DBS Vickers has a positive view on CRC's earnings outlook for 2H26E and 2027E, expecting profit to recover continuously after bottoming out in 2025. Same-store sales growth in 3Q26E from July to August 2026 remains positive at around +2%, led by the Food and Fashion groups, with total Food SSSG growing about +5% and total Fashion SSSG up around +2%, supported by new brands and the Beauty concept, helping offset total Hardline SSSG which remains negative at around -3%. GPM in 2H26E is expected to continue expanding year on year but at a slower pace than in 1H26, driven by a higher share of high-margin products and Private Brand in the Fashion and Hardline groups, without the boost from low product costs during the price war seen in 1H26. The research team maintains its normal profit estimates for 2026E and 2027E at 9.4 billion baht and 9.9 billion baht, representing growth of +16% and +6% respectively, and keeps its Buy recommendation with a target price of 33.00 baht, based on a 2026E PER of 21.0x, which is 0.5 standard deviations below the five-year average. It sees positive momentum continuing into 2027E from accelerating sales at Central Phaholyothin and new store openings, as well as cost savings and MaxValu's likely turnaround to positive EBIT.
Central Retail Corporation Public Company LimitedDBS Vickers maintains Buy and 33 baht target on CRC, citing continuous profit recovery through 2027E.
MaxValu is cited as likely turning around to positive EBIT, supporting CRC's 2027E outlook.
