Between October 1 and 2, Pi Securities conducted a site visit to several Central Pattana Public Company Limited (SET: CPN) properties in Khon Kaen, including Central Khon Kaen Campus, Central Khon Kaen, Phyll-branded condominiums, and Go Hotel.
Central Khon Kaen Campus, which opened on May 20, features approximately 20,000 square meters of leasable area and currently has an occupancy rate of about 86%. The figure is expected to exceed 90% by year-end.
The facility is strategically located near Khon Kaen University and Srinagarind Hospital, allowing it to capture a market of students, Thais, and international visitors, particularly from Laos. The hospital plans to expand its bed capacity from 1,500 to 3,500 within one to two years, which is anticipated to boost traffic to the center in the future.
Central Khon Kaen, with about 47,000 square meters of leasable space, has been operating since 2009 and currently enjoys a high occupancy rate of 97%. The opening of the new campus only temporarily reduced footfall at the original center for two months, after which visitor numbers returned to normal levels.
Go Hotel benefits from its proximity to the shopping center, hospital, and university, boasting an average occupancy rate above 90%. The average room rate exceeds THB 1,000 per night, ranking second among the Go Hotel group. With continued demand, CPN may consider opening additional hotels in Khon Kaen in the future.
Phyll Condominium comprises 583 units with a project value of THB 1.7 billion. All units were sold out within five days, with transfers expected to commence in late 2028.
Overall, Khon Kaen is recognized as Thailand’s fifth most significant MICE (Meetings, Incentives, Conferences, and Exhibitions) city, following Bangkok, Chiang Mai, Pattaya, and Phuket, thanks to its concentration of government offices, ease of travel, and a large convention center. Khon Kaen’s high GDP per capita further supports the viability of having two major retail centers in the province.
Local tourism and investment authorities are working to draw more visitors through initiatives in health tourism and high-value agriculture, as well as by hosting major events such as the Thailand Travel Mart Plus (TTM+) in 2027, which is expected to significantly boost tourism.
Based on the site visit and input from both public and private sector representatives, the brokerage maintains a positive outlook on Khon Kaen’s growth potential and sees continued growth opportunities for both malls. The recent flooding at the end of September is seen to have minimal impact, with no closures and continued good performance from the centers.
Following these, Pi Securities reiterates a ‘Buy’ recommendation on CPN, with a fair value of THB 80.00 per share, based on an estimated 2026 PER of 18.7x.
