Analysis of Investment Returns in Real Estate Funds/Investment Properties Listed on the Stock Exchange of Thailand

Abstract

The objectives of this article are: 1) to study the ranking of dividend yields of Property Funds and Real Estate Investment Trusts (REITs); 2) to examine the investment returns of these Property Funds/REITs; and 3) to analyze the impact of investment returns on the dividend yield rankings. This study employs a quantitative research methodology. The research scope and population consist of 56 Property Funds/REITs. The sample group includes 36 securities that were ranked among those with the highest dividend yields and possessed complete performance data for the accounting periods from 2021 to 2024 (B.E. 2564 – 2567). The research instrument utilized is the investment return ratio. Data were analyzed using descriptive statistics, including Mean and Standard Deviation, as well as Multiple Regression Analysis. The research findings are as follows:

1. Regarding the first objective, the ranking of dividend yields for the listed Property Funds/REITs comprises 39 positions, ordered from the highest to the lowest dividend yield.

2. Regarding the second objective, the results indicate that the Market Capitalization has an average value of 6,370.9254 with a standard deviation of 10,405.3382. The Book Value per Share (BVPS) has an average of 10.2010 with a standard deviation of 1.6325. The Market Price per Share has an average of 7.7484 with a standard deviation of 2.9756, and the Dividend Yield has an average of 7.1172% with a standard deviation of 3.8940.

3. Regarding the third objective, the multiple regression analysis reveals that the independent variables—Market Capitalization, Market Price per Share, and Book Value per Share—are significantly correlated with the dependent variable, Dividend Yield, at the [ระบุระดับนัยสำคัญ เช่น 0.05] level.