บทวิเคราะห์ (Research)

In 2Q25, CPALL reported revenue of THB249b (+1% q-q, +3% y-y), supported primarily by the addition of 700 new stores. However, SSSG declined by 0.7%, reflecting weaker consumer sentiment and a slowdown in tourist spending. GPM improved to 22.8%, up from 22.4% in 2Q24, driven by margin improvements across all product categories. SG&A expenses remained stable at 19.9% of revenue, while interest expenses fell by 2% y-y, highlighting effective debt management. As a result, net profit came in at THB7b (-7% q-q, +14% y-y).