The share price of CP Axtra Public Company Limited (SET: CPAXT) dropped 9% to THB20.10 as the trading session on Wednesday is drawing to a close.
CGS International Securities (Thailand) (CGSI) stated that CPAXT’s share price plunged 9% today with no new developments from the company aside signs of softening fundamentals.
SSSG (Same store sales growth) for both Makro and Lotus’s came in at just +0–1% during 1–18 May—only a slight uptick from April and still worryingly weak. While technically still positive, these figures underscore a clear deceleration in consumer spending.
CGSI noted that if this tepid trend persists into June and beyond, downward earnings revisions could be on the table—not just for CPAXT but for the broader retail sector.
The market’s reaction suggests growing skepticism over the pace of recovery, particularly in light of mounting macro headwinds and the absence of near-term consumption drivers.
