Reiterate BUY, Bt18.00 TP (DCF valuation). CPNRF is Thailand’s
largest property fund and is one of the most liquid property
funds in Thailand. It has strong recurring income base from
four successful CentralPlaza shopping malls in diversified
locations. The fund now offers generous dividend yield of
6.0% for 2015 (payable quarterly), a hefty premium over Thai
10-year government bond yield of 2.8%. And yields should
rise to 7.7% in 2016 and 8.5% in 2017 following the
completion of major renovation at CentralPlaza Pinklao