Company Coverage
CP ALL (CPALL TB): 3Q26: Results Beat; Earnings Set To Take Off
BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
Bt47.00
Bt63.00
34.04%
Bt62.00
Analyst
Highlights
- 3Q26 net profit declined 7% yoy, in line with our and consensus estimates, while core profit grew 14% yoy, beating our expectations.
- CVS net profit grew 28% yoy, driven by positive SSSG, gross margin expansion and lower SG&A-to-sales.
- The overhang from Lotus’s Go Fresh eased following the closure of 673 loss-making stores. We expect earnings momentum to improve in 2027.
- Maintain BUY with a higher target price of Bt63.00 (from Bt62.00), following a 7% earnings upgrade.
Analysis
- Results beat. CPALL reported 3Q26 net profit of Bt6.16b (-7% yoy, -18% qoq), in line with our and consensus estimates. Excluding CP Axtra’s (CPAXT) one-off items, core profit came in at Bt7.08b, up 14% yoy and flat qoq. Despite an 11% yoy decline in CPAXT’s core profit, strong CVS core profit growth of 29% yoy boosted overall performance. Sales increased 4.3% yoy, while gross margin expanded 33bps yoy to 23.1%, driven by improvements in both CVS and CPAXT. SG&A-to-sales increased 71bps yoy to 21.7%, mainly due to one-off expenses at CPAXT. Interest expenses edged up 1.6% yoy, mainly due to CPAXT following the opening of The Happitat.
Highlights
- 3Q26 net profit declined 7% yoy, in line with our and consensus estimates, while core profit grew 14% yoy, beating our expectations.
- CVS net profit grew 28% yoy, driven by positive SSSG, gross margin expansion and lower SG&A-to-sales.
- The overhang from Lotus’s Go Fresh eased following the closure of 673 loss-making stores. We expect earnings momentum to improve in 2027.
- Maintain BUY with a higher target price of Bt63.00 (from Bt62.00), following a 7% earnings upgrade.
Analysis
- Results beat. CPALL reported 3Q26 net profit of Bt6.16b (-7% yoy, -18% qoq), in line with our and consensus estimates. Excluding CP Axtra’s (CPAXT) one-off items, core profit came in at Bt7.08b, up 14% yoy and flat qoq. Despite an 11% yoy decline in CPAXT’s core profit, strong CVS core profit growth of 29% yoy boosted overall performance. Sales increased 4.3% yoy, while gross margin expanded 33bps yoy to 23.1%, driven by improvements in both CVS and CPAXT. SG&A-to-sales increased 71bps yoy to 21.7%, mainly due to one-off expenses at CPAXT. Interest expenses edged up 1.6% yoy, mainly due to CPAXT following the opening of The Happitat.
BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
Bt47.00
Bt63.00
34.04%
Bt62.00
Analyst
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.
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