Thai (SET) Real Estate Industry Analysis

Industry Valuation and Performance

Has the Thai Real Estate Industry valuation changed over the past few years?

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Sun, 26 Mar 2023	฿1.0t	฿460.1b	฿64.4b	13.8x	16.2x	2.3x
Tue, 21 Feb 2023	฿1.1t	฿434.3b	฿59.2b	12.9x	18.4x	2.5x
Thu, 19 Jan 2023	฿1.1t	฿433.4b	฿52.3b	13.7x	20.2x	2.4x
Sat, 17 Dec 2022	฿1.1t	฿433.4b	฿52.3b	13.8x	20.2x	2.4x
Mon, 14 Nov 2022	฿1.0t	฿420.5b	฿43.0b	12.5x	24x	2.5x
Wed, 12 Oct 2022	฿950.2b	฿402.6b	฿36.4b	12.4x	26.1x	2.4x
Fri, 09 Sep 2022	฿994.3b	฿402.6b	฿36.4b	13.7x	27.3x	2.5x
Sun, 07 Aug 2022	฿971.2b	฿388.1b	฿28.0b	12.5x	34.6x	2.5x
Tue, 05 Jul 2022	฿939.3b	฿386.9b	฿27.4b	12.2x	34.3x	2.4x
Thu, 02 Jun 2022	฿1.0t	฿388.6b	฿28.8b	13x	35.1x	2.6x
Sat, 30 Apr 2022	฿1.0t	฿383.2b	฿29.5b	15.2x	34.7x	2.7x
Mon, 28 Mar 2022	฿987.3b	฿383.2b	฿29.5b	15.1x	33.5x	2.6x
Wed, 23 Feb 2022	฿1.0t	฿383.3b	฿24.8b	16x	40.8x	2.6x
Fri, 21 Jan 2022	฿978.3b	฿380.2b	฿28.0b	14.4x	34.9x	2.6x
Sun, 19 Dec 2021	฿962.8b	฿376.9b	฿27.5b	13.6x	35x	2.6x
Tue, 16 Nov 2021	฿959.0b	฿381.4b	฿37.0b	14.1x	25.9x	2.5x
Thu, 14 Oct 2021	฿926.5b	฿393.2b	฿41.9b	12.1x	22.1x	2.4x
Sat, 11 Sep 2021	฿908.0b	฿393.2b	฿41.9b	12.1x	21.7x	2.3x
Mon, 09 Aug 2021	฿845.3b	฿394.6b	฿41.2b	12x	20.5x	2.1x
Sun, 02 May 2021	฿892.6b	฿388.9b	฿40.3b	13.1x	22.1x	2.3x
Wed, 03 Feb 2021	฿800.9b	฿380.7b	฿38.8b	12x	20.7x	2.1x
Sat, 07 Nov 2020	฿650.1b	฿386.8b	฿56.3b	9.9x	11.5x	1.7x
Fri, 31 Jul 2020	฿739.0b	฿396.5b	฿60.2b	10x	12.3x	1.9x
Mon, 04 May 2020	฿718.9b	฿406.4b	฿67.4b	9.1x	10.7x	1.8x

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 16.2x which is lower than its 3-year average PE of 22.6x.

Past Earnings Growth

The earnings for companies in the Real Estate industry have remained mostly flat over the last three years.
Meanwhile revenues for these companies have grown 4.2% per year.
This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased and as a result, profits have held steady.

Industry Trends

Which industries have driven the changes within the Thai Real Estate industry?


TH Market	1.75%
Real Estate	0.71%
Real Estate	0.72%
Real Estate Services	2.00%
Real Estate Operating Companies	1.57%
Diversified Real Estate	0.82%
Real Estate Development	0.11%

Industry PE

Investors are most optimistic about the Real Estate Operating Companies industry, which is trading close to its 3-year average PE ratio of 27.2x.

Analysts are expecting annual earnings growth of 12.2%, which is lower than the prior year's growth of 25.3% per year.

Forecasted Growth

Analysts are most optimistic on the Real Estate Operating Companies industry, expecting annual earnings growth of 12% over the next 5 years.
However this is lower than its past earnings growth rate of 25% per year.

In contrast, the Real Estate Development industry is expected to see its earnings grow by 5.3% 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
CPN Central Pattana	฿68.50	2.6% +฿7.8b	24.5%	PE28.5x
LPN L.P.N. Development	฿4.68	13.0% +฿785.3m	2.2%	PE11.1x
NVD Nirvana Daii	฿2.46	21.8% +฿683.4m	6.0%	PE19x
PSH Pruksa Holding	฿12.70	1.6% +฿437.7m	-7.3%	PE10x
QH Quality Houses	฿2.40	1.7% +฿428.6m	6.2%	PE10.7x

Dec 10

Industry Valuation and Performance