Globlex Securities maintains a positive outlook on Central Pattana Public Company Limited (SET: CPN), noting strong same-store and new-mall traffic growth despite weakening tourist numbers in 2025.
The brokerage firm discloses that the focus shifts to 2026, described as CPN’s ‘Harvest Phase,’ when new assets like Dusit Central Park and The Central Phahonyothin are expected to boost recurring earnings and monetize previous investments.
Concerns about potential cannibalization between Central Ladprao and The Central Phahonyothin are refuted, with Globlex viewing the proximity as a strategic advantage in Northern Bangkok’s key economic zone.
This ‘Dual-Core’ approach builds a defensive economic moat and leverages high local purchasing power, supporting both malls. The analyst points out that each site targets different customer needs, with Central Ladprao prioritizing shopping and The Central Phahonyothin focusing on experiences, including a major convention hall to attract destination traffic.
The market, Globlex argues, is underestimating the impact of The Central, which at 460,000 sq m would be CPN’s second-largest asset and could drive a 5–7% revenue rise.
Following these, a ‘Buy’ rating is maintained, with a target price of THB 65 per share, based on expectations that asset unlocking will accelerate CPN’s earnings in 2026.
