On Monday, the share price of CP Axtra Public Company Limited (SET: CPAXT) at the time of 11:03 a.m. was at THB 14.90, a THB 0.60 or 4.2% increase with a total trading value of THB 514.93 million.
CPAXT reported a net loss of THB 563 million in the third quarter of 2026, largely reflecting THB 2.3 billion in one-off restructuring expenses, mainly related to the closure of 673 Lotus’s Go Fresh stores.
Kiatnakin Phatra Securities (KKPS) said CPAXT’s core profit excluding exceptional items would have reached THB 1.7 billion, down 8% year-on-year. This was broadly in line with consensus but slightly above its THB 1.6 billion estimate, primarily due to higher-than-expected other income.
Net profit after tax for the first nine months stood at THB 6.3 billion, down 8% YoY and representing 67% of KKPS’ full-year forecast.
KKPS expects earnings to recover in the fourth quarter, supported by a low comparison base in 4Q25 and cost savings from restructuring. The brokerage believes the third quarter could mark an earnings bottom, with the anticipated recovery providing a short-term share price catalyst.
However, KKPS maintained its “Neutral” recommendation given CPAXT’s current valuation. It prefers CP All Public Company Limited (SET: CPALL) for its more attractive valuation, noting that CPALL’s 60% stake in CPAXT should provide similar earnings momentum.
CPAXT’s consolidated sales increased 2% YoY to THB 125 billion. Makro’s business-to-business (B2B) sales grew 5%, while Lotus’s business-to-consumer (B2C) sales declined 1%.
Same-store sales rose 1.4% in B2B but fell 5.6% in B2C. KKPS attributed the divergence largely to the government’s co-payment program, which supported demand at traditional retailers while diverting consumer spending away from modern retail channels.
The consolidated margin improved 10 basis points YoY. B2C margin expanded 80 basis points, supported by product mix, including a lower dry-food contribution, and consolidation of the recently acquired The Food Purveyor (TFP). This offset a 20-basis-point contraction in B2B margin associated with increased purchases by traditional retailers.
Rental and retail services income rose 6% YoY, supported by new store openings, including Happitat. However, rental gross profit declined 3% as the margin contracted 430 basis points, reflecting new-store costs, renovations and the reallocation of leasable space.
Normalized selling, general and administrative expenses, excluding one-off items, increased 5% YoY due to additional costs from TFP and B2B omnichannel expansion.
Earnings before interest and tax were flat YoY at THB 3.5 billion, while interest expenses increased 16%, reflecting costs associated with Happitat and the TFP acquisition.
