Central Pattana Public Company Limited (SET: CPN) is poised for stronger financial performance following the opening of Dusit Central Park’s retail component, with analysts from Tisco Securities and KGI Securities expressing optimism over the project’s early momentum and broader expansion strategy.
Tisco Securities notes that the September 4th opening of the Central Park mall showcased robust initial visitor numbers, driven by its strategic location as a transit link between MRT Silom and BTS Sala Daeng stations. Immediate benefits also stem from the mall’s integration with Central Park Offices and the Dusit Thani Hotel, combining to create a strong base of daily foot traffic.
Analysts at Tisco highlight that CPN holds an 85% stake in the mall’s retail component (45,000 sq.m. net leasable area) and full ownership of the office segment. Reported occupancy rates exceed 80% for retail space and 60% for the office tower, both surpassing breakeven occupancy thresholds. With operational costs fully in play this year and contributions set to be recognized from 3Q25, the new development is expected to add roughly 4% annually to CPN’s bottom line, further stabilizing profitability as traffic patterns normalize.
Tisco maintains a BUY rating on CPN, with a target price of THB 83.00, citing the company’s ongoing mall openings and project pipeline—including Central Phahonyothin and new developments at Siam Center—as catalysts for sustained growth. Strategic expansion into prime locations is expected to bolster space and revenue growth, enhancing resilience against broader economic volatility.
Meanwhile, KGI Securities noted a slight 2% year-on-year earnings dip for CPN in the first half of 2025, yet anticipates a strong rebound in the final quarter as new retail and residential inventory come online. The firm highlights Dusit Central Park as part of an expansion market that will see at least eight new malls launch through 2027, underpinning forecasts for a 12% earnings increase in 2026.
Reaffirming its ‘Outperform’ rating, KGI has raised CPN’s target price to THB 67.00, up from THB 63.00, supported by a wider DCF-based evaluation.
