On Friday, the share price of Central Pattana Public Company Limited (SET: CPN) in the morning session closed at THB 57.25, a THB 0.75 or 1.33% increase with a total trading value of THB 227.29 million. This surge followed the report of a 30-year lease extension for the Central Ladprao.
The State Railway of Thailand (SRT) has officially approved a 30-year lease extension for the Central Ladprao shopping complex with CPN.
This significant agreement involves a total compensation package valued at approximately THB 33 billion, alongside a mandatory THB 4.5 billion investment from the private sector to modernise the existing facilities and infrastructure. The new contract is scheduled to take effect in late 2028 and will run until 2058.
Following the conclusion of this term, all developed assets and improvements will revert to the ownership of the SRT. Official signing of the documentation is expected to be completed by March 2026, marking a major milestone for both the retail giant and national transport authorities.
KGI Securities (Thailand) stated that CPN’s performance in 4Q25 is likely to continue to grow. The contract renewal for Central Ladprao shopping mall is deemed a key positive factor. Meanwhile, the hotel and real estate businesses are expected to be outstanding during the High Season between 4Q25 and 1Q26.
For rental income in 2026, growth is anticipated year-on-year due to the opening of new shopping centers as well as the renewal of the Central Ladprao shopping mall lease, which is one of the group’s Top 5 main revenue sources.
In addition, CPN’s stock valuation remains undemanding, with a forward P/E based on 2026 estimates at around 13 times (-1.5 SD), along with a forecast dividend payment of THB 2.10 per share, reflecting a dividend yield of approximately 3.7%.
