Central Pattana Public Company Limited (CPN-R) fair value: what the stock is really worth
As of Sep 29, 2026: fair value of Central Pattana Public Company Limited THB 71.37, price THB 62.50, upside +14.2%, quality 66 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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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.
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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.
Stock analysis
Central Pattana Public Company Limited (CPN-R) currently trades at 62.50 THB, while our model-based Fair Value estimate is 71.37 THB, implying the stock looks roughly 12.4% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of 166.03 THB per share, and 10 of the 15 models we run sit above the 62.50 THB price.
Bear case: the Asset-Based group reads lowest at 16.40 THB, and 5 of the 15 models stay below the price. Evidence for this calculation is high.
Scenario range: 53.53 THB (bear) to 89.21 THB (bull), the price of 62.50 THB sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 66/100 (solid quality), in the Real Estate sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Central Pattana Public Company Limited 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.
Key figures
Market cap 281B THB (≈ $8.4B) · P/E ratio 14.3 · P/S ratio 4.94 · EPS (TTM) 4.37 THB · Dividend yield 3.8% · Net margin 34.5% · Return on equity 16.8% · Return on assets (EBIT) 6.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (medium confidence).
What moves the price
The share trades about 10% below its 52-week high and 20% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −48% fair-value upside, at 14%, CPN-R screens cheaper than that median.
Fair Value models
Bear 53.53 THBFair Value 71.37 THBBull 89.21 THB
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (1.49 THB per share) are deliberately not added.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+8.7%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+15.3%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+13.7%
Start year 2020 (pandemic). Over 10 years: +8.2% a year
Revenue growth 23 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+12.5%
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What shareholders gained per year (last 5 years), in THB ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in THB: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+18.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+14.5%
Dividend (yield on the price)3.8%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.14.5% vs 9.1%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.43% → 46%
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−3.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+6.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (Thailand: IMF forecast 1.2% a year to 2030, 1.1% from 2016 to 2025) that is about −4.8% a year for the price and +4.8% for the forecasts.
Compare Central Pattana Public Company Limited with another stock
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Real Estate - Diversified · 130 stocks
Beats the industry median on 12/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score66 · Top 25%
Fair Value upside+15.6% · Above median
Profitability
Return on equity (TTM)16.8% · Top 25%
Return on assets5.5% · Top 25%
Net margin (TTM)35.2% · Above median
Operating margin (TTM)49.6% · Above median
Growth and dividend
Revenue growth11.5% · Above median
Dividend yield (TTM)3.8% · Above median
Balance sheet
Debt / equity0.38× · Below median
Valuation Multiplesvs Real Estate - Diversified median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Central Pattana Public Company Limited Fair Value". https://www.fairvalue-calculator.com/stock/CPN-R
Frequently asked questions
Is Central Pattana Public Company Limited (CPN-R) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of 71.37 THB versus a price of 62.50 THB, about +14% upside (undervalued).
What is the fair value of CPN-R?
Our model-based fair value for Central Pattana Public Company Limited is 71.37 THB (as of Oct 3, 2026), built from audited fundamentals. The current price: 62.50 THB.
What is the quality score of CPN-R?
Central Pattana Public Company Limited has a Quality Score of 66/100. 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 price target for Central Pattana Public Company Limited (CPN-R)?
Our model-based price target is the fair value of 71.37 THB (as of Oct 3, 2026) from 15 valuation models. Cautious scenario 53.53 THB, optimistic scenario 89.21 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Central Pattana Public Company Limited stock forecast for 2026?
Our models put fair value at 71.37 THB, about +14% upside versus a price of 62.50 THB (undervalued). Cautious scenario 53.53 THB, optimistic scenario 89.21 THB. The calculation is refreshed regularly with new filings.
What is the revenue of Central Pattana Public Company Limited (CPN-R)?
Central Pattana Public Company Limited reported trailing-twelve-month revenue of about 55.6B THB (latest available figure, as of Oct 3, 2026).
Does Central Pattana Public Company Limited pay a dividend?
Central Pattana Public Company Limited currently shows a dividend yield of about 3.84% relative to its recent price (as of Oct 3, 2026).
What growth is priced into Central Pattana Public Company Limited (CPN-R)?
For today's price to be fair in a discounted-cash-flow model, Central Pattana Public Company Limited would have to grow free cash flow by -3.7 % per year for five years (discount rate 10.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +13.7 % per year. As of Oct 3, 2026.
What discount rate (WACC) does the fair value of CPN-R use?
Our models discount Central Pattana Public Company Limited at 10.3 %: a base by market capitalisation (mid), damped by beta 0.55, country premium for Thailand. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Central Pattana Public Company Limited that is -3.7 % per year a year over ten years, using the same discount rate (10.3 %) and the same formula as our fair value.
How much growth has Central Pattana Public Company Limited (CPN-R) delivered so far?
Over the past 5 years revenue at Central Pattana Public Company Limited grew +13.7 % a year. The price currently implies -3.7 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Central Pattana Public Company Limited (CPN-R) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Central Pattana Public Company Limited (-3.7 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Central Pattana Public Company Limited (CPN-R)?
