Ayala to redevelop Makro malls in Bangkok

From AB Capital's The Opening Bell: Three Moves

Event

Ayala Group signed a memorandum of cooperation with CP Axtra to explore enhancing Makro malls in Bangkok. Note that Ayala Corp, through its retail arm ACX Holdings, formed a JV entity (M&Co Corp) with CP Axtra back in Sep 2025 to bring back and operate Makro stores in the Philippines. ACX will hold 49.9%, with Makro ROH owning 50.1% of M&Co.

View

In our view, the deal supports AC’s broader push into consumer and retail platforms (i.e. aside from Makro, they also have JVs with Anko and Spinneys) beyond its traditional property base. It also leverages ALI’s mall development and asset management capabilities, while CP Axtra contributes wholesale and grocery operating expertise.

Catalyst

Key drivers include store rollout pace, site selection, and consumer response to the warehouse retail format. If Makro gains traction, we think it could complement Ayala’s mall ecosystem and deepen recurring income exposure, though execution risk remains given strong incumbent competition.

Action

We think the read-through is mildly positive for AC, but still early stage. Investors should monitor rollout economics, format differentiation, and margin profile. Successful execution could strengthen AC’s consumer platform and create long-term upside for retail mixed-use developments.

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