บทวิเคราะห์ (Research)

Resilient 2Q25E earnings despite lower SSSG Reiterate BUY, TP THB68.00 We reiterate our BUY on CPALL, with a DCF-based TP (WACC 7.6%, Growth 1.5%) of THB68.00. Despite weaker SSSG, 2Q25 earnings are likely to remain solid, with 11% growth — the highest among consumer staple retailers. Earnings should accelerate in 2H25E due to ongoing store expansion and improving GPM. CPALL is trading at 14x FY25E P/E, 1.6 SD below its 5-year mean.