CPN Gains 2%, Analyst Expects Vaccine Campaign-New Store Openings to Boost 2H21 Earnings

The share price of Central Pattana Public Company Limited (CPN) rose ฿1.00/share or 1.91% to ฿53.25/share as of 14:44 local time in Thailand, with a trading value of 882 million baht.

 

Kasikorn Securities (KS) anticipated an improvement in operational profit in the second half of this year as a result of the nationwide vaccination program, and Thailand will reopen its gates to international tourists on July 1, 2021. Consequently As a result, the public’s confidence in shopping malls is restored.

Additionally, CPN planned to open two new shopping centers in 3Q21 and 4Q21, respectively: Centralplaza Ayutthaya and Centralplaza Siracha. Also, there are plans to develop two new projects between 2022-2024.

As a result, KS has given a “BUY” recommendation on CPN with a target price of 60 baht per share, as the share price is still Laggard. KS believes CPN will start to recover in the second half of the year.