Company Coverage
CP ALL (CPALL TB): 3Q26 Earnings Dragged By CP Axtra; Recovery Expected Ahead
BUY (Maintained)
Current price:
Target price:
Upside:
Bt42.50
Bt62.00
+45.88%
Analyst
Highlights
- 3Q26 earnings are projected to decline 7% yoy. Excluding CPAXT’s one-off loss, core profit is likely to 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.
Analysis
Weak earnings in 3Q26. We estimate CP ALL’s (CPALL) 3Q26 earnings at Bt6.16b, down 7% yoy and 18% qoq. While the convenience store (CVS) and other businesses are expected to deliver strong earnings, overall results will be dragged by CP Axtra (CPAXT)’s one-time loss from store closures, resulting in higher-than-expected SG&A expenses. Excluding CPAXT’s one-off loss, CPALL’s core profit is likely to remain resilient at Bt7.08b, up 7% yoy and down 6% qoq.
Highlights
- 3Q26 earnings are projected to decline 7% yoy. Excluding CPAXT’s one-off loss, core profit is likely to 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.
Analysis
Weak earnings in 3Q26. We estimate CP ALL’s (CPALL) 3Q26 earnings at Bt6.16b, down 7% yoy and 18% qoq. While the convenience store (CVS) and other businesses are expected to deliver strong earnings, overall results will be dragged by CP Axtra (CPAXT)’s one-time loss from store closures, resulting in higher-than-expected SG&A expenses. Excluding CPAXT’s one-off loss, CPALL’s core profit is likely to remain resilient at Bt7.08b, up 7% yoy and down 6% qoq.
BUY (Maintained)
Current price:
Target price:
Upside:
Bt42.50
Bt62.00
+45.88%
Analyst
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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.
