TH : CPN Retail Growth Leasehold REIT - Less attractive risk-reward tradeoff

1Q21 net investment income was THB235.4m (-22% qoq; -71.1% yoy). We lower our FY21F DPU by 28.3% to THB0.9328 to factor in the impact of the third wave of the Covid-19 outbreak in Thailand. Downgrade from Add to Hold, with a lower TP of THB20.10.

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