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Thai (SET) REITS Industry Analysis
UpdatedDec 31, 2025
DataAggregated Company Financials
Companies5
- 7D0.3%
- 3M-0.4%
- 1Y-7.9%
- YTD-7.4%
The REITS industry is up 1.1% in the last week, with KTBST Mixed Freehold and Leasehold Real Estate Investment Trust up 1.9%. However, the industry is down 7.7% 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 |
|---|---|---|---|---|---|---|
| Wed, 31 Dec 2025 | ฿6.6b | ฿1.5b | ฿559.2m | 13.9x | 11.8x | 4.5x |
| Fri, 28 Nov 2025 | ฿6.4b | ฿1.5b | ฿559.2m | 13.4x | 11.4x | 4.4x |
| Sun, 26 Oct 2025 | ฿6.4b | ฿1.5b | ฿838.7m | 6.5x | 7.7x | 4.4x |
| Tue, 23 Sep 2025 | ฿6.7b | ฿1.5b | ฿838.7m | 6.6x | 8x | 4.5x |
| Thu, 21 Aug 2025 | ฿6.6b | ฿1.5b | ฿838.7m | 6.3x | 7.8x | 4.5x |
| Sat, 19 Jul 2025 | ฿6.6b | ฿1.5b | ฿694.7m | 7.6x | 9.5x | 4.5x |
| Mon, 16 Jun 2025 | ฿6.5b | ฿1.5b | ฿694.7m | 7.4x | 9.3x | 4.4x |
| Wed, 14 May 2025 | ฿6.8b | ฿1.5b | ฿673.0m | 7.8x | 10.2x | 4.6x |
| Fri, 11 Apr 2025 | ฿6.8b | ฿1.5b | ฿673.0m | 7.7x | 10.1x | 4.6x |
| Sun, 09 Mar 2025 | ฿6.9b | ฿1.5b | ฿673.0m | 8x | 10.3x | 4.7x |
| Tue, 04 Feb 2025 | ฿7.0b | ฿1.5b | ฿681.1m | 7.9x | 10.2x | 4.7x |
| Thu, 02 Jan 2025 | ฿6.3b | ฿1.5b | ฿681.1m | 7.9x | 9.2x | 4.2x |
| Sat, 30 Nov 2024 | ฿6.4b | ฿1.5b | ฿681.1m | 8x | 9.4x | 4.3x |
| Mon, 28 Oct 2024 | ฿6.5b | ฿1.5b | ฿471.3m | 8.8x | 13.7x | 4.5x |
| Wed, 25 Sep 2024 | ฿6.7b | ฿1.5b | ฿471.3m | 9.1x | 14.2x | 4.6x |
| Fri, 23 Aug 2024 | ฿6.0b | ฿1.5b | ฿471.3m | 9.1x | 12.7x | 4.1x |
| Sun, 21 Jul 2024 | ฿5.8b | ฿1.5b | ฿641.3m | 14.9x | 9.1x | 4x |
| Tue, 18 Jun 2024 | ฿5.9b | ฿1.5b | ฿641.3m | 15.3x | 9.3x | 4.1x |
| Thu, 16 May 2024 | ฿6.2b | ฿1.5b | ฿162.7m | 19.3x | 38.1x | 4.2x |
| Sat, 13 Apr 2024 | ฿5.9b | ฿1.5b | ฿158.1m | 16.7x | 37.4x | 4.1x |
| Mon, 11 Mar 2024 | ฿6.2b | ฿1.5b | ฿158.1m | 18x | 39.3x | 4.3x |
| Wed, 07 Feb 2024 | ฿6.4b | ฿1.4b | ฿217.6m | 10.1x | 29.4x | 4.4x |
| Fri, 05 Jan 2024 | ฿6.4b | ฿1.4b | ฿217.6m | 10.4x | 29.5x | 4.5x |
| Sun, 03 Dec 2023 | ฿6.2b | ฿1.4b | ฿217.6m | 10.5x | 28.7x | 4.3x |
| Tue, 31 Oct 2023 | ฿6.2b | ฿1.4b | ฿320.0m | 8.7x | 19.4x | 4.3x |
| Thu, 28 Sep 2023 | ฿6.6b | ฿1.4b | ฿320.0m | 8.9x | 20.7x | 4.6x |
| Sat, 26 Aug 2023 | ฿7.2b | ฿1.4b | ฿320.0m | 9.7x | 22.6x | 5x |
| Mon, 24 Jul 2023 | ฿8.4b | ฿1.4b | ฿430.3m | 9.7x | 19.6x | 5.9x |
| Wed, 21 Jun 2023 | ฿9.1b | ฿1.4b | ฿430.3m | 10.7x | 21.1x | 6.4x |
| Fri, 19 May 2023 | ฿9.2b | ฿1.4b | ฿972.1m | 10x | 9.4x | 6.5x |
| Sun, 16 Apr 2023 | ฿9.3b | ฿1.4b | ฿972.1m | 10.2x | 9.5x | 6.6x |
| Tue, 14 Mar 2023 | ฿303.4b | ฿35.3b | ฿17.5b | 12.9x | 17.4x | 8.6x |
| Thu, 09 Feb 2023 | ฿336.0b | ฿33.5b | ฿17.5b | 13.1x | 19.2x | 10x |
| Sat, 07 Jan 2023 | ฿318.6b | ฿33.4b | ฿18.8b | 13x | 16.9x | 9.5x |
Price to Earnings Ratio
16.9x
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 11.8x which is lower than its 3-year average PE of 16.1x.
- The 3-year average PS ratio of 5.0x is higher than the industry's current PS ratio of 4.5x.
Past Earnings Growth
- The earnings for companies in the REITs industry have declined 69% 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 | -0.89% | |
| Real Estate | 0.20% | |
| REITS | 0.35% | |
| Residential REITs | 4.31% | |
| Industrial REITs | 3.12% | |
| Retail REITs | 3.02% | |
| Hotel and Resort REITs | 1.72% | |
| Office REITs | 1.46% | |
| Specialized REITs | 1.20% | |
| Diversified REITs | 0.35% | |
Industry PE
- Investors are most optimistic about the Office REITs industry which is trading above its 3-year average PE ratio of 14.1x.
- 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 Hotel and Resort REITs industry, which is trading below its 3-year average of 11.6x.
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 | 1.9% +฿30.2m | -11.3% | PB0.5x | |
| TNPF Trinity Freehold and Leasehold Property Fund | ฿1.24 | 3.3% +฿5.9m | -16.8% | PB0.2x |