Central Retail Corporation (SET: CRC) has announced the sale of its Vietnamese electronics retail business, a move that Yuanta Securities’ analysts view as a necessary response to persistent losses and fierce market competition, following the conference with CRC’s management.
On December 23, 2025, CRC announced it had reached a Share Purchase Agreement with PICO Holdings Joint Stock Company to divest its investment in NKT New Solution and Technology Development Investment Joint Stock Company, operator of the Nguyen Kim electronics chain, including all its wholly owned subsidiaries. The deal values the enterprise at $36 million (approximately THB 1,137 million).
Yuanta Securities noted that CRC’s electronics retail operation in Vietnam reported a net loss of THB 220 million for the first nine months of 2025, following a normal loss of THB 385 million in 2024. High competition and operating costs weighed on performance, prompting management to shutter select stores in pursuit of year-on-year SSSG (same-store sales growth) recovery in the latter part of 2025.
According to the analysts, although the transaction will trigger a one-time, non-cash impairment of around THB 5.9 billion (THB 0.98 per share) in the fourth quarter, the impact on CRC’s balance sheet is expected to be limited. This charge is anticipated to be offset by a gain of approximately THB 6 billion from the sale of the company’s Italian operations, also set to be recorded in the same quarter.
CRC signaled that its long-term growth strategy in Vietnam will now concentrate on the food retail sector and expanding its property rental business. The divestment is not classified as a major transaction or a related-party deal, therefore it does not require an EGM (Extraordinary General Meeting) for shareholder approval.
Shares in CRC have temporarily moved lower, reflecting investor reaction to the impairment charge. However, Yuanta analysts remain optimistic about the long-term outlook, suggesting the company’s Vietnamese operations will become leaner and more profitable after this portfolio adjustment.
Yuanta recommends investors accumulate CRC shares on market weakness, maintaining a target price of THB 24.00. The house expects a strong dividend yield of about 6.5% for the second half of 2025, inclusive of a special dividend of THB 0.58 per share.
