CP Axtra 'Overly Punished' for Property Venture -- Market Talk

Dow Jones12-17 16:15

0815 GMT - CP Axtra shares have been "overly punished" in the wake of plans for a real estate venture outside of core operations, Citi Research analyst Preenapa Detchri says. She trims earnings estimates for 2025-26 to reflect higher interest expenses with the investment, and consequently lowers the target price to THB32 from THB40, but keeps a buy rating. "We remain positive on core operations," expecting the grocery retailer to deliver EPS growth of 22% in 2025--better than Southeast Asian peers' 13%--on resilient sales growth and slowing operating expenses, she writes in a research note. Shares are 2.65% lower at THB27.50, taking two-day losses to 21%. (ben.otto@wsj.com; @benottoWSJ)

(END) Dow Jones Newswires

December 17, 2024 03:15 ET (08:15 GMT)

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