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Investing.com - Macquarie has upgraded Central Pattana PCL (BKK:CPN) from Neutral to Outperform and raised its price target to THB69.00 from THB56.00, citing robust performance in the company’s core rental business.
The Thai retail property developer reported second-quarter 2025 net profit of THB4.3 billion, which was in line with both Macquarie and Bloomberg consensus estimates, despite showing a 6% year-over-year decline but a 2% quarter-over-quarter increase.
Total revenue for the quarter reached THB12 billion, remaining flat compared to the previous quarter but falling 9% year-over-year, primarily due to lower residential business revenues, according to Macquarie’s analysis.
Excluding residential and non-recurring items, Central Pattana’s revenue grew 3% year-over-year and 1% quarter-over-quarter, driven by strong performance in its core rental and service business, particularly in shopping malls and hotels.
The company’s gross profit margin improved to 58.1% from 54.6% in the second quarter of 2024, while its weighted average interest rate decreased to 2.8% from 3.0% in the first quarter of 2025, further strengthening its financial position.
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