CPN Retail Growth Leasehold REIT
CPN Retail Growth Leasehold REIT ( "CPNREIT") was established on 1 December 2017 from the conversion from CPN Retail Growth Leasehold Property Fund ("CPNRF"). The trust units of CPNREIT were first traded on the Stock Exchange of Thailand on 14 December 2017. At the end of 3Q25, CPNREIT had been investing in leasehold rights of seven shopping malls, which are Central Rama 2, Central Rama 3, Centra… Read more
CPN Retail Growth Leasehold REIT (CPNREIT) - Net Assets
Latest net assets as of September 2025: ฿41.77 Billion THB
Based on the latest financial reports, CPN Retail Growth Leasehold REIT (CPNREIT) has net assets worth ฿41.77 Billion THB as of September 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (฿93.71 Billion) and total liabilities (฿51.94 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | ฿41.77 Billion |
| % of Total Assets | 44.57% |
| Annual Growth Rate | 8.64% |
| 5-Year Change | 52.24% |
| 10-Year Change | 46.0% |
| Growth Volatility | 17.55 |
CPN Retail Growth Leasehold REIT - Net Assets Trend (2008–2024)
This chart illustrates how CPN Retail Growth Leasehold REIT's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for CPN Retail Growth Leasehold REIT (2008–2024)
The table below shows the annual net assets of CPN Retail Growth Leasehold REIT from 2008 to 2024.
| Year | Net Assets | Change |
|---|---|---|
| 2024-12-31 | ฿42.69 Billion | +27.60% |
| 2023-12-31 | ฿33.46 Billion | +0.55% |
| 2022-12-31 | ฿33.28 Billion | -1.60% |
| 2021-12-31 | ฿33.82 Billion | +20.59% |
| 2020-12-31 | ฿28.04 Billion | -5.58% |
| 2019-12-31 | ฿29.70 Billion | -0.98% |
| 2018-12-31 | ฿30.00 Billion | +1.81% |
| 2017-12-31 | ฿29.46 Billion | -1.77% |
| 2016-12-31 | ฿29.99 Billion | +2.57% |
| 2015-12-31 | ฿29.24 Billion | +5.60% |
| 2014-12-31 | ฿27.69 Billion | +55.33% |
| 2013-12-31 | ฿17.83 Billion | +1.19% |
| 2012-12-31 | ฿17.62 Billion | +3.51% |
| 2011-12-31 | ฿17.02 Billion | +1.25% |
| 2010-12-31 | ฿16.81 Billion | +1.44% |
| 2009-12-31 | ฿16.57 Billion | +46.22% |
| 2008-12-31 | ฿11.33 Billion | -- |
Equity Component Analysis
This analysis shows how different components contribute to CPN Retail Growth Leasehold REIT's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have decreased by 14.3% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2024)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | ฿357.45 Million | 0.84% |
| Other Components | ฿42.34 Billion | 99.16% |
| Total Equity | ฿42.69 Billion | 100.00% |
CPN Retail Growth Leasehold REIT Competitors by Market Cap
The table below lists competitors of CPN Retail Growth Leasehold REIT ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Beijing E Hualu Info Tech
SHE:300212
|
$675.23 Million |
|
North Electro-Optic Co Ltd
SHG:600184
|
$675.24 Million |
|
M Grass Ecology and Environment Group Co Ltd
SHE:300355
|
$675.29 Million |
|
Suzhou SLAC Precision Equipment Co Ltd
SHE:300382
|
$675.35 Million |
|
CIE Automotive India Limited
NSE:CIEINDIA
|
$674.70 Million |
|
Baotailong New Materials Co Ltd
SHG:601011
|
$674.59 Million |
|
u-blox Holding AG
PINK:UBLXF
|
$674.41 Million |
|
Godawari Power And Ispat limited
NSE:GPIL
|
$674.34 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in CPN Retail Growth Leasehold REIT's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2023 to 2024, total equity changed from 33,458,886,379 to 42,692,979,275, a change of 9,234,092,896 (27.6%).
- Net income of 1,696,068,818 contributed positively to equity growth.
- Dividend payments of 2,534,923,971 reduced retained earnings.
- Share repurchases of 626,445,802 reduced equity.
- New share issuances of 10,741,008,000 increased equity.
