Analysts at Pi Securities expect CPALL to report third-quarter net profit of 6 billion baht, down 10% from the same period last year, reflecting provisions related to the closure of Lotus's Go Fresh stores. Normalized profit is expected at 7 billion baht, up 8% year-on-year but down 6% from the previous quarter, supported by a 2% increase in same-store sales at 7-Eleven that helped offset lower profit from the Makro wholesale and Lotus's retail businesses. The research team expects 7-Eleven's same-store sales momentum to remain strong in the fourth quarter, alongside plans to open 700 stores per year. The recent floods were a positive factor as consumers stockpiled goods, making September sales notably stronger than other months, and the hundreds of branches in flooded areas have all gradually reopened as normal. Distribution centers were unaffected and logistics continue to operate normally. The brokerage maintains a "Buy" rating with a fair value of 61 baht, citing attractive valuation and an expected dividend yield of 3% to 4%.
CP ALL Public Company LimitedPi Securities expects CPALL's Q3 net profit to fall 10% to 6 billion baht on Lotus's Go Fresh closure provisions.
CP Axtra Public Company LimitedLower profit from the Makro wholesale and Lotus's retail businesses weighed on CPALL's results.
