In today’s briefing:
- CP ALL (CPALL TB) – Stimulus Beneficiary
CP ALL (CPALL TB) – Stimulus Beneficiary
- CP ALL is expected to benefit from the government’s copayment stimulus program, set to launch in October, directly through Makro, which supplies mom-and-pop stores and indirectly through 7-Eleven.
- The company remains optimistic about a pick-up in growth in 2H2025, driven by promotions in 3Q2025 and government stimulus, along with improving margins driven by an improved product mix.
- 7-Eleven remains on track to expand its store network by 700 new outlets in FY2025, is gravitating toward slightly larger stores, allowing an increased number of SKUs. Valuations remain attractive.
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