Thai (SET) Retail REITs Industry Analysis

UpdatedMar 08, 2026

DataAggregated Company Financials

Companies7

7D-3.5%
3M4.8%
1Y2.6%
YTDn/a

Over the last 7 days, the Retail REITs industry has dropped 3.5%, driven by declines in CPN Retail Growth Leasehold REIT and Axtra Future City Freehold And Leasehold Real Estate Investment Trust of 3.3% and 4.5%, respectively. Over the last year, the industry has been flat overall. As for the next few years, earnings are expected to grow by 1.5% per annum.

Industry Valuation and Performance

Has the Thai Retail REITs Industry valuation changed over the past few years?

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Sun, 08 Mar 2026	฿95.2b	฿15.4b	฿9.2b	7.9x	10.3x	6.2x
Tue, 03 Feb 2026	฿92.5b	฿12.7b	฿6.6b	7.4x	14x	7.3x
Thu, 01 Jan 2026	฿93.8b	฿12.7b	฿6.6b	7.6x	14.2x	7.4x
Sat, 29 Nov 2025	฿90.4b	฿12.7b	฿6.6b	7.3x	13.7x	7.1x
Mon, 27 Oct 2025	฿91.6b	฿12.3b	฿6.9b	9.6x	13.3x	7.5x
Wed, 24 Sep 2025	฿91.0b	฿12.3b	฿6.9b	9.6x	13.2x	7.4x
Fri, 22 Aug 2025	฿88.7b	฿12.3b	฿6.9b	9.7x	12.9x	7.2x
Sun, 20 Jul 2025	฿89.3b	฿11.9b	฿5.5b	9.8x	16.1x	7.5x
Tue, 17 Jun 2025	฿88.2b	฿11.9b	฿5.5b	9.9x	15.9x	7.4x
Thu, 15 May 2025	฿95.5b	฿11.6b	฿5.0b	11.5x	19x	8.2x
Sat, 12 Apr 2025	฿91.4b	฿11.1b	฿4.7b	11.3x	19.4x	8.3x
Mon, 10 Mar 2025	฿92.8b	฿13.7b	฿6.1b	11.5x	15.3x	6.8x
Wed, 05 Feb 2025	฿90.6b	฿13.7b	฿6.2b	11.4x	14.6x	6.6x
Fri, 03 Jan 2025	฿90.8b	฿13.7b	฿6.2b	12.3x	14.7x	6.6x
Sun, 01 Dec 2024	฿94.6b	฿13.7b	฿6.2b	12.8x	15.3x	6.9x
Tue, 29 Oct 2024	฿96.1b	฿13.8b	฿6.6b	11.3x	14.6x	7x
Thu, 26 Sep 2024	฿102.4b	฿13.8b	฿6.6b	12.1x	15.6x	7.4x
Sat, 24 Aug 2024	฿89.4b	฿13.8b	฿6.6b	11.6x	13.6x	6.5x
Mon, 22 Jul 2024	฿87.0b	฿13.7b	฿7.6b	11.1x	11.4x	6.4x
Wed, 19 Jun 2024	฿83.6b	฿13.7b	฿7.6b	10.5x	11x	6.1x
Fri, 17 May 2024	฿86.3b	฿13.5b	฿7.3b	11.4x	11.8x	6.4x
Sun, 14 Apr 2024	฿79.5b	฿13.5b	฿7.4b	8.7x	10.7x	5.9x
Tue, 12 Mar 2024	฿79.7b	฿13.5b	฿7.4b	9x	10.8x	5.9x
Thu, 08 Feb 2024	฿80.2b	฿13.2b	฿6.8b	10.4x	11.7x	6.1x
Sat, 06 Jan 2024	฿83.9b	฿13.1b	฿5.5b	11x	15.2x	6.4x
Mon, 04 Dec 2023	฿79.0b	฿13.1b	฿5.5b	10x	14.3x	6x
Wed, 01 Nov 2023	฿71.7b	฿12.8b	฿4.2b	12.3x	17.2x	5.6x
Fri, 29 Sep 2023	฿77.5b	฿12.7b	฿4.2b	13x	18.7x	6.1x
Sun, 27 Aug 2023	฿81.0b	฿12.7b	฿4.2b	13.4x	19.5x	6.4x
Tue, 25 Jul 2023	฿81.8b	฿12.3b	฿4.4b	14.3x	18.6x	6.6x
Thu, 22 Jun 2023	฿81.0b	฿12.3b	฿4.4b	14.7x	18.6x	6.6x
Sat, 20 May 2023	฿89.0b	฿12.3b	฿4.4b	15.2x	20.4x	7.2x
Mon, 17 Apr 2023	฿89.5b	฿11.7b	฿3.7b	15.1x	23.9x	7.7x
Wed, 15 Mar 2023	฿85.6b	฿11.7b	฿3.7b	14.5x	22.9x	7.3x

Price to Earnings Ratio

22.9x

Wed, 15 Mar 2023

Current Industry PE

Investors are pessimistic on the Thai Retail 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 10.3x which is lower than its 3-year average PE of 15.5x.

The 3-year average PS ratio of 6.9x is higher than the industry's current PS ratio of 6.2x.

Past Earnings Growth

The earnings for companies in the Retail REITs industry have grown 35% per year over the last three years.
Revenues for these companies have grown 9.7% per year.
This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Comparison

How does Thai Retail REITs compare with similar industries?


TH Market	-7.73%
Real Estate	-6.16%
REITS	-1.65%
Retail REITs	-3.46%
Residential REITs	-0.78%
Diversified REITs	-1.65%
Office REITs	-1.79%
Specialized REITs	-3.84%
Hotel and Resort REITs	-5.47%
Industrial REITs	-6.83%