บทวิเคราะห์ (Research)

We expect CPALL to balance its performance amid an unsupportive economic backdrop as it offers consumer staple products and a good product assortment. A discounted valuation has been applied to reflect the unfavorable economic backdrop and less attractive single-digit earnings growth. We maintain a rating of Outperform with a new target price of Bt64.00, from Bt74.00, offering 28% upside from the last closing price.