Equity Change Factors (2023 to 2024)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | ฿1.70 Billion | +3.97% |
| Dividends Paid | ฿2.53 Billion | -5.94% |
| Share Repurchases | ฿626.45 Million | -1.47% |
| Share Issuances | ฿10.74 Billion | +25.16% |
| Other Changes | ฿-41.61 Million | -0.1% |
| Total Change | ฿- | 27.60% |
Book Value vs Market Value Analysis
This analysis compares CPN Retail Growth Leasehold REIT's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 0.98x
- The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
- The price-to-book ratio has decreased from 1.81x to 0.98x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2008-12-31 | ฿6.43 | ฿11.60 | x |
| 2009-12-31 | ฿9.40 | ฿11.60 | x |
| 2010-12-31 | ฿9.53 | ฿11.60 | x |
| 2011-12-31 | ฿9.65 | ฿11.60 | x |
| 2012-12-31 | ฿9.99 | ฿11.60 | x |
| 2013-12-31 | ฿10.38 | ฿11.60 | x |
| 2014-12-31 | ฿11.93 | ฿11.60 | x |
| 2015-12-31 | ฿12.60 | ฿11.60 | x |
| 2016-12-31 | ฿12.92 | ฿11.60 | x |
| 2017-12-31 | ฿12.69 | ฿11.60 | x |
| 2018-12-31 | ฿12.92 | ฿11.60 | x |
| 2019-12-31 | ฿12.80 | ฿11.60 | x |
| 2020-12-31 | ฿12.68 | ฿11.60 | x |
| 2021-12-31 | ฿13.17 | ฿11.60 | x |
| 2022-12-31 | ฿12.96 | ฿11.60 | x |
| 2023-12-31 | ฿13.03 | ฿11.60 | x |
| 2024-12-31 | ฿11.79 | ฿11.60 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently CPN Retail Growth Leasehold REIT utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 3.97%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 28.16%
- • Asset Turnover: 0.07x
- • Equity Multiplier: 2.16x
- Recent ROE (3.97%) is below the historical average (8.22%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2008 | 9.58% | 81.44% | 0.11x | 1.05x | ฿-47.38 Million |
| 2009 | 8.76% | 96.90% | 0.08x | 1.11x | ฿-205.32 Million |
| 2010 | 10.17% | 74.99% | 0.12x | 1.09x | ฿28.11 Million |
| 2011 | 11.12% | 81.90% | 0.12x | 1.09x | ฿190.09 Million |
| 2012 | 13.53% | 97.32% | 0.13x | 1.09x | ฿621.29 Million |
| 2013 | 15.09% | 103.07% | 0.13x | 1.11x | ฿908.26 Million |
| 2014 | 11.60% | 100.40% | 0.10x | 1.12x | ฿441.89 Million |
| 2015 | 13.61% | 130.75% | 0.09x | 1.12x | ฿1.06 Billion |
| 2016 | 10.54% | 92.17% | 0.10x | 1.12x | ฿163.40 Million |
| 2017 | -1.38% | -110.09% | 0.01x | 1.60x | ฿-3.35 Billion |
| 2018 | 12.76% | 80.68% | 0.10x | 1.56x | ฿827.03 Million |
| 2019 | 11.18% | 64.81% | 0.11x | 1.57x | ฿349.50 Million |
| 2020 | -5.10% | -35.33% | 0.06x | 2.55x | ฿-4.23 Billion |
| 2021 | -3.99% | -38.52% | 0.04x | 2.34x | ฿-4.73 Billion |
| 2022 | 8.55% | 58.45% | 0.06x | 2.41x | ฿-481.60 Million |
| 2023 | 9.67% | 56.01% | 0.07x | 2.43x | ฿-110.78 Million |
| 2024 | 3.97% | 28.16% | 0.07x | 2.16x | ฿-2.57 Billion |
Industry Comparison
This section compares CPN Retail Growth Leasehold REIT's net assets metrics with peer companies in the REIT - Diversified industry.
Industry Context
- Industry: REIT - Diversified
- Average net assets among peers: $4,813,688,877
- Average return on equity (ROE) among peers: 5.30%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| CPN Retail Growth Leasehold REIT (CPNREIT) | ฿41.77 Billion | 9.58% | 1.24x | $675.00 Million |
| Hydrogen Freehold & Leasehold Real Estate Investment Trust (HYDROGEN) | $1.83 Billion | 8.06% | 0.49x | $11.51 Million |
| KTBST Mixed Leasehold Real Estate Investment Trust (KTBSTMR) | $3.10 Billion | 7.81% | 0.44x | $27.67 Million |
| LH Shopping Centers Leasehold (LHSC) | $4.99 Billion | 0.00% | 0.34x | $267.53 Million |
| S Prime Growth Leasehold Real Estate Investment Trust (SPRIME) | $4.62 Billion | 6.66% | 0.35x | $30.69 Million |
| WHA Premium Growth Freehold And Leasehold Real Estate Investment Trust (WHART) | $9.54 Billion | 3.98% | 0.46x | $737.43 Million |