Reported Earnings • May 16
First quarter 2026 earnings released: EPS: ฿1.11 (vs ฿0.94 in 1Q 2025) First quarter 2026 results: EPS: ฿1.11 (up from ฿0.94 in 1Q 2025). Revenue: ฿13.5b (up 6.6% from 1Q 2025). Net income: ฿4.97b (up 18% from 1Q 2025). Profit margin: 37% (up from 33% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 24
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: ฿4.20 (up from ฿3.73 in FY 2024). Revenue: ฿54.6b (up 2.3% from FY 2024). Net income: ฿18.8b (up 13% from FY 2024). Profit margin: 35% (up from 31% in FY 2024). The increase in margin was primarily driven by lower expenses. Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) exceeded analyst estimates by 5.7%. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Declared Dividend • Feb 23
Dividend increased to ฿2.40 Dividend of ฿2.40 is 14% higher than last year. Ex-date: 9th March 2026 Payment date: 19th May 2026 Dividend yield will be 3.8%, which is lower than the industry average of 4.3%. Sustainability & Growth Dividend is covered by both earnings (53% earnings payout ratio) and cash flows (28% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 21% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 18
Central Pattana Public Company Limited to Report Q4, 2025 Results on Feb 23, 2026 Central Pattana Public Company Limited announced that they will report Q4, 2025 results at 9:30 AM, SE Asia Standard Time on Feb 23, 2026 Reported Earnings • Nov 16
Third quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2025 results: EPS: ฿1.21 (up from ฿0.92 in 3Q 2024). Revenue: ฿14.1b (up 9.5% from 3Q 2024). Net income: ฿5.42b (up 32% from 3Q 2024). Profit margin: 38% (up from 32% in 3Q 2024). Revenue missed analyst estimates by 3.2%. Earnings per share (EPS) exceeded analyst estimates by 31%. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 14
Second quarter 2025 earnings: EPS exceeds analyst expectations Second quarter 2025 results: EPS: ฿0.96 (down from ฿1.01 in 2Q 2024). Revenue: ฿12.7b (down 9.4% from 2Q 2024). Net income: ฿4.30b (down 5.5% from 2Q 2024). Profit margin: 34% (up from 33% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.1%. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Aug 13
Central Pattana Public Company Limited (SET:CPN) announces an Equity Buyback for 111,000,000 shares, for THB 5,000 million. Central Pattana Public Company Limited (SET:CPN) announces a share repurchase program. Under the program, the company will repurchase up to 111,000,000 shares for THB 5,000 million. The shares will be repurchased at a price not exceeding 115% of the average closing price for past 5 business days prior to repurchase date. The purpose of share repurchase is to manage the company's liquidity efficiently, to increase the return on equity and the earnings per share. The repurchase program will expire on February 17, 2026. Buy Or Sell Opportunity • Jun 20
Now 25% overvalued Over the last 90 days, the stock has fallen 14% to ฿43.25. The fair value is estimated to be ฿34.70, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 29%. Revenue is forecast to grow by 11% in 2 years. Earnings are forecast to grow by 16% in the next 2 years. Reported Earnings • May 07
First quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2025 results: EPS: ฿0.94 (up from ฿0.93 in 1Q 2024). Revenue: ฿12.7b (down 1.1% from 1Q 2024). Net income: ฿4.23b (up 1.8% from 1Q 2024). Profit margin: 33% (in line with 1Q 2024). Revenue missed analyst estimates by 2.3%. Earnings per share (EPS) exceeded analyst estimates by 1.3%. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 1.5% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Apr 29
Central Pattana Public Company Limited Approves Dividend for the Year 2024, Payable on 19 May 2025 Central Pattana Public Company Limited at its AGM held on April 29, 2025 approved dividend of THB 2.10 per share for the year 2024. The dividend shall be payable on 19 May 2025 to the shareholders whose name appear in the Company on the Record Date, 18 March 2025, for the right to receive the dividend payment. Declared Dividend • Mar 06
Dividend increased to ฿2.10 Dividend of ฿2.10 is 17% higher than last year. Ex-date: 17th March 2025 Payment date: 19th May 2025 Dividend yield will be 4.1%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (56% earnings payout ratio) and cash flows (26% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 20% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 01
