First Read: Thai Consumer Sector "May SSSG was a mixed bag" Manoonpol

Research evidence excerpt

First Read: Thai Consumer Sector "May SSSG was a mixed bag" Manoonpol

Global Research

8 June 2026ab

First Read

EquitiesThai Consumer Sector

May SSSG was a mixed bag Thailand

Retail

Alex Manoonpol

Consumer staples' SSSG momentum varied MoM Analyst

We caught up with the Thai retailers under our coverage for an update on SSSG trends alex.manoonpol@ubs.com

in May. Overall, we anticipate CPALL's SSSG QTD to remain in the positive low single- +662-613 5770

digit (+LSD) range but lower than the 1.9% reported in Q126. In contrast, for CPAXT, we Permada Darmono

expect Makro to deliver flat SSSG in both April and May, while Lotus's SSSG reversed to Analyst

slightly negative during the first three weeks of May, following flat performance in April. permada.darmono@ubs.com

BJC is likely to remain the weakest performer with -LSD SSSG QTD, though May is +65-6495 3137

expected to improve to flat from -LSD recorded in April. BJC experienced MoM gains Mark Sriskulpinyo

across all categories except hardline, while non-food continues to weigh on Associate Analyst

performance, keeping hypermarket SSSG in negative territory. mark.sriskulpinyo@ubs.com

+662-613 5742

Discretionary retailers (ex. home improvement) saw improving SSSG MoM

Home Pro Thailand's SSSG QTD was flat to slightly positive, while Mega Home should

come in at +LSD. However, in May, SSSG for both business units declined to -LSD

compared to April, as demand for cooling items faded. For CRC, total SSSG from April to

May was in the +LSD range, primarily supported by Thailand's performance at +LSD,

whereas Vietnam's SSSG remained flat in THB but showed positive mid-single-digit

growth in VND. Thailand's fashion segment should be flattish, with a MoM

improvement in May, particularly in areas catering to tourists.