บทวิเคราะห์ (Research)

We expect CPAXT to report a 2Q25F net profit of Bt2.3bn (+6% YoY, -13% QoQ), putting its 1H25F net profit at Bt5bn (+6% YoY), accounting for 45% of our full-year forecast. The company’s good positioning and synergy after amalgamation are expected to support its performance amid unfavorable market conditions. We maintain a rating of Outperform with an end-2025F target price of Bt23.00.