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Thai (SET) Real Estate Sector Analysis
UpdatedNov 24, 2025
DataAggregated Company Financials
Companies124
- 7D1.0%
- 3M-0.5%
- 1Y-19.6%
- YTD-15.6%
The Real Estate industry is up 1.0% in the last week, with AP (Thailand) up 9.6%. In contrast, the industry has lost 20% in the last 12 months. Looking forward, earnings are forecast to grow by 7.0% 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, 26 Nov 2025 | ฿915.2b | ฿468.0b | ฿75.9b | 9.6x | 12.1x | 2x |
| Fri, 24 Oct 2025 | ฿950.2b | ฿483.1b | ฿76.8b | 9.7x | 12.4x | 2x |
| Sun, 21 Sep 2025 | ฿984.9b | ฿483.1b | ฿76.8b | 10.2x | 12.8x | 2x |
| Tue, 19 Aug 2025 | ฿934.6b | ฿483.9b | ฿76.3b | 10.3x | 12.2x | 1.9x |
| Thu, 17 Jul 2025 | ฿900.4b | ฿496.7b | ฿79.3b | 10.6x | 11.3x | 1.8x |
| Sat, 14 Jun 2025 | ฿848.4b | ฿496.7b | ฿79.3b | 10x | 10.7x | 1.7x |
| Mon, 12 May 2025 | ฿932.3b | ฿508.5b | ฿78.0b | 10.7x | 12x | 1.8x |
| Wed, 09 Apr 2025 | ฿873.7b | ฿507.9b | ฿77.3b | 10.2x | 11.3x | 1.7x |
| Fri, 07 Mar 2025 | ฿981.0b | ฿510.8b | ฿79.0b | 10.8x | 12.4x | 1.9x |
| Sun, 02 Feb 2025 | ฿1.0t | ฿521.6b | ฿85.6b | 11.5x | 12.1x | 2x |
| Tue, 31 Dec 2024 | ฿1.1t | ฿521.6b | ฿85.6b | 11.9x | 13x | 2.1x |
| Thu, 28 Nov 2024 | ฿1.1t | ฿522.7b | ฿86.0b | 11.9x | 13.3x | 2.2x |
| Sat, 26 Oct 2024 | ฿1.2t | ฿519.5b | ฿87.0b | 12.3x | 13.8x | 2.3x |
| Mon, 23 Sep 2024 | ฿1.2t | ฿519.5b | ฿87.0b | 11.8x | 14.1x | 2.4x |
| Wed, 21 Aug 2024 | ฿1.1t | ฿519.3b | ฿87.2b | 10.7x | 12.5x | 2.1x |
| Fri, 19 Jul 2024 | ฿1.1t | ฿509.8b | ฿84.9b | 11.3x | 13x | 2.2x |
| Sun, 16 Jun 2024 | ฿1.1t | ฿509.9b | ฿85.2b | 11.2x | 12.9x | 2.2x |
| Tue, 14 May 2024 | ฿1.2t | ฿508.9b | ฿86.0b | 12.1x | 13.9x | 2.3x |
| Thu, 11 Apr 2024 | ฿1.2t | ฿508.1b | ฿85.5b | 12.6x | 14.4x | 2.4x |
| Sat, 09 Mar 2024 | ฿1.2t | ฿732.6b | -฿56,972,060,821.00 | 12.6x | -21.4x | 1.7x |
| Mon, 05 Feb 2024 | ฿1.2t | ฿511.5b | ฿89.3b | 11.3x | 13.7x | 2.4x |
| Wed, 03 Jan 2024 | ฿1.3t | ฿512.3b | ฿88.0b | 11.3x | 14.4x | 2.5x |
| Fri, 01 Dec 2023 | ฿1.2t | ฿513.5b | ฿88.0b | 11.3x | 14x | 2.4x |
| Sun, 29 Oct 2023 | ฿1.2t | ฿512.3b | ฿85.8b | 11x | 13.9x | 2.3x |
| Tue, 26 Sep 2023 | ฿1.3t | ฿510.7b | ฿85.5b | 11.4x | 14.9x | 2.5x |
| Thu, 24 Aug 2023 | ฿1.3t | ฿510.7b | ฿85.5b | 11.8x | 15.3x | 2.6x |
| Sat, 22 Jul 2023 | ฿1.3t | ฿509.4b | ฿86.6b | 12.4x | 15x | 2.5x |
| Mon, 19 Jun 2023 | ฿1.3t | ฿509.3b | ฿86.6b | 12.9x | 15.3x | 2.6x |
| Wed, 17 May 2023 | ฿1.3t | ฿498.8b | ฿84.4b | 13x | 15.8x | 2.7x |
| Fri, 14 Apr 2023 | ฿1.4t | ฿495.8b | ฿82.4b | 13.3x | 16.7x | 2.8x |
| Sun, 12 Mar 2023 | ฿1.3t | ฿496.6b | ฿83.4b | 13.7x | 16.2x | 2.7x |
| Tue, 07 Feb 2023 | ฿1.4t | ฿466.9b | ฿69.8b | 13.3x | 20.5x | 3.1x |
| Thu, 05 Jan 2023 | ฿1.4t | ฿466.8b | ฿71.2b | 12.9x | 19.6x | 3x |
| Sat, 03 Dec 2022 | ฿1.4t | ฿466.3b | ฿70.9b | 12.7x | 19.1x | 2.9x |
Price to Earnings Ratio
19.1x
Current Industry PE
- Investors are pessimistic on the Thai Real Estate 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 12.1x which is lower than its 3-year average PE of 13.7x.
- The 3-year average PS ratio of 2.3x 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 2.3% 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 | -0.13% | |
| Real Estate | 1.00% | |
| Real Estate | 1.29% | |
| Hotel and Resort REITs | 1.04% | |
| Retail REITs | 0.47% | |
| Industrial REITs | 0.41% | |
| Specialized REITs | 0.15% | |
| Office REITs | 0.059% | |
| Residential REITs | -1.08% | |
| REITS | -1.36% | |
Industry PE
- Investors are most optimistic about the Retail REITs industry even though it's trading below its 3-year average PE ratio of 15.5x.
- Analysts are expecting annual earnings growth of 16.5%, which is lower than the prior year's growth of 40.6% per year.
- Investors are most pessimistic about the Hotel and Resort REITs industry, which is trading below its 3-year average of 11.2x.
Forecasted Growth
- Analysts are most optimistic on the Retail REITs industry, expecting annual earnings growth of 17% over the next 5 years.
- However this is lower than its past earnings growth rate of 41% per year.
- In contrast, the Industrial 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 | |
|---|---|---|---|---|---|
| CPN Central Pattana | ฿53.50 | 1.9% +฿4.5b | -10.8% | PE13.5x | |
| WHA WHA Corporation | ฿3.30 | 3.8% +฿1.8b | -41.1% | PE10x | |
| SIRI Sansiri | ฿1.40 | 6.1% +฿1.4b | -22.2% | PE6.4x | |
| SPALI Supalai | ฿17.20 | 4.2% +฿1.3b | -10.4% | PE7x | |
| AMATA Amata Corporation | ฿16.80 | 7.0% +฿1.3b | -42.1% | PE6.2x |