บทวิเคราะห์ (Research)

CPAXT : Changing stock symbol to CPAXTT, temporarily trading halt We have a neutral view on CPAXT 's amalgamation progress, as it aligns with the established timeline. Shareholders of CPAXT as of September 20, 2024, will see a 1.5% reduction in their share count post-amalgamation, but this should be offset by an increase in share price. Catalysts to share price focus on synergies. Management targets cost reductions of 5 billion baht within 2-3 years. We have incorporated about 50% of this target into our core profit forecasts for 2025-2027F. We expect this to support core profit growth of +18% CAGR for 2025-2027F, from +15% in 2022-2024F. We recommend a BUY with target prices for 2025F of 40 baht/share pre-amalgamation and 41 baht/share post-amalgamation.