บทวิเคราะห์ (Research)

CPALL : Earnings preview - 3Q24F: Strong recovery at all business units We resume coverage with a BUY rating and THB80 TP. We project 3Q24F core profit would jump 36% yoy but slip 6% qoq to THB5.8b. The good yoy growth would be driven by (1) 2-3% SSSG (same-store sales growth) at all business units, and (2) 0.4 ppt improvement in gross margin to 22.2% supported by an improving fresh food offering at CPAXT (CPALL holds 60% stake) and ongoing strategy to offer more ready-to-eat food at the CVS unit. CPALL will be a prime beneficiary of government spending stimulus programs because the recipients are their target market. 9M24F core profit is 74% of FY24F earnings. CPALL will release 3Q24 results on 13 November.