The free-cash-flow yield on the price is 13.15 %: that much free cash flow Central Pattana Public Company Limited produces per unit of market value. When it exceeds the discount rate of our models (10.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Central Pattana Public Company Limited (CPN-R)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Central Pattana Public Company Limited it is 71.37 THB per share (as of Oct 3, 2026), against a price of 62.50 THB. It is the blended result of 15 valuation models (cash flow, earnings, asset, dividend).
Is Central Pattana Public Company Limited stock overvalued or undervalued in 2026?
As of Oct 3, 2026, CPN-R trades below its calculated fair value: price 62.50 THB, fair value 71.37 THB, a gap of about +14% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of CPN-R?
No. The price is what the market pays today (62.50 THB); the fair value is what the company's own numbers justify (71.37 THB). For Central Pattana Public Company Limited the two are 8.87 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Central Pattana Public Company Limited worth?
The market values Central Pattana Public Company Limited at about 281B THB (market capitalisation, as of Oct 3, 2026). Per share that is 62.50 THB; our models calculate a fair value of 71.37 THB per share.
What do the bullish and bearish scenarios say about CPN-R?
Our models span a range for Central Pattana Public Company Limited: cautious scenario 53.53 THB, base 71.37 THB, optimistic 89.21 THB per share (as of Oct 3, 2026, price 62.50 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of CPN-R?
Central Pattana Public Company Limited trades at a price-to-earnings ratio of 14.3 (as of Oct 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 71.37 THB is built from several models across several years. Other multiples: PEG 1.5, P/B 2.6, P/S 5.0, EV/EBITDA 10.1.
What is the PEG ratio of CPN-R?
The PEG ratio of Central Pattana Public Company Limited is 1.48 (P/E divided by earnings growth, as of Oct 3, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Central Pattana Public Company Limited (CPN-R)?
Balance-sheet figures for Central Pattana Public Company Limited (as of Oct 3, 2026): return on equity 16.8%, debt of 0.38 per unit of equity. They feed the Quality Score of 66/100, which measures business quality independently of the share price.
How far is CPN-R from its 52-week high?
Central Pattana Public Company Limited trades at 62.50 THB, about 10% below its 52-week high of 69.25 THB and 20% above the low of 51.99 THB (as of Sep 29, 2026). Distance from the high says nothing about value: that is what the fair value of 71.37 THB is for.
Which stocks are comparable to Central Pattana Public Company Limited?
From the same area (Real Estate) we also value Swiss Prime Site AG, The Phoenix Mills Limited, Prestige Estates Projects Limited, Umm Al Qura for Development and Construction Company, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Central Pattana Public Company Limited stock attractive at the current price?
The data as of Oct 3, 2026: price 62.50 THB, calculated fair value 71.37 THB (+14%), Quality Score 66/100, from 15 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of CPN-R calculated?
We run Central Pattana Public Company Limited through 15 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 71.37 THB, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Central Pattana Public Company Limited currently trades 12 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Central Pattana Public Company Limited (CPN-R)?
The closing price on Sep 29, 2026 was 62.50 THB. Our model-based fair value is 71.37 THB, about +14% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Central Pattana Public Company Limited right now?
As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF. The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.
Where does the earnings growth of Central Pattana Public Company Limited (CPN-R) come from?
Earnings per share at Central Pattana Public Company Limited grew +8.4 % a year from 2014 to 2025. Broken into its drivers: revenue per share +8.0 %, EBIT margin +3.2 %, tax rate −0.4 %, residual (interest, one-offs) −2.3 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Central Pattana Public Company Limited
How large is the market capitalisation of Central Pattana Public Company Limited (CPN-R)?
The market capitalisation of Central Pattana Public Company Limited is 281B THB (≈ $8.4B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Central Pattana Public Company Limited (CPN-R)?
The price-to-sales ratio of Central Pattana Public Company Limited is 4.94 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Central Pattana Public Company Limited (CPN-R)?
Earnings per share at Central Pattana Public Company Limited are 4.37 THB (price ÷ EPS = P/E 14.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Central Pattana Public Company Limited (CPN-R)?
The dividend yield of Central Pattana Public Company Limited is 3.8% (payout 54.9%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Central Pattana Public Company Limited (CPN-R)?
The net margin of Central Pattana Public Company Limited is 34.5% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Central Pattana Public Company Limited (CPN-R)?
The return on equity (ROE) of Central Pattana Public Company Limited is 16.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Central Pattana Public Company Limited (CPN-R)?
On an EBIT basis the return on assets of Central Pattana Public Company Limited is 6.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Central Pattana Public Company Limited (CPN-R)?
The operating margin of Central Pattana Public Company Limited is 49.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Central Pattana Public Company Limited (CPN-R)?
Revenue at Central Pattana Public Company Limited is growing +11.5% versus a year earlier (3y avg +15.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Central Pattana Public Company Limited (CPN-R)?
Earnings per share at Central Pattana Public Company Limited are growing +18.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Central Pattana Public Company Limited (CPN-R) carry?
The net debt of Central Pattana Public Company Limited is 168B THB (fiscal year 2025, ≈ 4.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Oct 3, 2026