On Thursday, the share price of CP All Public Company Limited (SET: CPALL) at the time of 10.52 a.m. was THB 44.25, a THB 0.75 or 1.72% increase with a total trading value of THB 434.18 million.
Kiatnakin Phatra Securities (KKPS) has reiterated its ‘Buy’ recommendation on CPALL with a price objective of THB 62.14, as performance in the convenience store (CVS) segments helped offset CPAXT’s shortcomings.
CPALL reported a net profit of THB 6.6 billion for the third quarter of 2025, an 18% increase year-on-year (YoY). Excluding foreign exchange effects, core earnings stood at THB 6.5 billion, representing a 4% rise from a year earlier. The results matched KKPS’ estimate of THB 6.6 billion despite challenges faced by CPAXT—a unit in which CP ALL holds a 60% stake.
Strong contributions from CVS operations and subsidiaries such as CPRAM helped counterbalance weaker results from CPAXT. For the first nine months of 2025, CPALL recorded a core profit of THB 21 billion, up 15% on year and equivalent to 76% of the securities house’s full-year projection. KKPS anticipates the momentum in CVS performance will persist into October, supporting continued growth into the fourth quarter.
On the revenue front, consolidated sales grew 4% YoY to THB 243 billion, with CVS and its subsidiaries contributing THB 121 billion (up 5% YoY) and CPAXT posting THB 122 billion (up 3% YoY). Store expansion underpinned revenue growth in CVS, with same-store sales slipping 0.5% due to unfavorable weather impacting customer footfall. Delivery services—which now represent 11% of sales—helped drive a YoY increase in average transaction value.
Gross margin for the group widened by 10 basis points from the year before to 20.8%, supported by a 30 basis point margin improvement in the CVS segment. Products delivered a 20 basis point margin increase, led by higher-margin food items such as ready-to-eat meals, fruits, and desserts. Non-food margins were stable, attributed to the normalization of lower-margin categories like cigarettes. Overall, gross profit rose 4% YoY.
Selling, general and administrative expenses (SG&A) climbed 5% to THB 51 billion, mainly due to greater advertising spend within the CVS unit. However, this was partially offset by a 10% increase in other income, predominantly from vendor participation. As a result, consolidated EBIT rose 2% from the previous year to reach THB 12 billion, with the EBIT margin holding steady at 5%.
