On Monday, the share price of CP Axtra Public Company Limited (SET: CPAXT) at the time of 11: 23 a.m. was at THB 14.90, a THB 0.20 or 1.36% increase with a total trading value of THB 85.64 million.
Phillip Securities (Thailand) stated in its analysis that CPAXT’s early-year performance exceeded expectations, driven by efficient cost management and income recognition from Lucky Frozen, which strengthened its position. Sales continued to grow due to new branch openings and online channels, although gross margin remained under pressure.
CPAXT reported a net profit for 1Q26 at THB 2.79 billion, up 5.70% year-on-year and higher than forecast. The main supporting factors were effective operating cost control, a 8.10% YoY reduction in financial costs, and income recognition from Lucky Frozen totaling THB 130 million.
For Makro’s wholesale business, sales revenue was THB 74 billion, growing 5.90% year-on-year, supported by new store openings and growth in Omni Channel sales. Same-store sales (SSSG) grew slightly at 0.60%. However, gross margin decreased to 11.7% from 12% last year due to stock liquidation and customer stockpiling behavior in response to concerns over the Middle East situation.
For Lotus’s retail business, sales revenue was THB 56.7 billion, growing 3.4% year-on-year. The Malaysian market grew well thanks to government economic stimulus, while sales in Thailand remained stable compared to last year, as did SSSG. Gross margin decreased to 17.1% from 17.6% last year, due to product mix factor and recognition of inventory losses from an IT issue in 4Q25.
According to Phillip Securities, CPAXT’s operating performance is expected to recover from 2Q26 onwards, based on last year’s low profit base, government stimulus measures that attract customers and increase purchase volume, margin recovery, and Omni Channel sales strategy. The firm maintains its 2026 target price at THB 18.60, with an upside of about 26% from the current price and continues to recommend a “Buy.”
