First Read: CP Axtra "Aiming for margin recovery in H226" (Neutral) Manoonpol

Research evidence excerpt

First Read: CP Axtra "Aiming for margin recovery in H226" (Neutral) Manoonpol

d in Q1, UBS Cons.

pre-opening costs have already been incurred, and depreciation will only begin once 12/26E 0.93 0.97

operations commence. The total loss impact for the year is guided at c.5% of group 12/27E 0.98 1.04

earnings (~Bt500m), spread across the remaining quarters, with the delay itself helping 12/28E 1.04 1.12

to better manage near-term profitability by deferring full depreciation recognition.

Management remains confident in the project’s differentiated “immersive” positioning, Alex Manoonpol

Analyst

emphasizing experience-driven traffic rather than reliance on traditional anchor tenants.

alex.manoonpol@ubs.com

+662-613 5770

Emphasizing regional growth with a focus on Malaysia

Permada Darmono

Malaysia continues to stand out as a key growth focus, supported by improvements in

food service offerings, potential mall upgrades and a still-low base in online penetration. permada.darmono@ubs.com

Across other markets, management is taking a measured and opportunistic approach: +65-6495 3137

expansion in the Philippines remains on track with the first store targeted by year-end,

Mark Sriskulpinyo

while India represents a longer-term opportunity under evaluation. In Cambodia, Associate Analyst

adjustments such as potential rebranding or local partnerships are being considered to mark.sriskulpinyo@ubs.com

better align with consumer sentiment, while Myanmar was highlighted as an existing +662-613 5742

bright spot with profitable operations despite macro and political uncertainty.

Valuation: DCF-based price target of Bt15.60; Neutral

CPAXT is trading at 16x 2026E PE, slightly above the Thai consumer sector average of

15x.