Thai (SET) Office REITs Industry Analysis

UpdatedDec 27, 2025

DataAggregated Company Financials

Companies14

7D1.0%
3M1.2%
1Y-6.4%
YTD-7.4%

Over the last 7 days, the Office REITs industry has risen 1.0%, driven by gains from Golden Ventures Leasehold Real Estate Investment Trust of 3.1%. In the past year, the industry is down 6.4%. Earnings are forecast to grow by 9.4% annually.

Industry Valuation and Performance

Has the Thai Office REITs Industry valuation changed over the past few years?

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Sat, 27 Dec 2025	฿33.2b	฿6.3b	฿1.6b	10.2x	20.4x	5.2x
Mon, 24 Nov 2025	฿32.5b	฿6.3b	฿2.3b	10.3x	13.9x	5.1x
Wed, 22 Oct 2025	฿32.5b	฿6.5b	฿2.5b	10.3x	13.2x	5x
Fri, 19 Sep 2025	฿32.9b	฿6.5b	฿2.5b	10.3x	13.3x	5.1x
Sun, 17 Aug 2025	฿32.2b	฿6.5b	฿2.5b	10.3x	12.7x	5x
Tue, 15 Jul 2025	฿31.3b	฿6.6b	฿2.3b	14.2x	13.7x	4.7x
Thu, 12 Jun 2025	฿32.0b	฿6.6b	฿2.3b	14.2x	14.1x	4.8x
Sat, 10 May 2025	฿32.5b	฿6.7b	฿2.0b	14.7x	16.1x	4.8x
Mon, 07 Apr 2025	฿32.6b	฿6.7b	฿2.0b	15.1x	16.1x	4.8x
Wed, 05 Mar 2025	฿32.2b	฿6.7b	฿2.0b	14.8x	15.9x	4.8x
Fri, 31 Jan 2025	฿35.0b	฿8.0b	฿2.5b	10.2x	13.9x	4.4x
Sun, 29 Dec 2024	฿35.8b	฿8.0b	฿2.5b	10x	14.3x	4.5x
Tue, 26 Nov 2024	฿34.9b	฿8.1b	฿2.6b	10.3x	13.3x	4.3x
Thu, 24 Oct 2024	฿36.0b	฿8.1b	฿2.1b	10.4x	17x	4.4x
Sat, 21 Sep 2024	฿37.4b	฿8.1b	฿2.1b	10.7x	17.6x	4.6x
Mon, 19 Aug 2024	฿29.9b	฿7.9b	฿2.0b	9.6x	14.6x	3.8x
Wed, 17 Jul 2024	฿29.6b	฿7.9b	฿1.9b	15.3x	15.5x	3.7x
Fri, 14 Jun 2024	฿30.3b	฿7.9b	฿1.9b	15.2x	15.8x	3.8x
Sun, 12 May 2024	฿31.5b	฿7.9b	฿2.4b	10.5x	13.2x	4x
Tue, 09 Apr 2024	฿31.1b	฿7.9b	฿2.4b	10.2x	12.9x	3.9x
Thu, 07 Mar 2024	฿32.5b	฿7.9b	฿2.4b	10.2x	13.5x	4.1x
Sat, 03 Feb 2024	฿35.0b	฿7.9b	฿2.4b	10.7x	14.5x	4.4x
Mon, 01 Jan 2024	฿33.9b	฿7.9b	฿2.4b	10.3x	14.1x	4.3x
Wed, 29 Nov 2023	฿33.8b	฿7.9b	฿2.5b	10.3x	13.6x	4.3x
Fri, 27 Oct 2023	฿33.3b	฿7.8b	฿3.2b	10x	10.6x	4.3x
Sun, 24 Sep 2023	฿36.0b	฿7.8b	฿3.2b	11x	11.4x	4.6x
Tue, 22 Aug 2023	฿40.7b	฿7.8b	฿3.2b	11.4x	12.9x	5.2x
Thu, 20 Jul 2023	฿44.2b	฿7.7b	฿3.6b	11.8x	12.3x	5.7x
Sat, 17 Jun 2023	฿46.8b	฿7.7b	฿3.6b	11.9x	13.1x	6.1x
Mon, 15 May 2023	฿48.6b	฿7.7b	฿3.6b	13.4x	13.6x	6.3x
Wed, 12 Apr 2023	฿48.8b	฿7.7b	฿3.6b	13.3x	13.5x	6.3x

Price to Earnings Ratio

13.6x

Sat, 01 Apr 2023

Current Industry PE

Investors are optimistic on the Thai Office REITs industry, and appear confident in long term growth rates.

The industry is trading at a PE ratio of 20.4x which is higher than its 3-year average PE of 14.1x.

The 3-year average PS ratio of 4.7x is lower than the industry's current PS ratio of 5.2x.

Past Earnings Growth

The earnings for companies in the Office REITs industry have declined 23% per year over the last three years,
Revenues have also declined 6.2% 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 industry?


TH Market	0.57%
Real Estate	1.27%
Office REITs	1.03%

Industry PEThere are no additional sub-industries under this industry.

Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

Company	Last Price	7D	1Y	Valuation
GVREIT Golden Ventures Leasehold Real Estate Investment Trust	฿6.70	3.1% +฿163.0m	3.1%	PB0.7x
CPTREIT C.P. Tower Leasehold Real Estate Investment Trust	฿5.25	1.0% +฿48.4m	4.0%	PB0.6x
BOFFICE Bhiraj Office Leasehold Real Estate Investment Trust	฿5.05	1.0% +฿36.9m	-1.0%	PB0.5x
TPRIME Thailand Prime Property Freehold and Leasehold Real Estate Investment Trust	฿7.05	0.7% +฿27.4m	-6.0%	PB0.6x
SPRIME S Prime Growth Leasehold Real Estate Investment Trust	฿3.48	1.8% +฿26.8m	-16.3%	PB0.3x