CLSA has reiterated its Outperform rating on Central Pattana Public Company Limited (SET: CPN) following a recent analyst meeting, maintaining a positive outlook for the company. CPN confirmed its 2026 revenue targets remain intact across all business segments, underlining management’s confidence in sustained growth.
For April 2026, the rental business saw continued strength, with overall traffic, same-store rental revenue, and tenant sales all posting positive performances. The company expects its gross profit margin (GPM) to stay elevated in the second quarter, though it may ease slightly quarter-over-quarter.
CPN’s development pipeline is proceeding as planned, with new malls, residential, and hotel projects remaining on schedule. However, some asset divestments are expected to face a minor delay, now likely to occur in early 2027 rather than by the end of 2026.
Despite the delay in asset sales, CPN’s management maintains its outlook for record-high earnings in 2026. CLSA continues to rate CPN as Outperform with a target price of Bt72.
