TH : Central Pattana - Recovery shifted to 2H21-2022F

We cut our FY21-23F core EPS forecast by 14.2-18.1% to factor in the impact of the Covid-19 third wave. CPN’s mall expansion plan has been on track to support growth in 2021-24F. Reiterate Add, with a lower TP of THB54.0 on undemanding valuation.

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