TISCO Securities noted that Central Retail Corporation Public Company Limited (SET: CRC) has announced the acquisition of 100% of AEON (Thailand) through its wholly owned subsidiary, Central Food Retail. The transaction involves 30 MaxValu supermarkets, predominantly located in Bangkok and neighboring provinces, and is set to significantly expand CRC’s supermarket presence.
Under the deal, all acquired MaxValu branches will be rebranded under the Tops name, with the official transfer targeted for September 30, 2026 and completion expected within the fourth quarter of 2026. CRC management indicated that this acquisition will boost Tops’ store count in Greater Bangkok by nearly a third, instantly augmenting its existing network of nearly 100 stores out of 170.
TISCO estimated the acquisition value at below THB 2 billion, reflecting a price-to-sales ratio of around 0.5x—a favorable valuation for CRC. Renovation capital expenditures are expected to add modestly to the transaction value, but management confirmed that the purchase price remains below the cost of organically building a similar network. Typically, Tops’ construction CAPEX ranges from THB 70 – 80 million per store, totaling THB 2.1 – 2.4 billion for 30 stores—meaning CRC is acquiring ready-operating assets at a lower cost.
Along with the store network, the acquisition includes freehold land, access to over 900,000 customers, and a ready-to-eat food processing center. The deal will be funded entirely from internal cash flow, with no new debt required, ensuring CRC’s gearing ratios remain stable.
Financially, the acquired business posted an EBITDA loss of approximately THB 230 million and a net loss of THB 260 million in the last fiscal year, according to TISCO. The impact for CRC in the final quarter of 2026 will be modest due to the partial consolidation period. However, management is targeting EBITDA positivity for the full year 2027. When operations normalize, the acquisition is expected to contribute a 2 – 4% lift to CRC’s earnings forecasts in the following years, the analyst wrote. Meanwhile, no specific net profit breakeven was disclosed.
Key transaction details, such as final consideration and property splits, will be provided upon completion, the brokerage firm remarked. The parent of the seller, which is listed in Tokyo, adheres to strict disclosure requirements, and the current information treatment is seen as sound governance.
TISCO maintains a “BUY” rating on CRC, with a target price of THB 27.
