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Thailand's Central Pattana (CPN): TP lowered to reflect delays in new projects.
Section: Stocks - A Buy rating on CPN is reiterated but target price has been cut to Bt14.50 to reflect delays to some of its projects due to the deteriorating economic outlook and slowdown in tourism arrivals. However, the company will today open a new shopping mall in northern Bangkok and is on track to open another mall by mid-2009F. Although the downturn in consumer spending should result in weaker profit in the short term, its leading stance and continued expansion should support 22% growth in 2010F.
CPN's latest mall, CentralPlaza Chaengwattana, will open today with a high take-up rate of 85%. Although management expects this to rise to 90% by end-2009, the …
