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Central Pattana Public Company (CPN) Fair Value & Analysis

Real Estate · TH · Market cap 309B THB

CP Central Pattana Public Company CPN · BK
Price66.50 THB
Fair Value71.37 THB
Upside+7.3%
Quality67/100
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Healthy Growth
Highly profitable · 35.2% net margin
Low debt · generates free cash flow
3.54% dividend yield
Ranks above peers (12/15)
Wide moat 74/100
Evidence: High Range 53.53 THB – 89.21 THB Share as image

Fair value as of: Aug 13, 2026

From 15 valuation models · updated today

Share price −0.4% over the past month.

A solid business, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
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Price vs Fair Value (5 years)

69.25 THB 39.73 THB Fair Value 71.37 THB Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range 39.73 THB – 69.25 THB · fair‑value band 53.53 THB – 89.21 THB · the 66.50 THB price screens below the 71.37 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Central Pattana Public Company (CPN) currently trades at 66.50 THB, while our model-based Fair Value estimate is 71.37 THB, implying the stock looks roughly 7.3% fairly valued today. The Quality Score stands at 67/100 (solid quality), in the Real Estate sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Central Pattana Public Company generated revenue of 55.6B THB at a net margin of 35.2%. Revenue grew 11.5% year over year. It earns a return on equity of 16.8%. Net debt stands at 168B THB. Fundamentals as of Aug 13, 2026

Our scenario range runs from 53.53 THB (bear case) to 89.21 THB (bull case); at 66.50 THB, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 2% below its 52-week high and 68% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -34% fair-value upside, at 7%, CPN screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF 100.30 THB 184.85 THB 335.18 THB 80
Residual Income 28.41 THB 36.09 THB 104.33 THB 76
Gordon GGM 20.43 THB 44.60 THB 75.03 THB 70
All 15 models by family
DCF Models
FCF DCF 100.30 THB 189.44 THB 348.50 THB 38
5Y Revenue Exit 58.98 THB 100.19 THB 154.20 THB 39
5Y EBITDA Exit 86.04 THB 155.13 THB 240.32 THB 41
10Y Revenue Exit 69.90 THB 113.73 THB 177.13 THB 36
10Y EBITDA Exit 89.91 THB 154.56 THB 249.82 THB 37
Dividend Discount
Gordon GGM 20.43 THB 44.60 THB 75.03 THB 70
DDM Multi-Stage 20.43 THB 36.53 THB 46.48 THB 61
Multiples
P/S Multiple 53.53 THB 71.37 THB 89.21 THB 58
P/B Multiple 36.72 THB 48.97 THB 61.21 THB 55
EV/EBIT 81.95 THB 112.38 THB 142.81 THB 53
EV/EBITDA 87.35 THB 119.58 THB 151.81 THB 54
EV/Revenue 41.01 THB 62.59 THB 84.16 THB 43
Asset-Based
NCAV (Graham) 12.24 THB 16.40 THB 24.48 THB 50
Growth DCF
Growth DCF 100.30 THB 184.85 THB 335.18 THB 80
Economic Profit
Residual Income 28.41 THB 36.09 THB 104.33 THB 76

Widest divergence: Growth DCF (184.85 THB) versus Asset-Based (16.40 THB). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 55.6B THB
Revenue growth (YoY) +11.5%
Net margin 35.2%
Return on equity 16.8%
Free cash flow 36.9B THB FY2025
P/E ratio 15.2
More key figures
Operating margin 49.6%
EPS (TTM) 4.37 THB
Dividend yield 3.7%
EPS growth (YoY) +18.1%
Net debt 168B THB FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 67/100

Of which business quality 64 · Market factors (momentum, volatility) 73

Profitability 46
Margins and returns on capital today
Quality Growth 42
Are margins and returns improving?
Cashflow 100
Earnings quality: real cash, not paper profit
Fin. Strength 41
Balance sheet, leverage, solvency risk
Investment 77
Disciplined investing over empire-building
Low Volatility 85
Calm price path (market factor)
Momentum 61
Price trend over the last 3–12 months (market factor)
52W Momentum 79
Distance to the 52-week high (market factor)
Net Issuance 81
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Central Pattana Public Company Limited develops and manages real estate properties in Thailand. It constructs, develops, and manages shopping malls, office buildings, hotels, and residential projects for lease. The company also provides utility services in shopping centers, property management consulting, corporate, and food center services.

