1. Thailand Stocks

  2. •

    Real Estate

  3. •

    Real Estate - Diversified
Central Pattana Public Company Limited

Central Pattana Public Company Limited

CPN.BK
Central Pattana Public Company LimitedTH flagStock Exchange of Thailand
65.75
THB
-1.75
- -
295.09BMarket Cap
Central Pattana Public Company Limited
CPN.BK
(Stock Exchange of Thailand)

Recent

price

65.75

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
2.42
2.74
3.85
4.49
4.97
5.41
6.16
6.41
7.52
8.18
6.21
5.53
7.93
10.16
11.18
11.15
11.31
Revenue per Share
0.26
0.47
1.42
1.42
1.63
1.76
2.06
3.02
2.5
2.62
2.13
1.59
2.4
3.36
3.73
4.2
4.37
Basic EPS, GAAP
-0.31
1.4
1.91
2.15
4.52
2.88
3.11
5.54
2.93
3.09
1.63
1.64
3.4
4.43
7.87
8.22
8.62
Free Cash Flow per Basic Share
0.29
0.12
0.18
0.47
0.56
0.65
0.7
0.83
1.4
1.12
0.81
0.7
0.6
1.15
1.82
2.12
2.13
Dividend per Share
3.79
4.08
5.32
6.18
7.19
8.29
9.65
11.84
12.76
14.19
13.58
14.47
16.27
18.48
20.34
22.48
23.62
Book Value per Share
1.19
1.37
3.34
5.72
6.67
7.83
9.44
11.74
13.16
12.98
16.88
17.95
19.61
22.06
24.13
25.63
27.42
Tangible Book Value per Share
4,358
4,358
4,358
4,438
4,488
4,488
4,488
4,488
4,488
4,488
4,488
4,488
4,488
4,488
4,488
4,488
4,482
Basic Weighted Avg Shares
10,530
11,951
16,762
19,913
22,308
24,283
27,634
28,785
33,728
36,719
27,862
24,840
35,575
45,613
50,184
50,034
50,703
Sales/Revenue/Turnover
14.31
14.7
27.37
29.76
31.49
31.37
33.24
31.81
33.06
32.12
26.24
18.69
30.71
35.91
37.53
40.6
40.97
Operating Margin (%)
2,356
2,948
3,258
3,684
4,019
4,450
5,123
5,315
5,906
7,117
7,906
8,124
8,550
8,546
9,208
9,204
9,329
Depreciation Expense
1,125
2,058
6,189
6,293
7,307
7,880
9,244
13,568
11,216
11,738
9,557
7,148
10,760
15,062
16,729
18,841
19,585
Net Income, GAAP
38.84
14.59
9.31
15.88
15.65
15.14
15.28
11.6
15.3
16.52
18.26
19.92
18.61
18.51
17.85
18.61
18.12
Effective Tax Rate (%)
10.68
17.22
36.92
31.6
32.76
32.45
33.45
47.13
33.25
31.97
34.3
28.78
30.25
33.02
33.34
37.66
38.63
Profit Margin (%)
-6,388
-12,063
-8,165
-9,959
-7,108
-8,393
-8,347
-1,240
-9,282
-4,697
-6,668
-20,544
-16,790
-28,322
659
-6,957
-8,679
Working Capital
15,433
18,265
18,944
13,788
11,340
17,454
13,197
7,255
19,522
25,164
71,842
95,108
98,523
83,656
103,249
93,150
88,999
LT Debt
18,918
20,448
25,900
36,824
41,748
46,801
53,005
63,880
74,176
80,462
77,123
82,075
89,620
100,582
109,829
119,260
124,192
Total Equity
2.46
3.59
8.51
9.15
10.29
10.12
11.01
11.13
10.55
8.93
4.19
1.95
4.14
6.01
6.69
6.97
7.04
Return on Invested Capital (%)
4.36
7.02
15.1
14.03
15.79
14.88
15.73
21.7
14.05
12.21
8.23
4.68
6.04
8.02
8.85
9.47
9.69
Return on Capital (%)
6.77
12
30.22
24.87
24.47
22.69
22.97
28.14
20.32
19.41
15.34
11.36
15.6
19.32
19.2
19.61
19.45
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
20,722
23,529
26,978
LT Borrowings
46,382
41,940
37,132
LT Finance Leases
50,740
51,210
51,867
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
4,488
4,488
4,488
Market Capitalization
251,333
247,967
278,993