Full year 2024 earnings: Revenues and EPS in line with analyst expectations Full year 2024 results: EPS: ฿3.73 (up from ฿3.36 in FY 2023). Revenue: ฿53.8b (up 10% from FY 2023). Net income: ฿16.7b (up 11% from FY 2023). Profit margin: 31% (in line with FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 3.6% p.a. on average during the next 2 years, compared to a 2.5% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Mar 01
Central Pattana Public Company Limited, Annual General Meeting, Apr 29, 2025 Central Pattana Public Company Limited, Annual General Meeting, Apr 29, 2025, at 14:00 SE Asia Standard Time. Reported Earnings • Nov 15
Third quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2024 results: EPS: ฿0.92 (down from ฿0.93 in 3Q 2023). Revenue: ฿12.9b (flat on 3Q 2023). Net income: ฿4.13b (flat on 3Q 2023). Profit margin: 32% (in line with 3Q 2023). Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) missed analyst estimates by 2.5%. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: ฿1.01 (vs ฿0.82 in 2Q 2023) Second quarter 2024 results: EPS: ฿1.01 (up from ฿0.82 in 2Q 2023). Revenue: ฿13.5b (up 16% from 2Q 2023). Net income: ฿4.56b (up 24% from 2Q 2023). Profit margin: 34% (up from 32% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 1.0% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 14
First quarter 2024 earnings released: EPS: ฿0.93 (vs ฿0.73 in 1Q 2023) First quarter 2024 results: EPS: ฿0.93 (up from ฿0.73 in 1Q 2023). Revenue: ฿12.8b (up 19% from 1Q 2023). Net income: ฿4.15b (up 28% from 1Q 2023). Profit margin: 32% (up from 30% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 1.7% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • May 13
Now 21% overvalued The stock has been flat over the last 90 days, currently trading at ฿63.25. The fair value is estimated to be ฿52.40, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 21%. For the next 3 years, revenue is forecast to grow by 5.5% per annum. Earnings are also forecast to grow by 7.3% per annum over the same time period. Announcement • Apr 27
Central Pattana Public Company Limited Approves Dividend for 2023, Payable on 15 May 2024 Central Pattana Public Company Limited at its Annual General Meeting of Shareholders held on 25 April 2024 approved dividend payment against the 2023 performance outcomes at THB 1.80 per share for the totaling 4,480,000,000 shares equally THB 8,078,400,000. The dividend shall be payable on 15 May 2024 to the shareholders whose name appeared to the Company on the Record Date, 15 March 2024, for the right to receive of dividend payment. Buy Or Sell Opportunity • Apr 09
Now 22% overvalued Over the last 90 days, the stock has fallen 1.9% to ฿64.75. The fair value is estimated to be ฿52.97, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 21%. For the next 3 years, revenue is forecast to grow by 5.0% per annum. Earnings are also forecast to grow by 7.1% per annum over the same time period. Upcoming Dividend • Mar 07
Upcoming dividend of ฿1.80 per share Eligible shareholders must have bought the stock before 14 March 2024. Payment date: 15 May 2024. Payout ratio is a comfortable 54% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of Thai dividend payers (6.2%). Lower than average of industry peers (4.5%). Reported Earnings • Mar 02
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: ฿3.36 (up from ฿2.40 in FY 2022). Revenue: ฿48.3b (up 27% from FY 2022). Net income: ฿15.1b (up 40% from FY 2022). Profit margin: 31% (up from 28% in FY 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.0%. Earnings per share (EPS) also surpassed analyst estimates by 4.5%. Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 1.8% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Mar 02
Central Pattana Public Company Limited, Annual General Meeting, Apr 25, 2024 Central Pattana Public Company Limited, Annual General Meeting, Apr 25, 2024, at 11:00 SE Asia Standard Time. Agenda: To consider the Acknowledgment of the Company’s performance outcomes of 2023; to consider the Approval of the dividend payment against the 2023 performance outcomes; to consider the Approval of the appointment of directors in place of those who are due to retire by rotation in 2024; to consider the Approval of the remuneration for the Board of Directors for 2024; and to discuss other matters. Announcement • Mar 01
Central Pattana Public Company Limited Proposes Dividend Payment for 2023, Payable on 15 May 2024 Central Pattana Public Company Limited at its board meeting held on 29 February 2024 approved to propose the dividend payment against the 2023 performance outcomes at THB 1.80 per share. The Record Date for the right to receive dividend would fall on 15 March 2024, and the dividend would be paid on 15 May 2024. However, the right to receive dividend is uncertain until it will be approved by the 2024 AGM. Buy Or Sell Opportunity • Feb 16
