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Thai (SET) Real Estate Sector Analysis
UpdatedMay 30, 2026
DataAggregated Company Financials
Companies123
- 7D-1.3%
- 3M-4.2%
- 1Y15.7%
- YTD9.2%
Over the last 7 days, the Real Estate industry has dropped 1.3%, driven by Central Pattana declining 3.0%. In the past year, the industry has gained 16%. Earnings are forecast to grow by 5.5% 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 |
|---|---|---|---|---|---|---|
| Sat, 30 May 2026 | ฿1.0t | ฿470.2b | ฿76.2b | 9.2x | 13.7x | 2.2x |
| Mon, 27 Apr 2026 | ฿1.0t | ฿470.9b | ฿73.6b | 10.1x | 13.9x | 2.2x |
| Wed, 25 Mar 2026 | ฿993.6b | ฿471.8b | ฿74.8b | 10x | 13.3x | 2.1x |
| Fri, 20 Feb 2026 | ฿1.1t | ฿473.6b | ฿76.3b | 9.8x | 13.9x | 2.2x |
| Sun, 18 Jan 2026 | ฿957.1b | ฿470.2b | ฿75.1b | 9.3x | 12.8x | 2x |
| Tue, 16 Dec 2025 | ฿941.4b | ฿470.4b | ฿75.3b | 9.4x | 12.5x | 2x |
| Thu, 13 Nov 2025 | ฿923.1b | ฿481.7b | ฿76.0b | 9.2x | 12.1x | 1.9x |
| Sat, 11 Oct 2025 | ฿964.6b | ฿483.1b | ฿76.8b | 9.7x | 12.6x | 2x |
| Mon, 08 Sep 2025 | ฿941.9b | ฿482.5b | ฿75.9b | 10x | 12.4x | 2x |
| Wed, 06 Aug 2025 | ฿929.4b | ฿496.7b | ฿79.4b | 10.5x | 11.7x | 1.9x |
| Fri, 04 Jul 2025 | ฿889.3b | ฿496.7b | ฿79.3b | 10.2x | 11.2x | 1.8x |
| Sun, 01 Jun 2025 | ฿902.9b | ฿496.4b | ฿79.8b | 9.9x | 11.3x | 1.8x |
| Tue, 29 Apr 2025 | ฿924.7b | ฿509.6b | ฿77.6b | 10.4x | 11.9x | 1.8x |
| Thu, 27 Mar 2025 | ฿976.6b | ฿507.9b | ฿77.3b | 10.8x | 12.6x | 1.9x |
| Sat, 22 Feb 2025 | ฿1.0t | ฿518.9b | ฿85.7b | 11.6x | 11.9x | 2x |
| Mon, 20 Jan 2025 | ฿1.0t | ฿521.6b | ฿85.6b | 11.6x | 12.1x | 2x |
| Wed, 18 Dec 2024 | ฿1.1t | ฿518.3b | ฿83.5b | 11.8x | 12.8x | 2.1x |
| Fri, 15 Nov 2024 | ฿1.1t | ฿524.5b | ฿87.3b | 12.5x | 13.1x | 2.2x |
| Sun, 13 Oct 2024 | ฿1.2t | ฿519.5b | ฿87.0b | 11.8x | 13.9x | 2.3x |
| Tue, 10 Sep 2024 | ฿1.2t | ฿519.6b | ฿87.0b | 11.2x | 13.7x | 2.3x |
| Thu, 08 Aug 2024 | ฿1.1t | ฿509.7b | ฿84.8b | 11.4x | 12.6x | 2.1x |
| Sat, 06 Jul 2024 | ฿1.1t | ฿509.8b | ฿84.9b | 11x | 12.8x | 2.1x |
| Mon, 03 Jun 2024 | ฿1.1t | ฿510.1b | ฿85.9b | 11.6x | 13.3x | 2.2x |
| Wed, 01 May 2024 | ฿1.2t | ฿508.2b | ฿85.9b | 12.2x | 14x | 2.4x |
| Fri, 29 Mar 2024 | ฿1.2t | ฿508.1b | ฿85.5b | 12.7x | 14.2x | 2.4x |
| Sun, 25 Feb 2024 | ฿1.2t | ฿504.4b | ฿86.7b | 12.4x | 14.2x | 2.4x |
| Tue, 23 Jan 2024 | ฿1.2t | ฿512.3b | ฿89.3b | 11.3x | 13.7x | 2.4x |
| Thu, 21 Dec 2023 | ฿1.2t | ฿512.9b | ฿88.0b | 10.7x | 13.9x | 2.4x |
| Sat, 18 Nov 2023 | ฿1.2t | ฿515.7b | ฿87.6b | 11.4x | 14x | 2.4x |
| Mon, 16 Oct 2023 | ฿1.2t | ฿510.7b | ฿85.5b | 11.1x | 14.5x | 2.4x |
| Wed, 13 Sep 2023 | ฿1.3t | ฿510.7b | ฿85.5b | 11.9x | 15.2x | 2.5x |
| Fri, 11 Aug 2023 | ฿1.3t | ฿508.9b | ฿85.8b | 12.1x | 15x | 2.5x |
| Sun, 09 Jul 2023 | ฿1.3t | ฿509.3b | ฿86.6b | 12.4x | 14.8x | 2.5x |
| Tue, 06 Jun 2023 | ฿1.3t | ฿505.9b | ฿86.7b | 12.6x | 15.1x | 2.6x |
Price to Earnings Ratio
15.1x
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 12.9x.
- The industry is trading close to its 3-year average PS ratio of 2.2x.
Past Earnings Growth
- The earnings for companies in the Real Estate industry have declined 4.2% per year over the last three years,
- Revenues have also declined 2.4% per year.
- This means overall sales from these companies are declining and profits are subsequently falling as well.
Industry Trends
Which industries have driven the changes within the Thai Real Estate sector?
| TH Market | 1.95% | |
| Real Estate | -1.28% | |
| Office REITs | 0.87% | |
| Industrial REITs | 0.48% | |
| Specialized REITs | 0.40% | |
| Residential REITs | 0.15% | |
| Hotel and Resort REITs | -0.80% | |
| Retail REITs | -0.97% | |
| Real Estate | -1.77% | |
| REITS | -2.31% | |
Industry PE
- Investors are most optimistic about the REITS industry which is trading above its 3-year average PE ratio of 15.9x.
- It looks like they are confident that earnings will grow faster in the future than they have historically.
- Investors are most pessimistic about the Residential REITs industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 4.8x.
Forecasted Growth
- Analysts are most optimistic on the Hotel and Resort REITs industry, expecting annual earnings growth of 12% over the next 5 years.
- This is better than its past earnings decline of 31% per year.
- In contrast, the Retail 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 | |
|---|---|---|---|---|---|
| MBK MBK | ฿18.60 | 1.6% +฿483.2m | 6.9% | PE6.6x | |
| STELLA Stella X | ฿0.29 | 7.4% +฿435.7m | 52.6% | PS7.2x | |
| FTREIT Frasers Property Thailand Industrial Freehold & Leasehold REIT | ฿11.60 | 0.9% +฿328.3m | 19.0% | PB1x | |
| TPRIME Thailand Prime Property Freehold and Leasehold Real Estate Investment Trust | ฿7.35 | 5.0% +฿191.6m | 5.0% | PB0.6x | |
| NNCL Nava Nakorn | ฿1.64 | 5.1% +฿163.9m | 9.3% | PE12.1x |