บทวิเคราะห์ (Research)

CPALL : Earnings preview - 4Q24F: Growing decently We maintain BUY, TP THB70 and all estimates. We estimate 4Q24 core profit to grow 14% yoy to THB6.4b, as same-store-sales growth (SSSG) could remain decent at 3.5% for CVS and around 2% for CPAXT (its 60% subsidiary). We believe that CPALL is a major beneficiary of the government’s consumption stimulus scheme. We also like its decent valuation of 19.4x 2025F P/E, because of its best SSSG in the commerce sector. CPALL will announce its 2024 full-year earnings on 25 February 2025.