Central Pattana Public Company Limited (SET: CPN) has secured strong endorsements from leading brokers after reporting record earnings in the fourth quarter of 2025, driven by robust performances in both the rental and residential segments.
DBS Vickers maintains a ‘BUY’ call on CPN, raising its target price to THB 74.20 following a 25% year-on-year increase in 4Q25 net profit. The growth was attributed to stronger rental and residential margins, positioning the company for continued momentum in 2026. DBS points to a solid development pipeline with three new malls and one expansion set for next year, alongside strengthening of CPN’s balance sheet. CPN declared a dividend per share (DPS) of THB 2.40, representing a 57% payout ratio and a yield of 3.75%.
Similarly, CLSA reports an ‘Outperform’ rating and raises its target price to THB 72.00 after CPN’s 4Q25 core profit reached Bt4.89 billion—up 11% year-on-year and 10% quarter-on-quarter, surpassing expectations. CLSA highlights record-high rental revenue and gross profit margin (GPM), a notable rebound in the residential segment, and improved hotel performance. The dividend announcement implies a yield of 3.8%. CLSA forecasts accelerated earnings growth in 2026 and sees potential earnings upside. The company’s analyst meeting is scheduled for 25 February.
