CP All: Decent 2Q expected led by CVS operation

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CP All: Decent 2Q expected led by CVS operation

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CP All

Decent 2Q expected led by CVS operation

Maintain Rating: BUY | PO: 61.47 THB | Price: 47.75 THB

CVS should offset CPAXT's weakness 08 July 2026

Despite weaker earnings from CPAXT in which CPALL holds a 60% stake (refer to report: Equity

Headwinds hit 2Q26), resilient CVS operation should continue to support the group's

earnings. We expect CPALL’s consolidated NPAT to grow 5% YoY to Bt7.4bn. The SirichaiResearchChalokepunratAnalyst ^^^

earnings growth should be driven by resilient performance of the CVS business which is Kiatnakin Phatra Securities

expected to offset the weaker contribution from CPAXT. If our estimates are correct, +66sirichai.chal@kkpfg.com2 305 9204

1H26 NPAT should reach Bt16bn (+11% YoY), representing 51% of both our full-year

forecast and consensus estimate. Looking ahead, we expect CVS margin to improve

further in 2H26 as lower oil prices ease cost pressures and support a sequential recovery

Stock Datain earnings. We maintain our Buy rating.

Price 47.75 THB

Revenue and margin Price Objective 61.47 THB

We expect the CVS business to deliver continued sales and margin expansion despite Date Established 26-Feb-2026

headwinds from the government's co-payment scheme and higher oil prices. CVS Investment Opinion A-1-7

revenue should increase 4% YoY, supported by SSSG of 1%, driven mainly by ready-to- 52-Week Range 40.50 THB-54.50 THB

eat (RTE) food and other fresh food categories. The continued improvement in product Mrkt Val / Shares Out (mn) 12,907 USD / 9,000.0

mix should lift CVS gross margin by 20bps YoY to 29.6% and offset the impact of higher Market Value (mn) 429,750 THB

logistics from elevated oil prices.