DBS Vickers holds a positive view on CPALL's profit outlook for the second half of 2026, keeping its 2026E and 2027E profit forecasts at 33 billion baht and 35 billion baht, growing 18% and 6% year on year respectively. The first half performed better than expected and accounted for about 50% of the full-year forecast, supported by third-quarter 2026 same-store sales growth still positive at around 2% on hot weather, extended alcohol sales hours, and tourist numbers. The fourth quarter is expected to get a boost from the high season and the end of the co-pay scheme. On revenue, 2026E has a chance to grow 2% year on year in line with target, driven by 700 new store openings and same-store sales growth of about 1.5% to 2.0%, plus a higher share of high-margin products that continues to support gross profit margin. DBS Vickers noted that ALL PharmaSee is an upside to margin, with the pharmacy group's gross margin of around 40%, higher than 28% for general products, and is not yet included in forecasts, with potential to increase its sales share through the 7-Eleven and 7App networks. The research house maintains its Buy rating with a target price of 63.00 baht, based on a 2026E price-to-earnings ratio of 17.0x, which is 1.1 standard deviations below the five-year average, and views that the share price has not yet reflected the continued improvement in operating results, including 2026E profit that is expected to hit a new high.
CP ALL Public Company LimitedDBS Vickers maintains Buy rating with 63 baht target, expecting 2026E profit to hit a new record high.
ALL PharmaSee is cited as margin upside with potential to grow sales share through 7-Eleven and 7App networks.
