Central Pattana (CPN TB) Buy: Retail in the driver’s seat

研报英文原文证据摘录

Central Pattana (CPN TB) Buy: Retail in the driver’s seat

kaen condo was launched on 20 May 2026, and is expected to achieve a c.30- 52-WEEK PRICE (THB)

40% take up rate within the first week; there are plans to launch one more condo 79.00

(Phyll Nakhon Pathom) later this year. CPN remains cautious on the low-rise outlook

58.00

and does not plan to launch any low-rise projects in the near term. Management

guides for muted residential revenue and pre sales growth in 2026. 05/25 11/25 05/2637.00

Navigating Middle East tensions, limiting the impact on margins. Management Target price: 74.00 High: 70.00 Low: 41.25 Current: 64.75

highlighted that CPN has not experienced any material impact from Middle East Source: LSEG IBES, HSBC estimates

tensions. CPN expects any potential effects to be manageable, supported by lower

government electricity tariffs and ongoing energy-efficiency initiatives, which have Joy Wang*

Head of ASEAN Equity Research and ASEAN Property

helped sustain margins. Net D/E improved from 0.45x (as at end-2025) to 0.40x, and The Hongkong and Shanghai Banking Corporation

Limited, Singapore Branch

management expects this to remain around 0.5x this year. Meanwhile, it expects cost joy.wang@hsbc.com.sg

of borrowing to fall 10-20bps for FY26 (vs 2.81% in 4Q25). +65 6658 0606

Rayson Khoo*

We raise our TP to THB74 (from THB65); maintain Buy: We raise our PATMI Analyst, ASEAN Property

estimates by 3%/6% for both FY26 and FY27 as we incorporate latest results and The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch

company guidance. We also introduce 2028e in this report. Our TP rises to THB74 rayson.khoo@hsbc.com.sg

+65 6658 0616

(from THB65) as we take into account latest guidance, implying upside of c14% from