Central Pattana Public Company Limited (SET: CPN) is expected to report strong results for 3Q25, with net profit growth to THB 5.04 billion, an increase of 22% year-on-year (YoY) and 17% quarter-on-quarter (QoQ), according to Pi Securities which recommended “BUY” at a target price of THB 80 per share.
Part of this increase comes from a special item related to the extension of the Central Rama 2 lease agreement with CPN Retail Growth Leasehold REIT (CPNREIT), amounting to more than THB 600 million (after tax). Excluding this item, normalized profit would be THB 4.43 billion, also up YoY, driven by improved gross profit margin.
Meanwhile, core business revenue in 3Q25 is projected at THB 12.21 billion, stable YoY but up 5% QoQ. Income from shopping mall and food center leases rose by 3% YoY and 4% QoQ, benefiting from growth in the food and cinema businesses.
The positive impact from the opening of Dusit Central Park is still limited since it started opening to the public in September, one month before the third quarter end. The hotel business saw a slight 3% decline in revenue YoY, as the Hilton hotel continued to be affected by a drop in tourist numbers. However, it improved slightly QoQ due to higher occupancy rates at the GO! Hotel brand.
Real estate business revenue is expected at about THB 650 million, a 34% decrease YoY but up 32% QoQ, signaling a recovery since 2Q25 after launching three new projects.
The overall gross profit margin in 3Q25 is expected at 58%, up from 56.8% in 3Q24, mainly due to lower energy costs, but slightly down from 58.1% in 2Q25. Selling and administrative expenses are estimated at THB 1.98 billion, roughly unchanged from both 3Q24 and 2Q25.
Other income in 3Q25 is expected at THB 765 million, marking a 39% increase YoY due to last year’s foreign exchange losses, but down 25% QoQ, partly because of lower investment income.
Share of profit from associates stands at THB 601 million, down 5% YoY as last year did not include any profit share from Grab, but up 19% QoQ. Interest expenses are expected at THB 880 million, down 9% YoY.
