CP ALL：便利店业务驱动利润增长

Investment Rating - The report maintains a positive outlook on CP ALL, highlighting a strong performance in the convenience store segment that drives profit growth [2][3]. Core Insights - CP ALL reported a net profit of 7.265 billion THB for Q4 2025, reflecting a year-on-year increase of 3% and a quarter-on-quarter increase of 13%, aligning with market expectations [2]. - Despite disappointing performance in the CPAXT business, the convenience store (CVS) segment showed robust growth, contributing significantly to overall profit [2]. - The company declared a dividend of 1.65 THB per share, with a payout ratio of 53%, slightly higher than the previous year's 48% [2]. Financial Performance Summary - In Q4 2025, CP ALL achieved revenue of 253.4 billion THB, a 2% year-on-year increase and a 5% quarter-on-quarter increase, despite a comparable store sales growth (SSSG) of -2% [3]. - For the full year 2025, net profit grew by 11% to 28.206 billion THB, driven by revenue growth and margin expansion [3]. - The average daily customer traffic per store was 932 visits, down 5% year-on-year but up 1% quarter-on-quarter, with an average transaction value of 90 THB, up 7% year-on-year and 5% quarter-on-quarter [3]. Business Drivers - The core drivers of the convenience store business include sales growth and margin expansion, with CP ALL's gross margin increasing from 29.5% in Q4 2024 to 29.9% in Q4 2025 [4]. - Strong sales of high-margin food and non-food items, particularly fresh-cut fruits, desserts, and personal care products, were key contributors to margin expansion [4]. - The EBIT margin for CP ALL's standalone business improved from 7.1% in Q4 2024 to 7.6% in Q4 2025, aided by effective control of selling and administrative expenses [4]. Future Outlook - The report anticipates moderate growth for CP ALL in 2026, driven by the recovery of foreign tourists, a hot summer in Q2 2026, and improved consumer confidence [5]. - Key catalysts for growth include a substantial recovery in the CPAXT business, continued healthy comparable store sales growth, and margin performance [6].