บทวิเคราะห์ (Research)

CPALL : Company update - The Happitat project will clip profit We cut TP by 12.5% to THB70 (from THB80) after including THB300m loss from The Happitat project at CPAXT (95% stake) in FY25F and THB800m in FY26F. CPALL holds 60% stake in CPAXT, so the project would reduce CPALL’s core profit by THB144m in FY25F and THB384m in FY26F, or by 0.5% and 1.3%, respectively. The seemingly negative sentiment towards the project could cause CPALL to be de-rated. However, we maintain a BUY rating for the counter because it offers high earnings visibility, decent earnings growth of 8%-12% in FY25/26F, and valuation is reasonable at 19.1x FY25F P/E.