FSS International Investment Advisory Securities (FSSIA) stated in an analysis that Central Retail Corporation Public Company Limited (SET: CRC) has reported impressive financial results for the fourth quarter of 2025, with net profit reaching THB 2,630 million—a year-over-year increase of 20.9% and a sharp 102.1% rise quarter-on-quarter.
Excluding one-off items such as the gain from Rinascente’s sale and impairment charges related to Nguyen Kim, CRC’s normalized profit for 4Q25 came in at THB 3,011 million, flat YoY but up 131.8% quarter-on-quarter. This exceeded both the analyst firm’s and market expectations by approximately 15%, mainly due to a more favorable profitability margin.
However, CRC has restated its financial statements for 2024-2025 (including 4Q24, 3Q25, and 4Q25) to reflect the absence of Rinascente, reclassifying profit from the previously held department store as discontinued operations. Under these restated figures, the normalized profit from Thai and Vietnamese operations was THB 2,729 million in 4Q25, up 17.2% YoY and 128.9% QoQ. This growth was largely supported by increased other income and reduced interest expenses.
In the restated figures, total sales from its Thai and Vietnamese business lines were steady year-on-year, even as Same Store Sales (SSS) declined by 4%. The drop was offset by new store openings and a slight increase in rental income. The gross profit margin remained stable year-on-year, while SG&A expenses rose in line with the expansion of its store network. Additionally, CRC invested in a 40% stake in JD Sports, a sports products retailer, with the expectation of earning around THB 100 million in annual profit share from the venture.
Looking at the full year 2025, CRC’s normalized profit (excluding Rinascente) was THB 7,432 million, down 4% YoY. Moving into 2026, the company expects stable profit in 1Q26, given that SSS for January 1 to February 22 fell by about 4% year-on-year, though this will be compensated by lower interest costs. For the second quarter of 2026, CRC expects to return to YoY profit growth due to a low base and the sale of Nguyen Kim, which incurred a loss of THB 250 million in 2025.
Moving forward, FSSIA has revised its assumptions for CRC’s 2026-2028 performance, due to the company’s better-than-expected 4Q25 earnings, the acquisition of JD Sports, and financial restructuring. The brokerage firm now anticipates a ~5.7% YoY profit growth for 2026 (though this becomes a 3.3% decline if including the prior benefit of Rinascente in the 2025 base). Profit growth will be bolstered by the sale of the loss-making Nguyen Kim, the acquisition of JD Sports, and reduced interest expenses.
In its latest announcement, CRC declared a dividend payment of THB 1.11 per share (5.4% dividend yield, as expected), totaling a special dividend of THB 0.58 per share along with a regular dividend of THB 0.53 per share. The stock will receive an ex-dividend (XD) mark on April 21, 2026.
FSSIA remains positive on CRC’s business restructuring and sees long-term growth potential stemming from its diversified Thai portfolio and expanding presence in Vietnam. The “BUY” recommendation is retained with a target price of THB 23.
