Pi Securities says this flood season is nothing like 2011, recommends buying CPALL and TU

Thunhoon··THGB·Read original
3▲2 ▼0Impact / 5
Summary · why it matters

Pi Securities said in a strategy analysis that the current flood situation is far removed from 2011, because in 2011 Thailand faced La Niña with above-normal rainfall that covered as many as 74 provinces, including economic zones and especially the industrial estates around Ayutthaya. But the current round pressures only some areas of Bangkok and nearby provinces, with water levels starting to recede and government agencies assessing that travel is close to returning to normal. In the short term, the impact on tourism and consumption is seen as slight, because part of the effect is offset by a boost from food stockpiling. Statistics from 2011 show that the groups that outperformed during the event were Healthcare at -1.4%, ICT at -5.1%, REIT at -7.5% and Commerce at -12.6%, while the underperformers were PETRO at -43%, PACK at -42% and ETRON at -34%. But one month after the situation eased, the outperformers were PETRO at +32%, construction materials at +22% and Pack at +18%. Pi Securities recommends buying CPALL with a target of 61 baht, seeing same-store sales growth and profit in the second half of 2026 as not much affected by the Thai Chuay Thai Plus scheme, based on same-store sales growth in June 2026 that held steady year on year, together with gradually improving consumer purchasing power. It also recommends buying TU with a target of 15.4 baht, as the second half of 2026 has several positives: the peak export period, a weaker baht, and Britain cutting its import tax on Thai tuna to 0% from 24%, which will support continued revenue growth.

Impact on assets 2

Digital Finance & Tokenization▲
CP ALL Public Company Limited
CPALL
▲ PositiveCapitalrelevance

Pi Securities recommends buying CPALL with a 61 baht target, citing steady same-store sales growth and limited impact from the Thai Chuay Thai Plus scheme.

Consumer Staples▲
Thai Union Group PCL
TU
▲ PositiveCapitalrelevance

Pi Securities recommends buying TU with a 15.4 baht target on peak export period, weaker baht, and Britain cutting its tuna import tax to 0%.