Central Pattana Public Company Limited

SET:CPN Stock Report

Market Cap: ฿279.4b

Central Pattana Valuation

Is CPN undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of CPN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: CPN (THB62.25) is trading above our estimate of fair value (THB57.9)

Significantly Below Fair Value: CPN is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for CPN?

Key metric: As CPN is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for CPN. This is calculated by dividing CPN's market cap by their current earnings.
What is CPN's PE Ratio?
PE Ratio16.6x
Earnings฿16.81b
Market Cap฿279.38b

Price to Earnings Ratio vs Peers

How does CPN's PE Ratio compare to its peers?

The above table shows the PE ratio for CPN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average13.2x
SPI Saha Pathana Inter-Holding
10.3xn/a฿37.6b
MBK MBK
11.3xn/a฿27.3b
BLAND Bangkok Land
8.5xn/a฿10.4b
GLAND Grand Canal Land
22.7xn/a฿10.4b
CPN Central Pattana
16.6x6.3%฿279.4b

Price-To-Earnings vs Peers: CPN is expensive based on its Price-To-Earnings Ratio (16.6x) compared to the peer average (13.2x).

Price to Earnings Ratio vs Industry

How does CPN's PE Ratio compare vs other companies in the TH Real Estate Industry?

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
WORLD World Corporation
1.8xn/aUS$4.34m
No more companies available in this PE range
CPN 16.6xIndustry Avg. 15.0xNo. of Companies7PE0816243240+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: CPN is expensive based on its Price-To-Earnings Ratio (16.6x) compared to the TH Real Estate industry average (15x).

Price to Earnings Ratio vs Fair Ratio

What is CPN's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

CPN PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio16.6x
Fair PE Ratio12.4x

Price-To-Earnings vs Fair Ratio: CPN is expensive based on its Price-To-Earnings Ratio (16.6x) compared to the estimated Fair Price-To-Earnings Ratio (12.4x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst CPN forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current฿62.25
฿79.98
+28.5%
5.5%฿85.25฿70.00n/a19
Nov ’25฿63.00
฿79.72
+26.5%
5.5%฿85.00฿70.00n/a19
Oct ’25฿67.25
฿79.64
+18.4%
5.6%฿85.00฿70.00n/a19
Sep ’25฿59.50
฿79.64
+33.9%
5.6%฿85.00฿70.00n/a19
Aug ’25฿55.75
฿80.36
+44.1%
6.0%฿87.00฿70.00n/a19
Jul ’25฿55.50
฿81.09
+46.1%
5.2%฿87.00฿70.00n/a19
Jun ’25฿57.25
฿81.16
+41.8%
5.3%฿87.00฿70.00n/a19
May ’25฿63.50
฿81.01
+27.6%
5.3%฿87.00฿70.00n/a19
Apr ’25฿63.25
฿81.78
+29.3%
4.5%฿87.00฿72.70n/a18
Mar ’25฿66.25
฿81.47
+23.0%
4.9%฿86.00฿70.60n/a17
Feb ’25฿64.25
฿81.84
+27.4%
5.9%฿92.00฿70.60n/a18
Jan ’25฿70.00
฿81.10
+15.9%
6.1%฿90.00฿70.00n/a17
Dec ’24฿68.00
฿81.02
+19.1%
6.1%฿90.00฿70.00n/a17
Nov ’24฿62.25
฿80.71
+29.7%
6.3%฿90.00฿69.90฿63.0019
Oct ’24฿63.25
฿80.86
+27.8%
6.1%฿90.00฿69.90฿67.2518
Sep ’24฿68.00
฿80.86
+18.9%
6.0%฿90.00฿69.90฿59.5019
Aug ’24฿68.00
฿79.91
+17.5%
7.9%฿90.00฿63.00฿55.7519
Jul ’24฿65.50
฿79.79
+21.8%
7.9%฿88.00฿63.00฿55.5018
Jun ’24฿67.00
฿79.67
+18.9%
8.0%฿88.00฿63.00฿57.2518
May ’24฿68.00
฿77.64
+14.2%
9.1%฿88.00฿63.00฿63.5018
Apr ’24฿68.75
฿77.65
+12.9%
9.1%฿88.00฿63.00฿63.2518
Mar ’24฿69.25
฿77.59
+12.0%
8.7%฿88.00฿63.00฿66.2520
Feb ’24฿72.25
฿76.56
+6.0%
7.8%฿83.50฿63.00฿64.2520
Jan ’24฿71.00
฿76.19
+7.3%
7.4%฿82.00฿63.00฿70.0020
Dec ’23฿70.75
฿75.54
+6.8%
7.5%฿85.00฿63.00฿68.0020
Nov ’23฿69.25
฿73.07
+5.5%
10.8%฿85.00฿49.10฿62.2521

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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