Now 20% overvalued Over the last 90 days, the stock has fallen 4.5% to ฿63.50. The fair value is estimated to be ฿52.76, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 12%. Revenue is forecast to grow by 9.2% in 2 years. Earnings are forecast to grow by 19% in the next 2 years. Reported Earnings • Nov 14
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: ฿0.93 (up from ฿0.64 in 3Q 2022). Revenue: ฿12.7b (up 35% from 3Q 2022). Net income: ฿4.16b (up 45% from 3Q 2022). Profit margin: 33% (up from 31% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.8%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 7% per year. New Risk • Oct 31
New major risk - Revenue and earnings growth Earnings have declined by 5.6% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 5.6% per year over the past 5 years. Minor Risk High level of debt (88% net debt to equity). New Risk • Sep 26
New major risk - Revenue and earnings growth Earnings have declined by 5.6% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 5.6% per year over the past 5 years. Minor Risk High level of debt (88% net debt to equity). Reported Earnings • Aug 16
Second quarter 2023 earnings released: EPS: ฿0.82 (vs ฿0.61 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.82 (up from ฿0.61 in 2Q 2022). Revenue: ฿11.4b (up 27% from 2Q 2022). Net income: ฿3.68b (up 34% from 2Q 2022). Profit margin: 32% (up from 31% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 16
First quarter 2023 earnings released: EPS: ฿0.73 (vs ฿0.52 in 1Q 2022) First quarter 2023 results: EPS: ฿0.73 (up from ฿0.52 in 1Q 2022). Revenue: ฿10.7b (up 32% from 1Q 2022). Net income: ฿3.25b (up 39% from 1Q 2022). Profit margin: 30% (up from 29% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.5% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Upcoming Dividend • Mar 01
Upcoming dividend of ฿1.15 per share at 1.7% yield Eligible shareholders must have bought the stock before 08 March 2023. Payment date: 17 May 2023. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of Thai dividend payers (5.6%). Lower than average of industry peers (3.5%). Reported Earnings • Feb 24
Full year 2022 earnings released: EPS: ฿2.40 (vs ฿1.59 in FY 2021) Full year 2022 results: EPS: ฿2.40 (up from ฿1.59 in FY 2021). Revenue: ฿38.7b (up 47% from FY 2021). Net income: ฿10.8b (up 51% from FY 2021). Profit margin: 28% (in line with FY 2021). Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 8 non-independent directors. Independent Director Winid Silamongkol was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 11
Third quarter 2022 earnings released: EPS: ฿0.64 (vs ฿0.05 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.64 (up from ฿0.05 in 3Q 2021). Revenue: ฿9.75b (up 105% from 3Q 2021). Net income: ฿2.87b (up ฿2.64b from 3Q 2021). Profit margin: 30% (up from 4.8% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Major Estimate Revision • Aug 17
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from ฿40.5b to ฿36.6b. EPS estimate also fell from ฿2.59 per share to ฿2.31 per share. Net income forecast to grow 58% next year vs 23% growth forecast for Real Estate industry in Thailand. Consensus price target broadly unchanged at ฿69.96. Share price was steady at ฿65.75 over the past week. Announcement • Aug 11
Central Pattana Public Company Limited Announces Executive Changes Central Pattana Public Company Limited informed that on 9 August 2022, its Board of Directors Meeting has passed significant resolutions as follows: Acknowledged the resignation from the directorship of Mr. Karun Kittisataporn and Mr. Paitoon Taveebhol. Such directors will perform their duties till end of 31 August 2022. Appointed Mrs. Parnsiree Amatayakul and Mr. Winid Silamongkol to be directors replacing Mr. Karun Kittisataporn and Mr. Paitoon Taveebhol respectively. Appointed the following persons to take positions in sub-committees to fulfill the vacated position: Mr. Veravat Chutichetpong: Lead Independent Director and Chairman of the Risk Policy Committee; Mr. Winid Silamongkol: Chairman of Audit and Corporate Governance Committee; Mrs. Jotika Savanananda: Chairman of the Nomination and Remuneration Committee; Mrs. Parnsiree Amatayakul: Member of Audit and Corporate Governance Committee and Member of the Nomination and Remuneration Committee. In addition, such resolutions are effective on 1 September 2022 onwards and the List of Members of the Board of Directors since 1 September 2022 are: Mr. Sudhitham Chirathivat: Chairman; Mr. Veravat Chutichetpong: Lead Independent Director, Chairman of the Risk Policy Committee; Mr. Winid Silamongkol: Independent Director, Chairman of Audit and Corporate