Share Price CP Axtra Public Company Limited, or CPAXT stock, this morning (23 Feb 2026) at 11:10 a.m. stood at 16.30 baht, down 1.00 baht or -5.78% from the previous closing price, following the 2025 financial report. Although revenue grew, net profit declined by more than 11.5% to 9.356 billion baht.
However, despite slowing profits, CPAXT's board is preparing to propose to shareholders a dividend payment for 2025 totaling 0.71 baht per share. After accounting for the interim dividend already paid, an additional 0.53 baht per share remains to be paid.
CP Axtra Public Company Limited, or CPAXT stock, reported its 2025 financial results to the Stock Exchange of Thailand, showing that the company and its subsidiaries generated total revenue of 520.706 billion baht, an increase of 1.7% compared to the previous year.
However, the net profit attributable to the parent company was 9.356 billion baht, down 11.5% from the previous year. The company explained that the main reason for the profit decline was a slight drop in the gross profit margin from sales to 14.3% (from 14.4%).
The pressure came from decreased sales in the non-food consumer goods category—which normally has a high gross margin—due to customers being more cautious with spending amid limited economic growth. Additionally, the company had to apply pricing strategies to remain competitive in the market.
The wholesale business group, Makro, remains a key driver, generating sales revenue of 283.531 billion baht, up 3.7%. This growth was strongly supported by opening new branches both in Thailand and abroad, as well as continuous growth in off-site sales and customer deliveries (Omni Channel).
Meanwhile, the retail business group, Lotus's, reported sales revenue of 215.685 billion baht, growing only 0.1%. Although branches in Malaysia performed well due to government economic stimulus measures, Thailand faced weakened purchasing power.
Additionally, in the fourth quarter of 2025, the retail business faced issues from external threats to its information technology systems, causing disruptions to online sales and inventory management for several weeks. These problems have since been resolved and are considered a one-time event.
Despite the profit decline, the board resolved to return value to shareholders. The committee decided to propose to the annual general meeting an approval for a total dividend payment for 2025 of 0.71 baht per share, representing 79% of net profit.
Previously, the company paid an interim dividend of 0.18 baht per share in September 2025, leaving a remaining dividend payment of 0.53 baht per share. The ex-dividend date is set for 20 April 2026, with payment scheduled for 7 May 2026.
Securities analysts at Bualuang Securities Public Company Limited assess CPAXT’s outlook, indicating that profits in the first quarter of 2026 are likely to decline both year-over-year and quarter-over-quarter. This pressure stems from continued weak same-store sales growth (SSSG), reflected in January’s overall performance, where the wholesale business was flat, and the retail business experienced slight contraction.
However, research expects same-store sales to gradually recover in the second quarter of 2026, benefiting from favorable weather conditions. They maintain their full-year 2026 normalized profit forecast at 10.307 billion baht, representing 10% growth.
From a fundamental perspective, they recommend only a 'hold' rating with a target price of 17.00 baht, as short-term share prices may be pressured by weaker-than-expected core profits and a slowing first quarter. Currently, Bualuang Securities favors CPALL shares over CPAXT.
Nevertheless, investors are advised to monitor opportunities for reserve reversal and progress on new projects such as the 'Happitat Project,' planned to launch in the second quarter of 2026.
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