Full company description

Central Pattana Public Company Limited develops and manages real estate properties in Thailand. It constructs, develops, and manages shopping malls, office buildings, hotels, and residential projects for lease. The company also provides utility services in shopping centers, property management consulting, corporate, and food center services. In addition, it engages in the operation of play lands and water theme parks in shopping centers; investment in real estate; education services; sale of land, houses, and condominium units; and management of a real estate investment trust. Central Pattana Public Company Limited was founded in 1980 and is headquartered in Bangkok, Thailand.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Central Pattana Public Company reported revenue of 54.6B THB in FY2025 versus 25.6B THB in FY2021, a compound +20.9%/yr. Reported net income was 18.8B THB in FY2025, compounding +27.4%/yr from FY2021.

Growth Quality 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
54.6B THB
Latest YoY
+8.7%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+15.3%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+13.7%
Avg. growth/yr (25Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+12.5%
Revenue +20.9%/yr
FY21 25.6B THB
FY22 35.6B THB
FY23 45.6B THB
FY24 50.2B THB
FY25 54.6B THB
Net income +27.4%/yr
FY21 7.1B THB
FY22 10.8B THB
FY23 15.1B THB
FY24 16.7B THB
FY25 18.8B THB
Character of growth · EPS growth decomposed (2014-2025) +8.4 % p.a.
Revenue per share +8.0 pp

of which total revenue +7.9 pp · buybacks/dilution +0.0 pp

EBIT margin +3.2 pp
Tax rate −0.4 pp
Residual (interest, one-offs) −2.3 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Central Pattana Public Company Fair Value". https://www.fairvalue-calculator.com/stock/CPN

Peer Group

Real Estate - Diversified · 138 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 67 · Top 25%
Fair Value upside +8% · Above median
Return on equity (TTM) 17% · Top 25%
Return on assets 5% · Top 25%
Net margin (TTM) 35% · Top 25%
Operating margin (TTM) 50% · Top 25%
Revenue growth 12% · Above median
Dividend yield (TTM) 3.5% · Above median
Debt / equity 0.38× · Lower than median

Valuation Multiples vs Real Estate - Diversified median · lower = cheaper

P/E (TTM) 15.2× · Pricier than median
P/B 2.81× · Pricier than 75% of peers
P/S (TTM) 5.55× · Pricier than 75% of peers
P/FCF 0.3× · Cheaper than 75% of peers
EV/EBITDA 11.0× · Cheaper than median
PEG 1.40× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 44 · sector 43
FUTURE 58 · sector 31
PAST 67 · sector 18
HEALTH 81 · sector 74
DIVIDEND 71 · sector 45

Insider activity: 45/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Real Estate - Diversified stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Swiss Prime Site AG SPSN CHF 128.80 CHF 44.83 -65%
Prestige Estates Projects Limited PRESTIGE ₹1,591 ₹645.21 -59%
The Phoenix Mills Limited PHOENIXLTD ₹1,905 ₹701.74 -63%
Umm Al Qura for Development and Construction Company 4325 17.55 SAR 11.60 SAR -34%
Fastighets AB BALDB kr 54.08 kr 70.70 +31%
Hainan Airport Infrastructure Co 600515 ¥2.94 ¥0.3300 -89%
Parque Arauco S.A PARAUCO 3,940 CLP 2,777 CLP -30%
Shenzhen Special Economic Zone Real Estate & Properties (Group) Co 000029 ¥23.19 ¥4.60 -80%
Corporación Inmobiliaria Vesta, S.A. VESTA 59.57 MXN 52.49 MXN -12%
Catena AB CATE kr 400.00 kr 298.00 -26%

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Frequently asked questions

Is Central Pattana Public Company (CPN) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 71.37 THB versus a price of 66.50 THB, about +7% (fairly valued).
What is the fair value of CPN?
Our model-based fair value for Central Pattana Public Company is 71.37 THB (as of Aug 13, 2026), built from audited fundamentals. The current price is 66.50 THB.
What is the quality score of CPN?
Central Pattana Public Company has a Quality Score of 67/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Central Pattana Public Company (CPN)?
Central Pattana Public Company reported trailing-twelve-month revenue of about 55.6B THB (latest available figure, as of Aug 13, 2026).
What is the net profit margin of CPN?
The net profit margin of Central Pattana Public Company is about 35.2%, meaning it keeps roughly 35.2% of revenue as net income. Based on the latest reported figures.
Does Central Pattana Public Company pay a dividend?
Central Pattana Public Company currently shows a dividend yield of about 3.74% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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