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Thai (SET) Real Estate Sector Analysis
UpdatedApr 14, 2026
DataAggregated Company Financials
Companies124
- 7D1.4%
- 3M9.0%
- 1Y13.8%
- YTD7.0%
Over the last 7 days, the Real Estate industry has risen 1.4%, driven by gains from Central Pattana of 1.6%. This means that the industry has gained 14% over the past year. Earnings are forecast to grow by 6.1% 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 |
|---|---|---|---|---|---|---|
| Tue, 14 Apr 2026 | ฿1.0t | ฿471.1b | ฿73.9b | 10.2x | 13.9x | 2.2x |
| Thu, 12 Mar 2026 | ฿1.0t | ฿471.8b | ฿74.8b | 10.2x | 13.7x | 2.2x |
| Sat, 07 Feb 2026 | ฿988.3b | ฿470.2b | ฿75.1b | 9.5x | 13.2x | 2.1x |
| Mon, 05 Jan 2026 | ฿951.0b | ฿470.2b | ฿75.1b | 9.4x | 12.7x | 2x |
| Wed, 03 Dec 2025 | ฿928.1b | ฿470.4b | ฿75.7b | 9.5x | 12.3x | 2x |
| Fri, 31 Oct 2025 | ฿930.1b | ฿483.1b | ฿76.8b | 9.6x | 12.1x | 1.9x |
| Sun, 28 Sep 2025 | ฿974.5b | ฿483.1b | ฿76.8b | 10x | 12.7x | 2x |
| Tue, 26 Aug 2025 | ฿951.8b | ฿484.1b | ฿76.2b | 10.1x | 12.5x | 2x |
| Thu, 24 Jul 2025 | ฿923.1b | ฿496.7b | ฿79.3b | 10.4x | 11.6x | 1.9x |
| Sat, 21 Jun 2025 | ฿817.0b | ฿496.7b | ฿79.3b | 9.8x | 10.3x | 1.6x |
| Mon, 19 May 2025 | ฿926.5b | ฿495.8b | ฿79.7b | 10.6x | 11.6x | 1.9x |
| Wed, 16 Apr 2025 | ฿900.8b | ฿507.9b | ฿77.3b | 10.4x | 11.6x | 1.8x |
| Fri, 14 Mar 2025 | ฿974.0b | ฿507.9b | ฿77.3b | 10.9x | 12.6x | 1.9x |
| Sun, 09 Feb 2025 | ฿1.0t | ฿521.6b | ฿85.6b | 11.2x | 11.7x | 1.9x |
| Tue, 07 Jan 2025 | ฿1.1t | ฿521.6b | ฿85.6b | 12x | 12.7x | 2.1x |
| Thu, 05 Dec 2024 | ฿1.2t | ฿521.7b | ฿85.6b | 12.3x | 13.5x | 2.2x |
| Sat, 02 Nov 2024 | ฿1.2t | ฿519.5b | ฿87.1b | 12.2x | 13.7x | 2.3x |
| Mon, 30 Sep 2024 | ฿1.2t | ฿519.5b | ฿87.0b | 12x | 14x | 2.3x |
| Wed, 28 Aug 2024 | ฿1.1t | ฿519.6b | ฿87.0b | 10.9x | 12.9x | 2.2x |
| Fri, 26 Jul 2024 | ฿1.1t | ฿509.8b | ฿84.9b | 11.4x | 12.7x | 2.1x |
| Sun, 23 Jun 2024 | ฿1.1t | ฿509.9b | ฿85.1b | 11.1x | 12.7x | 2.1x |
| Tue, 21 May 2024 | ฿1.2t | ฿510.8b | ฿85.6b | 12.7x | 13.8x | 2.3x |
| Thu, 18 Apr 2024 | ฿1.2t | ฿508.1b | ฿85.5b | 12.6x | 14x | 2.4x |
| Sat, 16 Mar 2024 | ฿1.2t | ฿508.1b | ฿85.5b | 12.6x | 14.2x | 2.4x |
| Mon, 12 Feb 2024 | ฿1.2t | ฿511.1b | ฿90.6b | 11.5x | 13.5x | 2.4x |
| Wed, 10 Jan 2024 | ฿1.3t | ฿512.3b | ฿88.0b | 11.3x | 14.3x | 2.5x |
| Fri, 08 Dec 2023 | ฿1.2t | ฿512.9b | ฿88.0b | 10.8x | 13.9x | 2.4x |
| Sun, 05 Nov 2023 | ฿1.2t | ฿510.1b | ฿86.0b | 10.9x | 14x | 2.4x |
| Tue, 03 Oct 2023 | ฿1.2t | ฿510.7b | ฿85.5b | 11.3x | 14.5x | 2.4x |
| Thu, 31 Aug 2023 | ฿1.3t | ฿510.7b | ฿85.5b | 12.1x | 15.5x | 2.6x |
| Sat, 29 Jul 2023 | ฿1.3t | ฿509.4b | ฿86.6b | 12.1x | 15x | 2.6x |
| Mon, 26 Jun 2023 | ฿1.3t | ฿509.3b | ฿86.6b | 12.4x | 14.7x | 2.5x |
| Wed, 24 May 2023 | ฿1.3t | ฿503.9b | ฿85.2b | 12x | 15.5x | 2.6x |
| Fri, 21 Apr 2023 | ฿1.4t | ฿495.8b | ฿82.6b | 13.3x | 16.5x | 2.7x |
Price to Earnings Ratio
16.5x
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 13.0x.
- 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 3.6% per year over the last three years.
- Meanwhile revenues have remained mostly flat.
- This means that although sales have remained flat, 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 Real Estate sector?
| TH Market | 2.91% | |
| Real Estate | 1.43% | |
| Residential REITs | 5.11% | |
| Specialized REITs | 2.01% | |
| Industrial REITs | 1.86% | |
| Retail REITs | 1.54% | |
| Real Estate | 1.37% | |
| Office REITs | 1.07% | |
| Hotel and Resort REITs | 0.86% | |
| REITS | -0.98% | |
Industry PE
- Investors are most optimistic about the Office REITs industry, which is trading close to its 3-year average PE ratio of 14.5x.
- 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 5.1x.
Forecasted Growth
- Analysts are most optimistic on the Hotel and Resort REITs industry, expecting annual earnings growth of 15% over the next 5 years.
- This is better than its past earnings decline of 38% 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 | ฿63.50 | 1.6% +฿4.5b | 33.0% | PE15.1x | |
| SPI Saha Pathana Inter-Holding | ฿48.25 | 4.3% +฿1.7b | 14.9% | PE18.1x | |
| AXTRART Axtra Future City Freehold And Leasehold Real Estate Investment Trust | ฿13.20 | 3.9% +฿1.2b | 11.9% | PB1x | |
| FTREIT Frasers Property Thailand Industrial Freehold & Leasehold REIT | ฿11.40 | 2.7% +฿985.0m | 23.2% | PB1x | |
| WHA WHA Corporation | ฿4.28 | 1.4% +฿896.8m | 64.6% | PE12.5x |