Central Pattana (CPN.BK): Mega Bangna Extension; Modest Earnings Impact but Enhanced Competitiveness

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Central Pattana (CPN.BK): Mega Bangna Extension; Modest Earnings Impact but Enhanced Competitiveness

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23 Jun 2026 11:30:55 ET │ 11 pages

Central Pattana (CPN.BK)

Mega Bangna Extension; Modest Earnings Impact but Enhanced

Competitiveness

CITI’S TAKE Buy

CPN announced a THB6bn expansion of Mega Bangna in total through a Price (23 Jun 26 17:00) Bt64.25

JV with Ikano Centres (Mitihoon, 23 Jun). CPN holds a 49% stake and Target price Bt73.00

commits Bt3bn investment. The extension is expected to be completed by

Expected share price return 13.6% 3Q28 and have no traffic impact from construction. We estimate limited

earnings impact from the Mega Bangna expansion, with potential upside Expected dividend yield 3.6%

to CPN’s bottom line of only around 1%, given the project’s joint-venture Expected total return 17.2%

structure. However, we view the investment positively as it reinforces Market Cap Bt288,354M

management’s long-term growth strategy and continued execution of its US$8,770M

five-year expansion plan with total announced CAPEX of Bt110bn five-

year investment plan (2026-2030). CPN’s 2Q26 QTD performance

remains robust with traffic up 4% YoY through May (excluding new

malls) and tenants’ sales growing at a high single-digit rate. We expect Preenapa DetchsriAC

2Q26E earnings momentum to remain intact despite oil-driven +66-2-079-3609

inflationary pressures. Maintain Buy with a TP of Bt73. preenapa.detchsri@citi.com

Extension project in detail – THB6bn expansion of Mega Bangna is a joint venture

between CPN and Ikano Centres in which CPN holds a 49% stake. Ikano Centres is a

part of Ikano Retail, an IKEA franchisee in Southeast Asia (Singapore, Malaysia,

Thailand, the Philippines) and Mexico. The project will add approximately 170,000