Central Pattana 1Q26 Results Sustainable Topline Growth and Margin Improvement

Central Pattana (CPN) reported 1Q26 core net profit of Bt5bn, up 18% YoY, meeting analyst expectations. Goldman Sachs maintains a Buy rating, raising the target price to Bt79.4 based on strong rental growth and attractive valuations.

Key Takeaways

• 1.1Q26 core profit of Bt5bn (+18% YoY) was in-line with full-year expectations, representing 25% of GSe.
• 2.The Target Price is raised to Bt79.4, driven by sustainable margin expansion and undemanding valuation at historical -1SD levels.
• 3.Management guides for high-single digit revenue growth in the rental segment and expects cost of debt to decline by 10-20bps YoY in FY26.

Table of Contents

• 1Q26 results in-line
• Rental and service revenue
• Briefing takeaways
• Maintain Buy with higher 12m RNAV-based TP
• Investment Thesis - Central Pattana (CPN.BK)
• Price target risks and methodology - Central Pattana (CPN.BK)
• Disclosure Appendix

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