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Thai (SET) REITS Industry Analysis
UpdatedNov 11, 2025
DataAggregated Company Financials
Companies5
- 7D0.07%
- 3M-3.4%
- 1Y-11.2%
- YTD-9.2%
Over the last 7 days, the REITS industry has risen 1.6%, driven by gains from CPN Commercial Growth Leasehold Property Fund of 2.4%. However, the industry is down 10% over the past 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 |
|---|---|---|---|---|---|---|
| Thu, 13 Nov 2025 | ฿6.5b | ฿1.5b | ฿838.7m | 6.6x | 7.8x | 4.4x |
| Sat, 11 Oct 2025 | ฿6.6b | ฿1.5b | ฿838.7m | 6.5x | 7.8x | 4.5x |
| Mon, 08 Sep 2025 | ฿6.6b | ฿1.5b | ฿838.7m | 6.4x | 7.8x | 4.5x |
| Wed, 06 Aug 2025 | ฿6.7b | ฿1.5b | ฿694.7m | 7.8x | 9.6x | 4.6x |
| Fri, 04 Jul 2025 | ฿6.5b | ฿1.5b | ฿694.7m | 7.5x | 9.3x | 4.4x |
| Sun, 01 Jun 2025 | ฿6.5b | ฿1.5b | ฿694.7m | 7.5x | 9.4x | 4.5x |
| Tue, 29 Apr 2025 | ฿6.7b | ฿1.5b | ฿673.0m | 7.7x | 10x | 4.6x |
| Thu, 27 Mar 2025 | ฿7.0b | ฿1.5b | ฿673.0m | 7.9x | 10.4x | 4.8x |
| Sat, 22 Feb 2025 | ฿6.8b | ฿1.5b | ฿681.1m | 7.7x | 10x | 4.6x |
| Mon, 20 Jan 2025 | ฿6.1b | ฿1.5b | ฿681.1m | 7.8x | 9x | 4.1x |
| Wed, 18 Dec 2024 | ฿6.3b | ฿1.5b | ฿681.1m | 8x | 9.3x | 4.3x |
| Fri, 15 Nov 2024 | ฿6.6b | ฿1.5b | ฿475.1m | 8.8x | 13.8x | 4.5x |
| Sun, 13 Oct 2024 | ฿6.5b | ฿1.5b | ฿471.3m | 8.9x | 13.9x | 4.5x |
| Tue, 10 Sep 2024 | ฿6.2b | ฿1.5b | ฿471.3m | 8.8x | 13.1x | 4.2x |
| Thu, 08 Aug 2024 | ฿6.1b | ฿1.5b | ฿641.3m | 15.3x | 9.5x | 4.1x |
| Sat, 06 Jul 2024 | ฿5.8b | ฿1.5b | ฿641.3m | 14.8x | 9.1x | 4x |
| Mon, 03 Jun 2024 | ฿6.0b | ฿1.5b | ฿648.0m | 14.1x | 9.3x | 4.1x |
| Wed, 01 May 2024 | ฿5.9b | ฿1.5b | ฿158.1m | 17.7x | 37.5x | 4.1x |
| Fri, 29 Mar 2024 | ฿5.9b | ฿1.5b | ฿158.1m | 17.5x | 37.5x | 4.1x |
| Sun, 25 Feb 2024 | ฿6.1b | ฿1.4b | ฿217.6m | 9.7x | 27.9x | 4.2x |
| Tue, 23 Jan 2024 | ฿6.2b | ฿1.4b | ฿217.6m | 10.6x | 28.7x | 4.3x |
| Thu, 21 Dec 2023 | ฿6.2b | ฿1.4b | ฿217.6m | 10.5x | 28.7x | 4.3x |
| Sat, 18 Nov 2023 | ฿6.2b | ฿1.4b | ฿216.1m | 10.8x | 28.6x | 4.3x |
| Mon, 16 Oct 2023 | ฿6.5b | ฿1.4b | ฿320.0m | 8.3x | 20.2x | 4.5x |
| Wed, 13 Sep 2023 | ฿7.0b | ฿1.4b | ฿320.0m | 9.4x | 21.9x | 4.9x |
| Fri, 11 Aug 2023 | ฿7.8b | ฿1.4b | ฿430.3m | 9.4x | 18.2x | 5.5x |
| Sun, 09 Jul 2023 | ฿8.5b | ฿1.4b | ฿430.3m | 9.7x | 19.8x | 6x |
| Tue, 06 Jun 2023 | ฿9.1b | ฿1.4b | ฿430.3m | 11x | 21.1x | 6.3x |
| Thu, 04 May 2023 | ฿9.2b | ฿1.4b | ฿972.1m | 10.3x | 9.5x | 6.6x |
| Sat, 01 Apr 2023 | ฿9.4b | ฿1.4b | ฿972.1m | 10.2x | 9.7x | 6.7x |
| Mon, 27 Feb 2023 | ฿328.4b | ฿34.2b | ฿16.2b | 13.1x | 20.3x | 9.6x |
| Wed, 25 Jan 2023 | ฿337.6b | ฿33.5b | ฿17.5b | 13.1x | 19.3x | 10.1x |
| Fri, 23 Dec 2022 | ฿314.0b | ฿33.4b | ฿18.8b | 12.8x | 16.7x | 9.4x |
| Sun, 20 Nov 2022 | ฿305.3b | ฿33.1b | ฿18.9b | 12.3x | 16.2x | 9.2x |
Price to Earnings Ratio
16.2x
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 7.8x which is lower than its 3-year average PE of 16.4x.
- The 3-year average PS ratio of 5.2x is higher than the industry's current PS ratio of 4.4x.
Past Earnings Growth
- The earnings for companies in the REITs industry have declined 64% per year over the last three years,
- Revenues have also declined 64% 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 | -0.82% | |
| Real Estate | 0.20% | |
| REITS | 0.066% | |
| Industrial REITs | 2.04% | |
| Retail REITs | 1.22% | |
| Office REITs | 0.68% | |
| Specialized REITs | 0.32% | |
| Diversified REITs | 0.066% | |
| Hotel and Resort REITs | 0.014% | |
| Residential REITs | -0.95% | |
Industry PE
- Investors are most optimistic about the Industrial REITs industry, which is trading close to its 3-year average PE ratio of 13.1x.
- Analysts are expecting annual earnings growth of 4.3%, which is lower than the prior year's growth of 11.8% per year.
- Investors are most pessimistic about the Hotel and Resort REITs industry, which is trading below its 3-year average of 12.3x.
Forecasted Growth
- Analysts are most optimistic on the Retail REITs industry, expecting annual earnings growth of 11% over the next 5 years.
- However this is lower than its past earnings growth rate of 21% per year.
- In contrast, the Hotel and Resort REITs industry is expected to see its earnings decline by 3.1% 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 | |
|---|---|---|---|---|---|
| ISSARA Issara Real Estate Investment Trust | ฿6.40 | 4.9% +฿30.0m | n/a | n/a | |
| CPNCG CPN Commercial Growth Leasehold Property Fund | ฿6.35 | 0.8% +฿21.3m | -1.6% | PB0.7x | |
| TNPF Trinity Freehold and Leasehold Property Fund | ฿1.29 | 4.0% +฿7.3m | -18.4% | PB0.2x |