Financials Central Pattana

Equities

CPN

TH0481B10Z00

Real Estate Development & Operations

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-05-02 pm EDT			5-day change	1st Jan Change
62.75 ^THB	-0.79%		+1.21%	-10.36%

Apr. 25	Central Pattana Public Company Limited Approves Dividend for 2023, Payable on 15 May 2024	CI
Feb. 29	Central Pattana Public Company Limited Proposes Dividend Payment for 2023, Payable on 15 May 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	279,378	213,483	252,603	317,430	314,160	281,622	-	-
Enterprise Value (EV) ¹	311,353	252,750	330,252	393,929	314,160	353,032	351,709	357,469
P/E ratio	23.8 x	22.4 x	35.5 x	29.6 x	20.8 x	17.4 x	16.2 x	15 x
Yield	2.09%	1.47%	1.06%	1.62%	-	2.65%	2.83%	2.98%
Capitalization / Revenue	7.61 x	7.66 x	10.2 x	8.92 x	6.89 x	5.69 x	5.3 x	4.98 x
EV / Revenue	8.48 x	9.07 x	13.3 x	11.1 x	6.89 x	7.13 x	6.62 x	6.32 x
EV / EBITDA	16.5 x	11.3 x	25.9 x	16.3 x	11.4 x	12.2 x	11.4 x	10.8 x
EV / FCF	39.5 x	293 x	-43.4 x	39.4 x	-	23.7 x	19.7 x	25.2 x
FCF Yield	2.53%	0.34%	-2.3%	2.54%	-	4.22%	5.07%	3.96%
Price to Book	3.87 x	3.12 x	3.46 x	3.91 x	-	2.77 x	2.52 x	2.3 x
Nbr of stocks (in thousands)	4,488,000	4,470,847	4,470,850	4,470,850	4,488,000	4,488,000	-	-
Reference price ²	62.25	47.75	56.50	71.00	70.00	62.75	62.75	62.75
Announcement Date	2/21/20	2/19/21	2/21/22	2/23/23	2/29/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	36,719	27,862	24,840	35,575	45,613	49,525	53,105	56,543
EBITDA ¹	18,911	22,360	12,766	24,115	27,648	29,037	30,967	33,165
EBIT ¹	13,665	14,454	4,642	15,565	19,102	19,631	21,048	22,929
Operating Margin	37.21%	51.88%	18.69%	43.75%	41.88%	39.64%	39.64%	40.55%
Earnings before Tax (EBT) ¹	14,146	11,765	9,028	13,361	18,693	19,430	21,146	22,677
Net income ¹	11,738	9,557	7,148	10,760	15,062	16,271	17,467	18,727
Net margin	31.97%	34.3%	28.78%	30.25%	33.02%	32.85%	32.89%	33.12%
EPS ²	2.620	2.130	1.590	2.400	3.360	3.598	3.875	4.180
Free Cash Flow ¹	7,885	862.8	-7,611	10,003	-	14,907	17,847	14,160
FCF margin	21.47%	3.1%	-30.64%	28.12%	-	30.1%	33.61%	25.04%
FCF Conversion (EBITDA)	41.7%	3.86%	-	41.48%	-	51.34%	57.63%	42.7%
FCF Conversion (Net income)	67.18%	9.03%	-	92.96%	-	91.61%	102.18%	75.61%
Dividend per Share ²	1.300	0.7000	0.6000	1.150	-	1.664	1.778	1.871
Announcement Date	2/21/20	2/19/21	2/21/22	2/23/23	2/29/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	-	4,676	7,672	7,778	8,576	-	9,011	10,209	9,981	10,865	20,846	11,918	12,849	11,779	12,256	12,256	12,256	-
EBITDA ¹	-	2,901	2,836	5,452	8,254	-	6,208	6,276	6,706	6,036	11,549	6,566	7,336	7,521	-	-	-	26,720
EBIT ¹	-	887.8	643	3,361	4,016	-	4,086	4,085	4,664	3,875	7,345	4,401	5,159	4,765	4,595	4,595	4,595	-
Operating Margin	-	18.98%	8.38%	43.21%	46.83%	-	45.35%	40.01%	46.72%	35.66%	35.23%	36.92%	40.15%	40.45%	37.49%	37.49%	37.49%	-
Earnings before Tax (EBT) ¹	-	452.2	2,181	2,848	3,493	-	3,536	3,484	4,071	4,483	7,478	5,122	5,017	5,044	-	-	-	-
Net income ¹	5,103	229.2	1,816	2,328	2,753	5,082	2,872	2,806	3,246	3,678	6,924	4,162	3,976	4,027	-	-	-	-
Net margin	-	4.9%	23.67%	29.93%	32.11%	-	31.87%	27.49%	32.52%	33.85%	33.21%	34.92%	30.95%	34.19%	-	-	-	-
EPS ²	1.140	0.0500	0.4000	0.5200	0.6100	1.130	0.6400	0.6300	0.7200	0.8200	-	0.9300	0.8800	0.9033	-	-	-	-
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1.789	-	-	-
Announcement Date	8/9/21	11/8/21	2/21/22	5/11/22	8/10/22	8/10/22	11/10/22	2/23/23	5/15/23	8/15/23	8/15/23	11/13/23	2/29/24	-	-	-	-	-

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	31,975	39,267	77,649	76,499	-	71,410	70,087	75,847
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.691 x	1.756 x	6.082 x	3.172 x	-	2.459 x	2.263 x	2.287 x
Free Cash Flow ¹	7,885	863	-7,611	10,003	-	14,907	17,847	14,160
ROE (net income / shareholders' equity)	17%	13.6%	10.1%	13.9%	-	16.5%	16.5%	16.1%
ROA (Net income/ Total Assets)	7.08%	4.88%	2.95%	4.01%	-	5.63%	5.84%	6.09%
Assets ¹	165,820	195,842	242,534	268,059	-	289,166	298,940	307,638
Book Value Per Share ²	16.10	15.30	16.40	18.20	-	22.70	24.90	27.30
Cash Flow per Share ²	3.960	1.730	1.750	3.650	-	5.580	5.680	5.940
Capex ¹	9,886	6,899	15,470	6,384	-	18,891	19,560	25,040
Capex / Sales	26.92%	24.76%	62.28%	17.95%	-	38.15%	36.83%	44.28%
Announcement Date	2/21/20	2/19/21	2/21/22	2/23/23	2/29/24	-	-	-

¹THB in Million²THB

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Central Pattana

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

62.75 THB

Average target price

81.01 THB

Spread / Average Target

+29.09%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Real Estate Development & Operations

	1st Jan change	Capi.
CENTRAL PATTANA	-10.36%	7.69B
MITSUI FUDOSAN CO., LTD.	+40.41%	29.49B
SUN HUNG KAI PROPERTIES LIMITED	-11.60%	27.43B
CHINA RESOURCES LAND LIMITED	+7.86%	27.14B
DLF LIMITED	+20.90%	26.59B
MITSUBISHI ESTATE CO., LTD.	+49.25%	23.87B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+13.23%	21.03B
EMAAR PROPERTIES	-1.52%	19.01B
SUMITOMO REALTY & DEVELOPMENT CO., LTD.	+28.90%	16.66B
CK ASSET HOLDINGS LIMITED	-13.27%	15.27B

Other Real Estate Development & Operations