Today (20 Oct 2025) at 04:20 (Bangkok time), the share price of Central Plaza Hotel Public Company Limited (SET: CENTEL) increased by THB 1.50, or 4.80%, to THB 32.75 per share, with a trading value of THB 172.82 million. The jump in share price came amid positive sentiment from the market toward its third quarter performance.
According to the securities company, CENTEL’s net profit in 3Q25 is likely to reach THB 117 million (down 28% year-on-year / up 6% quarter-on-quarter). The year-on-year decline mainly stems from a one-time impairment loss from CENTEL’s investment in Cafe Amazon, Vietnam, following the discontinuation of its operations at the end of September.
Excluding this item, core profit is expected to decrease by 2%, as improved operating results are offset by higher interest expenses, depreciation, and increased selling and administrative expenses from business expansion. The EBITDA margin is projected to increase 0.7% to 25.0%.
Analysts expect 3Q25 revenue to grow 3% year-on-year, recovering from stable growth in 2Q25. The main drivers are a 5% increase in hotel revenue and a 1% increase in food revenue, both supported by organic growth.
Hotel performance continues to improve, with RevPAR (Revenue per Available Room) projected to rise 4%, led by recoveries in businesses in Bangkok and the Maldives. For the food segment, same-store sales growth (SSSG) and total system sales growth (TSSG) are forecast at 1%, mainly driven by Japanese brands.
TISCO Securities maintains its “BUY” recommendation on CENTEL, though lowering the fair value to THB 39.00 per share from THB 40.00, reflecting revised valuation to 2026 and a 19-28% reduction in earnings estimates, despite improving margins. The analyst’s fair value is based on a sum-of-the-parts (SoTP) valuation, applying a 2026 EV/EBITDA ratio of 13x for the hotel business, and a discounted cash flow (DCF) approach for the food segment.
