Most brokers maintain a Hold or Neutral rating on CPAXT after second-quarter 2026 net profit fell both year-on-year and quarter-on-quarter to about 1.87 to 1.9 billion baht, below expectations, due to higher SG&A expenses from store expansion and omnichannel systems, as well as weaker same-store sales. The B2B wholesale business declined 0.9% and B2C retail fell 3.9% amid slowing purchasing power and the Thai-Cambodian border conflict. On the positive side, core business revenue grew from new store openings and online channels, along with income recognition from Lucky Frozen and data monetization. The Lotus's business in Malaysia also continued to grow, and a first-half dividend of 0.18 baht per share was announced, with the ex-dividend date on 20 August 2026, representing a yield of about 1.2%. However, analysts expect third-quarter profit to remain weak as it is the low season, and see downside risk to full-year 2026 profit estimates of about 9.45 to 9.67 billion baht. Additional pressure comes from losses at The Happitat project, which are expected to increase by about 200 million baht per quarter, and interest expenses from the acquisition of The Food Purveyors in Malaysia worth about 14 billion baht.
CP Axtra Public Company LimitedQ2 2026 net profit fell below expectations due to higher SG&A expenses and weaker sales, with analysts seeing downside risk to full-year estimates.
