บทวิเคราะห์ (Research)

CPAXT reported a 4Q24 net profit of Bt4bn (+21% YoY, +103% QoQ). The result was 7% above our forecast, mainly due to lower-than-expected SG&A. CPAXT’s earnings are expected to remain solid propelled by the company’s strategies, i.e., expanding its omni channel, focusing on private label and fresh food, while there should be some benefit from amalgamation. We rate CPAXT Outperform with an end-2025 target price of Bt33.00.