บทวิเคราะห์ (Research)

CPAXT : Company update - Not significant synergies We downgrade to NEUTRAL and cut TP to THB21 (from THB30) as full-year SSSG may be softer than witnessed in 1Q25 (0.75%) from softer economic outlook. This is why we cut SSSG to 1% in 2025F and 2% in 2026F (from 2.5% in both years). Total revenues could, thus, grow at 2% in 2025F (from 7% in earlier assumption), softer than the high single-digit guidance. Additionally, we cut gross margin by 0.4ppt in each of 2025F and 2026F (to 14.5%, against guidance of 15%) to reflect the insignificant synergies from Makro and Lotus. Hence, we cut EPS by 14% in both 2025F (to THB11.7b) in 2025F and 2026F (to THB13.2b). CPAXT is trading at 17.6x 2025F P/E and we believe the good outlook has been priced in.