KGI Securities (Thailand) stated that CPAXT has launched "The Happitat" project on August 21, 2026, under the concept of "Happiness-Led Destination," with a total investment value of 15 billion baht. The project is divided into three main towers, with a total retail area of approximately 43,000 square meters and a total office area of approximately 24,000 square meters. It is expected to attract about 19 million visitors per year and is expected to recognize a loss of 500 million baht from this project this year. In the acquisition of ordinary shares of The Food Purveyor Sdn. Bhd. Group (TFP), the final price was MRR 1,597 million, or approximately 13.095 billion baht, with 80% of the funding coming from bank loans. The company expects TFP's sales to account for approximately 4% of its retail sales and to support profit growth from 2027 onwards. However, CPAXT's profit is expected to decline in the third and fourth quarters of this year due to the impact of government stimulus measures and business expansion costs. The company maintains its 2026 profit forecast at 8.8 billion baht and maintains a "Hold" recommendation with a year-end 2026F target price of 15.00 baht, based on a PER of 18.0 times.
CP Axtra Public Company LimitedCPAXT's TFP acquisition (~13.1bn baht, 80% debt-funded) is expected to support profit growth from 2027, but Q3/Q4 profit is seen declining on stimulus impacts and expansion costs, with a Hold rating and 15-baht target.
KGI Securities (Thailand) Public Company LimitedKGI Securities is only the analyst issuing the Hold rating and 15.00-baht target price on CPAXT, not a subject of the news.
