CPALL Q3 2026E Earnings Forecast Revised to THB 7.2 Billion; Analyst Maintains Buy Rating

Key summary

Daoo (Thailand) analysts estimate CPALL's normal net profit for the third quarter of fiscal year 2026 at THB 7.2 billion, an increase of 8% year-over-year but a decrease of 5% quarter-over-quarter. The firm adjusted its gross profit forecast downward due to seasonal revenue slowdowns and rising SG&A expenses linked to new store openings and elevated logistics costs driven by energy prices. Despite these headwinds, the analyst maintains a 'Buy' recommendation with a target price of THB 63.00, citing continued expansion, product mix management, and growth in O2O business as key drivers for full-year 2026E earnings of THB 33 billion.