DBS Vickers maintains Buy on CPALL with 63 baht target, expects second-half profit growth to continue

Thunhoon··TH·Read original
2▲1 ▼0Impact / 5
Summary · why it matters

DBS Vickers Securities (Thailand) issued an analysis of CP All Public Company Limited, or CPALL, taking a positive view on this year's second-half profit outlook, which is expected to keep expanding, supported by same-store sales growth, or SSSG, of about 2% in the third quarter of 2026 on hot weather, extended alcohol sales hours, and tourist numbers. The fourth quarter of 2026 is expected to get a boost from the high season and economic stimulus measures. The research team estimates 2026 revenue could grow 2% year on year toward its target, driven by the opening of 700 new branches and SSSG of about 1.5% to 2.0%. It also noted that ALL PharmaSee, an online professional pharmacist consultation service available through the 7App of 7-Eleven, is an upside to margins, given a gross profit margin of about 40% in the pharmaceutical group, higher than the 28% for general products, and this is not yet included in its estimates. The research team maintained its full-year 2026 profit forecast at 33 billion baht, up 18% year on year, and its 2027 forecast at 35 billion baht, up 6% year on year, while keeping a Buy rating on CPALL with a target price of 63.00 baht. The stock traded at 44.50 baht in the morning, down 0.25 baht, or 0.56%, with turnover of 379.27 million baht.

Impact on assets 1

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

DBS Vickers maintains Buy on CPALL with a 63 baht target, citing expected H2 profit growth and an 18% YoY 2026 profit forecast.

Off-coverage companies 1

ALL PharmaSeePrivate▲ Positive
Demandrelevance

ALL PharmaSee's online pharmacist consultation via 7-Eleven's 7App is cited as a margin upside with ~40% gross margin, not yet in estimates.

© 2026 MarketIVNews