Governance Committee; Mrs. Jotika Savanananda: Independent Director, Chairman of the Nomination and Remuneration Committee, Member of Audit and Corporate Governance Committee; Mrs. Parnsiree Amatayakul: Independent Director, Member of Audit and Corporate Governance Committee, Member of the Nomination and Remuneration Committee; Mr. Suthikiati Chirathivat: Director; Mrs. Nidsinee Chirathivat: Director; Mr. Kobchai Chirathivat: Director, Member of the Nomination and Remuneration Committee, Member of the Risk Policy Committee; Mr. Prin Chirathivat: Director, Member of the Risk Policy Committee, Advisor to the Nomination and Remuneration Committee; Mr. Preecha Ekkunagul: Director, Member of the Risk Policy Committee; Mr. Suthipak Chirathivat: Director; Miss Wallaya Chirathivat: Director, Member of the Risk Policy Committee, President and CEO. Reported Earnings • Aug 11
Second quarter 2022 earnings released: EPS: ฿0.61 (vs ฿0.30 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.61 (up from ฿0.30 in 2Q 2021). Revenue: ฿9.53b (up 52% from 2Q 2021). Net income: ฿2.75b (up 117% from 2Q 2021). Profit margin: 29% (up from 20% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 23%, compared to a 30% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Aug 01
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from ฿40.5b to ฿37.9b. EPS estimate also fell from ฿2.59 per share to ฿2.31 per share. Net income forecast to grow 112% next year vs 22% growth forecast for Real Estate industry in Thailand. Consensus price target broadly unchanged at ฿68.88. Share price rose 6.0% to ฿66.00 over the past week. Major Estimate Revision • Jul 27
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from ฿40.5b to ฿35.5b. EPS estimate unchanged from ฿2.32 per share at last update. Real Estate industry in Thailand expected to see average net income growth of 22% next year. Consensus price target broadly unchanged at ฿68.63. Share price rose 4.5% to ฿63.50 over the past week. Major Estimate Revision • Jul 01
Consensus revenue estimates increase by 21% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from ฿33.5b to ฿40.5b. EPS estimate increased from ฿2.08 to ฿2.59 per share. Net income forecast to grow 123% next year vs 22% growth forecast for Real Estate industry in Thailand. Consensus price target broadly unchanged at ฿67.96. Share price was steady at ฿61.00 over the past week. Reported Earnings • May 13
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: ฿0.52 (down from ฿0.85 in 1Q 2021). Revenue: ฿8.12b (up 22% from 1Q 2021). Net income: ฿2.33b (down 39% from 1Q 2021). Profit margin: 29% (down from 57% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) also surpassed analyst estimates by 39%. Over the next year, revenue is forecast to grow 27%, compared to a 18% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 8 non-independent directors. Independent Director Jotika Savanananda was the last independent director to join the board, commencing their role in 2015. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Feb 25
Upcoming dividend of ฿0.60 per share Eligible shareholders must have bought the stock before 04 March 2022. Payment date: 17 May 2022. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of Thai dividend payers (5.2%). Lower than average of industry peers (3.3%). Reported Earnings • Feb 22
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: ฿1.59 (down from ฿2.13 in FY 2020). Revenue: ฿30.4b (up 2.3% from FY 2020). Net income: ฿7.15b (down 25% from FY 2020). Profit margin: 24% (down from 32% in FY 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) exceeded analyst estimates by 2.6%. Over the next year, revenue is forecast to grow 7.6%, compared to a 19% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 13% per year whereas the company’s share price has fallen by 9% per year. Reported Earnings • Nov 09
Third quarter 2021 earnings released: EPS ฿0.05 (vs ฿0.55 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿5.46b (down 27% from 3Q 2020). Net income: ฿236.1m (down 91% from 3Q 2020). Profit margin: 4.3% (down from 33% in 3Q 2020). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 9% per year. Director Overboarding • Sep 07
Director Prin Chirathivat has joined 5th company board Director Prin Chirathivat has been appointed to the board of Siam Future Development Public Company Limited (SET:SF). Chirathivat now sits on a total of 5 company boards. According to the Simply Wall St Risk Model, the director is at risk of having too many board obligations. Director Overboarding • Sep 07
