Central Pattana or CPN reported core profit of 4.65 billion baht, up 19% from the previous year, on total revenue of 13.1 billion baht, up 8%. The Rental & Services business, which accounts for 88% of revenue, grew 8% due to expanding SSSG and revenue recognition from new centers. Meanwhile, core business GPM increased by 160 bps to 59%, and ROE rose to 17%. The second half outlook remains strong, with a property backlog of 9.6 billion baht and plans to open The Central Phaholyothin in 2027, as well as a mixed-use project with Mitsubishi Estate. A five-year plan targets adding another 500,000 square meters of leasable space, bringing the total to 2.8 million square meters. The average target price from IAA Consensus stands at 79.21 baht, with a 'buy' recommendation, resistance at 65.50 baht, and support at 64.25-64 baht.
Central Pattana Public Company LimitedCore profit up 19%, revenue up 8%, strong outlook, and buy recommendation with target price 79.21 baht.
Mitsubishi Estate Company, Limited