Yuanta Securities maintains an Overweight rating on the retail sector, viewing the group's share prices as having underperformed the market too heavily. Comparing year-to-date returns, SETCOMMERCE is at +11%, a significant laggard versus the SET Index at +29%, and valuations are currently inexpensive, with retail stocks trading at an average PER26 of just 15.1 times, close to -1.4 SD of the five-year historical average. The research team selects BJC as its Top Pick with a target price of 18.00 baht and is in the process of reviewing its earnings forecasts and target price upward, expecting it to come in at around +/-19 baht, driven by solid same-store sales growth recovery in August 2026 and an expected strong year-on-year profit recovery in the third quarter of 2026. The stock currently trades at a PER26 of only 13.7 times, below -2SD of the five-year historical average. Meanwhile, CPALL is given a target price of 63.00 baht on continued same-store sales growth recovery, with third-quarter 2026 results expected to recover year on year and valuations still cheap, trading at a PER26 of only 13.5 times, equivalent to -2SD of the five-year historical average. For the quarter to date, average same-store sales growth across the sector stands at -1% to +1% year on year, a solid recovery compared with -3.3% year on year in the third quarter of 2025, supported by selling prices that remain elevated and recovering consumer confidence. Third-quarter 2026 earnings are expected to decline quarter on quarter but grow well year on year on same-store sales growth recovery and store expansion. Gross margins are expected to improve year on year on product prices, a larger house brand product mix, product mix adjustment, and inventory management.
Berli Jucker PCLYuanta names BJC its Top Pick with an 18 baht target, under review for upgrade to ~19 baht, citing cheap valuation and Q3 2026 profit recovery.
CP ALL Public Company LimitedYuanta assigns CPALL a 63.00 baht target price, citing continued same-store sales recovery, Q3 2026 earnings recovery, and cheap valuation.
