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Thai (SET) REITS Industry Analysis
UpdatedNov 14, 2025
DataAggregated Company Financials
Companies5
- 7D0.7%
- 3M-1.2%
- 1Y-11.2%
- YTD-8.8%
The REITS is pretty flat in the last 7 days, but Issara Real Estate Investment Trust has stood out, gaining 6.6%. As for the longer term, the industry has declined 11% 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, 16 Nov 2025 | ฿6.5b | ฿1.5b | ฿838.7m | 6.6x | 7.8x | 4.4x |
| Tue, 14 Oct 2025 | ฿6.6b | ฿1.5b | ฿838.7m | 6.5x | 7.8x | 4.5x |
| Thu, 11 Sep 2025 | ฿6.6b | ฿1.5b | ฿838.7m | 6.6x | 7.9x | 4.5x |
| Sat, 09 Aug 2025 | ฿6.7b | ฿1.5b | ฿694.7m | 7.7x | 9.6x | 4.5x |
| Mon, 07 Jul 2025 | ฿6.5b | ฿1.5b | ฿694.7m | 7.4x | 9.3x | 4.4x |
| Wed, 04 Jun 2025 | ฿6.5b | ฿1.5b | ฿694.7m | 7.5x | 9.4x | 4.5x |
| Fri, 02 May 2025 | ฿6.6b | ฿1.5b | ฿673.0m | 7.6x | 9.9x | 4.5x |
| Sun, 30 Mar 2025 | ฿7.0b | ฿1.5b | ฿673.0m | 7.9x | 10.4x | 4.7x |
| Tue, 25 Feb 2025 | ฿6.9b | ฿1.5b | ฿681.1m | 7.7x | 10.1x | 4.7x |
| Thu, 23 Jan 2025 | ฿6.1b | ฿1.5b | ฿681.1m | 7.9x | 9x | 4.2x |
| Sat, 21 Dec 2024 | ฿6.3b | ฿1.5b | ฿681.1m | 7.9x | 9.2x | 4.2x |
| Mon, 18 Nov 2024 | ฿6.6b | ฿1.5b | ฿510.7m | 7.7x | 12.9x | 4.5x |
| Wed, 16 Oct 2024 | ฿6.5b | ฿1.5b | ฿471.3m | 8.9x | 13.8x | 4.5x |
| Fri, 13 Sep 2024 | ฿6.2b | ฿1.5b | ฿471.3m | 8.9x | 13.1x | 4.2x |
| Sun, 11 Aug 2024 | ฿6.1b | ฿1.5b | ฿641.3m | 15.2x | 9.5x | 4.2x |
| Tue, 09 Jul 2024 | ฿5.8b | ฿1.5b | ฿641.3m | 14.7x | 9.1x | 4x |
| Thu, 06 Jun 2024 | ฿6.0b | ฿1.5b | ฿648.0m | 14x | 9.2x | 4.1x |
| Sat, 04 May 2024 | ฿6.0b | ฿1.5b | ฿158.1m | 17.8x | 38.1x | 4.1x |
| Mon, 01 Apr 2024 | ฿6.0b | ฿1.5b | ฿158.1m | 17.5x | 37.9x | 4.1x |
| Wed, 28 Feb 2024 | ฿6.1b | ฿1.4b | ฿217.6m | 10.6x | 28.1x | 4.2x |
| Fri, 26 Jan 2024 | ฿6.2b | ฿1.4b | ฿217.6m | 10x | 28.7x | 4.3x |
| Sun, 24 Dec 2023 | ฿6.2b | ฿1.4b | ฿217.6m | 10.5x | 28.5x | 4.3x |
| Tue, 21 Nov 2023 | ฿6.3b | ฿1.4b | ฿217.6m | 10.2x | 28.8x | 4.3x |
| Thu, 19 Oct 2023 | ฿6.4b | ฿1.4b | ฿320.0m | 8.3x | 20.1x | 4.5x |
| Sat, 16 Sep 2023 | ฿7.0b | ฿1.4b | ฿320.0m | 9.3x | 21.8x | 4.8x |
| Mon, 14 Aug 2023 | ฿7.7b | ฿1.4b | ฿320.0m | 9.9x | 24.2x | 5.4x |
| Wed, 12 Jul 2023 | ฿8.6b | ฿1.4b | ฿430.3m | 9.7x | 19.9x | 6x |
| Fri, 09 Jun 2023 | ฿9.1b | ฿1.4b | ฿430.3m | 11x | 21.2x | 6.4x |
| Sun, 07 May 2023 | ฿9.2b | ฿1.4b | ฿972.1m | 10.3x | 9.5x | 6.6x |
| Tue, 04 Apr 2023 | ฿9.4b | ฿1.4b | ฿972.1m | 10.2x | 9.6x | 6.7x |
| Thu, 02 Mar 2023 | ฿325.2b | ฿34.2b | ฿16.2b | 13.2x | 20.1x | 9.5x |
| Sat, 28 Jan 2023 | ฿337.9b | ฿33.5b | ฿17.5b | 13.1x | 19.3x | 10.1x |
| Mon, 26 Dec 2022 | ฿314.1b | ฿33.4b | ฿18.8b | 12.7x | 16.7x | 9.4x |
| Wed, 23 Nov 2022 | ฿306.4b | ฿33.1b | ฿18.6b | 12.4x | 16.5x | 9.3x |
Price to Earnings Ratio
16.5x
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 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 | -2.59% | |
| Real Estate | -2.54% | |
| REITS | 0.72% | |
| Diversified REITs | 0.72% | |
| Specialized REITs | 0.39% | |
| Industrial REITs | -0.32% | |
| Office REITs | -0.54% | |
| Residential REITs | -0.76% | |
| Retail REITs | -1.10% | |
| Hotel and Resort REITs | -1.25% | |
Industry PE
- Investors are most optimistic about the Retail REITs industry even though it's trading below its 3-year average PE ratio of 16.0x.
- Analysts are expecting annual earnings growth of 14.9%, which is lower than the prior year's growth of 40.6% per year.
- Investors are most pessimistic about the Hotel and Resort REITs industry, which is trading below its 3-year average of 12.2x.
Forecasted Growth
- Analysts are most optimistic on the Retail REITs industry, expecting annual earnings growth of 15% 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 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 | |
|---|---|---|---|---|---|
| ISSARA Issara Real Estate Investment Trust | ฿6.50 | 6.6% +฿40.0m | n/a | n/a | |
| KTBSTMR KTBST Mixed Freehold and Leasehold Real Estate Investment Trust | ฿5.35 | 1.9% +฿30.2m | -20.1% | PB0.5x | |
| TNPF Trinity Freehold and Leasehold Property Fund | ฿1.29 | 4.9% +฿8.8m | -18.4% | PB0.2x |