บทวิเคราะห์ (Research)

CPALL: Neutral tone at the analyst briefing The tone of the analyst briefing was neutral with much of the outlook in 3Q25 similar to 2Q25 with same-store-sales growth around -0.8% as the Thai economy is still challenged by the soft consumption trend and fewer incoming tourists. Nevertheless, we maintain our BUY, TP THB80 owing to its good sales growth from decent store additions (700 a year) and the gross margin improvement from both food (ready-to-eat food - RTE) and non food (personal care and healthcare) products.