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Thai (SET) REITS Industry Analysis
UpdatedFeb 15, 2026
DataAggregated Company Financials
Companies5
- 7D0.5%
- 3M2.3%
- 1Y-4.0%
- YTD0.3%
Over the last 7 days, the REITS industry has remained flat. As for the longer term, the industry has declined 4.0% in the last year.
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 |
|---|---|---|---|---|---|---|
| Sun, 15 Feb 2026 | ฿6.6b | ฿1.5b | ฿559.2m | 14x | 11.9x | 4.5x |
| Tue, 13 Jan 2026 | ฿6.6b | ฿1.5b | ฿559.2m | 14x | 11.9x | 4.5x |
| Thu, 11 Dec 2025 | ฿6.5b | ฿1.5b | ฿559.2m | 13.5x | 11.6x | 4.4x |
| Sat, 08 Nov 2025 | ฿6.4b | ฿1.5b | ฿838.7m | 6.6x | 7.7x | 4.4x |
| Mon, 06 Oct 2025 | ฿6.6b | ฿1.5b | ฿838.7m | 6.5x | 7.8x | 4.5x |
| Wed, 03 Sep 2025 | ฿6.5b | ฿1.5b | ฿838.7m | 6.3x | 7.7x | 4.4x |
| Fri, 01 Aug 2025 | ฿6.6b | ฿1.5b | ฿694.7m | 7.7x | 9.6x | 4.5x |
| Sun, 29 Jun 2025 | ฿6.4b | ฿1.5b | ฿694.7m | 7.4x | 9.2x | 4.4x |
| Tue, 27 May 2025 | ฿6.6b | ฿1.5b | ฿706.1m | 7.4x | 9.3x | 4.5x |
| Thu, 24 Apr 2025 | ฿6.8b | ฿1.5b | ฿673.0m | 7.7x | 10.1x | 4.6x |
| Sat, 22 Mar 2025 | ฿7.0b | ฿1.5b | ฿673.0m | 7.9x | 10.4x | 4.7x |
| Mon, 17 Feb 2025 | ฿6.9b | ฿1.5b | ฿681.1m | 7.7x | 10.2x | 4.7x |
| Wed, 15 Jan 2025 | ฿6.1b | ฿1.5b | ฿681.1m | 7.8x | 8.9x | 4.1x |
| Fri, 13 Dec 2024 | ฿6.4b | ฿1.5b | ฿681.1m | 8x | 9.4x | 4.3x |
| Sun, 10 Nov 2024 | ฿6.5b | ฿1.5b | ฿475.1m | 8.8x | 13.8x | 4.5x |
| Tue, 08 Oct 2024 | ฿6.5b | ฿1.5b | ฿471.3m | 8.9x | 13.8x | 4.5x |
| Thu, 05 Sep 2024 | ฿6.1b | ฿1.5b | ฿471.3m | 8.9x | 12.9x | 4.2x |
| Sat, 03 Aug 2024 | ฿6.0b | ฿1.5b | ฿641.3m | 15x | 9.3x | 4.1x |
| Mon, 01 Jul 2024 | ฿5.9b | ฿1.5b | ฿641.3m | 15.2x | 9.2x | 4x |
| Wed, 29 May 2024 | ฿6.1b | ฿1.5b | ฿651.1m | 14.2x | 9.3x | 4.1x |
| Fri, 26 Apr 2024 | ฿5.9b | ฿1.5b | ฿158.1m | 17.8x | 37.5x | 4.1x |
| Sun, 24 Mar 2024 | ฿6.0b | ฿1.5b | ฿158.1m | 17.5x | 38.2x | 4.1x |
| Tue, 20 Feb 2024 | ฿6.1b | ฿1.4b | ฿217.6m | 9.7x | 28.2x | 4.3x |
| Thu, 18 Jan 2024 | ฿6.3b | ฿1.4b | ฿217.6m | 10.6x | 29x | 4.4x |
| Sat, 16 Dec 2023 | ฿6.2b | ฿1.4b | ฿217.6m | 10.4x | 28.5x | 4.3x |
| Mon, 13 Nov 2023 | ฿6.3b | ฿1.4b | ฿320.0m | 8.1x | 19.7x | 4.4x |
| Wed, 11 Oct 2023 | ฿6.4b | ฿1.4b | ฿320.0m | 8.4x | 20.1x | 4.5x |
| Fri, 08 Sep 2023 | ฿7.0b | ฿1.4b | ฿320.0m | 9.5x | 21.8x | 4.8x |
| Sun, 06 Aug 2023 | ฿8.0b | ฿1.4b | ฿430.3m | 9.5x | 18.6x | 5.6x |
| Tue, 04 Jul 2023 | ฿8.6b | ฿1.4b | ฿430.3m | 9.7x | 19.9x | 6x |
| Thu, 01 Jun 2023 | ฿9.1b | ฿1.4b | ฿430.3m | 10.9x | 21.1x | 6.4x |
| Sat, 29 Apr 2023 | ฿9.2b | ฿1.4b | ฿972.1m | 10.2x | 9.4x | 6.5x |
| Mon, 27 Mar 2023 | ฿9.3b | ฿1.4b | ฿972.1m | 10.1x | 9.6x | 6.7x |
| Wed, 22 Feb 2023 | ฿331.0b | ฿34.2b | ฿16.6b | 13x | 19.9x | 9.7x |
Price to Earnings Ratio
19.9x
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 11.9x 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 4.8x.
Past Earnings Growth
- The earnings for companies in the REITs industry have declined 68% per year over the last three years,
- Revenues have also declined 65% 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 | 5.70% | |
| Real Estate | 4.50% | |
| REITS | 0.47% | |
| Hotel and Resort REITs | 1.92% | |
| Specialized REITs | 1.66% | |
| Office REITs | 1.54% | |
| Industrial REITs | 1.22% | |
| Retail REITs | 0.76% | |
| Diversified REITs | 0.47% | |
| Residential REITs | -1.75% | |
Industry PE
- Investors are most optimistic about the Office REITs industry which is trading above its 3-year average PE ratio of 14.4x.
- Analysts are expecting annual earnings growth of 9.4%, which is higher than its past year's earnings decline of 8.4% per year.
- 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 5.3x.
Forecasted Growth
- Analysts are most optimistic on the Retail REITs industry, expecting annual earnings growth of 16% over the next 5 years.
- However this is lower than its past earnings growth rate of 41% per year.
- In contrast, the Hotel and Resort 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 | |
|---|---|---|---|---|---|
| KTBSTMR KTBST Mixed Freehold and Leasehold Real Estate Investment Trust | ฿5.50 | 0.9% +฿15.1m | -6.8% | PB0.5x | |
| SRIPANWA Sri panwa Hospitality Real Estate Investment Trust | ฿5.05 | 1.0% +฿14.0m | 2.2% | PB0.4x | |
| TNPF Trinity Freehold and Leasehold Property Fund | ฿1.06 | 5.0% +฿7.3m | -28.4% | PB0.2x |