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    Investment trusts
CPN Retail Growth Leasehold REIT

CPN Retail Growth Leasehold REIT

SSET:CPNREIT
12.90
THB
+0.10
(+0.78%)
0.95EPS
13.59P/E
46.71BMarket Cap
Nov 12Next Earn
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
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
1.9
Basic EPS, GAAP
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
0.95
Free Cash Flow per Basic Share
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
0.89
Dividend per Share
1.14
1.05
1.03
1.02
- -
1.13
1.53
0.67
- -
0.8
0.84
0.7
0.64
0.85
Book Value per Share
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
11.58
Tangible Book Value per Share
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
11.58
Basic Weighted Avg Shares
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
Sales/Revenue/Turnover
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
6,866
Operating Margin (%)
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
71.98
Depreciation Expense
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Net Income, GAAP
2,691
3,211
3,980
3,163
-407
3,827
3,320
305
866
2,111
3,235
1,696
3,461
3,438
Effective Tax Rate (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Profit Margin (%)
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
50.08
Working Capital
-1,133
-834
-1,061
-1,238
-3,174
-1,207
-1,091
-371
-6,178
-4,547
-6,303
-5,654
-8,691
-11,319
LT Debt
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
39,954
Total Equity
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
41,931
Return on Invested Capital (%)
11.47
11
7.9
8.89
- -
8.83
9.46
5.71
3.53
4.88
5.82
5.7
5.24
5.5
Return on Capital (%)
14.98
13.67
13.33
10.26
- -
9.48
8.55
3.57
4.23
5.85
7.4
5.31
6.38
5.58
Return on Common Equity (%)
15.18
14.11
13.98
10.68
-1.37
12.87
11.12
1.05
2.8
6.29
9.7
4.45
8.15
8.15

Capital Structure

THB

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
6,924
8,426
8,308
LT Borrowings
28,181
26,656
26,663
LT Finance Leases
13,049
13,166
13,291
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
3,621
3,621
3,621
Market Capitalization
40,918
41,280
46,712

Working Capital

THB

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
2,166
1,765
1,090
Cash, Cash Equivalents & STI
1,678
1,298
664
Accounts Receivable, Net
96
127
128
Inventories
- -
- -
- -
Total Current Liabilities
10,856
12,392
12,409
Payables & Accruals
1,551
1,575
1,721
ST Debt
6,924
8,426
8,308
Deferred Revenue
2,381
2,391
2,380

Growth Rates

THB

•

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

THB

•

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
1,772
- -
- -
- -

Quarterly Earnings Per Share

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.34
-0.1
0.22
0.1
0.47
2025
0.25
0.23
0.07
0.41
0.96
2026
0.22
0.25
- -
- -
- -

Quarterly Dividends Per Share

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.25
0.26
0.04
0.22
0.7
2025
0.1
0.25
0.23
0.07
0.64
2026
0.28
0.28
- -
- -
- -

Company Description

Company Profile APIChatGPT
CEO
Pattamika Pongsurayamas
Sector
Miscellaneous
Industry
Investment trusts
Address
No. 999/9 Rama I Road Bangkok BM Thailand 10900
IPO Date
Dec 14, 2017
Website
cpnreit.com
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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.