Mr. Gun Srisompong, Chief Financial Officer and Vice President of Finance & Administration at Central Plaza Hotel Public Company Limited (SET: CENTEL), revealed to ‘Kaohoon’ that the company expects the FIFA World Cup 2026 to have a positive impact on its business, especially on its brands that attract late-night consumption, such as KFC and Lucky Suki.
However, the positive effect may be less pronounced than in previous years, as there are currently more operators in the late-night restaurant segment competing for market share, according to the CFO.
From June onwards, CENTEL will closely monitor the results of the ‘Thai Chuay Thai Plus’ scheme, which could influence consumer spending behavior. In particular, there could be an impact on the delivery segment and weekday restaurant traffic, which may experience a slowdown. In response, the company intends to adjust its marketing and operational strategies to align with evolving market conditions and changing consumer behavior.
DAOL Securities (Thailand) expressed a positive view following the announcement by Jasmine International Public Company Limited (SET: JAS), which has secured the exclusive broadcasting rights for the FIFA World Cup 2026 in Thailand. The brokerage believes that CENTEL is poised to benefit from growth in its food business, particularly KFC, which accounts for 44% of the segment revenue.
Analysts referenced past data from the second quarter of 2008 and the fourth quarter of 2012, when previous FIFA World Cup tournaments led to an increase in food business revenues by 10% and 17% year-on-year, respectively. As a result, DAOL continues to recommend a ‘Buy’ rating on CENTEL, with a target price of THB 37.00 per share.
Separately, Globlex Securities has maintained its forecast for CENTEL’s total operating revenue in 2026 at THB 25.34 billion, representing a 6% increase year-on-year. Growth is expected from both the hotel and food businesses, with the hotel segment benefiting from the ramp-up of operations in the Maldives and the opening of the new Centara Life Osaka hotel in Japan in March 2026.
For the food business, CENTEL is focused on expanding high-margin brands and pursuing joint ventures with new brands. The brokerage is maintaining the EBITDA margin assumption at 26.5%, supported by effective cost management.
Consequently, the net profit forecast remains at THB 2.03 billion, up 2% year-on-year, while normalized operating profit is expected to grow 8% from the previous year. Globlex estimates the fair value of CENTEL in 2026 at THB 42.30 per share and projects a future dividend yield of approximately 2% per annum, reaffirming a ‘Buy’ recommendation.
