Land and Houses Securities expects CPN's normalized profit in the second quarter of 2026 at 4.641 billion baht, up 18.9 percent from the same period last year but down 4.8 percent from the previous quarter. The year-on-year growth was supported by revenue from new shopping centers and higher rental rates, while the quarter-on-quarter decline resulted from the passing of the high season, higher electricity costs, and increased depreciation. The outlook for the second half of 2026 is expected to recover from full-period recognition of new project income across shopping centers, hotels, and residential properties, although margins may be constrained by initial expenses. The research team maintains a buy recommendation with a target price of 77.40 baht per share, based on discounted cash flow, reflecting an upside of about 14 percent and an estimated dividend yield of approximately 3 percent.
Central Pattana Public Company LimitedAnalyst maintains buy rating with target price of 77.40 baht, citing continued profit growth and upside potential.