Asia Plus Securities' research team expects CPAXT to report a net loss of 346 million baht for the third quarter of 2026, down 118% from the previous quarter and 119% from a year earlier, as it anticipates an extraordinary loss from the closure of unprofitable small-format Lotus stores operating under the Lotus's Go Fresh banner, amounting to roughly 2.0 billion baht. Excluding that item, core profit is expected at 1.65 billion baht, down 12% from the previous quarter and 11% from a year earlier. The contraction in core profit stems from an expected 2% decline in sales due to rainy-season seasonality, lost sales from the closed Lotus stores, and the negative impact of not participating in the Thai Chuay Thai Plus program, while selling and administrative expenses as a percentage of sales rose 0.5% to 14.4% on costs ahead of the opening of Happitat and spending to expand logistics capacity. The research team also cut its core profit forecasts for 2026 and 2027 by 1% to 5%, to 9.3 billion baht, down 0.4% from a year earlier, and 10 billion baht, up 7% from a year earlier, respectively. It maintained its valuation basis at a PER of 15.6 times, minus 1.0 standard deviation, bringing the 2027 target price down to 14.90 baht from 15.70 baht. It kept its Trading recommendation, though it sees the share price possibly pressured in the short term by the weak profit outlook in the third quarter of 2026, while still expecting a significant profit recovery in the fourth quarter of 2026.
CP Axtra Public Company LimitedAsia Plus expects CPAXT to post a 346 million baht Q3 2026 net loss and cuts its target price to 14.90 baht from 15.70 baht.
Lotus Bakeries N.V.
Lotus Technology Inc.