Central Retail Corporation Model Update

Research evidence excerpt

Central Retail Corporation Model Update

J P M O R G A N Asia Pacific Equity Research

15 May 2026

Central Retail Corporation Neutral

CRC.BK, CRC TB

Model Update Price (15 May 26):Bt20.10

Price Target (Jun-27):Bt21.00

We are updating our model post the 1Q26 result. We lower our EPS by around 5%, Consumer, Healthcare

ACmoslty on the back of deconsolidation, which overshadowed the strong 1Q26 Kae Pornpunnarath, CFA

result. This, together with the extension of our valuation date to Jun-27, results in (66-2) 684-2679

an unchanged PT of Bt21. kae.pornpunnarath@jpmorgan.com

JPMorgan Securities (Thailand) Limited

Outlook. CRC maintains guidance for 4-5% sales growth, stable GPM, and 26.3%

SG&A to revenue for 2025. In 1Q26, the company is ahead on both margin metrics

Key Changes (FYE Dec)

but behind on sales. QTD, SSSG improved to LSD positive vs. LSD negative in

Prev Cur Δ

1Q26, thanks to 5-10pts improvement qoq in fashion to LSD positive and hardline Adj. EPS - 26E (Bt) 1.49 1.42 -4.4%

to MSD-HSD positive in Apr26. SSSG in food remains strong at MSD-HSD Adj. EPS - 27E (Bt) 1.59 1.50 -5.6%

positive thanks to continued stockpiling demand. On the interest expense side, the

company is looking to increase its long-term IBD ratio to 40% from the current Style Exposure

26%. We believe that the entire matrix will converse close to the guidance for the

next next quarters, as base impact from Easy E-Receipt program in 1Q26 fades and

cost pressure builds up in later part of the year.

Impact of Middle East conflict. On cost, the company incurred an additional

Bt28m operating cost related to higher energy prices in Apr-26, which could be

annualized to ~Bt300m hit to P&L (~3% to profit), assuming a stable level of

energy costs. On tourism, CRC saw some slowdown in Apr-26, but nothing too