Daiwa keeps Buy on CPALL with 63 baht target, sees profit growth continuing in second half of 2026

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Daiwa Securities Thailand has maintained its Buy rating on CP All, or CPALL, with a target price of 63.00 baht, based on a 2026 PER of 17 times. It expects the profit trend in the second half of 2026 to continue expanding, driven by same-store sales in the third quarter of 2026 rising about 2%, supported by hot weather, extended alcohol sales hours, and tourist numbers. The fourth quarter of 2026 is expected to get a boost from the high season and the end of the co-pay scheme. Revenue in 2026 has a chance to grow 2% from the previous year, in line with target, driven by the opening of 700 new branches and same-store sales growth of about 1.5% to 2.0%. The ALL PharmaSee pharmacy business is an upside to margin, given gross margins in the drug segment of about 40%, higher than the 28% for general merchandise, and this is not yet included in the estimates. Daiwa keeps its 2026 and 2027 profit forecasts at 33 billion baht and 35 billion baht, up 18% and 6% from the previous year respectively, with the first half of 2026 performing better than expected and accounting for about 50% of the full-year estimate.

Impact on assets 1

Digital Finance & Tokenization▲

Off-coverage companies 2

ALL PharmaSeei
Private▲ PositiveDemandrelevance

ALL PharmaSee pharmacy business cited as an upside to margin with 40% gross margins, not yet in estimates.

DAOL Securities (Thailand) Public Company Limitedi
Private± Mixedrelevance