Mr. Tanin Buranamanit, Group Chief Executive Officer, CP AXTRA Public Company Limited (SET: CPAXT), has highlighted the company’s strong performance in the third quarter of 2025 despite economic headwinds both externally and internally.
The market reacted negatively on Wednesday as CPAXT suffered a huge loss in valuation following a sharp plunge of its share price following a lower-than-expectation earnings report for its 3Q25 performance.
“Despite external economic challenges, we have been able to maintain our market share and deliver steady growth. This reflects our agile strategies and ability to adapt effectively to changing economic conditions and evolving customer needs,” said Mr. Tanin.
“We also focus on leveraging technology and AI data analytic to offer personalized products, services, and targeted marketing activities. Furthermore, we are expanding our store network and developing rental spaces in high-potential locations, transforming them into ‘Happy Mall’ hubs. We are confident that the continuity of these strategies, combined with the government’s economic stimulus measures that are expected to boost consumption and tourism during the year-end high season, will enable the Company to capture growth opportunities and sustain positive momentum into the next quarter,” he added.
Finansia Syrus Securities indicated that CPAXT’s share price will be pressured in the short term by negative sentiment stemming from Q3 2025 earnings that came in lower than expected, due to the impact of an economic slowdown. However, with increasing government stimulus measures expected in November-December, SSS (same store sales) trends are likely to recover. Therefore, the “Buy” recommendation is maintained, with a target price of THB 23.00 per share, emphasizing investment on weakness.
Given that Q3 2025 earnings fell short of expectations, the research department has revised down projected net profits for 2025-2026 by 9.7% and 9.8% respectively. This is mainly due to more conservative gross margin assumptions, reflecting risks from a reduced non-food high margin sales mix, higher interest expenses in 2026, and incorporating revenue from Renewed Hope (the company operating the food business under the Lucky Frozen brand in Malaysia). Net profit for 2025 is expected to decrease by 5.6% year-over-year, while 2026 should see an approximately 8% growth from the low base and organic growth recovery supported by government measures.
For Q4 2025, in October, Makro’s SSS trend remained flat, and Lotus’s Thailand’s SSS dropped 2-3% year-over-year, yet overall recovery was seen in November due to policy support.
According to LSEG’s consensus, CPAXT is expected to report a net profit of 4,337 million baht in the fourth quarter of 2025, marking an increase by 9.52% YoY and 132% QoQ. Out of 15 houses, 8 recommend “BUY”, 5 recommend “Hold” and 2 for “Sell” with an average target price at THB 24.71 per share.
