Key Indices



Top Stories
Company Update | CP Axtra (CPAXT TB/HOLD/Bt14.60/Target: Bt14.50)
- The acquisition of The Food Purveyor was completed on 1 Sep 26. We are neutral on the deal, which will lift 2027 earnings by only 1-2%. Balance sheet impact should be limited, with net IBD/E remaining at 0.4x. The Happitat stands out with its unique place of happiness concept, but it lacks tenants capable of generating traffic. Maintain HOLD; target price: Bt14.50. 3Q26 earnings are expected to decline yoy, before recovering in 4Q26 on a low base last ye.
Top Stories
Company Update | CP Axtra (CPAXT TB/HOLD/Bt14.60/Target: Bt14.50)
- The acquisition of The Food Purveyor was completed on 1 Sep 26. We are neutral on the deal, which will lift 2027 earnings by only 1-2%. Balance sheet impact should be limited, with net IBD/E remaining at 0.4x. The Happitat stands out with its unique place of happiness concept, but it lacks tenants capable of generating traffic. Maintain HOLD; target price: Bt14.50. 3Q26 earnings are expected to decline yoy, before recovering in 4Q26 on a low base last ye.
Key Indices



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