KKPS maintains Buy on CBG with 70 baht target, sees upside from CJ MORE expansion

AnalystAnalyst
โดย Kaohoon·TH·Read original
Summary · why it matters

Kiatnakin Phatra Securities, or KKPS, has maintained its Buy rating on Carabao Group, or CBG, and kept its target price at 70 baht, viewing the branch expansion of CJ MORE under CJ Express Group, a CBG affiliate, as a long-term positive that will add distribution channels and support sales growth. Satien Satiantamma, Chief Executive Officer of CJ Express Group, said CJ MORE targets sales of 80 billion baht in 2026 and 100 billion baht in 2027, with plans to expand from about 2,100 branches currently to 2,500 branches by 2027 and to 5,000 branches by 2029. It expects to list on the stock exchange through an initial public offering, or IPO, in 2029. The research team estimates that, if other factors remain unchanged and CJ meets its sales target of 100 billion baht while expanding to 3,200 branches, CBG's domestic energy drink sales would reach about 9.4 billion baht, 3.8% above its previous estimate, and CBG's profit in 2027 is expected to set a new record high, surpassing its previous peak of 3.5 billion baht in 2020. CBG's energy drinks account for about 2.5% of sales within CJ, while CBG's domestic energy drink sales grew continuously from 2023 to 2025, with sales through CJ stores posting average annual growth of 31% and sales through traditional trade channels growing an average of 10%.

Impact on stocks 2

Consumer Staples▲ · 1 stocks
Carabao Group Public Company Limited
CBG
▲ PositiveDemandrelevance

CJ MORE branch expansion adds distribution channels and is estimated to lift CBG's domestic energy drink sales ~3.8% above prior estimate, driving record 2027 profit.

Financials▲ · 1 stocks

Off-coverage companies 1

CJ Express GroupPrivate▲ Positive
Demandrelevance

CJ Express Group's CJ MORE targets 80bn baht 2026 and 100bn baht 2027 sales, expanding from ~2,100 to 2,500 branches by 2027 and 5,000 by 2029 with a 2029 IPO.

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