Director Prin Chirathivat has joined 5th company board Director Prin Chirathivat has been appointed to the board of Siam Future Development Public Company Limited (SET:SF). Chirathivat now sits on a total of 5 company boards. According to the Simply Wall St Risk Model, the director is at risk of having too many board obligations. Director Overboarding • Sep 07
Director Prin Chirathivat has joined 5th company board Director Prin Chirathivat has been appointed to the board of Siam Future Development Public Company Limited (SET:SF). Chirathivat now sits on a total of 5 company boards. According to the Simply Wall St Risk Model, the director is at risk of having too many board obligations. Director Overboarding • Sep 07
Director Prin Chirathivat has joined 5th company board Director Prin Chirathivat has been appointed to the board of Siam Future Development Public Company Limited (SET:SF). Chirathivat now sits on a total of 5 company boards. According to the Simply Wall St Risk Model, the director is at risk of having too many board obligations. Director Overboarding • Sep 07
Director Prin Chirathivat has joined 5th company board Director Prin Chirathivat has been appointed to the board of Siam Future Development Public Company Limited (SET:SF). Chirathivat now sits on a total of 5 company boards. According to the Simply Wall St Risk Model, the director is at risk of having too many board obligations. Reported Earnings • Aug 11
Second quarter 2021 earnings released: EPS ฿0.29 (vs ฿0.10 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿6.13b (up 40% from 2Q 2020). Net income: ฿1.27b (up 172% from 2Q 2020). Profit margin: 21% (up from 11% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings. Reported Earnings • May 19
First quarter 2021 earnings released: EPS ฿0.85 (vs ฿1.03 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and revenues, although profit margins were improved. First quarter 2021 results: Revenue: ฿6.90b (down 24% from 1Q 2020). Net income: ฿3.83b (down 17% from 1Q 2020). Profit margin: 56% (up from 50% in 1Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. Announcement • Apr 30
Central Pattana Public Company Limited Recommends Dividend for the Year 2020, Payable on 21 May 2021 The Board of Central Pattana Public Company Limited considered and agreed to recommend the shareholders to consider and approve the dividend payment against the 2020 performance outcomes at THB 0.70 per share compared to THB 0.80 per share a year ago, thus conform to the Company's dividend policy. The Record Date for the right to receive dividend would fall on 5 March 2021. The dividend would be paid on 21 May 2021. However, the right to receive dividend is not confirmed until approved by the 2021 AGM. Details of dividend payment. Total dividend payment for the year 2020 to be THB 3,129,592,690 compared to THB 3,567,677,360 a year ago. Executive Departure • Apr 03
Senior Vice President of Accounting & Administration Suwadee Singngam has left the company On the 31st of March, Suwadee Singngam's tenure in the role of Senior Vice President of Accounting & Administration ended. We don't have any record of a personal shareholding under Suwadee's name. Suwadee is the only executive to leave the company over the last 12 months. Is New 90 Day High Low • Mar 10
New 90-day high: ฿60.00 The company is up 7.0% from its price of ฿56.25 on 09 December 2020. The Thai market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿51.59 per share. Announcement • Feb 23
Grand Canal Land Public Company Limited Enters into the Service Agreement with Central Pattana Public Company Limited Grand Canal Land Public Company Limited enters into the Service Agreement with Central Pattana Public Company Limited. Service receiver: Grand Canal Land Public Company Limited and its subsidiaries . Service provider: Central Pattana Plc. or its subsidiaries (CPN). Relationship: CPN is a major shareholder and controlling person of the Company, indirectly holding 4,389,418,545 shares or equal to 67.53% of the total issued and outstanding shares of the Company through CPN Pattaya Company Limited. The Company will engage CPN to provide business management, setting policies, as well as, advising on business operation. The agreement will be effective for two years from 1 January 2021 to 31 December 2022. Details of the service fee to be paid to CPN are: 3% of the Company's revenues from rental and service income including revenues from rental and service income arising from property assets managed by the Company; 2% of the net revenues of the Company; In the event that CPN procures and/or leads the process of business investment or the divestment, payment and transfer of real estates to the Company, CPN will receive such fee at the rate of 1.5% of the Company's total additional