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CPN: Successful business development and new shopping centers in sight!
KGI Securities analyzes CPN's positive business performance and forecasts increasing rental income and profits through 2026.
CPN: Successful business development and new shopping centers in sight!
In today's economic climate, it is crucial for companies to recognize the signs of the times and act accordingly. A recent look at Central Pattana (CPN) developments shows that the company is in a positive position in the third quarter of 2025. Loud Naevna Rental income is expected to increase by 2-3% compared to the previous quarter, showing that despite challenging circumstances, business continues to thrive.
CPN's gross margin is stable at around 59-60%. A special highlight is the opening of the Central Dusit Park, which took place at the beginning of September 2025 and has already achieved an occupancy rate of around 60% - an impressive 90% of the space was pre-let. In comparison, the average occupancy rate of the other shopping centers in the portfolio is around 91%, a remarkable figure that reflects the trust in the brand.
New developments and challenges
The new Central Krabi shopping center opened on October 24, 2025, shaking up the furniture and setting further positive accents in the region. CPN also plans to open four new shopping centers in 2026, including Central Phuket in a luxury zone. This represents a clear indicator of the company's continued growth and ambitions. Rental and service revenue could increase by 4% to 32.5 billion baht by the end of September 2025, reaching 71% of the annual forecast.
Other business sectors are also showing recovery, although hotel sales are expected to remain weak in the third quarter due to the off-season. However, over the same period, home sales revenue is forecast to increase by 25% to 617 million baht, with gross margin here at around 30%. A positive sign is the almost three-fold increase in pre-sales, which stand at 1.84 billion baht, largely due to strong projects in the single-family home sector.
Financial forecasts and strategic direction
The fourth quarter of 2025 is expected to be a typical peak season for the hotel and home sales industry. A sales backlog of over 1 billion baht is also expected, supported by new residential projects. Strict cost and financial control remains a clear priority for CPN. Regular third-quarter profit is estimated at about 4.56 billion baht, with a net profit forecast of 4.97 billion baht, made up of special profits.
Optimistic estimates suggest that a high single-digit increase can be expected in 2026. CPN receives a “Buy” rating with a DCF target price of 67.00 baht, which could attract investors. However, there are also risks: rapid GDP growth, strong retail competition in Bangkok and rising costs need to be closely monitored.
CPN faces its challenges, but also wants to benefit from the positive trends. Amid these developments, the rise in the dynamic real estate landscape of Phuket and beyond remains exciting.