บทวิเคราะห์ (Research)

(EN) CPNREIT : Initiate coverage - Thailand’s largest retail RE CPNREIT is the largest retail REIT in Thailand. It has invested in 12 leasehold assets (average 20-year remaining life) in prime Bangkok and major provinces. This enables it for risk diversifications (asset type, locations, revenue mix, tenant profile and recurring income). Its risk of sharp falling DPU is lift as recently successful recap and renew the contract for Central Pinklao (2Q24) and Central Rama 2 (next year). We look for core earnings growth of 4% CAGR p.a. in next three years and DPU at Bt1.06-Bt1.12, attractive yield of 9.4-9.9%, backed by strong recovery and favorable rent hike. We value it at Bt12.50/unit offering good return of 10% and IRR of 6.2%. We re-initiate coverage with a Trading BUY.