฿1.1t | ฿509.8b | ฿84.9b | 11.5x | 12.8x | 2.1x |
| Tue, 02 Jul 2024 | ฿1.1t | ฿509.8b | ฿84.9b | 11.2x | 12.7x | 2.1x |
| Thu, 30 May 2024 | ฿1.2t | ฿509.6b | ฿85.3b | 11.8x | 13.5x | 2.3x |
| Sat, 27 Apr 2024 | ฿1.2t | ฿508.2b | ฿85.9b | 12.2x | 13.9x | 2.4x |
| Mon, 25 Mar 2024 | ฿1.2t | ฿508.1b | ฿85.5b | 12.7x | 14.1x | 2.4x |
| Wed, 21 Feb 2024 | ฿1.2t | ฿578.4b | ฿269.7b | 11.4x | 4.5x | 2.1x |
| Fri, 19 Jan 2024 | ฿1.2t | ฿512.3b | ฿89.3b | 11.3x | 13.7x | 2.4x |
| Sun, 17 Dec 2023 | ฿1.2t | ฿512.9b | ฿88.0b | 10.9x | 13.9x | 2.4x |
| Tue, 14 Nov 2023 | ฿1.2t | ฿514.2b | ฿86.3b | 10.9x | 13.9x | 2.3x |
| Thu, 12 Oct 2023 | ฿1.2t | ฿510.7b | ฿85.5b | 11.3x | 14.6x | 2.4x |
| Sat, 09 Sep 2023 | ฿1.3t | ฿510.7b | ฿85.5b | 11.7x | 15.3x | 2.6x |
| Mon, 07 Aug 2023 | ฿1.3t | ฿509.0b | ฿86.2b | 12.4x | 15x | 2.5x |
| Wed, 05 Jul 2023 | ฿1.3t | ฿509.3b | ฿86.6b | 12.1x | 15x | 2.5x |
| Fri, 02 Jun 2023 | ฿1.3t | ฿505.9b | ฿86.7b | 12.4x | 15.1x | 2.6x |
| Sun, 30 Apr 2023 | ฿1.4t | ฿495.9b | ฿83.0b | 13.2x | 16.3x | 2.7x |
| Tue, 28 Mar 2023 | ฿1.4t | ฿496.5b | ฿82.7b | 13.4x | 16.4x | 2.7x |
| Thu, 23 Feb 2023 | ฿1.4t | ฿476.9b | ฿77.0b | 13x | 18.4x | 3x |
| Sat, 21 Jan 2023 | ฿1.4t | ฿466.9b | ฿69.8b | 13.1x | 20.2x | 3x |
Price to Earnings Ratio
20.2x
Current Industry PE
- Investors are relatively neutral on the Thai Real Estate 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 13.4x.
- The 3-year average PS ratio of 2.2x is higher than the industry's current PS ratio of 2.0x.
Past Earnings Growth
- The earnings for companies in the Real Estate industry have grown 2.4% per year over the last three years, while revenues have remained mostly flat.
- This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.
Industry Trends
Which industries have driven the changes within the Thai Real Estate sector?
| TH Market | -3.12% | |
| Real Estate | -2.40% | |
| REITS | 0.35% | |
| Specialized REITs | -0.15% | |
| Office REITs | -0.30% | |
| Hotel and Resort REITs | -0.71% | |
| Residential REITs | -1.37% | |
| Real Estate | -2.53% | |
| Industrial REITs | -2.87% | |
| Retail REITs | -3.13% | |
Industry PE
- Investors are most optimistic about the Office REITs industry which is trading above its 3-year average PE ratio of 14.2x.
- Analysts are expecting annual earnings growth of 9.4%, which is higher than its past year's earnings decline of 8.4% per year.
- Investors are most pessimistic about the Hotel and Resort REITs industry, which is trading below its 3-year average of 11.0x.
Forecasted Growth
- Analysts are most optimistic on the Retail REITs industry, expecting annual earnings growth of 16% over the next 5 years.
- However this is lower than its past earnings growth rate of 41% per year.
- In contrast, the Hotel and Resort REITs 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 | |
|---|---|---|---|---|---|
| TITLE Rhom Bho Property | ฿6.15 | 4.2% +฿195.5m | 56.1% | PE13.3x | |
| ALPHAX Alpha Divisions | ฿0.51 | 4.1% +฿185.8m | -3.8% | PE16.2x | |
| SA Siamese Asset | ฿7.15 | 1.4% +฿119.9m | -3.4% | PE54.6x | |
| FPT Frasers Property (Thailand) | ฿6.05 | 0.8% +฿116.0m | -39.5% | PE9.6x | |
| INETREIT INET Freehold and Leasehold Real Estate Investment Trust | ฿11.50 | 1.8% +฿100.9m | 36.9% | PB1x |