Company Coverage
Central Pattana (CPN TB): 3Q26: Results In Line; Rental Business Drives Growth
BUY (Maintained)
Current price:
Target price:
Upside:
Bt65.75
Bt80.00
21.67%
Analyst
Highlights
CPN reported 3Q26 core profit of Bt4.83b (+15% yoy, +4% qoq), in line with our and consensus expectations. Gross margin increased 60 bps yoy, while SG&A-to-revenue was broadly stable yoy.
The 10-year Thai government bond yield has declined since early-Oct 26 to 2.05%, making high dividend yield stocks such as CPN more attractive.
Maintain BUY with a SOTP-based target price of Bt80.00.
Analysis
Results in line. Central Pattana (CPN) reported 3Q26 net profit of Bt4.93b (-9% yoy, +4% qoq) and core profit of Bt4.83b (+15% yoy, +4% qoq), in line with our and consensus expectations. The solid earnings growth was driven by strong operating performance in the rental business, with total revenue rising 8% yoy to Bt12.9b. Gross margin increased 60 bps yoy to 59.1%, while SG&A-to-revenue was broadly stable yoy. Interest expense increased 3% qoq, due to the start of operations at Central Northville, while equity income also increased both yoy and qoq, providing additional support to the core profit. For 9M26, core profit came in at around Bt14.3b, reaching an all-time high and accounting for approximately 73% of our full-year forecast.
Highlights
CPN reported 3Q26 core profit of Bt4.83b (+15% yoy, +4% qoq), in line with our and consensus expectations. Gross margin increased 60 bps yoy, while SG&A-to-revenue was broadly stable yoy.
The 10-year Thai government bond yield has declined since early-Oct 26 to 2.05%, making high dividend yield stocks such as CPN more attractive.
Maintain BUY with a SOTP-based target price of Bt80.00.
Analysis
Results in line. Central Pattana (CPN) reported 3Q26 net profit of Bt4.93b (-9% yoy, +4% qoq) and core profit of Bt4.83b (+15% yoy, +4% qoq), in line with our and consensus expectations. The solid earnings growth was driven by strong operating performance in the rental business, with total revenue rising 8% yoy to Bt12.9b. Gross margin increased 60 bps yoy to 59.1%, while SG&A-to-revenue was broadly stable yoy. Interest expense increased 3% qoq, due to the start of operations at Central Northville, while equity income also increased both yoy and qoq, providing additional support to the core profit. For 9M26, core profit came in at around Bt14.3b, reaching an all-time high and accounting for approximately 73% of our full-year forecast.
BUY (Maintained)
Current price:
Target price:
Upside:
Bt65.75
Bt80.00
21.67%
Analyst
IMPORTANT NOTICE - DISCLOSURES AND DISCLAIMERS
This report is provided subject to, and must be read together with, the full Disclosures / Disclaimers available at this link, which are incorporated by reference into this report. In particular, this report is intended for general circulation and informational purposes only and does not constitute personal investment advice or a recommendation to buy or sell any investment product or security. You should independently evaluate the information and, where necessary, seek advice from a qualified financial adviser regarding the suitability of any investment. Analyst certifications required under applicable regulations, including SEC Regulation AC (where relevant), are included in this report. By accessing, receiving or using this report, you acknowledge that you have read, understood and agreed to be bound by the Disclosures / Disclaimers, as may be amended, supplemented or updated from time to time.
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