Land and Houses recommends buying CPAXT on weakness, target 17.00 baht, betting on profit recovery in 2027

AnalystEarningsM&A · Partnership
โดย HoonVision·TH·Read original
Summary · why it matters

Land and Houses Securities assessed CPAXT, noting that net profit in the third quarter of 2026 is likely to weaken both year-on-year and quarter-on-quarter, due to the low season during the rainy period, pressure from energy prices, and the recognition of a loss of another 200 million baht from the Happitat project this quarter. Total sales are still expected to grow 1-2% year-on-year, driven by branch expansion and Omni-channel, even though overall same-store sales growth remains negative amid weak purchasing power from the Thai Help Thai Plus program and energy prices. The company has acquired The Food Purveyor in Malaysia for around 13.1 billion baht, which helps support retail revenue growth of 4% and raises overall margins, beginning to contribute positively to net profit by 1-2% from 2027 onward. The research team has initiated a buy-on-weakness recommendation with a target price of 17.00 baht, expecting profit to begin recovering from the fourth quarter of 2026 onward and to grow strongly in 2027 on TFP and the Happitat project's narrowing losses.

Impact on stocks 1

Consumer Staples▲ · 1 stocks
CP Axtra Public Company Limited
CPAXT
▲ PositiveCapitalrelevance

Land and Houses Securities initiates buy-on-weakness with a 17.00 baht target price, expecting profit recovery from Q4 2026 and strong 2027 growth.

Off-coverage companies 1

The Food PurveyorPrivate▲ Positive
Capitalrelevance

CP Axtra acquired The Food Purveyor in Malaysia for ~13.1 billion baht, supporting retail revenue growth and margins with positive net profit contribution from 2027.

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