บทวิเคราะห์ (Research)

CPALL : Earnings preview - 2Q25F: Growth driven by ready-to-eat food In 2Q25F, we project core profit to be THB6.7b (+9% yoy, -11% qoq) driven by: 1) the store expansion of around 700 new stores for the last 12 months while same-store-sales (SSS) declined slightly by 0.3%, hurt by cool summer and 2) the gross margin expansion by 0.3ppt yoy (to 22.7%), underpinned by the good growth from the high margin ready-to-eat food. We note that CVS SSS grew slightly in April while May and June saw a decline. We believe the downtrend in SSS reflected the overall lack of consumer confidence caused by the softness in the economic outlook both globally and in Thailand. Nevertheless, CPALL is our top pick in the commerce sector because of its most resilient operations due to its strong leadership in the growing CVS business in Thailand. Maintain BUY, TP THB80.