Brokers say retail stocks are buoyant as floods boost sales, recommend buying BJC, CPALL and CPAXT

thunhoon.com··THMY·Read original
2▲3 ▼0Impact / 5
Summary · why it matters

Analysts at CGS International Securities (Thailand) said they hold a positive view on retail stocks, as flooding in many areas of Thailand has made travel inconvenient for the public and impossible in some areas, causing demand for food and consumer goods to rise clearly. They see this as a short-term positive for retail stocks and a driver of stronger sales growth for operators. The standout stocks in the group are BJC, CPALL and CPAXT. The research team gives a buy recommendation on BJC with a target price of 18.00 baht, while analysts at Yuanta Securities (Thailand) give a buy recommendation on CPALL with a target price of 63.00 baht, expecting third-quarter 2026 profit to grow from the same period a year earlier, supported by continued convenience store expansion and same-store sales growth. They expect fourth-quarter 2026 profit to recover strongly, with first-half 2026 profit forecast to account for about 53% of the full year, and they estimate full-year profit at about 31 billion baht, growth of roughly 8.4% from a year earlier. For CPAXT, they set a target price of 16.40 baht with a trading buy recommendation, after the company reported progress on the completed acquisition of 100% of the issued and paid-up shares of The Food Purveyor Sdn. Bhd., or TFP. TFP is one of the main players in Malaysia's premium retail business, holding about 30% market share, operating premium supermarkets under five brands: Village Grocer, B.I.G., BSC Fine Foods, OTK and The Food Merchant, with a network of 50 branches, mostly in city-centre locations and near tourist areas. The research team holds a neutral view on the transaction, estimating CPAXT's 2026 profit at 9.5 billion baht, growth of about 1.8% from 2025, and continuing to expand in 2027 by about 14.3% to roughly 11 billion baht.

Impact on assets 3

Consumer Staples▲ · 2 stocks
Berli Jucker PCL
BJC
▲ PositiveDemandrelevance

CGS gives buy on BJC with 18.00 baht target as flood-driven demand for food and consumer goods lifts retail sales.

Digital Finance & Tokenization▲ · 1 stocks
CP ALL Public Company Limited
CPALL
▲ PositiveDemandrelevance

Yuanta gives buy on CPALL with 63.00 baht target, citing flood-boosted sales plus convenience-store expansion and same-store sales growth.

Off-coverage companies 1

The Food PurveyorPrivate± Mixed
Capitalrelevance

TFP is the acquisition target of CPAXT; the research team holds a neutral view on the transaction.

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