Equity Analysis /
Thailand

TH : CP All - 2Q22: Strong sales but weak margin

    Chaiyatorn Sricharoen
    Chaiyatorn Sricharoen

    Research Analyst, CFA

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    CGS-CIMB
    10 August 2022
    Published byCGS-CIMB

    2Q22 net profit was 14% below our estimate due to weaker-than-expected CVS margin and MAKRO performance. We cut FY22-24F net profit by 17-19% but still expect strong net profit growth in 2H22F and FY23F. Reiterate Add with a lower TP of THB69.