Listed Real Estate Asia, KT Capital Group

Jacob Cheng

Listed Real Estate Asia

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Equity Bottom-Up

<ul>
<li>Central Pattana is Thailand’s largest retail property developer that operates its own ecosystem across retail, office, residential and hotel</li>
<li>We think Central Pattana has maintained sound and solid capital management strategies to drive shareholders returns, including increasing dividend payout, de-leveraging as well as M&amp;As</li>
<li>The macro outlook for Thailand is mixed, but we think post-covid tourism is undergoing recovery and this will support CPN’s key operating businesses</li>
</ul>


Central Pattana is Thailand’s largest retail property developer that operates its own ecosystem across retail, office, residential and hotel
We think Central Pattana has maintained sound and solid capital management strategies to drive shareholders returns, including increasing dividend payout, de-leveraging as well as M&amp;As
The macro outlook for Thailand is mixed, but we think post-covid tourism is undergoing recovery and this will support CPN’s key operating businesses


Central Pattana: Thailand’s Largest Retail Property Developer to Ride on Domestic & Tourist Recovery

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Thematic (Sector/Industry)

<ul><li>Despite concerns over Trump-era tariffs and trade wars, expectations of China’s economic stimulus measures lifted the Hang Seng Index, driving strong gains in China-related stocks like SCC, PTTGC, and IVL, along with a recovery in the PTT Group.</li><li>In addition, electronic stocks saw slight gains.</li><li>These factors contributed to a sharp rally in the SET. However, low trading volume and a 2.35% weekly decline reflected market caution.</li></ul>

Despite concerns over Trump-era tariffs and trade wars, expectations of China’s economic stimulus measures lifted the Hang Seng Index, driving strong gains in China-related stocks like SCC, PTTGC, and IVL, along with a recovery in the PTT Group.In addition, electronic stocks saw slight gains.These factors contributed to a sharp rally in the SET. However, low trading volume and a 2.35% weekly decline reflected market caution.

<ul><li>The SET initially attempted to rebound, following the positive momentum of most Asian bourses, which benefited from lower- than-expected US. CPI data.</li><li>However, concerns over Trump-era tariffs and ongoing trade tensions between the US and other nations weighed on sentiment, leading to retreats in both the Tokyo and Hong Kong markets.</li><li>This also put pressure on the SET Index, despite gains in stocks like DELTA, ADVANC, GULF, INTUCH, and tourism-related shares.</li></ul>

The SET initially attempted to rebound, following the positive momentum of most Asian bourses, which benefited from lower- than-expected US. CPI data.However, concerns over Trump-era tariffs and ongoing trade tensions between the US and other nations weighed on sentiment, leading to retreats in both the Tokyo and Hong Kong markets.This also put pressure on the SET Index, despite gains in stocks like DELTA, ADVANC, GULF, INTUCH, and tourism-related shares.

<ul><li>The SET plunged sharply despite the absence of new negative factors, with existing concerns over the trade war still weighing on sentiment.</li><li>Heavy selling hit big-cap stocks such as energy, ICT, transportation, commerce, petrol, and electronic shares.</li><li>Furthermore, the Thai ESGX fund seemed to have lost its influence, while foreign investors continued to sell.</li></ul>

The SET plunged sharply despite the absence of new negative factors, with existing concerns over the trade war still weighing on sentiment.Heavy selling hit big-cap stocks such as energy, ICT, transportation, commerce, petrol, and electronic shares.Furthermore, the Thai ESGX fund seemed to have lost its influence, while foreign investors continued to sell.

<ul><li>Although US stock markets sank sharply, many Asian bourses followed suit before several markets in the region, particularly Hong Kong, managed to recover.</li><li>This recovery boosted SCC, IVL, and PTTGC, driving their gains.</li><li>The market also responded positively to the Thai ESGX fund, which contributed to the SET’s afternoon rebound after hitting a new low in the morning.</li></ul>

Although US stock markets sank sharply, many Asian bourses followed suit before several markets in the region, particularly Hong Kong, managed to recover.This recovery boosted SCC, IVL, and PTTGC, driving their gains.The market also responded positively to the Thai ESGX fund, which contributed to the SET’s afternoon rebound after hitting a new low in the morning.

Thailand

Central Pattana Public Company Limited and its subsidiaries develop properties including shopping centers, condominiums, and office, for sale and rental.  The Company's projects include Central Plaza Lardprao, Central Plaza Ram-indra,  Central Plaza Pinklao, Central Festival Center Pattaya, and Central Plaza Ratchada.

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Central Pattana Pub (CPN TB)

Central Pattana: Thailand’s Largest Retail Property Developer to Ride on Domestic & Tourist Recovery

Central Pattana is Thailand's largest retail property developer that will benefit from tourism recovery. We think the Company's strong capital...

Jacob Cheng

Technical Analysis - MARCH 17, 2025

Despite concerns over Trump-era tariffs and trade wars, expectations of China’s economic stimulus measures lifted the Hang Seng Index, driving...

Krungthai XSpring

Technical Analysis - MARCH 14, 2025

The SET initially attempted to rebound, following the positive momentum of most Asian bourses, which benefited from lower- than-expected US. CPI data.

Krungthai XSpring

Technical Analysis - MARCH 13, 2025

The SET plunged sharply despite the absence of new negative factors, with existing concerns over the trade war still weighing on sentiment.

Krungthai XSpring

Technical Analysis - March 12, 2025

Although US stock markets sank sharply, many Asian bourses followed suit before several markets in the region, particularly Hong Kong, managed to...

Krungthai XSpring

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