Tisco says September retail SSSG turns positive at 0.9%, picks BJC as standout

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Summary · why it matters

Tisco Securities released an analysis of retail sector stocks, noting that same-store sales growth, or SSSG, improved by 0.9% in September, recovering from a contraction of 1.5% in July and 0.4% in August, driven by stockpiling of goods related to the flood situation as well as a recovery in fundamentals. It expects SSSG at 7-Eleven under CPALL to come in at positive 3%, while Makro under CPAXT is seen at positive 1.5% and Big C under BJC at positive 2%. Overall, SSSG in the third quarter of 2026 is expected to decline 0.3% under pressure from the high base effect of previous government economic stimulus measures, but strong operating results in September should partially offset the weakness in July and August. Tisco's research team recommends BJC, expecting September SSSG to be positive at 2% on the benefit of flood-related stockpiling and store improvements, as well as the broad-based recovery that began to emerge in August. BJC's stores showed significantly better development across all product categories, and SSSG is expected to accelerate again once the impact of government stimulus spending fades and customer numbers return to normal in December 2026. CPALL, meanwhile, is expected to report September SSSG in positive low- to mid-single-digit territory, improving from the previous two months, with 7-Eleven benefiting from consumer stockpiling in late September amid heavy rain and flood risk. It also received support from extended alcohol sales hours and an increase in Chinese tourist numbers, while the impact of branch closures due to flooding remained limited.

Impact on assets 3

Consumer Staples▲
Berli Jucker PCL
BJC
▲ PositiveDemandrelevance

Tisco recommends BJC, expecting September SSSG positive at 2% on flood-related stockpiling and store improvements.

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

CPALL's 7-Eleven expected to post positive low- to mid-single-digit September SSSG on consumer stockpiling, extended alcohol hours, and more Chinese tourists.