CGSI maintains Overweight on Thai retail, names BJC and CPALL as top picks

Kaohoon··THVN·Read original
2▲4 ▼2Impact / 5
Summary · why it matters

CGSI, the Thai unit of CGS International, continues to rate the Thai retail sector Overweight, selecting Berli Jucker, or BJC, and CP All, or CPALL, as its top picks. It also recommends gradually accumulating BJC and DoHome, or DOHOME, after same-store sales showed continued signs of recovery. CGSI said CPALL should be accumulated gradually before same-store sales growth at 7-Eleven stores clearly recovers from late November 2026, a period when consumers are expected to have used up nearly all of their Thai Chai Thai Plus scheme benefits. Meanwhile, Moshi Moshi Retail Corporation, or MOSHI, is expected to be affected only temporarily by the flooding in late September 2026, so CGSI recommends using the dip in the share price to accumulate the stock. For BigC, September 2026 same-store sales growth is estimated at 2.5%, putting third-quarter 2026 same-store sales growth at 0.2%. MMVN is expected to post September same-store sales growth of 7.0% in Vietnamese dong terms and 12.2% in baht terms, putting third-quarter 2026 same-store sales growth at 9.7% and 13.0% respectively. For CPALL, September 2026 same-store sales growth at 7-Eleven stores is estimated at 1.5%, with the third quarter of 2026 also at 1.5%. Although the floods forced more than 100 7-Eleven stores to close, the overall impact on the network of more than 16,000 stores remains limited. For DOHOME, September 2026 same-store sales growth is estimated at 4.2% and third-quarter 2026 at 5.5%. GLOBAL is expected to see September 2026 same-store sales growth fall 5.0% and third-quarter 2026 fall 5.2%. HMPRO said flood-affected areas account for roughly 50% to 60% of HomePro store sales, likely pressuring September same-store sales growth at HomePro and MegaHome to minus 2% and plus 1% respectively, putting third-quarter 2026 same-store sales growth at minus 3.0% and minus 0.4% respectively. It views the slowdown in sales as customers postponing purchases rather than demand disappearing, and if the flood situation returns to normal, home repair demand should help support a recovery in HMPRO sales in the fourth quarter of 2026.

Impact on assets 6

Consumer Discretionary± Mixed
Moshi Moshi Retail Corp. PCL
MOSHI
▲ PositiveCapitalrelevance

CGSI recommends using the share-price dip to accumulate MOSHI, calling the late-September 2026 flooding impact only temporary.

Consumer Staples▲
Berli Jucker PCL
BJC
▲ PositiveCapitalrelevance

CGSI maintains Overweight on Thai retail and names BJC a top pick, recommending gradual accumulation.

Digital Finance & Tokenization▲

Off-coverage companies 2

MegaHomei
Private± Mixedrelevance

MM Vietnami
Private± Mixedrelevance