บทวิเคราะห์ (Research)

Maintain BUY; raise TP to THB38 We maintain BUY on CPAXT and raise our TP to THB38, based on earnings revisions to incorporate accelerated synergies from amalgamation, which should offset headwinds from its investment in The Happitat project and minimum wage hike. We forecast FY25 earnings growth of 18% YoY, driven by ongoing store expansion, increasing fresh food and omni-channel sales, coupled with upcoming synergies.