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Thai (SET) Office REITs Industry Analysis
UpdatedFeb 20, 2026
DataAggregated Company Financials
Companies14
- 7D1.3%
- 3M6.0%
- 1Y3.3%
- YTDn/a
Over the last 7 days, the Office REITs industry has remained flat, although notably Thailand Prime Property Freehold and Leasehold Real Estate Investment Trust gained 5.8%. The past year has been better, since the industry has gained 3.2% in that time. As for the next few years, earnings are expected to grow by 9.4% per annum.
Industry Valuation and Performance
Has the Thai Office REITs Industry valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Fri, 20 Feb 2026 | ฿34.8b | ฿7.5b | ฿2.0b | 9.9x | 17.4x | 4.6x |
| Sun, 18 Jan 2026 | ฿33.5b | ฿6.3b | ฿1.6b | 10.3x | 20.6x | 5.3x |
| Tue, 16 Dec 2025 | ฿32.6b | ฿6.3b | ฿1.6b | 10.1x | 20.1x | 5.1x |
| Thu, 13 Nov 2025 | ฿32.6b | ฿6.5b | ฿2.5b | 10.5x | 13.2x | 5x |
| Sat, 11 Oct 2025 | ฿32.8b | ฿6.5b | ฿2.5b | 10.3x | 13.3x | 5.1x |
| Mon, 08 Sep 2025 | ฿31.8b | ฿6.5b | ฿2.5b | 10x | 12.9x | 4.9x |
| Wed, 06 Aug 2025 | ฿31.8b | ฿6.6b | ฿2.3b | 13.3x | 14x | 4.8x |
| Fri, 04 Jul 2025 | ฿31.2b | ฿6.6b | ฿2.3b | 14.2x | 13.7x | 4.7x |
| Sun, 01 Jun 2025 | ฿32.5b | ฿6.6b | ฿2.3b | 15.2x | 14.3x | 4.9x |
| Tue, 29 Apr 2025 | ฿32.3b | ฿6.7b | ฿2.0b | 14.9x | 16x | 4.8x |
| Thu, 27 Mar 2025 | ฿33.2b | ฿6.7b | ฿2.0b | 15.4x | 16.4x | 4.9x |
| Sat, 22 Feb 2025 | ฿33.7b | ฿6.8b | ฿2.0b | 12.1x | 16.5x | 4.9x |
| Mon, 20 Jan 2025 | ฿35.3b | ฿8.0b | ฿2.5b | 10.1x | 14x | 4.4x |
| Wed, 18 Dec 2024 | ฿35.6b | ฿8.0b | ฿2.5b | 10x | 14.2x | 4.5x |
| Fri, 15 Nov 2024 | ฿35.4b | ฿8.1b | ฿2.1b | 10x | 16.8x | 4.4x |
| Sun, 13 Oct 2024 | ฿35.9b | ฿8.1b | ฿2.1b | 10.4x | 17x | 4.4x |
| Tue, 10 Sep 2024 | ฿30.9b | ฿7.9b | ฿2.0b | 9.7x | 15.2x | 3.9x |
| Thu, 08 Aug 2024 | ฿30.0b | ฿7.9b | ฿1.9b | 15x | 15.6x | 3.8x |
| Sat, 06 Jul 2024 | ฿29.6b | ฿7.9b | ฿1.9b | 15.3x | 15.5x | 3.7x |
| Mon, 03 Jun 2024 | ฿30.7b | ฿7.9b | ฿2.2b | 10.3x | 13.8x | 3.9x |
| Wed, 01 May 2024 | ฿31.5b | ฿7.9b | ฿2.4b | 10.2x | 13.1x | 4x |
| Fri, 29 Mar 2024 | ฿31.6b | ฿7.9b | ฿2.4b | 10x | 13.1x | 4x |
| Sun, 25 Feb 2024 | ฿33.2b | ฿7.9b | ฿2.4b | 10.4x | 13.8x | 4.2x |
| Tue, 23 Jan 2024 | ฿34.5b | ฿7.9b | ฿2.4b | 10.8x | 14.3x | 4.4x |
| Thu, 21 Dec 2023 | ฿32.9b | ฿7.9b | ฿2.4b | 10.1x | 13.6x | 4.2x |
| Sat, 18 Nov 2023 | ฿33.9b | ฿7.9b | ฿2.5b | 10.5x | 13.6x | 4.3x |
| Mon, 16 Oct 2023 | ฿34.6b | ฿7.8b | ฿3.2b | 10.5x | 11x | 4.4x |
| Wed, 13 Sep 2023 | ฿37.6b | ฿7.8b | ฿3.2b | 11.3x | 11.9x | 4.8x |
| Fri, 11 Aug 2023 | ฿41.6b | ฿7.7b | ฿3.5b | 11.8x | 11.8x | 5.4x |
| Sun, 09 Jul 2023 | ฿44.4b | ฿7.7b | ฿3.6b | 11.8x | 12.4x | 5.8x |
| Tue, 06 Jun 2023 | ฿47.5b | ฿7.7b | ฿3.6b | 12x | 13.3x | 6.2x |
| Thu, 04 May 2023 | ฿48.4b | ฿7.7b | ฿3.6b | 13.3x | 13.4x | 6.3x |
| Sat, 01 Apr 2023 | ฿48.9b | ฿7.7b | ฿3.6b | 13.4x | 13.6x | 6.4x |
| Mon, 27 Feb 2023 | ฿50.9b | ฿7.7b | ฿3.4b | 12.9x | 14.9x | 6.6x |
Price to Earnings Ratio
14.9x
Current Industry PE
- Investors are optimistic on the Thai Office REITs industry, and appear confident in long term growth rates.
- The industry is trading at a PE ratio of 21.4x which is higher than its 3-year average PE of 14.4x.
- The 3-year average PS ratio of 4.8x is lower than the industry's current PS ratio of 5.4x.
Past Earnings Growth
- The earnings for companies in the Office REITs industry have declined 22% per year over the last three years,
- Revenues have also declined 5.8% per year.
- This means overall sales from these companies are declining and profits are subsequently falling as well.
Industry Comparison
How does Thai Office REITs compare with similar industries?
| TH Market | 3.68% | |
| Real Estate | 2.30% | |
| REITS | 0.33% | |
| Office REITs | 1.31% | |
| Specialized REITs | 4.51% | |
| Retail REITs | 2.03% | |
| Hotel and Resort REITs | 1.94% | |
| Industrial REITs | 0.67% | |
| Residential REITs | 0.39% | |
| Diversified REITs | 0.33% | |
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| B-WORK Bualuang Office Leasehold Real Estate Investment Trust | ฿5.45 | 2.8% +฿55.3m | 21.1% | PB0.6x | |
| CPTREIT C.P. Tower Leasehold Real Estate Investment Trust | ฿5.70 | 0.9% +฿48.4m | 28.4% | PB0.6x | |
| MIPF Millionaire Property Fund | ฿9.70 | 1.6% +฿28.5m | n/a | PB0.8x | |
| TPRIME Thailand Prime Property Freehold and Leasehold Real Estate Investment Trust | ฿7.35 | 0.7% +฿27.4m | 2.1% | PB0.6x | |
| POPF Prime Office Leasehold Property Fund | ฿6.85 | 0.7% +฿24.1m | 17.1% | PB0.7x |