1. Thailand Stocks

  2. •

    Real Estate

  3. •

    REIT - Office
KPN Property Fund

KPN Property Fund

KPNPF.BK
KPN Property FundTH flagStock Exchange of Thailand
2.26
THB
- -
- -
-0.25EPS
-9.04P/E
406.80MMarket Cap
KPN Property Fund
KPNPF.BK
(Stock Exchange of Thailand)

Recent

price

2.26

P/E

ratio

-9.04

div

yld

- -

ROIC.AI

2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
TTM
FRC
- -
0.85
0.85
0.85
0.83
0.78
0.86
0.76
0.62
0.52
0.48
- -
0.33
Revenue per Share
- -
0.7
0.86
0.44
0.5
0.36
0.48
0.18
-0.25
-0.04
-0.25
- -
- -
Basic EPS, GAAP
- -
0.75
0.6
0.5
0.43
0.6
0.48
0.35
0.36
0.14
0.07
- -
-0.26
Free Cash Flow per Basic Share
- -
0.63
0.58
0.46
0.44
0.43
0.43
0.4
0.29
- -
- -
- -
- -
Dividend per Share
- -
10.22
10.5
10.48
10.54
10.48
10.53
10.31
9.78
9.5
9.17
- -
9.31
Book Value per Share
- -
10.22
10.5
10.48
10.54
10.48
10.53
10.31
9.78
9.5
9.17
- -
9.31
Tangible Book Value per Share
- -
180
180
180
180
180
180
180
180
180
180
- -
180
Basic Weighted Avg Shares
- -
153
152
154
149
140
155
137
111
93
86
- -
59
Sales/Revenue/Turnover
- -
74.56
71.88
64.25
62.57
61.28
56.26
54.44
52.05
38.17
28.98
- -
6.22
Operating Margin (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Depreciation Expense
- -
125
155
79
91
65
86
32
-44
-8
-45
- -
- -
Net Income, GAAP
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Effective Tax Rate (%)
- -
81.88
101.71
51.28
60.69
46.74
55.25
23.38
-39.65
-8.43
-52.36
- -
0.32
Profit Margin (%)
34
33
37
40
40
62
75
84
92
85
78
67
16
Working Capital
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
LT Debt
1,829
1,840
1,891
1,886
1,898
1,887
1,895
1,856
1,760
1,710
1,650
1,685
1,676
Total Equity
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Return on Invested Capital (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Return on Capital (%)
- -
6.83
8.29
4.18
4.79
3.46
4.53
1.71
-2.44
-0.45
-2.67
- -
0.01
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
ST Debt
- -
- -
- -
LT Borrowings
- -
- -
- -
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
180
180
180
Market Capitalization
500
425
- -

Working Capital

FRC

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
Total Current Assets
94
100
45
Cash, Cash Equivalents & STI
85
94
41
Accounts Receivable, Net
3
4
2
Inventories
- -
- -
- -
Total Current Liabilities
26
28
29
Payables & Accruals
3
7
9
ST Debt
- -
- -
- -
Deferred Revenue
23
20
20

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
-0.85%
-2.28%
2.14%
Free Cash Flow
- -
- -
- -
Net Income, GAAP
- -
- -
- -
Sales/Revenue/Turnover
- -
- -
- -
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
19
23
21
22
86
2024
22
23
23
- -
- -
2025
22
15
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
0.03
0.04
0.02
- -
-0.25
2024
0.04
0.03
0.03
- -
- -
2025
0.03
-0.06
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
- -
- -
- -
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
- -
- -
Similar Companies
Thailand Prime Property Freehold and Leasehold Real Estate Investment Trust (TPRIME.BK)
Fonciere Inea S.A. (INEA.PA)
Paramount Group, Inc. (PGRE)
Société de la Tour Eiffel (EIFF.PA)
Cromwell Property Group (CMW.AX)
GDI Property Group (GDI.AX)
Business
KPN Property Fund (KPNPF.BK) operates as a real estate investment vehicle focused on owning and leasing income-generating properties in Thailand, primarily the freehold rights to land and the KPN Tower office building located on Rama IX Road in Bangkok. The fund generates revenue through rental and service fees from its core asset, KPN Tower, a prime commercial property; it targets diversification into additional real estate categories including warehouses, factory buildings, distribution centers, self-storage facilities, and related supporting assets situated in strategic economic corridors and logistics hubs across Thailand. Headquartered in Bangkok at 400/22 Kasikornbank Building, Phahon Yothin Road, Samsen Nai, the fund is managed by Kasikorn Asset Management Co. Ltd and serves institutional and retail investors in the Thai real estate sector. In a major strategic reorganization, KPN Property Fund converted into KPN Real Estate Investment Trust (KPNREIT) in late 2024, with KPNREIT acquiring the KPN Tower asset and listing its trust units on the Stock Exchange of Thailand on December 26, 2024. KPNREIT, managed by Blue Whale Asset Co., Ltd. with SCB Asset Management Co., Ltd. as trustee, is actively pursuing an asset-enhancement project on KPN Tower to boost revenue potential and competitiveness while seeking new investments to diversify beyond office space into industrial and logistics properties. These initiatives reflect the fund's ongoing shift toward a broader, independent REIT structure emphasizing income generation, property improvements, renovations, and potential disposals for unitholder returns.