CP Axtra PCL: Cautious outlook from macro pressure

Research evidence excerpt

CP Axtra PCL: Cautious outlook from macro pressure

Accessible version

CP Axtra PCL

Cautious outlook from macro pressure

Maintain Rating: NEUTRAL | PO: 18.50 THB | Price: 14.60 THB

Neutral to slightly negative takeaway from meeting 12 May 2026

The analyst meeting’s overall tone was neutral to slightly negative, as the geopolitical Equity

uncertainty and weak consumption sentiment could pressure not only sales growth but

also operating costs going forward. CPAXT confirmed a delay in the opening of the Sirichai Chalokepunrat ^^^ Research Analyst

Happitat project due to slower-than-expected tenant readiness and booking progress. Kiatnakin Phatra Securities

This should cap near term valuation re-rating. Maintain Neutral. +66sirichai.chal@kkpfg.com2 305 9204

Maintain guidance, but outlook turns more cautious

CPAXT maintained its full-year guidance for low- to mid-single-digit revenue growth and

Stock Data10-20bp margin expansion but we see a more cautious tone. QTD SSS for wholesale

(B2B) was flat, while Lotus’s Thailand (B2C) should be slightly negative. CPAXT expects a Price 14.60 THB

softer trend from weak spending sentiment amid geopolitical concerns and rising living Price Objective 18.50 THB

costs. The upcoming co-payment program should provide indirect support for B2B. Date Established 8-Apr-2026

However, B2C may not benefit, implying continued pressure on B2C spending during the Investment Opinion C-2-7

period. For margin outlook, it expects a sequential improvement from 1Q as several 52-Week Range 13.90 THB-24.30 THB

temporary drags should fade, including inventory loss and clearance. CPAXT is Mrkt Val / Shares Out (mn) 4,719 USD / 10,427.7

negotiating with suppliers to partially pass through higher mid-mile transportation costs, Market Value (mn) 152,244 THB