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Thai (SET) REITS Industry Analysis
UpdatedMay 18, 2026
DataAggregated Company Financials
Companies5
- 7D-1.4%
- 3M-1.2%
- 1Y-0.6%
- YTD-0.8%
Over the last 7 days, the REITS industry has dropped 1.4%, driven by a pullback from CPN Commercial Growth Leasehold Property Fund of 2.4%. Over the last year, the industry has been flat overall.
Industry Valuation and Performance
Has the Thai REITS Industry valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Mon, 18 May 2026 | ฿6.6b | ฿1.5b | ฿490.4m | 10.6x | 13.4x | 4.4x |
| Wed, 15 Apr 2026 | ฿6.5b | ฿1.5b | ฿483.1m | 10.4x | 13.4x | 4.4x |
| Fri, 13 Mar 2026 | ฿6.6b | ฿1.5b | ฿483.1m | 10.4x | 13.6x | 4.5x |
| Sun, 08 Feb 2026 | ฿6.6b | ฿1.5b | ฿559.2m | 13.9x | 11.8x | 4.5x |
| Tue, 06 Jan 2026 | ฿6.6b | ฿1.5b | ฿559.2m | 13.9x | 11.8x | 4.5x |
| Thu, 04 Dec 2025 | ฿6.4b | ฿1.5b | ฿559.2m | 13.4x | 11.5x | 4.4x |
| Sat, 01 Nov 2025 | ฿6.5b | ฿1.5b | ฿838.7m | 6.6x | 7.7x | 4.4x |
| Mon, 29 Sep 2025 | ฿6.6b | ฿1.5b | ฿838.7m | 6.5x | 7.9x | 4.5x |
| Wed, 27 Aug 2025 | ฿6.5b | ฿1.5b | ฿838.7m | 6.3x | 7.8x | 4.4x |
| Fri, 25 Jul 2025 | ฿6.6b | ฿1.5b | ฿694.7m | 7.6x | 9.5x | 4.5x |
| Sun, 22 Jun 2025 | ฿6.4b | ฿1.5b | ฿694.7m | 7.4x | 9.2x | 4.3x |
| Tue, 20 May 2025 | ฿6.6b | ฿1.5b | ฿706.1m | 7.4x | 9.3x | 4.4x |
| Thu, 17 Apr 2025 | ฿6.8b | ฿1.5b | ฿673.0m | 7.8x | 10.1x | 4.6x |
| Sat, 15 Mar 2025 | ฿6.8b | ฿1.5b | ฿673.0m | 7.9x | 10.2x | 4.6x |
| Mon, 10 Feb 2025 | ฿6.9b | ฿1.5b | ฿681.1m | 7.8x | 10.1x | 4.7x |
| Wed, 08 Jan 2025 | ฿6.2b | ฿1.5b | ฿681.1m | 7.9x | 9.1x | 4.2x |
| Fri, 06 Dec 2024 | ฿6.4b | ฿1.5b | ฿681.1m | 8x | 9.3x | 4.3x |
| Sun, 03 Nov 2024 | ฿6.5b | ฿1.5b | ฿471.3m | 8.9x | 13.8x | 4.5x |
| Tue, 01 Oct 2024 | ฿6.5b | ฿1.5b | ฿471.3m | 9x | 13.8x | 4.5x |
| Thu, 29 Aug 2024 | ฿5.9b | ฿1.5b | ฿471.3m | 8.9x | 12.5x | 4.1x |
| Sat, 27 Jul 2024 | ฿5.8b | ฿1.5b | ฿641.3m | 14.8x | 9.1x | 4x |
| Mon, 24 Jun 2024 | ฿5.9b | ฿1.5b | ฿641.3m | 15.3x | 9.3x | 4.1x |
| Wed, 22 May 2024 | ฿6.1b | ฿1.5b | ฿651.1m | 14.2x | 9.3x | 4.1x |
| Fri, 19 Apr 2024 | ฿5.9b | ฿1.5b | ฿158.1m | 17.2x | 37.6x | 4.1x |
| Sun, 17 Mar 2024 | ฿6.1b | ฿1.5b | ฿158.1m | 17.2x | 38.5x | 4.2x |
| Tue, 13 Feb 2024 | ฿6.4b | ฿1.4b | ฿217.6m | 10.1x | 29.3x | 4.4x |
| Thu, 11 Jan 2024 | ฿6.6b | ฿1.4b | ฿217.6m | 10.6x | 30.3x | 4.6x |
| Sat, 09 Dec 2023 | ฿6.2b | ฿1.4b | ฿217.6m | 9.6x | 28.4x | 4.3x |
| Mon, 06 Nov 2023 | ฿6.1b | ฿1.4b | ฿320.0m | 8.2x | 18.9x | 4.2x |
| Wed, 04 Oct 2023 | ฿6.5b | ฿1.4b | ฿320.0m | 8.6x | 20.3x | 4.5x |
| Fri, 01 Sep 2023 | ฿7.1b | ฿1.4b | ฿320.0m | 9.5x | 22.2x | 4.9x |
| Sun, 30 Jul 2023 | ฿8.3b | ฿1.4b | ฿430.3m | 9.5x | 19.2x | 5.8x |
| Tue, 27 Jun 2023 | ฿8.7b | ฿1.4b | ฿430.3m | 10x | 20.1x | 6.1x |
| Thu, 25 May 2023 | ฿9.2b | ฿1.4b | ฿430.3m | 11x | 21.3x | 6.4x |
Price to Earnings Ratio
21.3x
Current Industry PE
- Investors are pessimistic on the Thai REITs 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 13.4x which is lower than its 3-year average PE of 15.9x.
- The industry is trading close to its 3-year average PS ratio of 4.5x.
Past Earnings Growth
- The earnings for companies in the REITs industry have grown 4.5% per year over the last three years, while revenues have remained mostly flat.
- This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.
Industry Trends
Which industries have driven the changes within the Thai Real Estate industry?
| TH Market | 1.16% | |
| Real Estate | -0.37% | |
| REITS | -1.39% | |
| Hotel and Resort REITs | 0.46% | |
| Office REITs | -0.24% | |
| Residential REITs | -0.33% | |
| Retail REITs | -0.47% | |
| Industrial REITs | -0.54% | |
| Diversified REITs | -1.39% | |
| Specialized REITs | -1.40% | |
Industry PE
- Investors are most optimistic about the Office REITs industry, which is trading close to its 3-year average PE ratio of 14.6x.
- 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 4.9x.
Forecasted Growth
- Analysts are most optimistic on the Hotel and Resort REITs industry, expecting annual earnings growth of 10% over the next 5 years.
- This is better than its past earnings decline of 38% per year.
- In contrast, the Retail REITs industry is expected to see its earnings decline by 3.0% 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 | |
|---|---|---|---|---|---|
| KTBSTMR KTBST Mixed Freehold and Leasehold Real Estate Investment Trust | ฿5.85 | 2.6% +฿45.2m | 1.7% | PB0.6x | |
| TNPF Trinity Freehold and Leasehold Property Fund | ฿1.05 | 1.9% +฿2.9m | -22.8% | PB0.2x |