Key Indices
Top Stories
Company Update | CP ALL (CPALL TB/BUY/Bt42.50/Target: Bt62.00)
- 3Q26 earnings are projected to decline 7% yoy. Excluding CPAXT’s one-off loss, core profit could remain resilient, increasing 7% yoy. We expect CPALL’s 4Q26 earnings to recover, driven by improving performance at both convenience stores and CPAXT, as the impact from the Thai Help Thai Plus programme is expected to ease. Maintain BUY with a target price of Bt62.00, based on 2027F PE of 18x.
Company Update | CP Axtra (CPAXT TB/HOLD/Bt14.20/Target: Bt14.50)
- CPAXT’s 3Q26 earnings are projected to be weak, with a net loss of Bt142m. Excluding the one-time loss from the closure of non-performing stores, core profit could drop 17% yoy at Bt1.5b. We expect 4Q26 earnings to improve from the closure of non-performing stores, softer impact from the Thai Help Thai Plus campaign and low base in 4Q25. Maintain HOLD with a target price of Bt14.50. We roll over our target price based on a 2027F PE of 15x.
Top Stories
Company Update | CP ALL (CPALL TB/BUY/Bt42.50/Target: Bt62.00)
- 3Q26 earnings are projected to decline 7% yoy. Excluding CPAXT’s one-off loss, core profit could remain resilient, increasing 7% yoy. We expect CPALL’s 4Q26 earnings to recover, driven by improving performance at both convenience stores and CPAXT, as the impact from the Thai Help Thai Plus programme is expected to ease. Maintain BUY with a target price of Bt62.00, based on 2027F PE of 18x.
Company Update | CP Axtra (CPAXT TB/HOLD/Bt14.20/Target: Bt14.50)
- CPAXT’s 3Q26 earnings are projected to be weak, with a net loss of Bt142m. Excluding the one-time loss from the closure of non-performing stores, core profit could drop 17% yoy at Bt1.5b. We expect 4Q26 earnings to improve from the closure of non-performing stores, softer impact from the Thai Help Thai Plus campaign and low base in 4Q25. Maintain HOLD with a target price of Bt14.50. We roll over our target price based on a 2027F PE of 15x.
Key Indices
IMPORTANT NOTICE - DISCLOSURES AND DISCLAIMERS
This report is provided subject to, and must be read together with, the full Disclosures / Disclaimers available at this link, which are incorporated by reference into this report. In particular, this report is intended for general circulation and informational purposes only and does not constitute personal investment advice or a recommendation to buy or sell any investment product or security. You should independently evaluate the information and, where necessary, seek advice from a qualified financial adviser regarding the suitability of any investment. Analyst certifications required under applicable regulations, including SEC Regulation AC (where relevant), are included in this report. By accessing, receiving or using this report, you acknowledge that you have read, understood and agreed to be bound by the Disclosures / Disclaimers, as may be amended, supplemented or updated from time to time.
