บทวิเคราะห์ (Research)

OR : Earnings Result - Expect 3Q24F profit to decline q-q due to rainy season We have a Neutral view on CPAXT's 2Q24 net profit of THB 2.18 bn (+44% y-y but -12% q-q), in line with ours/market’s view. Net profit growth +44% y-y vs. 1Q24's +15%, due to retail GPM increasing +40bps y-y for the first time since the merger in 4Q21, attributed to product mix. We reiterate BUY rating and roll over our target price to 25F at THB 40. We select CPAXT as a top pick together with CPALL (TP THB 80) because i) retail gross profit margins are starting to improve, with 24F normalized profit expected to grow +26%, outperforming the sector, and ii) long-term benefits from restructuring. Note that CPAXT will suspend trading from 20 Sep- 2 Oct for restructuring between Lotus's and Makro holdings, resuming trading on 3 Oct 2024.