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CPN Retail Growth Leasehold REIT

CPN Retail Growth Leasehold REIT

CPNREIT.BK
CPN Retail Growth Leasehold REITTH flagStock Exchange of Thailand
12.90
THB
- -
- -
46.71BMarket Cap
CPN Retail Growth Leasehold REIT
CPNREIT.BK
(Stock Exchange of Thailand)

Recent

price

12.90

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
1.27
1.25
1.37
1.5
1.36
1.29
1.46
0.16
2.09
2.17
1.8
1.34
1.87
2.21
1.66
1.77
1.83
Revenue per Share
0.95
1.06
1.33
1.54
1.36
1.69
1.34
-0.17
1.62
1.41
0.14
0.33
0.81
1.24
0.47
0.96
0.93
Basic EPS, GAAP
0.93
0.9
0.93
1.32
-3.32
1.09
1.06
-5.28
1.2
1.79
-2.36
-1.46
1.42
1.36
-1.66
1.18
0.98
Free Cash Flow per Basic Share
- -
0.94
1
1.14
1.05
1.03
1.02
- -
1.13
1.53
0.67
- -
0.8
0.84
0.7
0.64
0.83
Dividend per Share
9.38
9.5
9.84
10.22
11.75
12.4
12.72
12.41
12.63
12.51
12.38
12.12
11.91
11.98
11.63
11.51
11.45
Book Value per Share
9.38
9.5
9.84
10.22
11.75
12.4
12.72
12.5
12.72
12.6
12.48
12.97
12.76
12.83
11.79
11.67
11.61
Tangible Book Value per Share
1,791
1,791
1,791
1,744
2,357
2,357
2,357
2,358
2,358
2,357
2,247
2,608
2,608
2,608
3,621
3,621
3,621
Basic Weighted Avg Shares
2,279
2,246
2,449
2,611
3,198
3,044
3,431
370
4,916
5,122
4,048
3,505
4,870
5,752
6,024
6,409
6,625
Sales/Revenue/Turnover
78.51
78
79.32
79.58
82.19
78.96
81.71
66.35
80.7
82.76
79.78
72.69
76.75
78.54
78.7
73.22
72.81
Operating Margin (%)
2
2
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Depreciation Expense
1,709
1,892
2,383
2,691
3,211
3,980
3,163
-407
3,827
3,320
305
866
2,111
3,235
1,696
3,461
3,363
Net Income, GAAP
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Effective Tax Rate (%)
74.99
84.23
97.32
103.07
100.4
130.75
92.17
-110.09
77.84
64.81
7.52
24.71
43.35
56.24
28.16
54
50.76
Profit Margin (%)
439
-597
-926
-1,133
-834
-1,061
-1,238
-3,174
-1,207
-1,091
-371
-6,178
-4,547
-6,303
-5,654
-8,690
-10,626
Working Capital
490
435
340
200
1,936
1,875
1,769
12,536
14,499
14,524
40,762
36,181
39,126
39,852
41,593
41,230
39,822
LT Debt
16,809
17,019
17,617
17,827
27,690
29,242
29,993
29,462
29,995
29,701
28,044
33,819
33,277
33,459
42,693
42,254
42,052
Total Equity
10.26
10.07
10.93
11.47
11
7.9
8.89
- -
8.83
9.46
5.71
3.53
4.88
5.82
5.7
5.24
5.38
Return on Invested Capital (%)
9.92
11.02
13.55
14.98
13.67
13.33
10.26
- -
9.53
8.59
3.58
4.31
6.02
7.61
5.4
6.42
5.93
Return on Capital (%)
10.24
11.19
13.76
15.18
14.11
13.98
10.68
-1.38
12.97
11.2
1.06
2.91
6.73
10.38
4.62
8.26
8.05
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
15,412
6,924
8,426
LT Borrowings
19,710
28,181
26,656
LT Finance Leases
12,924
13,049
13,166
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
3,621
3,621
3,621
Market Capitalization
42,004
40,918
41,280

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
2,437
2,166
1,765
Cash, Cash Equivalents & STI
1,909
1,678
1,298
Accounts Receivable, Net
73
96
127
Inventories
- -
- -
- -
Total Current Liabilities
18,969
10,856
12,392
Payables & Accruals
1,169
1,551
1,575
ST Debt
15,412
6,924
8,426
Deferred Revenue
2,388
2,381
2,391

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
4.22%
9.22%
-1.03%
Free Cash Flow
-156.81%
-133.88%
-171.35%
Net Income, GAAP
-83.91%
87.56%
104.06%
Sales/Revenue/Turnover
119.01%
10.95%
6.39%
Total Cash Common Dividend
- -
- -
-7.95%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1,506
1,493
1,507
1,519
6,024
2025
1,540
1,532
1,609
1,728
6,409
2026
1,756
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.34
-0.1
0.22
- -
0.47
2025
0.25
0.23
0.07
- -
0.96
2026
0.22
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.25
0.26
0.04
- -
0.7
2025
0.1
0.25
0.23
- -
0.64
2026
0.28
- -
- -
- -
- -
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Business
CPN Retail Growth Leasehold REIT (CPNREIT) operates as Thailand's largest retail-focused closed-end real estate investment trust listed on the Stock Exchange of Thailand, investing primarily in leasehold rights of shopping malls, commercial properties, office buildings, hotels, and service apartments across prime Thai destinations. Established on December 1, 2017, through the conversion of CPN Retail Growth Leasehold Property Fund and with trust units first traded on December 14, 2017, the REIT maintains headquarters in Bangkok, Thailand, at locations including 7-8th Floor, SCB Park Plaza 1, 18 Ratchadapisek Road, Chatuchak, and No. 999/9 Rama I Road, Pathumwan. Its core portfolio encompasses leasehold interests in seven shopping centers—Central Rama 2, Central Rama 3, Central Pinklao, Central Chiangmai Airport, Central Pattaya, Central Marina, and Central Lampang—with a combined leasable area exceeding 263,000 square meters as of the end of the third quarter of 2025; select office buildings such as Pinklao Tower A and B, The Ninth Towers, and Unilever House totaling around 111,533 square meters; and the Hilton Pattaya hotel with 304 guest rooms, targeting retail tenants, office occupants, and hospitality guests nationwide. Recent developments include the July 31, 2023, Extraordinary General Meeting approval for a 15-year lease renewal of Central Pinklao from January 1, 2025, to December 31, 2039, valued at up to 12,161 million baht, alongside a 1,100 million baht renovation budget for 2024-2025 and a shift to installment payments for Central Rama 2's renewal totaling up to 12,853 million baht over the term; CPNREIT executed a capital increase on May 8, 2024, to fund the Central Pinklao extension.