CPN’s Share Price Surges 5% as Customer Traffic Recovers

The share price of Central Pattana Public Company Limited (CPN) rose ฿2.75/share or 4.95% to ฿58.25/share as of 11:57 local time in Thailand, with a trading value of 751 million baht.

Maybank Kim Eng Securities (Thailand) (MBKET) holds a “BUY” recommendation on CPN with a target price of 60 baht, citing that with shopping centers reopening and the Covid situation easing, customer traffic should gradually recover, driving revenue to recover from 4Q21 onwards. The acquisition of SF share will expand CPN’s shopping center portfolio and create more opportunities for long-term growth.