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
30,328
31,962
33,998
Cash, Cash Equivalents & STI
7,045
8,806
10,469
Accounts Receivable, Net
636
551
869
Inventories
18,833
17,930
18,453
Total Current Liabilities
35,852
38,918
42,676
Payables & Accruals
12,610
12,215
13,155
ST Debt
20,722
23,529
26,978
Deferred Revenue
2,520
3,175
2,543

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
9.99%
9.12%
8.59%
Free Cash Flow
21.79%
44.17%
4.37%
Net Income, GAAP
12.18%
17.8%
12.63%
Sales/Revenue/Turnover
9.02%
14.06%
-0.3%
Total Cash Common Dividend
18.56%
27.67%
16.52%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
11,705
12,876
12,243
13,361
50,184
2025
11,921
11,661
11,915
14,537
50,034
2026
12,590
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.93
1.01
0.92
- -
3.73
2025
0.94
0.96
1.21
- -
4.2
2026
1.11
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
1.8
0.01
- -
1.82
2025
- -
2.12
0.01
- -
2.12
2026
- -
- -
- -
- -
- -
Similar Companies
Raptis Group Limited (RPG.AX)
Polaris Capital Public Company Limited (POLAR.BK)
Tokyu Fudosan Holdings Corporation (3289.T)
Meiho Enterprise Co., Ltd. (8927.T)
S E A Holdings Limited (0251.HK)
Prozone Intu Properties Limited (PROZONINTU.NS)
Business
Central Pattana Public Company Limited engages primarily in property development and management, focusing on retail-led mixed-use projects in Thailand and other ASEAN countries. Its core products and services include the development and operation of premium shopping centers, community malls, residential projects, office buildings, hotels, and flex offices. The company manages a diverse portfolio of retail and mixed-use developments, including flagship projects such as CentralWorld, CentralPlaza, and CentralFestival, alongside residential condominiums and hotels. Central Pattana employs an integrated ecosystem strategy that combines retail, residential, office, and hospitality components to create comprehensive lifestyle environments. Founded in 1980 and headquartered in Bangkok, Central Pattana operates approximately 42 premium shopping centers and manages over 130 projects as of mid-2025. The company targets urban and suburban markets across Thailand and plans strategic expansions into the ASEAN region, including Vietnam. Recent major changes include a five-year investment plan worth 120-135 billion baht (approximately USD 3.5-3.8 billion) spanning 2023-2029 to develop new mixed-use projects, strengthen its retail portfolio, and expand into new business lines such as flexible office spaces. Significant recent launches include "The Central" project on Phaholyothin Road expected in late 2026, and the continued development of large-scale mixed-use centers like Central Korat and Central Chanthaburi. Central Pattana further expanded its investment scope by acquiring a majority stake in Siam Future Development Plc to broaden its retail formats and super-regional malls like Mega Bangna. It also formed strategic joint ventures for urban mixed-use projects, notably with Hongkong Land on Wireless Road, Bangkok. The company sustains growth through diversified income streams, including investments in innovative service platforms like Grab Thailand in partnership with Central Retail Corporation to enhance customer engagement and mall traffic. Operational enhancements include leasing several assets to CPN Retail Growth Leasehold Real Estate Investment Trust (CPNREIT) for long-term stable cash flows. In 2025, Central Pattana continues to lead Thailand's retail real estate market with a focus on sustainability, customer experience, and community-centric developments, integrating digital and offline services to fulfill evolving lifestyle needs. It maintains a strong financial performance and dividend policy, reinforcing its position as Thailand’s foremost retail-led mixed-use property developer. This description reflects Central Pattana’s comprehensive product and service offerings and highlights its recent major corporate undertakings and strategic business expansions.