Summary · why it matters
Krungsri Securities estimates that CPALL's normalized profit for the third quarter of 2026 will come in at 7,090 million baht, up 10% year on year but down 4% quarter on quarter, supported by sales growth of 4% year on year led by the 7-Eleven business, where same-store sales, or SSS, are expected to grow 2%, accelerating from 0.8% in the second quarter of 2026 thanks to the long holidays in July and stockpiling at the end of September. CPAXT, meanwhile, remains under pressure from its large-format retail business, with SSS expected to fall 5% due to the effects of the Thai Help Thai Plus program, though the wholesale business is starting to recover, with SSS expected to return to growth of 1% from a decline of 0.9% in the previous quarter. Total sales in the third quarter of 2026 are expected at 251 billion baht, up 4% year on year but down 2% quarter on quarter, with 7-Eleven, which accounts for 48% of revenue, expected to grow 6% year on year and its store count expected to rise to 16,444. CPAXT, which accounts for 51% of revenue, is expected to post sales growth of just 1% year on year. The gross margin is expected at 23.0%, up 20 basis points both year on year and quarter on quarter. However, special expenses from CPAXT's restructuring of unprofitable stores, amounting to about 992 million baht after tax, which CPALL recognizes in proportion to its 59.9% stake, will weigh on net profit for the third quarter of 2026, bringing it to 6,100 million baht, down 8% year on year and 19% quarter on quarter. Krungsri Securities maintains its buy recommendation and its 2027 target price of 66 baht, viewing the stock's weakness on CPAXT concerns as an opportunity to accumulate, with the shares trading at a forward PER of just 11.8 times, one standard deviation below the historical average, and a dividend yield of nearly 4%.
CP ALL Public Company Limited
CP Axtra Public Company Limited