Equity Analysis /
Thailand

TH : CP All - No sign of recovery in short term

    Chaiyatorn Sricharoen
    Chaiyatorn Sricharoen

    Research Analyst, CFA

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    CGS-CIMB
    14 January 2021
    Published byCGS-CIMB

    CPALL’s earnings are likely to remain weak until mid-FY21F. Strong earnings recovery in 2H21F and FY22F should put CPALL back on investors’ radars again. Reiterate Add with a lower target price of THB67.5.