บทวิเคราะห์ (Research)

CPALL reported a 2Q25 net profit of Bt6.8bn (+9% YoY, -10% QoQ), in line with our forecast and the Bloomberg consensus. The 1H25 net profit of Bt14.4bn (+15% YoY) accounted for 55% of our full-year forecast. Fewer tourist arrivals and poor economic conditions raise some challenges for the company in 2H25F despite the second half normally being the high season. We maintain our 2025F earnings forecast with the good 1H25 earnings as a cushion. We rate CPALL Outperform with a 1H26F target price of Bt60.00