Central Pattana Public Co., Ltd.: Rental and margin growth momentum to continue

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Central Pattana Public Co., Ltd.: Rental and margin growth momentum to continue

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Central Pattana Public Co., Ltd.

Rental and margin growth momentum to

continue

Maintain Rating: BUY | PO: 70.67 THB | Price: 63.75 THB

Decent growth expected for 2Q26 18 May 2026

The message from CPN’s analyst meeting was neutral to positive, and we anticipate Equity

continued growth for both income and margin for rental business amid a softer macro

outlook from geopolitical uncertainty. This should allow the company to weather the Sirichai Chalokepunrat ^^^ Research Analyst

macro turbulence. Growing rental income should be a good catalyst for the share price in Kiatnakin Phatra Securities

our view. Maintain Buy rating. +66sirichai.chal@kkpfg.com2 305 9204

Maintaining 2026 target with intact QTD performance

The management maintained its target to achieve high-single-digit rental income

Stock Datagrowth in 2026, while hotel and residential businesses are expected to be flat YoY.

Rental income growth should be come from both organic growth and new project Price 63.75 THB

expansion (Central Khonkaen Campus – current OR 70% and resumption of Central Price Objective 70.67 THB

Northville and Bangna). Traffic and tenant sales remained resilient so far, with Date Established 24-Feb-2026

occupancy rate hovering at 91–92%. QTD same-store rental revenue growth (SSRRG) Investment Opinion B-1-7

should grow at around 3–4% YoY, driven by both rental reversion and improving tenant 52-Week Range 41.00 THB-70.50 THB

sales. Foot traffic in April still grew around 4% YoY. Rental margin should continue to Mrkt Val / Shares Out (mn) 8,733 USD / 4,470.8

expand YoY despite hotter weather backed by initiatives to lower power usage (March - Market Value (mn) 285,016 THB

2% YoY).