Kasikorn Securities estimates that CP Axtra Public Company Limited, or CPAXT, will report a net loss of 143 million baht in the third quarter of 2026, mainly due to one-time expenses estimated at 1.5 billion baht related to the closure of 500 to 900 Go Fresh stores and the Siem Reap branch in Cambodia. The Go Fresh closure plan compares with a total of 2,225 stores as of the end of the second quarter of 2026. Excluding one-time items, normal profit is expected at 1.4 billion baht, down 25% both year-on-year and quarter-on-quarter, partly reflecting losses from Happitat, while TFP will contribute only a small share of profit after being consolidated from September 1, 2026. Third-quarter 2026 sales are forecast at 123 billion baht, up 0.9% year-on-year but down 2.8% quarter-on-quarter. Same-store sales growth for Makro's B2B business stood at positive 1% on the Thai Help Thai campaign, while same-store sales growth for Lotus's B2C business is expected to weaken to around negative 5%. Gross profit margin is expected to rise 10 basis points year-on-year to 14.4%. Selling, general and administrative expenses as a proportion of normal revenue are expected to rise to 14.6%, or up 80 basis points year-on-year and 70 basis points quarter-on-quarter, due to last-mile delivery costs and higher personnel expenses in the wholesale business, as well as expenses from the launch of Happitat after it opened on August 21. Kasikorn Securities maintains a hold rating on CPAXT with a target price of 15.6 baht, seeing limited upside given still-limited short-term profit drivers, and will review its earnings forecasts again after the results are announced. CPAXT is scheduled to report its third-quarter 2026 financial statements on November 6.
CP Axtra Public Company LimitedKasikorn Securities forecasts a Q3 2026 net loss of 143 million baht on 1.5 billion baht of one-time store-closure costs and maintains a hold rating with a 15.6 baht target price.
