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Thai (SET) Real Estate Sector Analysis
UpdatedSep 26, 2025
DataAggregated Company Financials
Companies123
- 7D-1.5%
- 3M14.8%
- 1Y-20.4%
- YTD-11.5%
Over the last 7 days, the Real Estate industry has dropped 1.5%, driven by Central Pattana declining 1.3%. On the other hand M.K. Real Estate Development is actually up 43%. However, the industry is down 20% over the past year. As for the next few years, earnings are expected to grow by 6.9% per annum.
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 |
|---|---|---|---|---|---|---|
| Fri, 26 Sep 2025 | ฿974.6b | ฿483.1b | ฿76.8b | 10.1x | 12.7x | 2x |
| Sun, 24 Aug 2025 | ฿938.6b | ฿484.1b | ฿76.2b | 10.1x | 12.3x | 1.9x |
| Tue, 22 Jul 2025 | ฿917.9b | ฿496.7b | ฿79.3b | 10.3x | 11.6x | 1.8x |
| Thu, 19 Jun 2025 | ฿835.3b | ฿496.7b | ฿79.3b | 10.1x | 10.5x | 1.7x |
| Sat, 17 May 2025 | ฿926.6b | ฿499.2b | ฿77.5b | 10.9x | 12x | 1.9x |
| Mon, 14 Apr 2025 | ฿900.5b | ฿507.9b | ฿77.3b | 10.4x | 11.6x | 1.8x |
| Wed, 12 Mar 2025 | ฿989.4b | ฿510.4b | ฿78.4b | 10.8x | 12.6x | 1.9x |
| Fri, 07 Feb 2025 | ฿991.6b | ฿521.9b | ฿85.8b | 11.2x | 11.6x | 1.9x |
| Sun, 05 Jan 2025 | ฿1.1t | ฿521.6b | ฿85.6b | 11.8x | 12.8x | 2.1x |
| Tue, 03 Dec 2024 | ฿1.2t | ฿521.7b | ฿85.6b | 12.1x | 13.4x | 2.2x |
| Thu, 31 Oct 2024 | ฿1.2t | ฿519.4b | ฿87.1b | 12.3x | 13.6x | 2.3x |
| Sat, 28 Sep 2024 | ฿1.2t | ฿519.5b | ฿87.0b | 12x | 14x | 2.3x |
| Mon, 26 Aug 2024 | ฿1.1t | ฿519.2b | ฿86.9b | 10.9x | 12.8x | 2.1x |
| Wed, 24 Jul 2024 | ฿1.1t | ฿509.8b | ฿84.9b | 11.5x | 12.8x | 2.1x |
| Fri, 21 Jun 2024 | ฿1.1t | ฿509.9b | ฿85.1b | 11x | 12.7x | 2.1x |
| Sun, 19 May 2024 | ฿1.2t | ฿510.3b | ฿85.1b | 12.6x | 14x | 2.3x |
| Tue, 16 Apr 2024 | ฿1.2t | ฿508.1b | ฿85.5b | 12.6x | 14.3x | 2.4x |
| Thu, 14 Mar 2024 | ฿1.2t | ฿508.1b | ฿85.5b | 12.6x | 14.3x | 2.4x |
| Sat, 10 Feb 2024 | ฿1.2t | ฿511.1b | ฿90.6b | 11.2x | 13.5x | 2.4x |
| Mon, 08 Jan 2024 | ฿1.3t | ฿512.3b | ฿88.0b | 11.5x | 14.4x | 2.5x |
| Wed, 06 Dec 2023 | ฿1.2t | ฿512.9b | ฿88.0b | 10.9x | 13.9x | 2.4x |
| Fri, 03 Nov 2023 | ฿1.2t | ฿512.3b | ฿85.8b | 11x | 13.9x | 2.3x |
| Sun, 01 Oct 2023 | ฿1.2t | ฿510.7b | ฿85.5b | 11.3x | 14.6x | 2.4x |
| Tue, 29 Aug 2023 | ฿1.3t | ฿510.7b | ฿85.5b | 12.1x | 15.4x | 2.6x |
| Thu, 27 Jul 2023 | ฿1.3t | ฿509.4b | ฿86.6b | 12.1x | 14.9x | 2.5x |
| Sat, 24 Jun 2023 | ฿1.3t | ฿509.3b | ฿86.6b | 12.4x | 14.7x | 2.5x |
| Mon, 22 May 2023 | ฿1.3t | ฿504.1b | ฿85.2b | 12.2x | 15.4x | 2.6x |
| Wed, 19 Apr 2023 | ฿1.4t | ฿495.8b | ฿82.6b | 13.4x | 16.7x | 2.8x |
| Fri, 17 Mar 2023 | ฿1.3t | ฿496.7b | ฿81.9b | 13.3x | 16.2x | 2.7x |
| Sun, 12 Feb 2023 | ฿1.4t | ฿468.0b | ฿69.7b | 13.1x | 20.7x | 3.1x |
| Tue, 10 Jan 2023 | ฿1.4t | ฿466.8b | ฿71.2b | 13x | 19.6x | 3x |
| Thu, 08 Dec 2022 | ฿1.4t | ฿466.5b | ฿70.9b | 12.7x | 19.2x | 2.9x |
| Sat, 05 Nov 2022 | ฿1.3t | ฿436.6b | ฿53.0b | 12.6x | 24.9x | 3x |
| Mon, 03 Oct 2022 | ฿1.3t | ฿433.3b | ฿52.6b | 12.9x | 24.3x | 3x |
Price to Earnings Ratio
24.3x
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 12.7x which is lower than its 3-year average PE of 14.3x.
- 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 13% per year over the last three years.
- Revenues for these companies have grown 3.7% per year.
- This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.
Industry Trends
Which industries have driven the changes within the Thai Real Estate sector?
| TH Market | -0.70% | |
| Real Estate | -1.52% | |
| Office REITs | -0.31% | |
| Residential REITs | -0.48% | |
| Hotel and Resort REITs | -0.61% | |
| Specialized REITs | -0.65% | |
| REITS | -0.71% | |
| Industrial REITs | -1.31% | |
| Retail REITs | -1.57% | |
| Real Estate | -1.68% | |
Industry PE
- Investors are most optimistic about the Retail REITs industry even though it's trading below its 3-year average PE ratio of 15.6x.
- Analysts are expecting annual earnings growth of 11.0%, which is lower than the prior year's growth of 21.4% per year.
- Investors are most pessimistic about the Hotel and Resort REITs industry, which is trading below its 3-year average of 11.6x.
Forecasted Growth
- Analysts are most optimistic on the Retail REITs industry, expecting annual earnings growth of 11% over the next 5 years.
- However this is lower than its past earnings growth rate of 21% per year.
- In contrast, the Hotel and Resort REITs industry is expected to see its earnings decline by 7.3% 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 | |
|---|---|---|---|---|---|
| MK M.K. Real Estate Development | ฿0.94 | 46.9% +฿427.3m | -41.6% | PS0.8x | |
| FPT Frasers Property (Thailand) | ฿6.85 | 1.5% +฿231.9m | -47.7% | PE8.7x | |
| TITLE Rhom Bho Property | ฿4.38 | 6.3% +฿203.3m | 9.0% | PE33.5x | |
| SAMCO Sammakorn | ฿1.10 | 29.4% +฿160.5m | 10.0% | PS0.5x | |
| ASW Assetwise | ฿5.50 | 2.8% +฿135.0m | -29.5% | PE4.9x |