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Thai (SET) REITS Industry Analysis
UpdatedJul 03, 2026
DataAggregated Company Financials
Companies5
- 7D1.5%
- 3M-2.6%
- 1Y-1.4%
- YTD-3.6%
The REITS is pretty flat in the last 7 days, but KTBST Mixed Freehold and Leasehold Real Estate Investment Trust has stood out, gaining 4.8%. Furthermore, the industry has been flat for the past year as well.
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 |
|---|---|---|---|---|---|---|
| Fri, 03 Jul 2026 | ฿6.4b | ฿1.4b | ฿290.6m | 9x | 22x | 4.4x |
| Sun, 31 May 2026 | ฿6.4b | ฿1.4b | ฿290.6m | 8.3x | 22.1x | 4.5x |
| Tue, 28 Apr 2026 | ฿6.5b | ฿1.5b | ฿483.1m | 10.3x | 13.4x | 4.4x |
| Thu, 26 Mar 2026 | ฿6.6b | ฿1.5b | ฿483.1m | 10.4x | 13.7x | 4.5x |
| Sat, 21 Feb 2026 | ฿6.6b | ฿1.5b | ฿559.2m | 13.7x | 11.8x | 4.5x |
| Mon, 19 Jan 2026 | ฿6.6b | ฿1.5b | ฿559.2m | 13.8x | 11.8x | 4.5x |
| Wed, 17 Dec 2025 | ฿6.5b | ฿1.5b | ฿559.2m | 13.5x | 11.6x | 4.4x |
| Fri, 14 Nov 2025 | ฿6.5b | ฿1.5b | ฿838.7m | 6.6x | 7.8x | 4.4x |
| Sun, 12 Oct 2025 | ฿6.6b | ฿1.5b | ฿838.7m | 6.5x | 7.8x | 4.5x |
| Tue, 09 Sep 2025 | ฿6.6b | ฿1.5b | ฿838.7m | 6.5x | 7.8x | 4.5x |
| Thu, 07 Aug 2025 | ฿6.7b | ฿1.5b | ฿694.7m | 7.7x | 9.6x | 4.5x |
| Sat, 05 Jul 2025 | ฿6.5b | ฿1.5b | ฿694.7m | 7.4x | 9.3x | 4.4x |
| Mon, 02 Jun 2025 | ฿6.5b | ฿1.5b | ฿694.7m | 7.5x | 9.4x | 4.5x |
| Wed, 30 Apr 2025 | ฿6.7b | ฿1.5b | ฿673.0m | 7.6x | 9.9x | 4.5x |
| Fri, 28 Mar 2025 | ฿7.0b | ฿1.5b | ฿673.0m | 7.9x | 10.4x | 4.8x |
| Sun, 23 Feb 2025 | ฿6.8b | ฿1.5b | ฿681.1m | 7.7x | 10x | 4.6x |
| Tue, 21 Jan 2025 | ฿6.1b | ฿1.5b | ฿681.1m | 7.8x | 9x | 4.2x |
| Thu, 19 Dec 2024 | ฿6.3b | ฿1.5b | ฿681.1m | 8x | 9.3x | 4.3x |
| Sat, 16 Nov 2024 | ฿6.6b | ฿1.5b | ฿479.6m | 8.9x | 13.7x | 4.5x |
| Mon, 14 Oct 2024 | ฿6.5b | ฿1.5b | ฿471.3m | 8.9x | 13.9x | 4.5x |
| Wed, 11 Sep 2024 | ฿6.1b | ฿1.5b | ฿471.3m | 8.8x | 13x | 4.2x |
| Fri, 09 Aug 2024 | ฿6.0b | ฿1.5b | ฿641.3m | 15.2x | 9.4x | 4.1x |
| Sun, 07 Jul 2024 | ฿5.8b | ฿1.5b | ฿641.3m | 14.8x | 9.1x | 4x |
| Tue, 04 Jun 2024 | ฿6.0b | ฿1.5b | ฿648.0m | 14.1x | 9.3x | 4.1x |
| Thu, 02 May 2024 | ฿5.9b | ฿1.5b | ฿158.1m | 17.7x | 37.5x | 4.1x |
| Sat, 30 Mar 2024 | ฿6.0b | ฿1.5b | ฿158.1m | 17.5x | 37.9x | 4.1x |
| Mon, 26 Feb 2024 | ฿6.1b | ฿1.4b | ฿217.6m | 9.7x | 27.9x | 4.2x |
| Wed, 24 Jan 2024 | ฿6.2b | ฿1.4b | ฿217.6m | 9.7x | 28.3x | 4.3x |
| Fri, 22 Dec 2023 | ฿6.2b | ฿1.4b | ฿217.6m | 10.5x | 28.7x | 4.3x |
| Sun, 19 Nov 2023 | ฿6.2b | ฿1.4b | ฿217.6m | 10.2x | 28.4x | 4.3x |
| Tue, 17 Oct 2023 | ฿6.5b | ฿1.4b | ฿320.0m | 8.3x | 20.2x | 4.5x |
| Thu, 14 Sep 2023 | ฿7.0b | ฿1.4b | ฿320.0m | 9.3x | 21.8x | 4.8x |
| Sat, 12 Aug 2023 | ฿7.7b | ฿1.4b | ฿417.6m | 9.9x | 18.5x | 5.4x |
| Mon, 10 Jul 2023 | ฿8.5b | ฿1.4b | ฿430.3m | 9.7x | 19.8x | 6x |
Price to Earnings Ratio
19.8x
Current Industry PE
- Investors are optimistic on the Thai REITs industry, and appear confident in long term growth rates.
- The industry is trading at a PE ratio of 21.9x which is higher 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 declined 12% per year over the last three years.
- Meanwhile revenues have remained mostly flat.
- This means that although sales have remained flat, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.
Industry Trends
Which industries have driven the changes within the Thai Real Estate industry?
| TH Market | 2.22% | |
| Real Estate | 1.93% | |
| REITS | 1.47% | |
| Hotel and Resort REITs | 3.87% | |
| Industrial REITs | 2.07% | |
| Office REITs | 2.02% | |
| Diversified REITs | 1.47% | |
| Retail REITs | 1.27% | |
| Specialized REITs | 1.09% | |
| Residential REITs | -0.31% | |
Industry PE
- Investors are most optimistic about the Diversified REITs industry which is trading above its 3-year average PE ratio of 15.9x.
- 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 4.6x.
Forecasted Growth
- Analysts are most optimistic on the Hotel and Resort REITs industry, expecting annual earnings growth of 12% over the next 5 years.
- This is better than its past earnings decline of 31% per year.
- In contrast, the Retail 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 | ฿6.60 | 5.6% +฿105.5m | 21.1% | PB0.6x | |
| CPNCG CPN Commercial Growth Leasehold Property Fund | ฿5.15 | 1.0% +฿21.3m | -13.4% | PB0.6x | |
| TNPF Trinity Freehold and Leasehold Property Fund | ฿1.03 | 2.0% +฿2.9m | -20.8% | PB0.2x |