Kasikorn Securities says September SSSG recovered to +1.0%, led by food and retail

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Kasikorn Securities reported that same-store sales growth, or SSSG, recovered to +1.0% in September, up from +0.4% in August and +0.6% in July. That made it the best month of the third quarter of 2026, led by the food and convenience store segments, with BJC, CPALL, CRC and TAN standing out as stocks showing improving momentum. CPAXT saw its B2B business improve while B2C remained negative at a mid single-digit rate. The research team expects SSSG for the consumer staples group to accelerate to +1–2% in the third quarter of 2026 from +0.4% in the second quarter of 2026, while the luxury goods group should improve to +1–3% from +0.4%. CRC's food business remains strong at +4–6%, and TAN rebounded sharply by 10% in September. The home decoration group remains weak, with third-quarter 2026 SSSG expected to improve only slightly to about -1.0% from 1.3% in the second quarter of 2026. DOHOME came in at around +4–5% off a very low base, while GLOBAL was at about -5%, and HMPRO and CRC's hardline group remained negative at a low single-digit rate. Kasikorn Securities maintained a neutral view on the commerce sector and favours food-focused retailers such as CPALL, as well as CRC, on the momentum in their food and fashion businesses, while home decoration retailers have a chance of a strategic recovery from demand for repairs and home improvements following the floods since early October.

Impact on assets 8

Consumer Discretionary± Mixed · 5 stocks
Consumer Staples▲ · 2 stocks
Berli Jucker PCL
BJC
▲ PositiveDemandrelevance

BJC named among stocks showing improving same-store sales momentum led by food and convenience store segments.

Digital Finance & Tokenization▲ · 1 stocks
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