investment and at the rate of 0.75% of the Company's receipt from the transaction. The minimum and maximum of the monthly service fees are not less than THB 4 million and not exceed THB 7 million respectively. The sum of the maximum service fees paid during the two-year contract term will not exceed THB 168 million, or equivalent to 1.21% of the net value of tangible assets based on the consolidated financial statements of 31 December 2020. Combined with the 1.68% in other connected transactions of the past six months (17 August 2020 18 February 2021), the total size of such transaction will be 2.89% which is higher than 0.03% but not exceeding 3% of the net tangible asset value of the Company. Reported Earnings • Feb 20
Full year 2020 earnings released: EPS ฿2.13 (vs ฿2.62 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿33.2b (down 15% from FY 2019). Net income: ฿9.56b (down 19% from FY 2019). Profit margin: 29% (down from 30% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings. Analyst Estimate Surprise Post Earnings • Feb 20
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) also surpassed analyst estimates by 5.8%. Over the next year, revenue is expected to shrink by 1.5% compared to a 4.2% growth forecast for the Real Estate industry in Thailand. Announcement • Jan 28
Central Pattana Public Company Limited, Annual General Meeting, Apr 30, 2021 Central Pattana Public Company Limited, Annual General Meeting, Apr 30, 2021. Location: World Ballroom, 23rd fl at Centara Grand & Bangkok Convention Centre at CentralWorld Bangkok Thailand Is New 90 Day High Low • Dec 08
New 90-day high: ฿56.50 The company is up 24% from its price of ฿45.50 on 09 September 2020. The Thai market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿49.17 per share. Major Estimate Revision • Nov 16
Analysts increase EPS estimates to ฿1.82 The 2020 consensus revenue estimate increased from ฿26.9b to ฿27.8b. The earnings per share estimate also received an upgrade from ฿1.55 to ฿1.82 for the same period. Net income is expected to shrink by 14% next year compared to 10% decline forecast for the Real Estate industry in Thailand. The consensus price target increased from ฿54.10 to ฿55.39. Share price is up 18% to ฿52.00 over the past week. Valuation Update With 7 Day Price Move • Nov 16
Market bids up stock over the past week After last week's 18% share price gain to ฿52.00, the stock is trading at a trailing P/E ratio of 20.8x, up from the previous P/E ratio of 17.6x. This compares to an average P/E of 9x in the Real Estate industry in Thailand. Total return to shareholders over the past three years is a loss of 35%. Analyst Estimate Surprise Post Earnings • Nov 10
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 16%. Earnings per share (EPS) also surpassed analyst estimates by 167%. Over the next year, revenue is expected to shrink by 4.4% compared to a 5.7% decline forecast for the Real Estate industry in Thailand. Is New 90 Day High Low • Nov 10
New 90-day high: ฿50.25 The company is up 10.0% from its price of ฿45.50 on 11 August 2020. The Thai market is down 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is down 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿41.17 per share. Reported Earnings • Nov 10
Third quarter 2020 earnings released: EPS ฿0.55 The company reported a soft third quarter result with weaker earnings and revenues, although profit margins were improved. Third quarter 2020 results: Revenue: ฿7.95b (down 19% from 3Q 2019). Net income: ฿2.48b (down 12% from 3Q 2019). Profit margin: 31% (up from 29% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Oct 16
New 90-day low: ฿41.25 The company is down 18% from its price of ฿50.50 on 17 July 2020. The Thai market is down 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is down 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿46.46 per share. Announcement • Jul 30
Mitsubishi Estate Asia Pte. Ltd. completed the acquisition of CPN Village Company ltd from Central Pattana Public Company Limited (SET:CPN) for approximately THB 250 million. Mitsubishi Estate Asia Pte. Ltd. entered into an agreement to acquire CPN Village Company ltd from Central Pattana Public Company Limited (SET:CPN) on November 26, 2019.
Mitsubishi Estate Asia Pte. Ltd. completed the acquisition of CPN Village Company ltd from Central Pattana Public Company Limited (SET:CPN) for approximately THB 250 million in November, 2019. Under the terms of the transaction, Central Pattana Public Company Limited sold 0.03 million shares for THB 254.79 million. Post-closing, the shareholding of Central Pattana Public Company Limited in CPN Village Company decreased from 100% to 70%. 
