Kasikorn Securities estimates that CP All Public Company Limited, or CPALL, will report net profit of 6.3 billion baht for the third quarter of 2026, down 4.2% year on year and 15.9% quarter on quarter. Excluding one-time items, normal profit is expected to come in at 7.2 billion baht, up 10.8% year on year and down 3.1% quarter on quarter, supported by stronger performance in the convenience store, or CVS, business. The CVS business and related operations are expected to report profit growth of 27% year on year. For the first nine months of 2026, net profit is expected at 23 billion baht, up 9.7% year on year, accounting for 74.7% of the full-year estimate. Third-quarter 2026 sales are expected at 253.5 billion baht, up 4.5% year on year and down 1.4% quarter on quarter, of which 123.6 billion baht comes from the CVS business, up 8.6% year on year and flat quarter on quarter. Same-store sales growth is expected at 2%. The impact from flooding remains limited, with some products, particularly ready-to-eat items, in short supply at certain 7-Eleven branches due to distribution problems, but restocking is expected to return to normal by mid-October, and fourth-quarter 2026 profit should recover both year on year and quarter on quarter. The research team maintains a Buy rating on CPALL with a target price of 57.20 baht based on the discounted cash flow method with a discount rate of 9.7%. CPALL is scheduled to announce its third-quarter 2026 financial statements on November 11.
CP ALL Public Company LimitedKasikorn Securities maintains Buy rating with 57.20 baht target and forecasts normal Q3 2026 profit up 10.8% y/y on strong CVS performance.
