Finansia Syrus Securities has released its earnings preview for CP All Public Company Limited (SET: CPALL) in the first quarter of 2026, projecting a core profit of 8.1 billion baht. This represents a robust year-on-year growth of 6.8% and a quarter-on-quarter increase of 11.1%, primarily driven by the ongoing strength in 7-Eleven operations and improving performance at CPAXT.
The firm expects total sales in 1Q26 to exhibit solid growth, backed by a 1.3% year-on-year rise in same-store sales (SSS) at 7-Eleven. Contributing factors include warmer weather that has boosted store traffic alongside popular product offerings and additional sales from new store branches.
Profitability metrics are forecasted to remain steady compared to the previous year, with the gross profit margin (GPM) stable at 22.8%. This results from higher GPM at 7-Eleven offsetting a contraction in CPAXT’s GPM, which is impacted by a higher dry food sales mix. Operating expenses as a percentage of sales (SG&A/sales) are expected to be consistent, reflecting efficient cost controls.
The anticipated 1Q26 profit accounts for approximately 27% of CPALL’s full-year 2026 profit estimate. Finansia Syrus maintains a positive outlook for CPALL, given the continued expansion of its core 7-Eleven business and the company’s resilient operating capacity in the current environment, including its ability to pass on higher costs.
Finansia notes that CPALL is currently trading at a 2026 estimated P/E ratio of 14x, below the sector average of 16-17x, and therefore reiterates its ‘Buy’ recommendation.
