Company Coverage
Central Pattana (CPN TB): 2Q26 Results Preview: Promising Growth Outlook
BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
Bt67.75
Bt80.00
+18.52%
Bt73.50
Analyst
Highlights
- 2Q26 core profit is expected to increase 16% yoy, driven by revenue growth, improved gross margin, lower SG&A-to-revenue, and higher equity income.
- Continued shopping mall expansion remains a key catalyst for CPN. New projects scheduled to open during 3Q26-2Q27 will add 11% to total NLA.
- Maintain BUY with a target price of Bt80.00 (from Bt73.50), following our earnings revision.
Analysis
Strong earnings growth. We expect 2Q26 net profit of Bt4.6b (+7% yoy, -7% qoq) from Central Pattana (CPN). Excluding non-operating items, core
profit is expected to come in at Bt4.5b (+16% yoy, -8% qoq), driven by 9% yoy revenue growth, a 72bps yoy improvement in gross margin, a 14bps yoy decline in SG&A-to-revenue, and higher share of profit.
Robust rental revenue growth. The shopping mall business remains strong, with revenue expected to grow 8% yoy, supported by 5-6% yoy tenant sales growth, 2-3% yoy traffic growth, an occupancy rate of around 92% (similar to1Q26), and the opening of Central Khon Kaen Campus.
Hotel and residential businesses remain resilient. Hotel revenue is expected to grow 5% yoy, driven by improved occupancy rates at existing
hotels and the expansion of GO! Khon Kaen Campus and Nakhon Sawan. Residential revenue is expected to grow 25% yoy, supported by transfers of low-rise projects and a low base in 2Q25.
Highlights
- 2Q26 core profit is expected to increase 16% yoy, driven by revenue growth, improved gross margin, lower SG&A-to-revenue, and higher equity income.
- Continued shopping mall expansion remains a key catalyst for CPN. New projects scheduled to open during 3Q26-2Q27 will add 11% to total NLA.
- Maintain BUY with a target price of Bt80.00 (from Bt73.50), following our earnings revision.
Analysis
Strong earnings growth. We expect 2Q26 net profit of Bt4.6b (+7% yoy, -7% qoq) from Central Pattana (CPN). Excluding non-operating items, core
profit is expected to come in at Bt4.5b (+16% yoy, -8% qoq), driven by 9% yoy revenue growth, a 72bps yoy improvement in gross margin, a 14bps yoy decline in SG&A-to-revenue, and higher share of profit.
Robust rental revenue growth. The shopping mall business remains strong, with revenue expected to grow 8% yoy, supported by 5-6% yoy tenant sales growth, 2-3% yoy traffic growth, an occupancy rate of around 92% (similar to1Q26), and the opening of Central Khon Kaen Campus.
Hotel and residential businesses remain resilient. Hotel revenue is expected to grow 5% yoy, driven by improved occupancy rates at existing
hotels and the expansion of GO! Khon Kaen Campus and Nakhon Sawan. Residential revenue is expected to grow 25% yoy, supported by transfers of low-rise projects and a low base in 2Q25.
BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
Bt67.75
Bt80.00
+18.52%
Bt73.50
Analyst
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